Baby boomers holding off on Social Security at age 62

When it comes to Social Security, boomers are doing something unexpected for the generation that wanted it all and wanted it now. They’re delaying gratification.

The number of people claiming Social Security benefits at age 62 has fallen steeply, according to new analysis from Boston College’s Center for Retirement Research. Researchers found that 36 percent of men filed for benefits at 62 in 2013, compared to 56 percent who filed for benefits at 62 in 1996. For women, 40 percent claimed benefits at age 62 in 2013, down from 63 percent in 1996.

While most people can claim early Social Security benefits at age 62, many experts say it’s best to wait until age 66, currently the full retirement age as defined by Social Security. Those who wait until 66 receive Social Security checks about 33 percent higher than if they claimed benefits at 62.