Over half of working Americans plan to claim Social Security before the age of 70, despite advice to wait. Are they making a costly mistake?

Financial experts often recommend waiting until age 70 to claim Social Security benefits — but many Americans don’t plan to take that advice. According to the 2025 U.S. Retirement Survey from Schroders, 56% of working Americans say they’ll claim before age 70 (1).

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Social Security allows people to claim benefits as early as age 62, but it reduces the monthly payout by about 30% compared to the start of those payments at age 67.

Waiting until age 70, on the other hand, can increase those monthly payments by roughly 24%. Those increases and reductions are permanent — and they can make a big difference over the course of retirement (2).

So why are so many Americans willing to give up thousands in lifetime benefits for a smaller check now?

When does it make sense to take Social Security early?

On paper, it makes sense to wait.

Someone eligible for a $2,000 monthly benefit at their full retirement age of 67 would receive about $1,400 a month if they claim at 62 (3), or around $2,480 a month if they wait until 70 (4).

But real life isn’t a neat math equation — there are other reasons why someone might choose to claim early.

Many need the money now

Schroders’ researchers found that most people claiming early aren’t doing so by mistake — they simply need the income to cover everyday expenses as soon as they retire.

“The decision to sacrifice extra Social Security income is not an oversight for most Americans,” said Deb Boyden, head of U.S. Defined Contribution at Schroders. “According to our research, 70% of Americans are aware that waiting longer to claim Social Security leads to higher payments and yet so few are willing to hold off,” she told CBS News. (1)

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Health concerns play a role

Retirees with shorter life expectancies or chronic health conditions often decide to take benefits early.

For many, it’s better to collect smaller payments now than to risk never reaching the so-called “break-even” age, usually between 78 and 80 (5), when the total money you’ve received from smaller, earlier payments equals what you would have collected had you waited for larger checks.

There’s also a trust issue

With the Social Security trust funds projected to run short by 2034 (6), many workers fear that the money won’t be there if they wait.

Even though the program isn’t expected to disappear entirely (current estimates suggest it could still pay around 77% of scheduled benefits in 2033), that uncertainty can make it feel prudent to claim earlier.

How to decide when to claim Social Security benefits

There’s no one-size-fits-all answer when planning for retirement.

While waiting until age 70 maximizes your monthly Social Security check, your personal health, finances and family situation should guide your decision. To decide when to take benefits, start by asking these questions:

Can you afford to wait?

Review your essential expenses and guaranteed income sources, such as 401(k), IRA, pensions, or annuities. If those cover your needs for a few years, waiting to claim could put you in a stronger financial position in your later years.

How is your health?

If you’re in poor health or have a shorter life expectancy, taking Social Security earlier may make more sense. But if you’re likely to live into your 80s or beyond, delaying can provide far greater lifetime income.

While there’s no way to predict the future, the healthier you are, the more sense it may make to wait.

What about your spouse?

If you’re married and your spouse earned less, it often makes sense for the higher earner to delay claiming benefits. Doing so can increase both their own monthly payment and the surviving spouse’s future benefit.

If you need income sooner, the lower-earning spouse can start collecting their own reduced benefit first.

Later, once the higher earner begins claiming, the lower earner can switch to a spousal benefit — which can be worth up to 50% of the higher earner’s full benefit (8). This strategy provides some income now while still maximizing your long-term Social Security payout.

Will you keep working?

If you earn income before reaching full retirement age, your benefits could be temporarily reduced due to the Retirement Earnings Test (9).

That’s another reason some workers wait until 67 or later to start claiming. However, those reduced benefits aren’t lost — they’re generally added to your monthly benefit once you reach full retirement age.

Delaying Social Security until 70 can increase your lifetime income, strengthen your financial safety net and boost survivor benefits, but it’s not realistic for everyone.

If you need the money sooner or face health or employment challenges, claiming earlier may still be the right move. The key is to understand your options, run the numbers and plan around your real financial situation — not just averages.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Schroders (1); Social Security Administration (2); Percent Off Calculator (3); Dollar Times (4); AARP (5; 7); Social Security Matters (6); Social Security (8; 9)

This article originally appeared on Moneywise.com under the title: 56% of working Americans plan to claim Social Security before 70, despite expert advice to wait. Is that a mistake?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.