"Coinciding with these worries, 44% of respondents plan to claim Social Security benefits before age 67, and only 10% intend to wait until age 70, when monthly payments reach their maximum level. The top reasons cited for this trend were the desire to access funds as soon as possible (37%); fear that Social Security could run out of funds (36%); and needing the income sooner (34%)."
"Clearly, reports questioning Social Security's solvency have workers anxious to tap into their benefits sooner rather than later, but with many Americans facing a large savings gap, holding off on claiming benefits can have a meaningful impact on your finances in retirement. Nonretired Americans reported that they would need an average of $5,032 per month to retire comfortably. They expect to draw that income from a mix of sources, including cash savings (60%);"
44% of respondents plan to claim Social Security benefits before age 67, while only 10% intend to wait until age 70 when payments peak. Primary reasons for early claiming include access to funds (37%), fear Social Security could run out (36%), and needing income sooner (34%). Monthly Social Security income is critical for many retirees. Nonretired Americans say they need an average of $5,032 per month and expect income from cash savings (60%), workplace retirement plans (45%), investment income (34%) and a spouse's plans (30%). Interest in employer-provided downside-risk-managed products targeting cash rate plus 5% is 90%. Expectations to replace at least 75% of a final paycheck are low, and many retirees lack certainty about how long savings will last and regret insufficient pre-retirement planning.
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