Retirement experts consistently advise Americans to delay taking Social Security as long as possible, but actual behavior is moving in the opposite direction.
According to a 2026 retirement survey conducted by global asset management firm Schroders among 1,500 U.S. investors, 45% of non-retired Americans plan to apply for Social Security before reaching their Full Retirement Age of 67.
Conversely, only 10% stated they would wait until age 70 to maximize their monthly benefits.
Generally, delaying Social Security increases monthly payouts. For those born in 1960 and later, the full retirement age is 67, and delaying applications past that age accrues delayed retirement credits up to age 70.
Despite this, the primary reason many Americans choose early collection is immediate living expenses.
In the survey, 45% cited needing money early for regular living expenses as the reason for claiming before age 70. Meanwhile, 43% said they want to get the money as soon as possible, and 40% expressed concerns that the trust funds might be depleted or payments suspended.
Deb Boyden, head of U.S. defined contribution at Schroders, analyzed that retirees are basing their collection timing on immediate cash flow and anxieties about the future of Social Security rather than maximizing lifetime benefits.
In the U.S., age 62 remains one of the most popular ages to file for Social Security. While benefits can begin at 62, filing earlier than the full retirement age permanently reduces monthly payments.
Rising living costs act as another major factor pushing early collection. According to the original report, consumer prices have risen by about 30% since the 2020s, making it unrealistic for near-retirement households to delay collecting benefits for several more years.
Financial instability surrounding Social Security also stimulates the psychological urge for early collection.
According to the 2026 report by the Board of Trustees of the Federal Old-Age and Survivors Insurance (OASI) trust funds, the OASI reserve fund—which pays benefits to retirees and survivors—is projected to be depleted in the fourth quarter of 2032. Without congressional reform, tax revenues at that time are expected to cover only about 78% of scheduled benefits.
However, this does not mean Social Security will completely disappear by 2032, leaving beneficiaries with nothing. Even if reserves are exhausted, ongoing income streams like payroll taxes will continue to flow in.
When combining Social Security with the Disability Insurance (DI) trust fund, the projected depletion date of the combined reserves is the third quarter of 2034, at which point roughly 83% of scheduled benefits are projected to be payable.
Despite this, anxiety remains widespread. In a separate survey targeting Social Security experts, about three out of four respondents reported hearing from clients who want to collect early before the system changes.
Another major worry for retirees is outliving their money.
In the Schroders survey, 52% of non-retired Americans worried about the possibility of outliving their retirement assets. Rising healthcare costs, long-term care expenses, inflation, and increasing life expectancies are fueling these anxieties.
Paradoxically, claiming Social Security too early reduces monthly payouts, potentially increasing financial strain the longer a person lives.
Ultimately, Americans face a stark choice: “Will I get more later, or take a sure thing now?”
Experts advise that when deciding on a collection timing, individuals should consider not just the fear of Social Security depletion, but also their current living expenses, health and life expectancy, spousal benefits, and other retirement assets together.
