SerpApi.Org
Social Security remains the financial backbone of retirement for millions of Americans, yet most people begin claiming benefits before reaching their Full Retirement Age (FRA). In 2025, nearly 60% of the 3.46 million Americans who filed new retirement claims started collecting benefits early, and about 54% claimed before even turning 66. Because these workers filed before their FRA, they permanently reduced the size of their monthly Social Security checks.
Americans become eligible to claim retirement benefits as early as age 62, but doing so comes at a cost. Those who wait until their Full Retirement Age—67 for anyone born in 1960 or later—receive 100% of the retirement benefit they earned. Retirees who delay even longer continue earning delayed retirement credits, increasing their monthly benefit by approximately 8% per year until age 70.
Why waiting until full retirement age can make a significant difference?
The financial impact can be substantial. According to Social Security Administration data, the average new retiree claiming at age 67 in 2025 received about $2,608 per month, nearly $1,200 more than the average 62-year-old claimant. Those who waited until ages 70 to 74 received an average monthly benefit roughly $888 higher than new beneficiaries claiming at age 67, highlighting the value of delaying benefits when financially possible.
Lawmakers have periodically discussed increasing the Full Retirement Age beyond 67 as a way to strengthen Social Security's long-term finances. If that proposal were ever enacted, workers who continued claiming benefits early would face even larger permanent reductions, making the timing of retirement decisions even more important for future generations.
Despite the financial advantages of waiting, many Americans simply cannot afford to delay retirement. Surveys show that the average worker expects to retire around age 65, but in reality, many leave the workforce earlier because of health issues, layoffs, caregiving responsibilities, or limited job opportunities. As a result, early claiming remains common even though it reduces lifetime monthly benefits.
For many households, those monthly payments are essential. About 42% of Social Security beneficiaries rely on the program for at least half of their retirement income, while 14% depend on it for 90% or more of their income. Understanding how claiming age affects monthly benefits can help retirees make more informed decisions and maximize one of their most important sources of guaranteed lifetime income.
