While 86% of Americans know that they could increase their benefit levels if they delay collecting Social Security until they reach 70, only 11% plan to wait that long, according to the Schroders 2022 U.S. Retirement Survey.
In a poll of 1,000 Americans, nearly one-third (31%) said they would not wait until 70 to claim the maximum possible benefit because they predicted needing the money sooner, while nearly half (48%) said they would claim their monthly benefit prior to reaching their full retirement age.
The survey also found 86% of respondents on the verge of retirement ”“ ages 60 to 65 ”“ said they were “concerned” or “terrified” by the prospect of not having regular paychecks while 55% said they couldn”™t believe they could be able to replace 75% of their last paycheck.
The survey painted a bleak picture of Americans’ retirement readiness, with 86% of those on the cusp of retirement ”” Americans ages 60 to 65 ”” saying they were “concerned” or “terrified” by the idea of not having regular paychecks. And only 23% of respondents had a written retirement plan.
“Not enough is being done by plan participants in terms of planning,” said Joel Schiffman, Schroders’ head of strategic partnerships, who stressed that retirees “have to be able to retain your assets because the greatest fear of all is outliving your assets.”
