Who Claimed Social Security Early Due to the Great Recession?

Matthew S. RutledgeNorma B. Coe Kendrew Wong

IB#12-14

The brief’s key findings are:

  • The severity of the Great Recession is projected to have increased the probability of claiming Social Security at age 62 by more than 5 percentage points.
  • This increase was relatively uniform across the income spectrum.
  • The affected individuals claimed six months earlier, resulting in a 4.6 percent reduction in monthly benefits.