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Key Takeaways
- A retiree can receive the maximum amount of Social Security benefits if they wait until the age of 70 to start collecting.
- However, only 10% of Americans said they expect to do that, according to a recent survey.
- Those surveyed gave several reasons as to why they would want to collect benefits as soon as they can, including expecting they will need the money and worries that Social Security could shrink or disappear.
Americans approaching retirement are often advised to wait until the age of 70 to start collecting Social Security benefits in order to receive the highest payouts, but surprisingly few Americans are planning to wait that long.
In its 2025 survey on retirement in the U.S., asset management firm Schroders found that just 10% of a group of 1,500 American investors are planning to wait until age 70 to start collecting Social Security. A lack of knowledge about the benefit amounts isn’t the reason people plan to collect sooner than later—70% said they knew that waiting would increase their monthly payments. Retirees stand to get 8% more in Social Security benefits per year for every year they wait up until age 70.
Why This Matters to You
If you’re trying to figure out when to collect Social Security, it’s important to calculate the difference in your payments from collecting early or waiting until age 70. The longer you wait, the more you’ll earn in benefits per year. But you’ll also need a plan to ensure you can retire and afford your lifestyle before Social Security kicks in. Talk to a financial advisor if you need help.
Americans Don’t Want to Wait for Social Security—and They’re Worried It Might Run Out
More than half of the group surveyed said they are either “concerned” or “very concerned” about outliving their assets, and about 44% of non-retired respondents said they expect to file for Social Security benefits before hitting the full retirement age of 67.
When asked why they may take benefits before the age of 70, three answers were cited by just over a third of respondents:
- Wanting access to the money as soon as possible at age 62
- Expecting to need the money at that time for regular income in retirement
- Strategizing to take advantage of Social Security while it exists based on concerns that the program will run out of money or stop making payments
“The income generated from monthly Social Security payments is critical to making ends meet in retirement for many Americans,” Schroders’ Head of US Defined Contribution Deb Boyden said. “Clearly, reports questioning Social Security’s solvency have workers anxious to tap into their benefits sooner rather than later, but with many Americans facing a large savings gap, holding off on claiming benefits can have a meaningful impact on your finances in retirement.”
Should You Wait Until Age 70 to Start Collecting?
Some experts recommend drawing down on some other forms of retirement savings as a “bridge strategy” until a you’re older and able to collect more in Social Security benefits, as larger payments from Social Security could make up the amount of money taken from other accounts over the course of retirement.
However, as the Schroders survey and other studies have shown, a growing number of Americans are concerned that Social Security may be diminished or not exist at all by the time their retirement comes. The trust funds that make up for deficits between Social Security’s tax income and the benefits it pays out are on track to be depleted around 2033. After that point, they may only be able to cover about 77% of the payments the they’re supposed to distribute.
If you’re already retired or plan to retire soon, make the decision of when to start collecting benefits based on your own financial situation. Take the time to understand the timeline of how much you could receive in benefits at each age. Consider consulting a professional financial advisor for guidance on your specific situation.
