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Increase in Retirees Claiming Their Social Security Benefits at 62 - Yahoo!Finance
More people are collecting their Social Security benefits at age 62 in 2025 than in 2024. According to the Urban Institute, claims by people filing at a younger age increased by 276,000 from October through April, compared with the prior year. They can not be sure, but they suggested it is being caused by fear and uncertainty about the future of Social Security.
It is believed that the increase is a result of people being worried about their benefits being reduced in 2034. If you take your Social Security benefits at age 62, you will take a permanent 30% reduction if your full retirement age (FRA) is 67. The more heavily dependent you are going to be on your Social Security when you retire, the more you should consider delaying taking your benefits. Your benefit will grow 76% from age 62 to age 70. A 2025 report from the Employee Benefit Research Institute (ERBI) shows 7 out of 10 people collect more benefits if they delay taking them. To see a copy of the report provided by Greenwald Retirement Confidence Survey, click here ….
When to start your Social Security benefits is a personal decision only you can make, and it is a decision that will affect the rest of your life. If you are married, you should discuss your decision with your spouse. Any reduction for starting your benefit early is passed on to the surviving spouse.
Do not make your decision out of fear that your benefits will be cut in the future. We do not believe Congress will let this happen and that the necessary corrective changes will be made before the point of insolvency is reached. This isn’t the first time changes have had to be made to Social Security to keep it capable of paying 100% of all benefits. It happened back in 1983, and Congress waited until the last minute, but came through in the end.
To read a related article by Christy Bieber of the Motley Fool, go here ……
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