Non-Retirees Unwilling to Delay Social Security Benefits
A greater number of Americans are expressing fears over the future of Social Security benefits, causing many to say they’ll claim earlier when the time comes to file for benefits.
According to Schroders’ 2025 US Retirement Survey, 87% of non-retired Americans reported feeling at least slightly concerned over not knowing how to generate retirement income, while 53% said they are “concerned” or “very concerned” about outliving their assets.
As a result, respondents say they want to claim benefits as soon as they can. Close to half (44%) of respondents plan to file for benefits as early as possible and only 10% say they’ll wait until age 70—the age to receive the maximum monthly benefit—before filing. A majority (70%) of respondents understand that the longer they wait to claim, the higher the benefit they’ll receive.
When asked about their motive for claiming Social Security benefits earlier, over a third said they wanted access to their money as soon as possible (37%), while others were concerned the agency would “run out of money or stop making payments” (36%). Some said they need the money earlier to add onto their regular income (34%), and a few even said they were advised to claim benefits earlier than age 70.
Workers are feeling more anxious with the future of Social Security, as industry groups and media reports warn of impending insolvency. The uncertainty has fueled their worries, with many who are already feeling anxious over the cessation of regular income or biweekly checks in retirement. The idea of no longer receiving a regular income is “concerning” for 54% of workers and “terrifying” for 23%.
Others expect needing over $5,000 in monthly income to retire comfortably. In addition to Social Security, these respondents are relying on cash savings (60%); a workplace 401(k), 403(b), or 457 plan (45%); investment income (34%); a spouse’s 401(k), 403(b), or 457 plan (30%); or a spouse’s pension plan (22%) to get by during retirement.
Despite their expectations, the reality is that many workers continue to face a savings shortfall, Schroders’ research finds. According to the findings, 62% of respondents who are already retired say they don’t know how long their savings will last, and 58% say they wished they had planned better prior to retiring.
Further, 74% of retirees report generating less than 75% of their last paycheck in monthly retirement income today, and 46% say they currently live on less than what they made before retirement.
“The income generated from monthly Social Security payments is critical to making ends meet in retirement for many Americans,” said Deb Boyden, head of US Defined Contribution at Schroders. “Clearly, reports questioning Social Security’s solvency have workers anxious to tap into their benefits sooner rather than later, but with many Americans facing a large savings gap, holding off on claiming benefits can have a meaningful impact on your finances in retirement.”
Schroders’ research also notes a vast interest in lifetime income options among retirement plan participants. Ninety percent of plan participants say they are interested in a “retirement investment product from their employer that actively manages the risk of loss while seeking to grow assets at a rate equal to the current cash rate plus 5%.”
The Schroders 2025 US Retirement Survey fielded responses from 1,500 investors nationwide, including 602 who currently participate in a workplace retirement plan.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
