Warning as most Americans ignore the easiest Social Security advice at a cost of tens of thousands

UK Daily Mail ^ | 10/23/2025 | Tilly Armstrong

[fruser1]

Almost all Americans say they are planning to ignore a key piece of Social Security advice, which means they will miss out on higher monthly payments.

Only 10 percent of those still working plan to wait until they are 70 before they start claiming benefits, according to findings from investment firm Schroders.

Americans can begin claiming Social Security as early as 62, but doing so permanently reduces their monthly payments.

To receive a full retirement benefit, workers must wait until their full retirement age, which stands at 67.

However every year after full retirement age that Americans delay claiming Social Security, their payment will increase by 8 percent.

According to a study from the National Bureau of Economic Research, people who claim before age 70 are wasting an average of $182,000.

Link to Study

[SaxxonWoods]

Glad it worked for both of us.

[dragnet2]

[dragnet2]

[Hot Tabasco]

I started my Social Security at the age of 62. Had I waited until age 70, I would have passed up $172,000.00

Assuming an increase of $500 if I had waited until age 70, it would take me another 28 years to recover those monies.

Take it as early as you can......

[Hot Tabasco]

I’m nearly 67. I haven’t taken it yet.

Assuming you could have started at age 62, how much money have you given up in exchange to what you might receive at age 70 if you live that long?

And how many years will it take to recover what you gave up by not collecting SS?