A 2022 National Bureau of Economic Research study's authors say 90% should wait until 70 to claim Social Security, while the article's break-even math suggests an average person may claim at 62; the choice depends on longevity, health and retirement savings.
For someone with a full retirement age of 67 and a $2,000 benefit then, the article says claiming at 62 would yield $1,400, while waiting until 70 would raise it to $2,480. It puts the break-even point at 78–80 for claiming at 62 rather than 67, and 80–84 compared with waiting until 70.
The article says people with the least financial resources may benefit most from delaying, but could find it hardest to wait if health problems force them to stop working. It also notes that limited retirement savings or an immediate need for income can affect when someone claims.
