Why Most People Still Plan To Take Social Security Early

Many financial advisors and economists with in-depth knowledge of Social Security recommend that people delay claiming their retirement benefits for as long as possible, preferably until age 70 when benefits are maximized.

But only 10% of pre-retirees intend to wait until age 70 to claim the maximum monthly benefit. A significant majority won’t even wait until their normal retirement age when they would receive what Social Security calls the “full retirement benefit,” according to the recent Schroders 2024 U.S. Retirement Survey.