A significant portion of Americans approaching retirement plan to claim Social Security benefits earlier than the age of full retirement, according to the recently released Schroders 2024 U.S. Retirement Survey. The survey found that 43% of pre-retirees intend to start receiving benefits before age 67, the current full retirement age for many beneficiaries.
In contrast, only 10% of respondents said they plan to delay benefits until age 70, the age at which recipients receive the maximum monthly payout. This trend suggests that many Americans may be prioritizing earlier access to funds over higher long-term payouts that come from waiting.
Financial experts often recommend delaying Social Security benefits when possible, as doing so can significantly increase monthly and lifetime retirement income. However, individual circumstances such as health status, financial needs, and employment options can impact this decision.
The survey results highlight the importance of financial planning and education as Americans approach retirement, particularly concerning the long-term impacts of claiming Social Security benefits early.
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