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What the 70% figure actually measures
The Schroders survey result is about what respondents knew: that waiting longer to claim Social Security can mean a higher monthly benefit. It does not show that 70% had failed to apply, delayed a decision, or missed a particular step. The reported figures describe answers from 1,500 adults, not verified behavior by all Americans. CBS News reported the results on October 22, 2025; its article does not provide the full survey questionnaire or detailed subgroup definitions. CBS News’ report on the Schroders survey.
Schroders’ Deb Boyden characterized the finding this way: “The decision to sacrifice extra Social Security income is not an oversight for most Americans,” and, “According to our research, 70% of Americans are aware that waiting longer to claim Social Security leads to higher payments, and yet so few are willing to hold off.” Those are Boyden’s comments, as quoted by CBS News, not a separate measurement of actual claiming behavior.
How claiming age changes retirement benefits
Claiming before full retirement age
You can generally start retirement benefits at 62, but claiming before your full retirement age reduces the monthly amount. The calculation depends on your birth year and the month benefits begin. For people born in 1960 or later, the Social Security Administration (SSA) gives an example of a 30% reduction at 62 compared with claiming at full retirement age, which is 67 for this group. Your own estimate may differ based on your record and start month. SSA guidance for people born in 1960 or later.
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Claiming after full retirement age
Waiting beyond full retirement age can increase your benefit through delayed retirement credits. For people born in 1943 or later, SSA lists a credit rate of 8% per year; credits stop at age 70. This is a benefit-rule rate, not a promise that every person’s total retirement income will be 8% higher in every year: your personal estimate depends on your record and claiming date. SSA guidance on delayed retirement credits.
How to compare claiming ages for your situation
There is no universally best claiming age. The trade-off is generally a lower monthly benefit for a longer period if you claim earlier versus a higher monthly benefit after delaying. SSA describes the choice as personal: “Choosing when to begin your retirement benefits is an important and personal decision.” Consider the factors that affect your own income needs and household before choosing.
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- Benefit estimates: Compare the monthly amounts available at different start dates using your earnings record, rather than relying on a generic example.
- Cash needs and other resources: Consider whether you need the income now and what other retirement income or savings you can use while waiting.
- Health and longevity: Your health and expectations about how long you may receive benefits can affect the value of a higher monthly payment later.
- Work plans: Include whether you expect to keep working when you claim.
- Household and survivor effects: Consider how your decision could affect a spouse or survivor, as well as your own benefit.
Use SSA’s benefit tools to compare estimates based on your birth date and intended benefit start month. A generic dollar example cannot forecast your personal payment. SSA’s retirement benefit calculator. The SSA calculator page says it was last reviewed or modified in 2008; use SSA’s current benefit-planning guidance and live tools for your personal estimates.
Do not overlook Medicare if you delay benefits
Delaying Social Security retirement benefits does not mean you should ignore Medicare. SSA advises people who delay benefits beyond age 65 to apply for Medicare within three months of their 65th birthday to avoid possible higher Part B and Part D costs. Check SSA’s guidance on timing and enrollment as you plan your benefit start date. SSA retirement guidance, including Medicare considerations.
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The survey suggests a gap between awareness and stated plans: 70% of respondents knew waiting can raise monthly payments, 10% planned to wait until 70, and 44% expected to claim before full retirement age. It does not establish how those respondents later acted, why each person chose a claiming age, or what claiming age is right for you. CBS News reported that immediate income needs and health can be reasons some people claim earlier; the survey figures alone do not resolve the trade-offs for an individual household.
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