44% of U.S. Workers Plan Early Social Security Claims, Only 10% Wait Until 70

Q: What hidden rule makes claiming Social Security early a potential financial disaster for your surviving spouse?

The hidden rule is that a surviving spouse generally gets only the higher of the two Social Security checks, not both — and that survivor benefit is heavily shaped by when the higher-earning spouse claimed. If the higher earner files early, that person locks in a permanently reduced retirement benefit. After that spouse dies, the survivor often “steps into” that reduced amount rather than receiving the larger benefit the worker could have created by waiting. That is why claiming early can hurt not just one retiree, but the surviving spouse for life. This is especially important because survivor benefits can be worth up to 100% of the deceased spouse’s benefit, including delayed retirement credits if the worker waited until 70. In other words, delaying can function like extra longevity insurance for the surviving spouse. By contrast, filing at 62 can leave the household with a much smaller check after one spouse dies. There is also a lesser-known floor called the RIB-LIM rule: if the deceased spouse claimed very early, the survivor benefit may be capped at the higher of what the deceased was actually receiving or 82.5% of that worker’s full-retirement-age benefit. That offers some protection, but it can still be far below what the survivor would have received if the higher earner had delayed. For married couples, especially when one spouse earned much more, the higher earner’s claiming age is often a survivor-benefit decision, not just a personal one.

1 articles · Updated · CNBC · Jul 26

Schroders' 2025 U.S. Retirement Survey found 44% of non-retirees expect to claim Social Security before full retirement age 67, while just 10% plan to delay until age 70.
The biggest drivers were wanting access to money quickly at 37%, fears Social Security could run out at 36%, and needing regular income at 34%.
Claiming at 62 cuts benefits sharply: someone with a $2,000 monthly benefit at 67 would receive about $1,400 instead, or 30% less.
Waiting can materially lift payouts, with benefits rising about 8% a year after full retirement age up to 124% of full benefits at 70 for someone born in 1960 or later.
The survey highlights a trade-off many workers face as the average retirement benefit was about $2,092 a month in June 2026, often too little to cover all retirement needs.