Are You Ready to Claim Social Security in 2026? Here's What the Data Says

Core Insights - The decision on when to claim Social Security significantly affects financial outcomes throughout retirement [1] - Many individuals fail to adequately consider the optimal age for claiming benefits [2] Age Impact on Social Security Claims - Age directly influences the monthly benefits received from Social Security and the overall retirement income [5] - Claiming eligibility begins at age 62, but studies indicate that waiting until age 70 maximizes lifetime income for most seniors [6] Research Findings - A 2019 study indicated that nearly 60% of retirees who claimed at age 70 had greater lifetime wealth compared to only 6.5% who claimed before age 64, with an estimated $111,000 in benefits left unclaimed by those who started earlier [7] - Recent data from 2023 shows that only 10.2% of American workers claim Social Security at age 70, while over 90% should consider waiting, as not doing so results in median losses of $182,370 in lifetime discretionary spending [8] Claiming Considerations - Individuals planning to claim Social Security should understand the implications of their claiming age on retirement income, as it affects both monthly and lifetime benefits [9]