LAS VEGAS (KTNV) — More older Americans are retiring in record numbers, and many say it’s a reflection of growing anxiety about the economy and the retirement system.
One of the biggest questions facing future retirees is whether to start collecting Social Security benefits early—at age 62—or wait until full retirement age, which for many is 67. The answer could cost—or pay—you thousands of dollars over time.
More people are choosing the early option. But is it the smartest move?
Shakeria Hawkins looked into it to find out more.
"I only get $600."
That’s what Joe Knox, a 65-year-old Las Vegas resident, told Channel 13. He filed for Social Security benefits before reaching full retirement age.
He’s not alone.
According to the Social Security Administration, applications for early retirement jumped 17% this year to 1.8 million, compared to last year.
“Not really. I mean, I’m happy to have it,” said 80-year-old Dixie Daisy when asked if her monthly check is enough to live on.
The earliest you can start collecting Social Security is age 62. But collecting early comes with a permanent cost—your benefit can be reduced by up to 30%.
“The longer you wait, the larger the check,” said Brad Zucker, a financial advisor with SMA Wealth Management in Las Vegas.
Zucker says if you're financially able to delay claiming benefits, there’s a strong incentive. For every year you wait past full retirement age, your benefit grows by about 8%—until you hit 70.
“There is a greater incentive if you delay the check beyond the age of 67 because the check is guaranteed to grow 8% per year by the American taxpayer,” Zucker explained.
Still, he says the decision isn’t just about numbers. Your health, family history, and lifestyle all play important roles.
“I have a brother who’s one year younger than me, he’s 6-foot-8 and on multiple medications—and already on Social Security,” Zucker said. “I’m not even on a baby aspirin, and I plan to delay mine as long as legally possible—to age 70.”
But for some, waiting isn’t realistic. A job loss, health issue, or unexpected life change may force the decision.
“The bottom line is: whether you claim the check at 62 or 67—with a life expectancy to age 87—the check at 67 will provide you more lifetime income by tens of thousands of dollars, guaranteed,” Zucker said.
He encourages people to run the numbers and be honest about what makes the most financial and personal sense.
“If you’re OK with the permanent reduction—and it works for your life—take it. It’s your money.”
Whether you choose to claim Social Security early or wait it out, experts agree: understanding your options and long-term impact is key.
