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Entitlement
Early Eligibility Age Beneficiaries in 2050
Methodology »Released: August 2021
Next expected update: 2024
DEFINITION: The full retirement age (FRA) is the age a beneficiary's full Social Security benefit is payable. The monthly benefit is permanently reduced for every month before FRA that a beneficiary receives benefits. The earliest eligibility age for retired worker and spousal benefits is 62. Beneficiaries who claim at 62 receive the largest benefit reduction.
In 2050, we project that:
- 50 percent of beneficiaries who start benefits at age 62 will be women.
- The poverty rate will be higher for beneficiaries who start benefits at age 62 compared with beneficiaries who start benefits at 63 or older.
- A higher percentage of beneficiaries who start benefits at age 62 will be in lower earning households compared with beneficiaries who start benefits at age 63 or older.
- Beneficiaries who start benefits at age 62 will have lower median benefits compared with beneficiaries who start benefits at 63 or older.
- Beneficiaries have similar life expectancies regardless of claiming age.
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Characteristic | Beneficiaries who start benefits at age 62 | Beneficiaries who start benefits at age 63 or older |
---|---|---|
Number of beneficiaries | 27 million | 40 million |
Women | 50% | 52% |
Below 100% of the poverty threshold | ||
Scheduled benefits | 6% | 2% |
Payable benefits | 10% | 3% |
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Sex | Beneficiaries who start benefits at age 62 | Beneficiaries who start benefits at age 63 or older |
---|---|---|
Women | 92 | 93 |
Men | 90 | 91 |
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Lifetime shared earnings quintile | Beneficiaries who start benefits at age 62 | Beneficiaries who start benefits at age 63 or older |
---|---|---|
Lowest | 19 | 11 |
Second lowest | 22 | 17 |
Middle | 22 | 20 |
Second highest | 20 | 23 |
Highest | 16 | 29 |
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Benefit type and sex | Beneficiaries who start benefits at age 62 | Beneficiaries who start benefits at age 63 or older |
---|---|---|
Scheduled benefits | ||
Women | 1,435 | 2,245 |
Men | 1,808 | 2,612 |
Payable benefits | ||
Women | 1,148 | 1,796 |
Men | 1,446 | 2,090 |
NOTE: Disabled beneficiaries, survivor beneficiaries who started benefits before age 62, and those who do not have enough credits at age 62 to qualify for benefits were not included in this analysis.
SOURCE: Modeling Income in the Near Term, Version 8 (MINT8) microsimulation model using 2019 Trustees Report intermediate assumptions.