In 2024, around 841,000 workers filed for Social Security at age 62, the earliest and most common age Americans choose to start. This is an expensive age to file. A worker whose full retirement age is 67 gives up as much as 30% of the monthly payment by claiming five years early.
Whether that is a mistake depends on who is doing it, but delaying your claim is usually the better idea.
Why the delay usually pays
Every year past full retirement age adds about 8% to the check, up to age 70. For example, a worker with a full retirement age of 67 and a payment of $2,000 a month at that age would get about $1,400 at 62, and about $2,480 at 70…
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