45% plan to claim Social Security before full retirement age

Schroders’ 2026 U.S. Retirement Survey found 45% of respondents expect to claim Social Security before reaching full retirement age. The firm released the results in 2026 after polling U.S. workers and pre-retirees about retirement income plans and concerns.

Respondents reported plans to rely on multiple income sources in retirement. Fifty-five percent plan to use cash savings, 48% expect to use a 401(k), 403(b) or 457 plan, and 33% said they will use investment income outside an employer-sponsored plan. Sixteen percent expect Social Security and other retirement income to replace at least 75% of their final paycheck.

Advisors described claiming timing as part of a broader financial plan. David W. Johnston, partner and wealth management advisor at OnePoint BFG Wealth Partners in Flemington, New Jersey, noted that for people without other assets, early claiming can be necessary: “If you don’t have other assets … well, then, yes, go walk through the Social Security window and get the money.”

Johnston added that longevity and health influence choices for wealthier, healthier clients and that the break-even point for delaying benefits generally falls between ages 78 and 82. He also pointed out that benefit amounts increase each month: “It gets one-twelfth better every month.”

The survey found 40% of respondents who plan to claim benefits before age 70 cited concern that the Social Security trust fund “may run out of money or stop making payments.” The latest trustees’ reports project the trust fund could fall short in the fourth quarter of 2032.

Johnston has not advised clients to “take your money and run” and described decisions based on rumors or others’ actions as rash. He urged focusing on an individual’s financial plan when deciding when to claim benefits.

Deb Boyden, head of U.S. defined contribution at Schroders, described a gap between saving and income planning and said participants need more support moving from accumulation to distribution: “Many workers understand how to accumulate assets, but they’re less confident about how those assets will generate income throughout retirement.”

Johnston described retirement spending in phases, saying many clients spend more early on during what he calls the “Go Go Years,” then reduce activity in later years. He suggested advisors build roadmaps that account for shifting spending rather than assuming a fixed percentage of pre-retirement income will suffice.

The survey results show many Americans plan to claim benefits before full retirement age while also expecting to rely on other income sources. Advisors emphasized that claiming decisions depend on individual assets, health, longevity expectations and personal concerns about the program’s future.