More and more Americans are choosing to claim their Social Security benefits before they reach full retirement age. This shift in behavior is mainly driven by economic worries and fears about possible changes in government policy.
Let’s explore why retirees are making this choice, how it affects their income, and what this decision might mean for the future.
What Is Social Security and Why It Matters
Social Security is a program that gives monthly payments to retired people, disabled workers, and their families. These benefits are meant to help people live more comfortably after they stop working.
You can start claiming Social Security at age 62, but if you wait until you’re 70, your monthly payment will be much higher. This is why many people plan to wait—but lately, things have changed.
Marty McGowan’s Story: A Change of Plans
Marty McGowan had planned to wait until age 70 to start claiming his Social Security benefits. By doing that, he would receive an extra $800 each month. But when he turned 67, he changed his mind and filed earlier than planned.
Why? The economy was unstable, and he was worried the government might change the rules or cut benefits. He didn’t want to risk missing out later. So, like many others, he chose to claim his benefits early.
The Numbers: More People Claiming Early
According to the Urban Institute, 276,000 more retirees claimed Social Security in 2025 than in 2024. That’s a 13% jump in just one year. This increase is much higher than usual and shows that a lot of people are feeling unsure about the future.
Many of these retirees were scared that if they waited, they might lose some or all of their benefits.
Economic Fears Are Driving Decisions
One big reason for the increase in early claims is economic fear. Changes in the government, talk of downsizing the Social Security Administration, and false rumors about fraud have made people nervous.
Some retirees are worried that benefits might be cut. Others fear that government offices won’t be able to handle claims properly. These worries are causing people to act now, even if it means getting less money over time.
How Claiming Age Affects Your Monthly Payment
Here’s a quick look at how your age affects your Social Security check:
| Filing Age | Monthly Benefit | Lifetime Benefit | Effect on Payout |
|---|---|---|---|
| Age 62 | Reduced | Lower overall | About 30% less |
| Age 67 | Full | Standard amount | No change |
| Age 70 | Increased | Higher overall | 8% more per year |
If you claim at 62, your payment is about 30% less than if you wait until 67. But if you wait until 70, you get 8% more for each year you delay.
What Experts Recommend
Experts say that waiting to claim Social Security can be smart if you think you’ll live a long time. That’s because the longer you live, the more money you’ll get overall by waiting.
Social Security can be seen as a kind of insurance. If you live into your 80s or 90s, those higher monthly payments can really help. Some experts even say that delaying benefits gives a better return than buying private retirement plans.
A Closer Look at McGowan’s Choice
Even though McGowan and his wife, Lynn, had planned for years to wait until 70, the unstable economy made them worry. When some of their investments dropped in value during a market crash, they got scared.
Even though the market recovered later, the fear stuck with them. They decided to file early to make sure they had money coming in. This is a common reason many people are changing their plans.
Social Security’s Response to the Surge
The Social Security Administration has reported a big increase in claims. In 2025, it expects nearly 4 million people to apply for retirement benefits. That’s a 15% jump from the year before—much more than the usual 3% rise.
In April 2025 alone, there were over 614,000 pending Social Security claims. That’s way up from 460,000 in 2024.
This sudden spike is putting pressure on the system and shows how much people are worried about their financial future.
Things to Consider Before Filing Early
Claiming Social Security early might seem like the safe choice, but it comes with a cost. You’ll get smaller payments every month for the rest of your life.
Here are a few questions to ask yourself before you file early:
- Do I really need the money right now?
- Do I expect to live a long life?
- Can I wait a few more years for bigger checks?
- What’s going on with my savings or investments?
Taking the time to think through these questions can help you make the right choice for your situation.
Conclusion
Retirement is a major life step, and deciding when to claim Social Security is one of the most important parts of it. While early filing may bring peace of mind during hard times, it often means giving up a lot of money in the long run.
If you’re healthy and can afford to wait, delaying your benefits could lead to a more secure future. But everyone’s situation is different. Make sure to talk to a financial expert, check your own savings, and plan based on your own needs.
FAQ’s
What is the earliest age I can start Social Security benefits?
You can start receiving Social Security retirement benefits as early as age 62, but your monthly amount will be reduced.
How much do I lose by taking Social Security at 62 instead of 67?
If you claim at 62, your benefits are typically reduced by about 30% compared to claiming at your full retirement age (67).
Can I work while receiving Social Security early?
Yes, but if you’re under full retirement age and earn over a certain limit, your benefits may be temporarily reduced.
Is it better to take Social Security at 62 or 67?
It depends. Taking it early gives you money sooner but lowers your total lifetime payout. Waiting gives you a higher monthly amount.
Does Social Security run out if I live too long?
No, Social Security benefits continue for life, even if you live well past 100.