Fewer Are Claiming Social Security Benefits at 62

Boomers are waiting longer to retire than their parents did. Only about one in four Boomers born in 1957 claimed Social Security retired worker benefits at the earliest possible age of 62, according to an analysis of Social Security Administration data by the Center for Retirement Research at Boston College. In contrast, early claiming was the norm for men and women born in 1940 or earlier. 

Early claiming has fallen with each succeeding cohort of Boomers (birth years 1946 through 1964), with the exception of an uptick in 2009 as a consequence of the Great Recession. Boomers born in 1957 turned 62 in 2019, the latest year for which SSA data are available... 

Percent who claimed Social Security benefits at age 62, by birth year and year turned 62

Birth year	Year 62	Men	Women
1957	2019	24.4%	26.6%
1956	2018	26.8	29.3
1955	2017	28.0	30.7
1954	2016	29.4	32.4
1953	2015	31.4	34.9
1952	2014	33.4	36.9
1951	2013	35.5	39.4
1950	2012	37.8	41.5
1949	2011	40.8	44.3
1948	2010	43.6	46.8
1947	2009	45.2	48.7
1946	2008	39.7	44.7
1940	2002	50.2	54.6
1930	1992	56.6	61.4

The fact that so few Boomers are claiming benefits early is a good thing. "Claiming later will lead to a higher monthly benefit check and generally improve retirement income security," say CRR's Anqi Chen and Alicia H. Munnell. While the Covid recession may have boosted early claiming in 2020, the researchers do not think it will permanently reverse the trend towards later claiming.

Source: Center for Retirement Research at Boston College, Pre-Covid Trends in Social Security Claiming