90% of People Plan To Ignore This Social Security Advice, Here's Why
- - 90% of People Plan To Ignore This Social Security Advice, Here's Why
Katy WillisJanuary 2, 2026 at 3:05 AM
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One of the most common pieces of Social Security advice you've probably heard is to delay claiming your retirement benefit until you're 70. And, on the surface, it sounds like great advice, because the longer you delay, the bigger your monthly check will be once you do claim.
But research from Schroders' 2025 U.S. Retirement Survey found that almost 90% of Americans plan to ignore this advice and file earlier. When most people start planning their retirement, they see rising prices and health concerns on the horizon, and the conventional advice to wait until 70 just doesn't feel realistic anymore.
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The advice: wait until 70 before you claim
Many Social Security experts recommend you wait for as long as possible, up to age 70, before you claim your retirement benefits if you're able. You can claim as early as 62, but your full retirement age (FRA) is usually either 66 or 67, which is the age at which you can get 100% of your base benefit.
If you claim at 62, your benefit gets cut by about 30% per month for life. Claiming at 67 gets you 100% of your base benefit. But delaying to 70 earns you delayed retirement credits (DRCs), which increase your monthly check by 8% per year, up to 24% if you delay from 67 to 70.
For someone who had a full benefit of $1,800 per month and FRA:
Claiming at 62 would reduce the benefit to around $1,260 per month.
Delaying to 70 would increase the benefit to around $2,232.
In this example, the difference between early and late claiming is $972 per month, for life. Not everyone can wait that long, of course. But for those who can, that bigger monthly benefit amount can make a big difference to their lifestyle in retirement.
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Why 90% of people plan to ignore this advice and claim earlier
With only 10% of survey respondents planning to follow this advice and wait until age 70, the other 90% plan to go their own way. Instead, they plan to claim at 62, 65, or around their full retirement age.
Receiving cash now feels safer than the promise of more later. There's still a pervasive myth that Social Security is going to run out, which frightens people into claiming early. The idea being that filing your claim and taking even a smaller amount is better than waiting and missing out.
Some people find they lose a job and can't find another, or they have rising medical costs, or the cost of living is just too much to manage on their existing income. In these cases, people have no choice but to claim earlier than they'd perhaps like, accepting the tradeoff of a smaller check forever for the stability of additional income.
Others choose not to wait because they already have significant health problems or have a family history of a short lifespan. For them, planning for a long lifespan doesn't necessarily make sense. So they choose to claim early and enjoy the smaller check for as long as they can.
The financial impact of either decision over time
Waiting until 70 is clearly not the right advice for everyone, which is why so many people plan to ignore it. For some, claiming as soon as they're eligible is the only way to cover their basic needs. For others with serious health issues, taking money earlier, even at a lower rate, may match their reality better than a theoretical bigger check far in the future.
But ignoring the advice to wait as long as possible does have a clear and significant effect on the numbers. Claiming early locks in a smaller monthly check for life. In our earlier example, the difference between claiming at 62 and 70 was $972 per month. Over 20 years, that is a potential difference of more than $230,000, depending on exactly when you claim.
That's less guaranteed income to cover rising costs in later life, less protection if you outlive your savings, and a smaller survivor benefit for a spouse who may outlive you. And it's a choice you can't reverse, either.
On the other hand, claiming earlier means you draw less from savings or avoid accruing more debt in your 60s. If you need money but can't work, then claiming early and accepting that you'll be getting a smaller check for the rest of your life may be the best option.
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Bottom line
Waiting to claim Social Security until you're 70 to maximize your senior benefits makes the most sense on paper. But 90% of Americans actually plan to claim earlier, either at their full retirement age or even earlier. Reasons range from fear and uncertainty to health and financial needs.
In an ideal world, yes, waiting until you're 70 before you file makes the most sense. In reality, not everyone has the luxury of waiting. If you're in doubt, speak to a retirement planning specialist before you decide.
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Source: “AOL Money”
