Few Retirees Wait to Receive Full Social Security Benefits
December 2, 2020
Most financial planners agree that, if possible, most people should wait to start taking Social Security benefits. You are eligible to begin receiving benefits at 62, but you will receive a smaller payment than if you waited until reaching full retirement age. Full retirement age for most Americans is 66, but continuing to wait until you reach the age of 70 will result in a higher benefit, which can be as much as 32% more.
Despite the incentives for waiting, few Americans wait. According to Social Security Administration data, just 5% of men and 7% of women wait until 70. About half of all Americans begin taking benefits when they reach full retirement age, and about a quarter of all men and a third of all women take benefits as soon as they turn 62.