Retirement Social Security

90% of Americans Plan to Skip This Top Piece of Social Security Advice

Most workers are ignoring the single most effective strategy to boost their lifetime Social Security income.

By Adam Palasciano

Edited by Sara Albertelli

Updated Nov. 25, 2025

Many people assume that savvy retirement planning means claiming Social Security at the optimal time, yet most don't follow that rule. According to recent research, the vast majority of workers plan to claim benefits early rather than wait for the maximum payout. Understanding the trade-offs in timing your benefits is critical to building a strong retirement plan.

Below, we unpack how many Americans skip this advice, what delaying benefits can mean, what it costs, and how to decide the right moment to claim.

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Nine in 10 Americans are ignoring this piece of Social Security advice

A recent study by investment firm Schroders found that nine out of 10 working Americans say they plan to claim benefits before age 70, despite advice to wait for larger monthly checks.

The truth: claiming as early as age 62 locks you into a lower monthly benefit permanently, which is about 30% less than if you wait until full retirement age (or FRA, which is currently 67) and up to roughly 24% more if you wait until 70. Timing your claim can add tens of thousands of dollars (or more) in lifetime benefits, yet so many choose to skip that opportunity.

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70% of Americans know waiting longer increases benefits

At the same time, about 70% of Americans are aware that delaying benefits leads to higher payments, yet most plan to claim early anyway.

This mismatch between knowledge and action points to other factors driving early claims, financial pressure, a need for immediate supplemental income after stopping work, health issues, or fear about Social Security's future. Knowing the rule doesn't guarantee you'll follow it. You must align your strategy with your situation.

The pros of delaying your Social Security benefits

Delaying your benefits can be one of the most effective ways to boost your guaranteed lifetime income. While it requires patience and financial flexibility, the potential upside can be significant, particularly for those with longer life expectancies or strong savings buffers.

Larger monthly payments

Every year you wait past FRA (currently age 67) to claim up to age 70 increases your benefit by about 8% annually, or about 24% total. That boost compounds into a higher guaranteed income for life and can serve as an inflation-protected income if you live a long retirement.

Improved survivor benefits

If one partner delays benefits and survives the other, the higher benefit continues to the surviving spouse, offering long-term financial security for two individuals. This coordination can significantly increase household lifetime income.

Social Security as a stable foundation

By maximizing your benefit, Social Security can become a stronger pillar in your retirement income mix, reducing the draw on your savings and potentially letting your portfolio last longer. There's less risk of stretching your savings when you have a guaranteed higher monthly income for the rest of your life.

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The cons of delaying your Social Security benefits

Despite its advantages, waiting to claim isn't the right move for everyone. Delaying benefits can strain cash flow, require other sources of income, and introduce uncertainty if your health or life expectancy is a concern.

Need for income today

Waiting to claim often requires alternative income sources, like savings, 401(k) withdrawals, or part-time work, before you start benefits. If you lack that buffer, early claiming may feel necessary, even if it costs more in the long run.

Health or lifespan concerns

If you have serious health issues or a shorter life expectancy, waiting may not pay off. Some may prefer access to benefits earlier rather than waiting for higher payments they may not fully collect.

Concern about Social Security's future

Worries about the program's solvency may influence many to claim early, fearing benefits might be reduced or changed later. However, this uncertainty may drive a decision that appears safe now but may permanently reduce lifetime income.

Factors to consider when deciding when to claim benefits

Timing your benefits requires examining multiple dimensions: your health, life expectancy, retirement savings, desired lifestyle, and other income sources. Also consider whether you'll continue working or need benefits for expenses right away. Use calculators or speak with an advisor to model different claiming ages and their impact on your lifetime income.

Social Security faces an uncertain future

The Social Security Administration estimates that, without reform, the program's trust funds could be depleted by 2034, leading to a 20% benefit reduction unless changes are made.

While this doesn't mean benefits will vanish completely, it highlights why many may choose early claiming out of fear. Planning around Social Security's future can help you make a decision grounded in facts, not anxiety.

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Bottom line

Choosing when to claim Social Security is one of the most impactful decisions in your retirement plan, yet nearly 90% of Americans say they won't wait for the optimal moment. By weighing health, savings, other income, and longevity, you can choose a timing strategy that maximizes your benefit while aligning with your needs.

Deciding to claim later can help you unlock higher monthly income, provide better protection for your spouse, and position your savings for a more secure, stress-free retirement.

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