Older Americans can choose when to begin receiving Social Security benefits, with age 62 being the earliest option. Filing at this age results in reduced monthly benefits, about 30% less than the amount eligible at full retirement age, which is set at 67 for those born in 1960 or later. Claiming benefits after reaching full retirement age yields larger payments, with an 8% boost for each year benefits are delayed up to age 70. Financial expert Dave Ramsey supports claiming benefits at 62, citing a key financial rationale despite significant risks associated with reduced income.
Claiming Social Security at age 62 results in reduced benefits, around 30% less than the full amount at full retirement age, which is 67 for those born in 1960 or later.
For each year you delay your claim for Social Security past full retirement age (FRA), benefits increase by approximately 8%, providing a financial incentive to wait.
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