The data comes from an economic brief from the Bipartisan Policy Center, a nonprofit organization that advocates for societal solutions on both sides of the political spectrum.
- More than half of U.S. households headed by someone over age 65 rely on Social Security benefits for most of their income.
- More than 70% of older Americans today claim Social Security before the age of 64, even though only 6.5% of them gain financially by doing so.
When Do Most Older Americans Claim Social Security?
Most Americans claim Social Security at the age of 62. However, the report also says it's more financially beneficial to wait to claim Social Security until age 70, and money expert Clark Howard wholeheartedly agrees.
"The largest percent of people Social Security-eligible start taking Social Security at 62 than any other age," Clark says. "Almost no one, from a financial standpoint, should take Social Security at age 62."
Monthly Benefits Based on Social Security Claiming Age |
|
| If Benefits Are Claimed At This Age | Projected Monthly Amount |
| 62 | $700 |
| 63 | $750 |
| 64 | $800 |
| 65 | $867 |
| 66 | $933 |
| 67 (Full Retirement Age) | $1,000 |
| 68 | $1,080 |
| 69 | $1,160 |
| 70 | $1,240 |
Read the Bipartisan Policy Center's full brief.
Clark’s View: The Right Age to Claim Social Security Benefits
Clark recently turned 65 years old, which is around retirement age. Clark says he's planning to wait until age 70 to collect Social Security.
"Every year that you wait, you get an additional 8% in your check. And once you start taking it, every increase is based on the base that you started at. So you end up with a lot more money to live on later in life if you wait to take Social Security."
Final Thought
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