Schroders’ survey found 44% of nonretired Americans planned to claim Social Security before age 67 in 2025, up from 43% in 2024; only 10% expected to wait until 70. At 62, monthly benefits may be cut by as much as 30%.
For most people, full retirement age is 67. Waiting from then until 70 earns delayed retirement credits that increase benefits by about 8% each year. More than a quarter of beneficiaries start at 62, the earliest eligibility age; average retirement benefits are about $25,000 a year.
Schroders’ Deb Boyden said financial necessity and confidence may matter more than knowledge alone; adviser Jacob Cornell identified income needs as the main reason for early claims. Boyden cited needing money sooner and concerns that Social Security could run out of money or stop paying. Advisers also noted health and life expectancy; Boyden said there is no single right claiming age.
