When do most peo­ple be­gin tak­ing So­cial Se­cu­rity?

The Week (US) - - News 17 -

The most com­mon age that Amer­i­cans file for So­cial Se­cu­rity is 62, the ear­li­est age at which they are el­i­gi­ble. In 2013, for in­stance, 48 per­cent of women and 42 per­cent of men who claimed ben­e­fits were age 62. Sign­ing up as soon as pos­si­ble comes at a price, though: Monthly pay­ments at age 62 will be up to 30 per­cent lower than what they would be if pay­ments be­gan at what’s known as “full re­tire­ment age,” which dif­fers de­pend­ing on the year in which you were born. Ev­ery year you de­lay pay­ments be­fore your full re­tire­ment age, the more money you get. For ex­am­ple, if you were born in 1960 or af­ter, your full re­tire­ment age is 67, at which point you re­ceive 100 per­cent of your ben­e­fit; if you take So­cial Se­cu­rity at 64, your pay­ments are 20 per­cent lower than full value, and at age 66, they are 6.7 per­cent lower. Among re­tired work­ers, monthly ben­e­fits in De­cem­ber 2016 av­er­aged $1,519 for men and $1,202 for women.

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