Many Americans believe that when Social Security funds run out, the program will disappear entirely, said Emerson Sprick, the associate director of the economic policy program at the Bipartisan Policy Center, and that leads many to start claiming benefits at the earliest possible age, 62.
Three-quarters of U.S. adults age 50 and up think that Social Security will be depleted in their lifetime, according to a 2023 Nationwide Retirement Institute survey. However, even if the trust funds run out, there will still be revenue from payroll taxes. The payments may be lower, but the benefits will still be given.
The age at which a person can claim full Social Security benefits is between 66 and 67, while the payout is even higher at age 70. In 2022, however, 29% of beneficiaries began claiming at age 62, and take a 30% cut in benefits by doing so.
It’s best to wait as long as possible to start taking Social Security benefits. A person who would get $1,400 a month at age 62 would get $2,000 per month if they waited until 67. If they wait until 70, the benefits go up to $2,480 a month.