Retirees appear to be getting a little shrewder about when to claim Social Security benefits.
Nearly half of baby boomers (45%) and members of Generation X (46%) plan to apply for Social Security benefits at their full retirement age, according to Northwestern Mutual’s 2025 Planning & Progress Study.
Significantly fewer older Americans plan to claim benefits as soon as possible (28% of both older generations) or delay claiming as long as possible (27% of boomers and 26% of Gen X).
Full retirement age is the time when you can first collect Social Security benefits in full. The exact age that is considered your full retirement age depends on when you were born. For people born in 1960 or later, for example, their full retirement age is 67.
Although claiming Social Security benefits at your full retirement age means getting your full benefit amount, you can increase your benefit amount even more by waiting longer to claim. For every year you delay claiming between full retirement age and the year you turn 70, you boost your benefits by up to 8% per year, according to the Social Security Administration.
So, if you claim benefits before full retirement age, your monthly payment will be lower for the rest of your life, compared to what it would have been if you’d waited longer. Thus, waiting to claim benefits means you will get a larger monthly payment forever.
Despite this fact, some past surveys have found that the largest percentage of retirees take their Social Security benefits at the earliest possible date, which is typically 62.
So, the Northwestern Mutual survey findings reveal a shift: Retirees more commonly plan to claim at full retirement age than at 62.
In a press release about the study, John Roberts, chief field officer at Northwestern Mutual, says:
“There is no right or wrong way for people to claim Social Security benefits, but if people plan intentionally, it can pay to wait. Anyone who activates payments at age 67 instead of age 62 could grow their checks by 30%, and if they wait to age 70, they could see an additional 24%.”
Of course, even with the promise of a higher benefit, it doesn’t always make sense to delay filing for benefits. For more tips about how to choose the right age to file for Social Security, check out:
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