Only 10% of Americans Follow This Key Social Security Rule That Could Boost Their Retirement Income
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If you want bigger Social Security checks, you already know the rule: wait until age 70. But nearly no one does.
The 2025 Schroders U.S. Retirement Survey found that only 10% of non-retired Americans plan to delay claiming until 70, even though 70% admit they know their payments would grow if they waited. Almost half plan to file before full retirement age (67).
It isn't confusion. It's fear.
Fear beats math
When asked why they'll claim early, 37% said they just want the money now. Another 36% worry Social Security could run out. And 34% simply need the income to get by.
It's an emotional decision, not a financial one.
Even if benefits are reduced in the 2030s, as some projections warn, they won't disappear. A typical cut could lower checks by about 20%. That's still far less than the 24% increase you'd get by waiting from 67 to 70.
Waiting pays, literally
Each year you delay past full retirement age, your monthly benefit grows roughly 8%.
Someone eligible for $2,000 a month at 67 could get about $2,480 by 70. That's $6,000 more a year, every year, for life, and it rises with inflation.
It's one of the few guaranteed, inflation-protected raises left in retirement finance.
Most retirees still have no income plan
The Schroders survey also revealed 52% of retirees have no strategy for generating income at all. Nearly two-thirds don't know how long their savings will last. And almost half live on less than half of what they made before retiring.
That anxiety fuels early claims, but it's also why waiting matters so much.
How to buy yourself time
If you can hold off on Social Security, build income from other sources first. You're buying yourself higher guaranteed income later. Here are a few viable options:
High-yield savings accounts
Park near-term cash at rates above 4.00%. Check out this list of the top high-yield savings accounts to get started today.
CD or Treasury ladders
Lock in short-term yield while protecting principal. Unlike high-yield savings accounts, your CD and T-bill rates will stay locked in for the duration of the term, even if the Fed continues to lower the federal funds rate. See some of the highest-paying CDs available here.
Targeted 401(k) or IRA withdrawals
Use planned drawdowns to bridge the gap. Click here for a list of our top recommended brokers for IRAs now.
Wait as long as you can
Only 1 in 10 Americans follows the rule. But the few who do often retire with more income, less stress, and fewer regrets.
The longer you can wait, the more every future paycheck grows. That's the kind of raise you don't have to ask your boss for.
Our Research Expert
Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.