Most Americans opt to start collecting Social Security retirement benefits at various ages, with the most popular being 66. This is the Full Retirement Age (FRA) for individuals born between 1943 and 1954, and it results in a 6.7% pay cut if claimed earlier. However, for those born in 1960 or later, the FRA is 67, and they can claim unreduced benefits starting at this age. Interestingly, the least popular age to start collecting benefits is 63, where only 6.2% of men and 6.4% of women chose this option in 2024, leading to a 25% pay cut. As people delay claiming benefits beyond their FRA, they can expect a significant increase in their payout. For instance, waiting until age 68 increases benefits by 8%, while waiting until age 69 boosts them by 16%. The highest payout is achieved by delaying until age 70, resulting in a 24% increase over the FRA of 67. These figures highlight the importance of understanding the impact of claiming age on Social Security benefits, and they can help individuals make informed decisions about when to start collecting their retirement income.
