Why Most Americans Aren’t Planning to Wait Until 70 for Social Security
Retirement planning is increasingly shaped by immediate income needs, uncertainty over Social Security and the trade-off between larger payments later and cash flow today.
NEW YORK — Waiting until age 70 can mean a larger monthly Social Security check. But a 2025 survey suggests relatively few Americans approaching retirement intend to wait that long.
According to Schroders’ 2025 U.S. Retirement Survey, only 10% of non-retired respondents planned to claim benefits at 70. Meanwhile, 44% expected to begin collecting before 67—the full retirement age for people born in 1960 or later.
The findings help explain the widely circulated “90%” headline. That figure refers to non-retired survey respondents who did not plan to wait until 70, rather than a count of all Americans. The overall survey included 1,500 U.S. investors ages 29–79 and was conducted between March 25 and April 17, 2025.
Respondents’ reasons for claiming before 70 included wanting access to their money sooner, concerns about Social Security’s future, and needing income for everyday expenses. Some 70% of non-retired respondents understood that delaying could increase their monthly payments. Source: Schroders survey release
The financial difference can be significant. For someone born in 1960 or later, claiming retirement benefits at 62 generally means receiving 30% less per month than at the full retirement age of 67. Source: Social Security Administration
For people born in 1943 or later, delaying beyond full retirement age earns credits equal to an 8% annual increase, up to age 70. Waiting beyond 70 produces no additional delayed-retirement credits. Source: Social Security Administration
However, a larger monthly check does not automatically make waiting the right decision for everyone. Claiming earlier provides payments for more years; claiming later provides larger payments for fewer years. Lifetime totals depend partly on how long a person lives.
The Social Security Administration emphasizes that there is no single best claiming age. Employment, life expectancy and personal circumstances all matter. For households facing immediate bills or limited savings, waiting may be difficult—even when they understand the potential long-term benefit. Source: Social Security Administration
For TN News readers, the practical takeaway is to understand the trade-off before filing: how much income is needed today, what other resources are available, and how the claiming decision could affect financial security later in life.
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