Many Americans Forgo Higher Social Security Benefits by Claiming Early, Despite Retirement Worries
Despite over half of working Americans expressing concern about outliving their retirement savings, a significant number plan to claim Social Security benefits early, thereby leaving potential money on the table. According to a recent survey by Schroders, more than a quarter of beneficiaries begin claiming benefits at age 62, the earliest eligibility age, which can reduce their monthly benefit by as much as 30%. In contrast, only 10% expect to delay claiming until age 70, which would result in an approximate 8% increase in benefits each year from their full retirement age (typically 67). This trend has remained consistent, with 44% of non-retired Americans in 2025 planning to claim before age 67, up from 43% in 2024. The average Social Security payment is currently around $25,000 annually, which is often insufficient for a comfortable retirement.
