- More than half of U.S. households headed by someone over age 65 rely on Social Security benefits for most of their income.
- More than 70% of older Americans today claim Social Security before the age of 64, even though only 6.5% of them gain financially by doing so.
Most Americans claim Social Security at the age of 62. However, the report also says it's more financially beneficial to wait to claim Social Security until age 70, and money expert Clark Howard wholeheartedly agrees.
Clark recently turned 65 years old, which is around retirement age. Clark says he's planning to wait until age 70 to collect Social Security.