According to the 2023 Schroders US Retirement Survey, only ten percent of non-retired Americans say they will wait until age 70 to receive their maximum Social Security benefit payments.
This includes 17 percent of non-retired respondents on the verge of retirement (ages 60-65).
Overall, 40 percent of non-retired respondents plan to take their Social Security benefits between 62-65, leaving them short of qualifying for their full retirement benefits.
Why are so many non-retired Americans taking their Social Security benefits before age 70?
- 44 percent said they were concerned Social Security may run out of money/stop making payments;
- 36 percent said they will need the money;
- 34 percent said it was their money and they wanted access to it as soon as possible; and
13 percent said they were advised to take it earlier than age 70.
