More than half of American investors said reaching the qualified age to collect Social Security would be the reason they retire. At the same time, nearly one-third said they know the benefits will not be enough to live on, according to the 2020 Schroders Global Investor Study.

The online survey, which was conducted in the second quarter and included 1,500 U.S. respondents, also found that 48% are worried about not having enough income in retirement, and 70% are taking precautions and saving at least 10% of their annual income specifically for retirement.

The survey found that 35% of investors are socking away disposable income into their retirement savings or another type of investment, with 27% choosing equities or bonds. Only 5% are choosing to spend on a luxury item purchase.

Joel Schiffman, head of North American intermediary distribution at Schroders, said considering that the survey was taken as Covid-19 was spreading in the second quarter, it is encouraging to see so many investors saying they are saving at least 10% each year for their retirement. “They recognize that Social Security may not be enough, are concerned about having sufficient income when the time comes, and despite today’s challenges, remain focused on ambitious levels of savings for their retirement,” he said in a statement.

Schiffman, however, said investors who want to retire as soon as they qualify for Social Security should think twice before taking their pay-out benefits too early because they could be leaving money on the table. “If they are able to delay by just a few years, they could enjoy higher levels of annual Social Security income for the rest of their lives. Judging by their expectations about spending, they may need it,” he said.

Research has shown that the most popular age to commence Social Security is 62, the earliest possible. But opting to delay claiming benefits increases payments by 8% up to age 70.

The survey also found that 37% of investors expect their working hours per week will remain the same or increase in retirement. And 56% indicated that their spending habits in retirement will increase or remain the same as they are today.

Fifty-one percent of retired respondents said their spending increased or stayed the same in retirement. And 31% of retirees indicated that their hours stayed the same or increased after retiring.

Also, half of retired investors added high-risk investments to their portfolios when the markets hit extreme volatility in February and March due to the pandemic, the survey found. Another 28% of retirees stayed the course, making no changes to their portfolios.