Story perspectives

90% Plan Early Social Security Claims, Risking Benefits

10/22/2025

Summary

Story summary

Schroders' study finds 90% plan to claim Social Security before age 70, risking a roughly 30% cut in monthly benefits.
Only 10% intend to wait for maximum benefits.
The reasons include financial pressures and concerns about the program’s future.
The Social Security trust fund is projected to be depleted by 2034.
Non-retired Americans say they need about $5,032 monthly to retire comfortably, signaling a savings gap.

History

Historical Context

The Social Security Act, signed by President Franklin D. Roosevelt on August 14, 1935, aimed to provide economic security during the Great Depression, initially benefiting 9 million Americans. Over the decades, it significantly reduced elder poverty. However, projections indicate the trust fund may deplete by 2034, prompting 90% of individuals to consider early claims, risking a 30% benefit reduction and highlighting ongoing financial insecurity.

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Story summary

Schroders' study finds 90% plan to claim Social Security before age 70, risking a roughly 30% cut in monthly benefits.
Only 10% intend to wait for maximum benefits.
The reasons include financial pressures and concerns about the program’s future.
The Social Security trust fund is projected to be depleted by 2034.
Non-retired Americans say they need about $5,032 monthly to retire comfortably, signaling a savings gap.

1 / 2