It’s well known that Americans receive a bigger benefit if they wait to collect Social Security. But many Americans are OK with skipping the larger reward and taking the money sooner.

According to the “2021 Schroders U.S. Retirement Survey,” only 10% of non-retired Americans ages 45 and older are planning to wait until age 70 to collect the maximum monthly benefit.

Americans get full Social Security benefits when they reach retirement age. That age is currently 66 (plus a certain number of months) for those born between 1955 and 1959. It’s age 67 for those born in 1960 or after. Once an individual reached their retirement age they are rewarded with an 8% increase each year until they are 70.

Yet many respondents are planning to forgo the extra income. Nearly one-third (30%) said they plan to begin claiming Social Security between the ages of 62 and 65; 14% plan to file between ages 66 and 69; and 46% are unsure when they will file for the benefit.

The survey, which was conducted in January and included 1,000 U.S. consumers ages 45 to 75, also found that only 13% of respondents age 60 to 67 planned to wait to age 70 to collect Social Security. Twenty-eight percent were still unsure.

Only 5% of current retirees said they delayed taking Social Security until they were 70 years old.

And while 70% of respondents said they wish they knew more about Social Security, solid majorities knew the advantages of delaying: Schroders found that 74% of non-retired respondents and 84% of non-retired respondents between ages 60 and 67 understand that the longer they wait to take Social Security the more they will receive.

Joel Schiffman, Schroders’s head of intermediary distribution for North America, said it was surprising to see so many Americans deciding not to wait until 70 for larger monthly payments, “or worse, sacrificing their full benefits by tapping into them early,” he said in a statement. That’s especially noteworthy since many respondents cited Social Security as their primary source of income, he said.

“It might come down to being able to afford to wait,” he said. “And that’s a function of how much they have saved in order to generate sufficient income in retirement. Waiting a few extra years before claiming your benefits can provide a much-needed cushion for future expenses.”

For those unsure of when they will file for Social Security, Schiffman said he hopes they will try and wait it out until age 70 so they can enjoy the larger benefit, or at least get to the age of full benefits.

More than half of the non-retired Americans surveyed (52%) and retirees (58%) indicated that Social Security will be their primary source of income. Yet 64% of non-retired respondents and 62% of retirees said it would not be enough to live on. Many indicated they would supplement their benefit with additional sources of income, including cash savings (cited by 58% of respondents), investment income (named by 48%), pension plans (cited by 40%), annuities (named by 19%) and rental income (cited by 12%).

Seventy-four percent of the survey respondents had no idea how to best generate income or draw down their assets in retirement. Furthermore, half the retirees said they do not have any strategies to generate income in retirement, and 40% wished they had taken a more aggressive approach to investing in retirement.