Only 10 percent of non-retired Americans say they will wait until 70 to receive their maximum Social Security benefit payments, according to 2023 Schroders US Retirement Survey.
This includes 17 percent of non-retired respondents on the verge of retirement (ages 60-65).
Overall, 40 percent of non-retired respondents plan to take their Social Security benefits between ages 62-65, leaving them short of qualifying for their full retirement benefits.
The choice to forgo larger Social Security payments is a deliberate one, as 72 percent of non-retired investors – and 95 percent of non-retired ages 60-65 – are aware that waiting longer earns higher payments.
Why are so many non-retired Americans taking their Social Security benefits before age 70?
44 percent said they were concerned Social Security may run out of money/stop making payments
36 percent said they will need the money
34 percent said it was thei