Why retirees are claiming Social Security benefits this year: Should you too?
Social Security claims are soaring in 2025-and not just because more Americans are reaching retirement age. So far this year, filings for retirement benefits are up 13% compared to the same period last year.
The Social Security Administration (SSA) projects nearly 4 million online claims for fiscal year 2025, marking a 15% increase over 2024. That’s five times the average yearly growth rate seen between 2012 and 2024.
According to the Urban Institute, the sharp rise is being fueled not only by demographics, but also by fear-especially from those rushing to claim benefits as early as age 62, the youngest age permitted.
“There is a great deal of national anxiety about the future of Social Security and Medicare that has grown in urgency since the beginning of 2025,” said Chris Orestis, president of Retirement Genius.
“People… want to get ahead of the storm and elect to start their benefits at the earliest age possible in fear that if they wait the program could be drastically different or even gone.”
Fear, inflation, and politics fueling early claims
While concerns over long-term program solvency are nothing new, the political climate in 2025 has intensified those fears.
Proposals floated in conservative circles-like Project 2025-have left some wondering whether eligibility ages could be raised or benefits scaled back.
Bill Armstrong, a 62-year-old from Colorado, chose to claim early following a cancer diagnosis and a string of job setbacks.
“With the election and the impetus of Project 2025, I thought my career might be over,” he said. “I decided I better get in the system before they move that age higher.”
Others, like Karen Mccahey from suburban Chicago, cited pandemic trauma and uncertainty about future healthcare access as reasons for claiming sooner than planned.
“I really don’t need the money, but I’ll just put it in the bank,” she said, though she’s aware her benefits will now remain permanently lower.
In some cases, financial stress has also pushed people toward early filing.
“Whether this was an early retirement, reduced income later in their career or simply the desire to meet increased expenses due to inflation… this all outweighed the option to wait,” said Urban Adams, a wealth manager at Dynamic Wealth Advisors.
Is early retirement the right move for you?
Despite the rising number of early claims, experts continue to warn against making fear-based decisions.
“People who elect to take their Social Security benefit at 62 are locking in the lowest monthly benefit they are entitled to for the rest of their lives,” Orestis explained. “Many are doing so driven by fear more than reason.”
Delaying benefits can significantly boost monthly income-up to 8% more for each year past full retirement age until 70. And as SSA policy fellow Jack Smalligan pointed out, even if the government raises the minimum retirement age, such changes would take years to implement.
Romig, a policy expert at the Center on Budget and Policy Priorities, echoed that point: “Social Security won’t just go away… only an act of Congress can change that.”
Instead of reacting to headlines, retirees should take a holistic view. “It’s important for anyone considering filing to take their entire financial plan into consideration,” Adams said.
That means evaluating your current income needs, life expectancy, and spousal benefits before making a decision.
There is a one-time option to withdraw a claim within the first 12 months and repay any received benefits, which allows individuals to refile later for a higher amount. But this is rarely used-and underscores how critical it is to get it right the first time.
Ultimately, while some may find peace of mind in claiming early, the decision should be based on planning, not panic. As Adams put it, “Avoiding stress could be worth a great deal of peace of mind-but so can ensuring future financial security.”