When do you plan to claim Social Security? The answer to this question is really important. That’s because there is an eight-year window during which most people claim their benefits — and the specifics of when you start your first check within those eight years can profoundly affect how much income you get, both on a monthly basis and over time.

Let’s take a look at when most Americans plan to claim benefits, as well as the merits of claiming at different ages.

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This is when most Americans plan to claim Social Security

According to Northwestern Mutual’s 2025 Planning and Progress Study:

• 28% of both boomers and Gen Xers want to claim benefits as soon as they can, even though they are aware that doing so will result in a reduction in their monthly retirement income.
• 46% of Gen Xers and 45% of boomers plan to claim benefits at their full retirement age (FRA) in order to qualify for their full benefit.
• 26% of Gen Xers and 27% of boomers anticipate claiming benefits at the latest age possible to maximize their monthly payments.

The earliest possible age Social Security retirement benefits can be claimed is 62. Unfortunately, starting benefits so young has significant financial consequences. You are subject to early filing penalties for an early claim. If you retire at 62, these penalties add up to shrink your benefit by 30% compared to the standard amount you’d receive at your full retirement age.

Full retirement age varies based on when you were born. If you were born in 1960 or later, it’s age 67. Waiting until FRA means you get your standard unreduced benefit. That benefit is calculated based on the average amount you earned (after adjusting for inflation) during the 35 years when your income was highest.

Finally, claiming benefits at the latest age, as around 1/4 of Gen Xers and boomers want to do, would mean starting your first check at the age of 70. Waiting until then will max out both your monthly benefits and any survivor benefits that you leave to loved ones. Benefits increase until 70 because you can earn delayed retirement credits until that time, and those can result in up to a 24% benefits increase if you have a FRA of 67.

Are Americans making smart choices when choosing their Social Security claiming age?

While starting checks at full retirement age is the most popular plan, around a quarter of Gen Xers and boomers plan to claim early, and a similar number plan to claim late. So, who is making the right decision when it comes to filing for benefits?

The answer is, there is no clear answer. Research has shown that most retirees end up with more lifetime benefits if they wait until 70 to claim them, but most is not all. Those who have serious health issues and who pass away at a younger age may never break even on their benefits claim if they delay. Plus, some people would simply prefer to get more checks at a younger age if doing so enables early retirement, even if that means having less money coming in over time.

Ultimately, the key is to understand how your age affects your benefits claim and to make the choice that’s right for you, considering your retirement goals, health status, and the effect your claiming choice will have on lifetime income for you and your spouse.

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