Social Security

U.S. News - Baby Boomers Will Claim Social Security at Age 62

Many baby boomers plan to sign up for their Social Security checks as soon as possible. A new survey found that 45 percent of those currently 61 years old will begin getting Social Security at age 62, the first year recipients can apply. Boomers cited financial necessity, health and longevity concerns, and a desire to collect as much as possible from the system as their reasons for early claiming.

But collecting your due at age 62 could be a mistake. Social Security benefits will increase by approximately 7 percent each year this group of boomers delays claiming from age 62 to 66 and by 8 percent per year until age 70. That is almost certainly a better return than investors are getting from their investments right now, and it can insure healthy retirees against the possibility of outliving their savings.