Waiting Until 70 to Claim Social Security: A Luxury for Few
Claiming Social Security benefits as late as possible is often advised, but it's not a financial reality for most people.
According to survey data from Schroders, 44% of US workers plan to claim before 67, the "full retirement age", while 10% intend to claim before they qualify for maximum monthly payments at age 70.
Don't shame people into claiming as late as possible.
Nevin Adams, former chief content officer at the American Retirement Association, notes that emphasizing the rewards of waiting as long as possible may not be helpful.
- 44% of US workers plan to claim before 67
- 10% intend to claim before 70
Social Security is designed to benefit lower-wage workers who rely on the monthly payments to replace more of their preretirement income.
Author's summary: Most people claim Social Security before 70 due to necessity.
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