"Survey Reveals Only 10% of Americans Opt to Delay Social Security Until Age 70"

A survey conducted by Schroders reveals that only 10% of nonretired Americans plan to wait until age 70 to claim their Social Security retirement benefits, despite research suggesting that delaying can result in bigger monthly payments. The top reason for claiming early is the concern that Social Security may run out of money, followed by the need for immediate access to funds. However, waiting until age 70 can lead to retirement benefits that are 76% higher, adjusted for inflation, compared to benefits claimed at age 62. Experts emphasize the importance of patience and highlight that even those with limited assets can benefit from delaying their claims.