Survey: Only 10% of non-retirees plan to claim at 70

Jun 28, 2021

Getting the largest possible Social Security check doesn’t appear to be incentive enough for 90% of non-retirees 45 and older to wait until age 70 to claim them, according to a new study from Schroders Investment Management. Indeed, 30% plan to begin taking benefits between age 62 and 65, before full retirement age. Fourteen percent plan on taking benefits between 66 and 69, while nearly half (46%) aren’t sure when they will claim.

Even those who are at or near retirement age—ages 60 to 67—don’t seem interested in waiting until age 70: Only 13% said they plan to wait to age 70 to claim Social Security benefits while 28% are still unsure.

Seven in 10 of non-retired respondents stated they wished they were more knowledgeable about Social Security. However, the study notes that most—74% of non-retired respondents and 84% of non-retirees between 60 and 67—understood they would get more in Social Security if they waited until age 70. Advisors would do well to be educated on, and educate their clients on, Social Security benefits in addition to individual portfolios.

Read the full article here.


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