You are here: Social Security Administration > Research, Statistics & Policy Analysis > Beneficiary Projection: Early Eligibility Age Beneficiaries in 2050

Projections by Beneficiary Type

  1. Divorced Spousal
    Beneficiaries
  2. Early Eligibility
    Age Beneficiaries
  3. Spousal-Only
    Beneficiaries
  4. Survivor-Only
    Beneficiaries
  5. Women & Dual
    Entitlement

Early Eligibility Age Beneficiaries in 2050

Methodology »
Released: May 2024
Next expected update: 2028

DEFINITION: Early eligibility age beneficiaries are individuals who claim at age 62, the earliest eligibility age for retired worker and spousal benefits. 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. Beneficiaries who claim at 62 receive the largest benefit reduction.

In 2050, we project that:

  • About 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.
Chart. Title: Population Characteristics: Percentage with characteristic. Pie chart series with tabular version below.
Show as table
Table equivalent for chart: Population Characteristics
Characteristic Beneficiaries who start benefits at age 62 Beneficiaries who start benefits at age 63 or older
Number of beneficiaries 26 million 40 million
Women 51% 53%
Race or ethnicity  
White 64% 67%
Black 10% 10%
All other races 6% 9%
Hispanic origin 20% 14%
Below 100% of the poverty threshold  
Scheduled benefits 7% 2%
Payable benefits 12% 4%
Median age at death  
Women 92 93
Men 90 91
Chart. Title: Lifetime Shared Earnings: Percentage of beneficiaries in each earnings quintile. Bar chart with tabular version below.
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Table equivalent for chart: Lifetime Shared Earnings (percentage of beneficiaries in each earnings quintile)
Lifetime shared earnings quintile Beneficiaries who start benefits at age 62 Beneficiaries who start benefits at age 63 or older
Lowest 20 11
Second lowest 21 17
Middle 22 21
Second highest 21 23
Highest 16 28
Chart. Title: Median Benefit Amount: In 2024 dollars. Bar chart with tabular version below.
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Table equivalent for chart: Median Benefit Amount (in 2024 dollars)
Benefit type and sex Beneficiaries who start benefits at age 62 Beneficiaries who start benefits at age 63 or older
Scheduled benefits  
Women 1,635 2,531
Men 2,042 2,953
Payable benefits  
Women 1,261 1,951
Men 1,574 2,277

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 2023 Trustees Report intermediate assumptions.