Most Americans Say They Won’t Wait Until 70 to Claim Social Security Benefits, According to Latest Survey

Photo of a senior couple spending their retirement days, gardening in their vegetable garden on a beautiful sunny day.
AleksandarNakic / Getty Images

Americans don’t want to wait until full retirement age to begin taking benefits. According to the 2021 Schroders U.S. Retirement Survey, only 10% of survey respondents plan to wait until 70 to claim benefits. The Schroders U.S. Retirement survey was conducted by 8 Acre Perspective among 1,000 U.S. consumers ages 45-75 from January 20-27, reports ThinkAdvisor.

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Americans ages 60-67 seem the least interested in waiting until 70 with only 13% planning to wait until 70 to claim Social Security benefits and 28% stated that they were unsure. Just 5% said they waited until age 70 to claim retirement benefits, noted ThinkAdvisor.

“Social Security is the primary source of income for the majority of Americans we surveyed, which is why we were surprised to see so many deciding not to wait until seventy for larger monthly payments; or worse, sacrificing their full benefits by tapping into them early,” said Schroders’ Joel Schiffman, Head of Intermediary Distribution, North America, in a statement and as reported by ThinkAdvisor.

Retire Comfortably

However, Americans are also saying that social security won’t be enough to live on after retirement. For 64% of non-retired Americans and 62% of those retired, benefits won’t be enough to live on, added ThinkAdvisor. Meanwhile, Social Security will be the primary source of income in retirement for 52% of non-retired Americans and 58% retired.

See: The Biggest Problems Facing Social Security
Find: When Social Security Runs Out: What the Program Will Look Like in 2035

The study also pointed out and was mentioned by ThinkAdvisor that 74% of non-retired respondents and 84% of non-retirees between 60 and 67 understood they would get more in Social Security if they waited until age 70.

“With many of us spending 30 or more years in retirement, generating sustainable income beyond what’s provided by Social Security is vital to creating a comfortable lifestyle,” added Schiffman.

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About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

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