At what age do most people file for Social Security?

Yet despite the prospects of getting larger payments from Social Security, 62 is still by far the most popular age for people to claim their Social Security, according to the government’s most recent data. Fully 57 percent of Social Security recipients take their benefits before reaching full retirement age.

What percent of people claim Social Security at age 62?

Age 62: This is the earliest you can sign up for Social Security and the most popular age. About 34 percent of women and 31 percent of men signed up for Social Security at 62.

How much Social Security will I get if I make $50000 a year?

For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70.

How old is the average American when starting Social Security?

Using a weighted average of the data in this chart, we can approximate the average American’s age when starting Social Security as 64 years old. As many people know, collecting Social Security benefits early will permanently reduce the monthly amount, while choosing to delay benefits has the effect of a permanent increase.

How much will my Social Security benefits be at age 63?

Monthly Social Security payments are reduced if you sign up at age 63, but by less than if you claim payments at age 62. A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut.

What is the average Social Security benefit gap by age?

Data source: Social Security Administration, June 2020. Table by author. The most glaring payout differences occur in the earliest years of eligibility. Between age 62 and 70, the average monthly payout catapults from $1,130 to $1,612. This huge average benefit gap can be explained by workers waiting to take their payout.

How many people on SSI are 65 and older?

Includes 1,131,596 SSI beneficiaries aged 65 or older who are disabled or blind. Payments were made to nearly 12.3 million people aged 18–64 on the basis of their own disability.