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Matthew Schwartz
Owner | Advisor
Schwartz Financial Services, Inc.
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More People Delay Claiming Social Security

The average age for claiming Social Security retirement benefits has been steadily rising. Older Americans are working longer, in part because full retirement age is increasing incrementally from 66 to 67. A worker may begin receiving Social Security retirement benefits as early as age 62, but monthly benefits will be permanently reduced by as much as 30% if claimed before full retirement age — a strong incentive to wait.

Average Social Security claiming age was 63.3 in 2004. In 2019, the average man claimed at 64.8. The average woman at 64.7.

Source: Social Security Administration, 2020