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Survey: Ten Percent of Non-Retirees Plan to Claim Social Security at Age 70

Survey: Ten Percent of Non-Retirees Plan to Claim Social Security at Age 70

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.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.