collage of blue tops of Social Security cards (Photo: Shutterstock)

Despite high levels of awareness that waiting longer to claim Social Security benefits earns higher payments, 40% of non-retired respondents said they plan to take their Social Security benefits starting between ages 62 and 65. In fact, only 10% of non-retired Americans say they will maximize their Social Security benefits by waiting for their 70th birthday to begin collecting, according to the Schroders 2023 U.S. Retirement Survey.

When asked why they don’t plan to delay Social Security benefits to maximize payments, 44% of respondents indicated they think Social Security will run out or reduce payments, 36% said they will need the money and 34% believe it is their money and they want access to it as soon as possible. Thirteen percent said they were advised to take Social Security earlier than age 70.

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