Most people know the advice. Wait until age 70 to claim Social Security, and you will get a bigger monthly check for life. It is one of the simplest, most effective retirement tips out there. But according to a new survey by Schroders, only 10% of working Americans plan to follow it.

That is right! 9 out of 10 say they will claim their benefits earlier, even though they know it means less money in the long run.

Most people understand that waiting pays. The real story is about why so many Americans feel they can’t afford to wait, and what that means for their financial future.

If you wait to claim Social Security until age 70, you get delayed retirement credits. These add 8% to your monthly check for every year past your full retirement age, which is 67 for most people today. That adds up. If you wait from 62 to 70, your monthly benefit can grow by around 76%. That is a huge difference.

Mark / Unsplash / A report found that claiming early could cost you as much as $182,000 over time.

That is not a small change. However, people are still walking away from that extra money. So what gives?

The Rush to Claim Early

According to the Schroders survey, 44% of working Americans plan to start collecting before they hit full retirement age. And many more say they will start somewhere between 67 and 70 years old. Only a sliver, just 1 in 10, are planning to wait all the way to 70. The reasons are personal and practical.

A big one is financial stress. Many people just don’t have enough savings to bridge the gap between retirement and age 70. When the paycheck stops, Social Security becomes the lifeline. They need the money now, even if it means less later.

Trust Issues With the System

Then there is fear. People worry Social Security won’t be around when they need it. Right now, the trust fund is expected to run low by 2034. If Congress doesn’t step in, benefits could be cut by around 20%. That makes a lot of folks nervous. Their thinking is simple: Better to grab what you can while it is still there.

Many workers don’t trust the system to deliver what was promised. So instead of playing the long game, they cash in early, even if it costs more in the end.

Chris / Unsplash / If someone doesn’t expect to live into their 80s, they may not see the point in delaying. It is called the “break-even” age, the point where the total benefits you’d get by waiting start to exceed the total from claiming early.

For most people, that age is around 80.4. If you are not confident you will get there, early claiming can look like a better deal.

Is Early Always a Mistake?

Not necessarily. While waiting often makes sense financially, it is not always the right move. If you are in poor health or have a family history of shorter life spans, claiming earlier might actually give you more total benefits. It is all about context.

Also, if you have no other income and need the cash, you might not have much choice. And for couples, sometimes one spouse claims early while the other delays. That kind of strategy can balance out risk and reward for the household.