What is the typical age for individuals to start receiving Social Security benefits?

Individuals typically start receiving Social Security benefits at age 62, which is recognized as the earliest age one can claim retirement benefits. This rule is designed to provide early access to benefits, although claiming at this age means that the monthly benefit amount will be reduced compared to what one would receive if they waited until their full retirement age, which varies depending on the year of birth but generally falls between 66 and 67.

Opting for benefits at age 62 is a common choice for many retirees who may want to supplement their income or retire earlier, making the familiarity with this age important. Understanding this age threshold helps individuals plan effectively for retirement, considering both their financial needs and the impact on their benefit amount.