Social Security claims are experiencing an unexpected surge, with nearly 18% more applications between January and May compared to the same period last year. Experts attribute this uptick to concerns about economic uncertainty, particularly under the Trump administration.
While many individuals plan to retire at a later age due to the potential for higher benefits, some have decided to claim early. This is largely driven by fears of reduced benefits or changes to the Social Security system.
The Social Security Administration identified three main reasons behind this surge: a peak in retiring Baby Boomers, a rule change increasing benefits for pension recipients, and an increase in people re-filing claims after spousal benefits are discontinued.
However, financial advisors caution that claiming early can have significant repercussions, including lower lifetime benefits. Experts argue that concerns about Social Security’s long-term funding should not prompt individuals to claim earlier than planned. Instead, they recommend focusing on addressing the program’s sustainability through legislative action.
The decision to claim early can be a “very consequential” one, with potential benefits rising by 8% each year for those waiting until age 70.
Source: https://www.npr.org/2025/06/12/nx-s1-5401054/trump-social-security-claims