While those facing retirement know they can receive a larger Social Security benefit by delaying ಞwhen they collect, the majority consciously choose to collect benefits early, worrying that Social Security will run out before they can start payments.

For many Americans, Social Security may be the cornerstone of their retirement income. According to a recent survey by asset management company Schroders, 43% of respondents planned to take Social Security before the 澳洲幸运5官方开奖结果体彩网:full retirement age (FRA) of 67.

Only 10% of respondents said they would wait until age 70, the age of maximum monthly benefit. Social Security beneficiaries can earn an additional 8% for every year past FRA they delay taking benefits.

Waiting Until Age 70 Can Boost Benefits

The FRA for those born after 1960 🔯is now age 67. So if someone with that FRA waited until age 70 to collect, they would earn an additio🧔nal 24% in benefits.

For example, if a person could collect a monthly 澳洲幸运5官方开奖结果体彩网:Social Security benefit of $2,000, that number would increase by 24% if they waited for an additional three years to collect. At age 70, ▨their monthly benefit would increase to $2,480.

“There is no one-size-fits-all answer for when to file for Social Security, however, delaying benefits for as long as possible can add several hundred dollars to those monthly checks,” said Deb Boyden, head of U.S. 澳洲幸运5官方开奖结果体彩网:defined contribution at Schroders.

Many Worry That Social Security Will Disappear

In a separate survey by life insurance company Allianz, 57% of respondents worried that Social Security would not be available for all of their 澳洲幸运5官方开奖结果体彩网:retirement, with younger respondents more likely to express concern about it.

Although almost 75% of non-retired respond👍ents recognized they could score a bigger benefit by waiting to take Social Security, 39% were concerned about needing money, and 38% worried that Social Security would run out, according to the Schroders poll.

“It’s worrisome that so many Americans donꦏ’t know how Social Security will fit into their retirement strategy,” said Kelly LaVigne, vice president of consumer insights at Allianz Life.

Some of these concerns could arise from a lack of knowledge about the program. In the Allianz survey, 51% of Gen Xers and 60% of澳洲幸运5官方开奖结果体彩网: millennials said they didn’t know much about Social Security, while only 23% of 澳洲幸运5官方开奖结果体彩网:baby boomers over 60 felt the same way.

“This is a guaranteed source of income for a lifetime that increases with cost-of-living adjustments and is 澳洲幸运5官方开奖结果体彩网:tax-advantaged. There are decisions to be made around Social Security that will affect you for the rest of your life—making the right choice is important," LaVigne said.