As of my last update in January 2022, the average age at which Americans claim Social Security benefits varies depending on individual circumstances and financial considerations.
However, the earliest age at which individuals can claim Social Security retirement benefits is 62 years old, while the full retirement age (FRA) ranges from 65 to 67, depending on the year of birth.
Claiming benefits before reaching full retirement age results in a reduction in monthly payments, while delaying benefits beyond full retirement age can result in increased monthly payments up to age 70.
The amount of the monthly benefit also varies based on factors such as lifetime earnings, work history, and the age at which benefits are claimed.
For those born in 1937 or earlier: Full retirement age is 65.
For those born in 1938 to 1942: Full retirement age gradually increases by two months for each year after 1937.
For those born in 1955 to 1959: Full retirement age gradually increases by two months for each year after 1954.
For those born in 1960 or later: Full retirement age is 67.
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