Almost all Americans agree on key Social Security retirement decision, new survey finds

An overwhelming majority of working Americans say they don’t plan to wait until they’re 70 before they begin claiming their Social Security retirement benefits, a new survey has found.

In a poll carried out by the financial firm Schroders, 90% of respondents said they intended to apply for retirement checks before their 70th birthday - despite the impact this would have on the monthly amount they receive from the Social Security Administration (SSA).

How does retirement age affect Social Security benefits?

In the U.S., workers can start claiming Social Security retirement benefits once they turn 62. However, they can increase their monthly payment if they hold off on applying until they reach a later age.

On top of the age at which they apply, the size of an individual’s retirement payment is also determined by the level of their earnings throughout their professional career.

To qualify for 100% of their benefits entitlement, Americans must wait until what’s known as ‘full retirement age’ (FRA) before claiming their monthly checks. Anyone born in 1960 or later has an FRA of 67.

If they apply for their benefits at any time beyond their FRA, retired workers can claim a monthly amount that actually exceeds 100% of their entitlement. That sum carries on rising until the age of 70, when retirees get the highest possible amount allowed by their earnings history.

How much can you get if you retire at 70 or later?

As of 2025, the maximum monthly check for retired workers who wait until 70 is $5,108 a month, the SSA says. If you apply for retirement benefits at 62, the largest check you will receive is $2,831.

On average, retired workers are currently paid around 40% of the maximum possible amount: $2,008.31 per month.

Concerns SSA will “run out of money”

Schroders’ survey, which canvassed 1,500 individuals in March and April this year, found that 44% of working Americans intend to apply for retirement benefits not only before they turn 70, but before they reach their FRA.

Americans’ apparent unwillingness to attempt to maximize their benefits by postponing retirement comes despite over half of respondents expressing concerns that they will outlive their financial assets.

According to Schroders’ survey, more than a third of those who don’t plan to wait for the maximum benefit cited fears that the SSA will “run out of money or stop making payments” before they reach 70.

“Clearly, reports questioning Social Security’s solvency have workers anxious to tap into their benefits sooner rather than later,” said Deb Boyden, Schroders’ head of U.S. defined contribution.

“But with many Americans facing a large savings gap, holding off on claiming benefits can have a meaningful impact on your finances in retirement.”

In June, the Social Security board of trustees released an annual report stating that the SSA’s old-age and survivors insurance trust fund, from which retirement benefits are paid, is “projected to become depleted” in 2033. This assessment maintained the prediction made by the board of trustees in its 2024 report.

The projected depletion of funds would leave the agency able to pay only 77% of benefits, June’s report said.

Congress and the SSA “must work together to protect and strengthen the trust funds for the millions of Americans who rely on it”, said the Social Security commissioner, Frank Bisignano.

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