Social Security is the bedrock of the American retirement system. According to the Employee Benefit Research Institute and Greenwald Research’s 2024 Retirement Confidence Survey, 91% of retiree respondents report Social Security as a source of income, and 62% say it is a major source of income.
In this piece, I leverage survey data to explore how retirement age correlates with when retirees claim Social Security retirement benefits. I find clear evidence that claiming ages are strongly related to retirement ages, which is not surprising.
For example, about 75% of respondents who retired between the ages of 62 and 70 claimed Social Security benefits at their retirement age. The effect declines with age, with about 90% of individuals who retired at 62 claiming at 62 versus only about 40% of people who retired at 70 claiming at 70. Additionally, there is evidence that retirees with lower levels of financial assets are less likely to delay claiming benefits beyond their retirement age.
Overall, the analysis suggests that the Social Security claiming decision is strongly tied to the age at which someone retires, especially for younger retirement ages. Given the persistent gap in actual and expected retirement ages, where about 50% of retirees retire before they expect to do so (about three years before expectations, on average) it is unlikely that many Americans will have the capacity to delay claiming to receive a higher benefit despite the potential advantages.
The Retirement Confidence Survey
The Employee Benefit Research Institute and Greenwald Research’s Retirement Confidence Survey, in its 34th year, is the longest-running survey of its kind, measuring worker and retiree confidence about retirement. The 2024 survey was conducted online Jan. 2-31 among respondents aged 25 and older. The survey includes 2,521 respondents; however, we focus on the 1,266 who are defined as being retired, as well as those who claim Social Security benefits from age 62 to 75 (although Social Security retirement benefits stop increasing at age 70, it is still technically possible to claim at later ages) and note a retirement age from ages 50 to 80. Calculations for the analysis include weights.
The chart that follows includes information about the distribution of retirement ages and Social Security claiming ages among respondents.
Distribution of Retirement Ages and Social Security Claiming Ages
The four most common Social Security claiming ages were age 62, which is when retirement benefits first become available; age 65, which is the median expected retirement age according to the survey; age 66, which would be full Social Security retirement age for most current recipients; and age 70, which is the maximum benefit age. These ages are also common actual retirement ages, particularly 62.
About half of retirees retire earlier than expected, versus about 45% retiring as planned and 5% later than planned. With a median expected retirement age of 65 and an actual age of 62, early retirement commonly occurs around hardship, such as a health problem or disability, or employment changes.
The following chart provides information about how often people claim Social Security retirement benefits at the same age they retire. This is calculated by focusing on either a given retirement age or claiming age.
