{"id":22366,"date":"2024-08-23T18:59:56","date_gmt":"2024-08-23T18:59:56","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/08\/23\/pre-retirees-worry-about-their-future-but-still-plan-to-take-social-security-early\/"},"modified":"2024-08-23T18:59:56","modified_gmt":"2024-08-23T18:59:56","slug":"only-8-of-workers-say-theyll-wait-till-70-for-social-security-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/08\/23\/only-8-of-workers-say-theyll-wait-till-70-for-social-security-survey\/","title":{"rendered":"Only 8% of Workers Say They&#8217;ll Wait Till 70 for Social Security: Survey"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/903376832\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/08\/Senior_Couple_Worried_Sressed_Adobe_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/08\/Senior_Couple_Worried_Sressed_Adobe_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<div class=\"the-advisor bullet-summary\">\n<h3>What You Need to Know<\/h3>\n<ul>\n<li>In a Schroders survey, 43% of respondents said they planned to claim benefits before age 67.<\/li>\n<li>Non-retiree respondents, on average, forecast that they would need $4,947 a month to live comfortably.<\/li>\n<li>Thirty-eight percent of employer plan participants said their plan provides a retirement income solution.<\/li>\n<\/ul>\n<\/div>\n<p id=\"first-para\"><span>Half of non-retired Americans said they are concerned or very concerned about outliving their assets in retirement, <\/span><a href=\"https:\/\/www.schroders.com\/en-us\/us\/institutional\/clients\/defined-contribution\/us-retirement-survey\/\"><span>Schroders reported<\/span><\/a><span> in a new survey this week.<\/span><\/p>\n<p><span>At the same time, 43% of respondents said they plan to take Social Security before they turn 67, the full retirement age for those born in 1960 or later. Twenty-three percent said they would&nbsp;start their benefits at&nbsp;65, and 12% said they would do so at 62.<\/span><\/p>\n<p><span><a href=\"https:\/\/mybrand.schroders.com\/m\/4b0ec39ae2355377\/original\/2024_US_Retirement_Survey_Retirement_Income_FINAL.pdf\" target=\"_blank\" rel=\"noopener\">Only 8%<\/a> said they would wait to&nbsp;claim until age 70, when they will reach their maximum monthly benefit.<\/span><\/p>\n<p><span>The decision to sacrifice Social Security income is not an oversight for most Americans, Schroders noted, as 74% of non-retired investors are aware that waiting longer earns higher payments. Rather, they are doing so for these reasons:<\/span><\/p>\n<ul>\n<li><span>Will need the money: 39%<\/span><\/li>\n<li><span>Concerned that Social Security may run out of money or stop making payments: 38%<\/span><\/li>\n<li><span>Want access to the money as soon as possible: 36%<\/span><\/li>\n<li><span>Advised to take earlier than age 70: 12%<\/span><\/li>\n<\/ul>\n<p><span>\u201cThere 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,\u201d <\/span><a href=\"https:\/\/www.linkedin.com\/in\/debboyden?original_referer=https%3A%2F%2Fwww.google.com%2F\"><span>Deb Boyden<\/span><\/a><span>, head of U.S. defined contribution at Schroders, said in a statement.&nbsp;<\/span><\/p>\n<p><span>\u201cWith so many Americans behind on retirement savings, waiting to collect Social Security benefits can have a significant impact on your quality of life during your decumulation years.\u201d<\/span><\/p>\n<p><span>8 Acre Perspective conducted the survey from March 15 to April 5 among 2,000 U.S. investors nationwide ages 28 to 79, including 780 who currently participate in a workplace retirement plan.<\/span><\/p>\n<h2>Search for Retirement Income<\/h2>\n<p><span>The survey found that 88% of non-retired Americans are at least somewhat concerned about not knowing how best to generate income during retirement.<\/span><\/p>\n<p><span>Asked to forecast how much monthly income they will need to live comfortably after leaving work, non-retiree respondents said $4,947 on average, which is higher than the $4,258 of monthly income that today\u2019s retirees report they are generating, according to Schroders.<\/span><\/p>\n<p><span>Among respondents who participate in a workplace retirement plan, 50% said their primary investment objective is to generate steady income, 41% said it is to grow assets and 9% said to protect assets.&nbsp;<\/span><\/p>\n<p><span>Consistent with these objectives, 94% said they would be interested in a retirement investment product from their employer that actively manages the risk of loss while seeking to grow assets at a rate equal to the current cash rate plus 5%.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know In a Schroders survey, 43% of respondents said they planned to claim benefits before age 67. Non-retiree respondents, on average, forecast that they would need $4,947 a month to&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/08\/only-8-of-workers-say-theyll-wait-till-70-for-social-security-survey.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22366"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22366"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22367"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}