More Americans Are Filing for Retirement Benefits Earlier—Their Long-Term Retirement Security Could Suffer as a Result
May 23, 2025
In the first half of fiscal year 2025, the US experienced record growth in the number of people claiming Social Security retirement benefits. According to data from the Social Security Administration’s (SSA’s) online retirement application system, retirement claims were up by more than 276,000 from October to April compared with the previous year, with more retirees claiming Social Security earlier. . . .
This year, individual claims for retirement benefits are up 13 percent compared with this time last year, an increase of more than 276,000 claims. . . .
The article, which does not quote anyone directly nor indirectly
and appears to be based on little more than a researcher
getting a string of time-series data from an SS website here
https://www.ssa.gov/data/retirement-insurance-online-apps-2012-onward.html
Nonetheless, it is pretty credible and the AARP has written two articles on it, Forbes has written one, and Moneywise has written one . . . now it has made it into the twitterspere, so . . . the story has some legs.
The articles all portray it as worrisome (worry sells). I am not sure that’s the best approach.
It could be a good thing, or at least the sign of one.
Fact is, when a person trades 3 blueberries and a chicken to buy a house and some stock, and the Fed sends their paper value into the stratosphere, he tends to retire at age 62. IOW this could be a sign of wealth, not poverty.
2 Likes
I retired at 62. One of my co-workers did the math and saw that I would have to be in my mid to late 70s before I would actually start losing $$. My husband also retired at 62. Since we both have good union pensions…it works for us.
1 Like
Yep. Retired at 59, took SS at 62 - no regrets.
2 Likes
I’m not sure what conclusion is being drawn from that report, but the last five years of the baby boom are now reaching retirement age. It only seems natural that the number of people taking their SS is up.
I retired at 56 but didn’t take SS until age 70. No regrets here either.
The original “report” does not actually draw conclusions.
It originated a blog-quality (social media quality) “research” where
some guy went to a “download your own spreadsheet” page at SSA.gov
guy noticed a sharp uptick in the number of new people who newly-filed for SS retirement.
He then, without talking to anyone, surrounded that one single factoid with his own speculation about “Why this might mean people are poor,” and “why people might regret doing this.”
From the “report;”
In the first half of fiscal year 2025, the US experienced record growth in the number of people claiming Social Security retirement benefits. According to data from the Social Security Administration’s (SSA’s) online retirement application system, retirement claims were up by more than 276,000 from October to April compared with the previous year, with more retirees claiming Social Security
earlier.https://www.ssa.gov/data/retirement-insurance-online-apps-2012-onward.html
The fact is, it could be good news, it could be bad news.
I remain bearish on the economy, but the “report” is just poor-quality opinion and should never have gotten the legs it has.