ATLANTA — A new survey finds that more than four in ten Americans plan to file for Social Security benefits before reaching the full retirement age of 67, even though doing so means receiving smaller monthly payments.

The study, conducted by investment management firm Schroders, reveals that only a small share of Americans plan to wait until age 70 to collect the maximum possible benefit.

Deb Boyden, Head of U.S. Defined Contributions for Schroders, says the findings point to both financial need and uncertainty about the program’s future. “They need the income as soon as they retire and fear that the program will not be there when they need that money if they should wait,” Boyden explained.

According to Boyden, “just one in ten non-retired Americans plans to wait until they are 70 to claim Social Security,” despite the fact that delaying until that age can result in more than a 30% boost in monthly payments.

Boyden adds that many workers face a “gap in retirement savings,” which drives the decision to claim benefits early.

WSB’s Sabrina Cupit contributed to this story