Social Security benefits can be claimed from age 62, however, knowing when is best for you to begin claiming can make the world of difference in terms of how much you will actually receive in benefits from the Social Security Administration (SSA).
The amount you receive in benefits is relative to your full retirement age, and as such, claiming earlier than your retirement age will result in a reduction to your benefits. Conversely, delaying your claim beyond your full retirement age will earn you a higher benefit than you would have received had you claimed at full retirement age.
The logic of the policy is simple, however, there is no perfect age to claim as circumstances will, of course, vary from one person to the next. The safest bet would be to only begin claiming at full retirement age, however, new research from Schroders has found that the number of Americans opting to claim their benefits early is growing. Here is what you need to know.
More Americans are claiming Social Security early
The full retirement age has been gradually increasing since 1983 to bring it up to 67 years of age, and this will occur in 2026 and will apply to those who are born in 1960 and later. In 2025, the retirement age increased to 66 years and ten months for those born in 1959. If you claim benefits before reaching retirement age, you will lock yourself into a reduced benefit of up to 30%.
The exact percentage by which your benefit will be reduced is dependent on the number of months between your current age and your respective full retirement age. According to Schroder’s 2025 U.S.retirement survey which polled around 1,500 investors across the country, the number of Americans who claim benefits early is growing.
The survey also found that only a small fraction of Americans plan to delay claiming their benefits until they are 70, despite the majority of non-retired Americans having a full understanding of the financial benefits that come with delaying your claim.
The findings of the survey also included the following:
- 44% of non-retirees plan to file for Social Security before age 67, meaning that they would claim their benefits early, thereby locking them into a reduced amount.
- 10% expect to wait until age 70 so as to claim the maximum benefit amount. However, it is also worth noting that 70% of participants had acknowledged that delaying their claim would increase the amount in their monthly benefit check.
For those who said that they will claim their benefits early, the reasoning behind this decision was varied:
- 37% of respondents stated that they would prefer to access their money as soon as possible.
- 36% cited concerns of the projected Social Security shortfall that could result in the program cutting benefits or stopping payments altogether.
- 34% anticipated that the money would be required earlier so as to have a regular income.
- 15% said they were advised to claim their benefits before reaching age 70.
“The income generated from monthly Social Security payments is critical to making ends meet in retirement for many Americans,” said Deb Boyden, head of US defined contribution at Schroders. “Ongoing reports about Social Security’s solvency are making workers anxious to access their benefits sooner, even though delaying could have a significant impact on their retirement finances.”
Retirement fears are growing
The survey also found that anxiety relating back to retirement income has become widespread. 87% of non-retirees have expressed concerns about how to generate income during their retirement, while over half of the participants feared that they would “outlive their assets”.
”Only 11% of non-retirees said they are certain they will replace at least three-quarters of their last paycheck, while 39% said it is probable,” the survey found.
Uncertainty amongst retirees is also a continuing issue. “Sixty-two percent said they do not know how long their savings will last, and 58% wish they had done more planning. Nearly three-quarters of retirees generate less than 75% of their last paycheck in monthly income, and almost half live on less than half of their pre-retirement income,” as per the findings of the survey.
“Many Americans do not manage their retirement savings as effectively as they could, and as a result, they must make tough choices when beginning to withdraw assets to cover their expenses,” Boyden noted.