Despite financial planning advice to delay, roughly 50% of American retirees claim Social Security benefits before reaching full retirement age, while only about 4% wait until age 70 to secure the largest possible monthly check. Claiming at 62 can reduce monthly benefits by up to 30%, whereas delaying past full retirement age to 70 can boost checks by 8% annually. This trend is attributed to declining personal savings rates (from 6.2% in Q1 2024 to 2.8% in Q2 2026) and low consumer sentiment, making it difficult for many to afford delaying claims.