Young Americans have a surprising plan for Social Security

Financial advisers say wait. A new survey suggests most Americans nearing retirement have other plans.

More than a quarter of Gen Xers and nearly 4 in 10 baby boomers plan to claim Social Security as soon as they are eligible at age 62, according to Northwestern Mutual's 2026 Planning and Progress Study, reported by Yahoo Finance.

The catch: claiming at 62 permanently cuts monthly benefits by up to 30% compared with waiting until full retirement age. The study was conducted by The Harris Poll among 4,375 U.S. adults in January 2026.

What the survey found on Social Security claiming ages

The numbers reveal a sharp split between what financial planning logic recommends and what people actually intend to do. Only 30% of Gen Xers and 21% of boomers said they plan to delay Social Security as long as possible to maximize their monthly benefit, according to Northwestern Mutual.

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Fewer than half of Gen Xers (43%) and boomers (41%) said they would wait until their full retirement age to claim, according to Morningstar. That means the majority of both generations are leaning toward leaving money on the table.

"Social Security remains a top retirement question for Americans, above other major planning challenges such as outliving life savings, planning for long-term care, managing taxes, and budgeting for healthcare," the Northwestern Mutual researchers noted, according to Yahoo Finance.

What early claiming actually costs

The trade-off is significant and permanent. Social Security can be claimed as early as 62, but doing so reduces the monthly benefit by up to 30% compared with waiting until full retirement age, which is 67 for anyone born in 1960 or later, according to Yahoo Finance. That reduction does not phase out over time. It locks in for life.

Waiting beyond full retirement age increases benefits by approximately 8% per year up to age 70, when delayed-retirement credits stop. A retiree who waits until 70 instead of claiming at 62 can lock in a meaningfully larger monthly payment for the rest of their life, making the decision one of the most consequential in retirement planning.

Nearly six in 10 retirees say they retired earlier than planned, often due to job loss or health issues, according to the Transamerica Center for Retirement Studies through CBS News. The median retirement age in the U.S. is 62, meaning many Americans end up claiming earlier than intended regardless of their plans.

Why fear is driving the decision

The survey points to something deeper than a calculation error. Fear about Social Security's long-term future is playing a direct role in the decision to claim early. Uncertainty about whether the program will remain intact is "one factor driving the increasing amount of money workers say they will need to feel financially secure when they retire," said Keller Lindler, a financial adviser at Northwestern Mutual, according to Yahoo Finance.

That anxiety is showing up in the retirement savings target too. Americans now say they need $1.46 million to retire comfortably, up more than 15% from last year and well above the $1.25 million benchmark from four years ago, according to Yahoo Finance.

Key figures from the Northwestern Mutual 2026 survey:

• Gen Xers planning to claim Social Security at 62: 27%, according to Northwestern Mutual
• Boomers planning to claim at 62: 39%, according to Northwestern Mutual
• Gen Xers planning to delay as long as possible: 30%, according to Northwestern Mutual
• Boomers planning to delay as long as possible: 21%, according to Northwestern Mutual
• Gen Xers claiming at full retirement age: 43%, according to Morningstar
• Boomers claiming at full retirement age: 41%, according to Morningstar
• Early claiming benefit reduction: up to 30%, according to Yahoo Finance
• Retirement "magic number": $1.46 million, up 15% from last year, according to Yahoo Finance
• Americans planning to work during retirement: 41%, rising to 50% among millennials and Gen Xers, according to Morningstar
• Survey sample: 4,375 U.S. adults, conducted January 5-21, 2026, by The Harris Poll

What financial advisers recommend

The standard advice is to wait as long as possible, if other income sources allow it. The higher monthly benefit that comes with delayed claiming is guaranteed for life and receives annual cost-of-living adjustments, making it especially valuable for retirees who expect to live long or who have other assets to draw on in the interim.

The best answer depends on health, cash flow needs, family longevity history, and the rest of a retiree's financial picture. But what the survey makes clear is that for a large share of Americans, math is being overridden by something else: a fear that waiting means losing benefits from a system they are not sure will be there for them.

That may or may not be a rational calculation. But it is the one that a significant portion of Gen Xers and boomers appear to be making as they approach one of the most important financial decisions of their retirement.

Related: What the U.S. government is not telling you about Social Security

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This story was originally published April 16, 2026 at 11:13 AM.