November 26, 2025

Nearly half of Americans surveyed will collect Social Security benefits early

Image of a person holding a Social Security card.

Nearly half (43%) of Americans surveyed plan to file for Social Security benefits before reaching full retirement age, according to Schroders 2025 US Retirement Survey.

Nearly nine out of 10 non-retired Americans are at least slightly concerned about not knowing how to generate income in retirement, and over half (53%) are “concerned” or “very concerned” about outliving their assets. Despite those concerns, 44% of non-retirees plan to file for Social Security benefits before reaching age 67, which is the full retirement age for everyone born in 1960 or later. And only 10% plan to wait until age 70, when an individual reaches their maximum monthly benefit.

Leaving money on the table is a deliberate decision for most non-retired Americans, as 70% reported they understand that waiting longer to claim Social Security would increase their monthly payments, the survey shared.

The following are some of the reasons that the survey respondents gave for planning to claim Social Security before age 70:

I want access to the money as soon as possible (37%).
I’m concerned Social Security may run out of money or stop making payments (36%).
I will need the money earlier for regular income (34%).
I was advised to take it earlier than age 70 (15%).

When asked why so many Americans are not willing to wait until their full retirement age, Deb Boyden, head of US Defined Contribution at Schroders, said that “many retirees haven’t saved enough money and are counting on the income generated by Social Security to meet their expenses immediately upon retiring. There’s also a belief among some that the future of Social Security is at risk, which creates a fear that the money may not be there if they wait.”

Effects of not waiting

However, Boyden pointed out, there is an impact from this decision to take Social Security benefits early. As Boyden explained, there is no right age for collecting Social Security, as what may make sense financially for one person is different for the next. “However,” she pointed out, “waiting a few years until you reach your full retirement age can significantly increase the money you collect over your lifetime.”

Boyden added that with roughly half of all retirees reporting that the expenses they have in retirement are higher than what they expected, taking Social Security sooner rather than later could lead to greater financial challenges ahead.

In addition, according to the survey, only 39% of Americans who are participating in a workplace retirement plan said that their plan included a retirement-income solution, 34% don’t know, and 27% reported that their plan does not offer any retirement-income products.

Notably, the survey added, 90% of workplace retirement plan participants said they would be interested in a retirement-investment product from their employer, which actively manages the risk of loss while seeking to grow assets at a rate equal to the current cash rate, plus 5%.

Helping clients build a retirement-income plan

So, what can sponsors, asset managers, and plan advisors do to help more of their clients develop a retirement-income plan? “We need to make it easier for people to stay informed, stay invested, and stay on track,” said Boyden. New investment solutions are emerging that aim to deliver competitive returns with lower volatility and greater drawdown protection. These strategies can help savers move out of cash and into assets that better support their long-term goals, she added.

“Whether you’re retired or working toward it, people want the same things: clarity, confidence, and control over their financial future,” Boyden said. “We can’t keep doing the same things and expect different results. The time to innovate is now. Better planning, better products, and better educational resources can help millions of Americans achieve the retirement of their dreams.”

The survey was conducted by 8 Acre Perspective among 1,500 US investors nationwide who are from ages 29-79, including 602 who are currently participating in a workplace retirement plan. It was conducted from March 25 to April 17 in 2025.