Retirement Income
The 2025 Retirement Survey reveals Americans Not Willing to Delay Social Security Benefits for Higher PaymentsJust 10% Plan to Wait Until Age 70 to Claim Maximum Social Security Benefit
According to the Schroders 2025 US Retirement Survey, nearly 9-in-10 non-retired Americans (87%) are at least slightly concerned about not knowing how to generate income in retirement, and over half (53%) are “concerned” or “very concerned” about outliving their assets. Despite these challenges, 44% of non-retirees plan to file for Social Security benefits before reaching age 67 – the full retirement age for everyone born in 1960 or later, and just 10% plan to wait until age 70, when an individual reaches their maximum monthly benefit.
Additional findings:
Leaving money on the table is a deliberate decision for most non-retired Americans, as 70% report they understand that waiting longer to claim Social Security would increase their monthly payments. The motives for planning to claim Social Security before age 70 include:
- I want access to the money as soon as possible (37%)
- I’m concerned Social Security may run out of money or stop making payments (36%)
- I will need the money earlier for regular income (34%)
- I was advised to take it earlier than age 70 (15%)
“The income generated from monthly Social Security payments is critical to making ends meet in retirement for many Americans.”
Head of US Defined Contribution
Press Release
Schroders Study Reveals Americans Not Willing to Delay Social Security Benefits for Higher Payments
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Deb Boyden, Head of US Defined Contribution