This is one of the most common pieces of advice about Social Security, but only 10% of Americans say they would follow it

Americans approaching retirement are often advised to wait until age 70 to start collecting Social Security benefits in order to receive the highest salaries, but surprisingly few Americans plan to wait that long.

In its 2025 US Retirement Survey, asset manager Schroders found that only 10% of a group of 1,500 US investors planned to wait until age 70 to start collecting Social Security. A lack of knowledge of benefit amounts isn’t the reason people plan to collect sooner rather than later — 70% said they knew waiting would increase their monthly payments. Retirees will receive an additional 8% of Social Security benefits annually for every year they wait until age 70.

Americans don’t want to wait for Social Security, and worry it might run out

More than half of the group surveyed said they were either “concerned” or “very concerned” about outliving their assets, and about 44% of non-retired respondents said they expected to apply for Social Security benefits before their full retirement age of 67.

When asked why they received benefits before age 70, just over a third of respondents cited three answers:

1. Wanting to get money as quickly as possible at age 62
2. Anticipate needing the money at that time to have a regular income in retirement
3. Develop a strategy for taking advantage of Social Security while it’s in place based on concerns that the program will run out of money or stop making payments

“The income generated from monthly Social Security payments is critical to meeting retirement expenses for many Americans,” said Deb Boyden, head of US defined contribution at Schroders. “Reports questioning Social Security’s solvency are clearly making workers eager to cash in on their benefits sooner rather than later, but with many Americans facing a significant savings gap, delaying claiming benefits could have a beneficial impact on your finances in retirement.”

Should you wait until age 70 to start accumulating?

Some experts recommend drawing from some other form of retirement savings as a “bridge strategy” until you’re older and able to collect more Social Security benefits, since larger payments from Social Security can make up the amount of money taken from other accounts over the course of retirement.

However, as the Schroders poll and other studies have shown, a growing number of Americans worry that Social Security may diminish or not exist at all by the time they retire. The trust funds that make up the shortfall between Social Security’s tax income and the benefits it pays are on track to be exhausted around 2033. After that point, they may only be able to cover about 77% of the payments they’re supposed to distribute.

If you’re already retired or plan to retire soon, make a decision about when to start collecting benefits based on your financial situation. Take the time to understand the timeline for how much you can receive in benefits at each age. Consider consulting a professional financial advisor for guidance regarding your specific situation.