Older Americans Claim Social Security at 62, Cutting Annual Benefits by About $5,000
Updated
Updated · The New York Times · Oct 31
Older Americans Claim Social Security at 62, Cutting Annual Benefits by About $5,000
3 articles · Updated · The New York Times · Oct 31
Summary
Many older Americans filed for Social Security before full retirement age last year, locking in lower monthly payments for life despite a recent trend toward later claiming.
Job loss and burnout were key triggers: Alan Turner claimed at 64 after losing museum work, trimming his income by about $5,000 a year, while Nancy Mansson retired more than a year early.
Social Security allows retirement claims starting at 62, but benefits are substantially reduced compared with waiting until full retirement age—now 67 for people born in 1960 or later.
The shift suggests financial pressure is still pushing many workers out of the labor force earlier than economists and advisers had hoped.