Key takeaways:
- Concerns about Social Security’s future may make you think about claiming as soon as you're eligible. However, claiming before full retirement age can reduce your monthly benefit by as much as 30%.
- Consider how Social Security will work alongside your other income sources and whether your combined income will cover your expenses as costs rise.
- Your health, work plans, savings, and retirement goals can all influence when you claim. A financial professional can help you compare your options before you decide.
Deciding when to claim Social Security benefits is one of the biggest financial decisions you'll make as you prepare for retirement.
Claiming benefits as soon as you're eligible may seem like an obvious choice. After all, you've spent decades paying into the program, and concerns about whether or not you’ll receive Social Security may tempt you to claim as soon as possible so you can take full advantage of the benefits you've earned.
Claiming early may be right for some people, while others may benefit from waiting. Your decision can affect the income you'll have coming in each month for the rest of your life, making it important to understand your options before you file.
That decision has become even more complicated as concerns about Social Security benefit cuts continue to grow. Nationwide’s 13th annual Social Security survey powered by the Nationwide Retirement Institute® found that 72% worry the program will run out during their lifetime, while more than half (51%) have filed or plan to file for benefits as soon as they're eligible.
There’s no one-size-fits-all answer. The right time to claim depends on your personal circumstances. A health concern impacting your longevity, or even multiple marriages in your past, all factor into a decision that could ultimately increase or decrease your monthly benefit amount. For these reasons, many people find it valuable to discuss their options with a financial professional before filing for benefits.
Why claiming decisions matter more than many people realize
If you're unsure how Social Security works, or when you should claim benefits, you're not alone. Nearly half of those we surveyed (47%) said they aren't confident in their knowledge of the program.
For the record, you can begin claiming Social Security benefits as early as age 62. But for many current pre-retirees born in 1960 or later, full retirement age is 67. On average, survey respondents estimated full retirement age to be 59, revealing a significant gap between when many people think full benefits begin and when they actually do. That's important because claiming before full retirement age can reduce your monthly benefit by as much as 30% compared to waiting until age 67. And if 22% benefit cuts happen as projected, that’s a staggering 52% loss off the top of the full retirement age benefit highlighted on your Social Security statement (more details on this below).
Before deciding when to claim, consider your health, retirement timeline, other income sources, and the amount you'll need each month to support your lifestyle in retirement. Looking at those factors together with a financial professional experienced in Social Security filing strategies can help you determine whether claiming early or waiting longer makes sense for you. Initiating these conversations around age 55 can help you compare different claiming scenarios, understand how each could affect your monthly retirement income, and decide which best fits your retirement goals.
Retirement doesn't mean your monthly bills suddenly disappear
The question isn't whether you'll have expenses in retirement. It's whether you'll have enough reliable income to cover your most essential needs.
Many people expect Social Security to help cover their everyday costs. In fact, 57% of those we surveyed expect to use their full Social Security benefit for monthly expenses.
But rising costs can make it harder for those benefits to stretch far enough, and benefits could be reduced in the future. Even small increases in housing, groceries, out-of-pocket healthcare costs, and other essentials can add up. If most of your retirement income is already committed to those expenses, things like an unexpected medical bill or higher utility costs can put additional pressure on your budget.
People living on a fixed income can’t always absorb those increases. Nearly three-quarters (74%) of current Social Security recipients we surveyed say they've made changes because rising living costs are outpacing their benefits.
People who haven't retired yet recognize the challenge, too. Four in 10 (40%) expect their living expenses to increase during their first year of retirement, while one-quarter (25%) expect to rely more on personal savings to supplement Social Security than previous generations, according to our Social Security survey.
Before retiring, consider your expected expenses alongside income from places such as Social Security, workplace retirement plans, and personal savings. This can help you spot potential gaps while you still have time to prepare. A financial professional can help you run the numbers, consider ways to address shortfalls, and determine whether you'll have enough income to support the retirement lifestyle you envision.
Different households may feel the pressure in different ways
Social Security’s role in retirement may look different depending on where you are in life. If retirement is still years away, you may wonder whether benefits will be available when you need them. If you're approaching retirement, you may be focused on how much of your monthly expenses Social Security can realistically cover.
Our survey found different priorities across demographic groups. Gen X respondents, for example, expressed the greatest concern about the program's future. Nearly eight in 10 (79%) worry Social Security will run out during their lifetime, and 77% are terrified about inflation's impact on their retirement income or savings.
More than half of Millennials (66%) plan to claim benefits as soon as they're eligible, while many are also considering working longer or building additional sources of retirement income For older Americans approaching retirement, covering monthly expenses may become a more immediate concern. Nearly two-thirds (64%) of adults ages 60 to 65 expect to use their full Social Security benefit for monthly expenses.
Women may face similar pressure. Nearly three-quarters (74%) expect to use their full benefit for monthly expenses.
Your biggest concern may not be the same as someone else's, and that's okay. What matters is understanding how Social Security fits into your retirement plan and making decisions based on your unique circumstances and priorities.
What you can do now
- Download your Social Security statement. Create an account at ssa.gov/myaccount and download your personal Social Security statement. First, look for your full retirement age (FRA), which is based on when you were born. You’ll see a bar graph on the right side of your statement that shows benefit projections from age 62 to age 70. When you look at the graph, you’ll notice that someone who files at age 70 receives a roughly 77% higher benefit compared to claiming at age 62.
- Look at all of your retirement income together. Consider how Social Security will work alongside workplace retirement accounts, personal savings, and other potential income sources. Complete this helpful worksheet (PDF) before meeting with your financial professional.
- Estimate your essential monthly expenses. Knowing what you'll need for housing, groceries, health care, utilities, and other essentials can help you evaluate whether your expected income will be enough to cover them.
- Plan for rising costs. Consider how additional savings or other income sources could help fill gaps if inflation or unexpected expenses increase your cost of living in retirement.
- Talk through your options before you file. Your health, work plans, savings, and long-term goals can all influence when you claim Social Security. A conversation with a financial professional can help you understand how different claiming strategies could affect your monthly benefit and how a more informed decision may better protect your financial future in retirement.
To create a personalized visual snapshot of your retirement priorities and the life you envision, complete Nationwide's My Retirement Vision Board. Then share your results with a financial professional to discuss your retirement goals, income needs, claiming timing, and next steps.
The research was conducted online in the United States by The Harris Poll on behalf of Nationwide among 1,823 US adults aged 18+ who currently receive or expect to receive Social Security ("national sample"), May 11 – June 4, 2026.
For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.