Social Security Administration: Evaluating the Best Age to Claim Benefits and Its Implications
The Social Security Administration (SSA) allows Americans to claim retirement benefits starting at age 62, which is the most popular age for claiming. However, financial experts suggest that waiting until age 70 to claim benefits can maximize the financial return due to the increased monthly payments. The full retirement age for individuals born in 1960 or later is 67, and claiming benefits earlier results in reduced payments. Despite the potential for higher lifetime benefits by waiting, more than 90% of Americans claim before age 70, with over 20% claiming at 62. Factors influencing the decision to claim early include immediate financial need, health concerns, and skepticism about the future solvency of Social Security. Experts predict that Congress will likely address the program's solvency issues, potentially affecting younger workers more than current retirees. 
