Having failed to plan for retirement, many U.S. workers aretaking Social Security benefits early, oftenbecause unexpected life events are forcing them to do so.

That’s the sobering conclusion of new research from NationwideRetirement Institute. Conducted by Harris Poll, the survey polled902 adults ages 50 and older who are retired or plan to be in thenext 10 years.

The survey shows that more than 8 in 10 (83 percent) of recentretirees started taking their benefits earlierthan their full retirement age.

Result: a smaller monthly paycheck.

Early retirees polled by Nationwide peg their average monthlypayment at $1,174. In comparison, those leaving the workforce atfull retirement an average monthly payout of $1,590.

The figure jumps to $1,752 per month for individualsretiring late.

“Social Security is often a large piece of American workers’total retirement income, and the decision on when to file shouldn’tbe forced on anyone,” says David Giertz, president of distributionand sales for Nationwide. “If handled incorrectly, retirees couldbe missing out on hundreds of thousands of dollars in retirementincome.”

No doubt.

Read: 3 handy inflation calculators for retirementplanning

As we’ve previously reported in this space, a 62-year-old retiree eligiblefor Social Security income of $1,000 per month could boost thepayout to $1,500 per month by waiting to age 67.

The $500 (50 percent) increase has to be weighed, however,against another reality: the $1,000 per month in lost income.

Christopher Hill, a contributor to LifeHealthPro, calculatesthat the 67 year-old retiree would need 15 years to arrive at abreak-even point (i.e., where the total of the additional $500matches the $1,000 payout).

Also to consider: the loss of interest income.

Brenton Smith, another LifeHealthPro contributor, writes thatthe Social Security income a 62-year-old retiree receives over a“normal” lifespan is about equal to the payout a 70-year-old wouldget when you factor in foregone interest.

The income lost by waiting may help to explain the decision ofsome retirees to begin taking income early. But the Nationwidereport points to other reasons.

Chief among them: the need for money.

Nearly 4 in 10 of the survey respondents (38 percent) cite thefinancial need. An additional 3 in 10 (30 percent) flag healthproblems. And just about a quarter of those polled (24 percent) saythe loss of employment forced the issue.

What impact are financial advisors having on Social Securityplanning?

As you might expect, advisor-client engagements are yieldingpositive outcomes.

Among retirees who received advice, the overwhelming majority“mostly” or “completely” implemented their advisor’srecommendations. That’s true across age groups: future retirees (88percent), recent retirees (96 percent) and those who have beenretired for 10-plus years (99 percent).

In most cases, too, clients initiated the discussions that ledto the planning recommendations (from 52 percent to 61 percent ofthose polled, depending on the age group). Likewise, a majority ofrespondents broached the Social Security issue “immediately” or“shortly” after the start of the planning engagement (36 percentand 24 percent, respectively, among recent retirees).

Higher percentages of those who work with a financial advisoralso are better off than those without one when judged againstseveral financial metrics. Examples:

• Having additional sources of income (98 percent of those with anFA vs. 83 percent without an FA)

• Monthly Social Security income expected among those notcurrently drawing income ($1,911 vs. $1,534, respectively); and

• Monthly Social Security income among those who are currentlycollecting payments ($1,396 vs. $1,216, respectively).

Among the report’s additional findings:

• More than a third of future retirees (36 percent) plan to workin retirement, but just one percent of those who are retiredactually do.

• One in four retirees who plan to draw benefits early (24percent) say they will do so because they worry Social Securityfunding will run out before their full retirement age.

• One in five future retirees (21 percent) say Social Securityshould be enough on its own to help them live comfortably inretirement. One in four recent retirees have no other source ofretirement income (26 percent).

• Future retirees expect Social Security to cover 52 percent oftheir retirement expenses when in reality it’s closer to 40percent.

• One in five future retirees who plan to draw benefits early (22percent) say they plan to do so because they don’t think they willlive long enough to make it worth optimizing.

• Only two percent of future retirees expect to get divorced inretirement, but 18 percent of current retirees actually did.

Take a look at the 7 charts that highlight key findings from thesurvey:

#1: Who Anticipates Collecting Social Security andWhen

#2: Who Plans to Draw Social Security Before FullRetirement

#3: Who Would Not Change the Age They Started GettingSocial Security

#4: Who Expected Their Social Security to BeHigher

#5: Who Receives Higher Monthly Social SecurityPayments

#6: Reasons People Gave for Drawing Social SecurityEarlier

#7: What Might Have Motivated People to Take SocialSecurity Earlier