Record surge: Social Security filings set to top 4 million—Are delays next?
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If you’ve been eyeing your Social Security statement and wondering whether to file sooner rather than later, you’re not alone.
In fact, you’re part of a record-breaking crowd. This year, a whopping 1.8 million Americans have already filed for Social Security—a 17% jump from last year, according to the latest data from the Social Security Administration (SSA).
And the rush isn’t slowing down: experts predict that new filings could hit 4 million in 2025, a 15% increase over this year. So, what’s behind this stampede to the Social Security office? Let’s break it down, explore what’s at stake, and help you make sense of your options in these uncertain times.
Why the Rush? The Looming Social Security Funding Crisis
For decades, Social Security has been the bedrock of retirement for millions of Americans.
Approximately 70 million Americans who are retired or living with disabilities depend on Social Security annually, and according to experts, the agency is not equipped to manage the surge of Americans born between 1946 to 1964 entering retirement, as "they outnumber younger workers."
In 2025, new Social Security applications are expected to hit 4 million—representing a significant 15 percent increase compared to the previous year, according to the Urban Institute.
This surge is partly driven by early filings from individuals worried about recent changes to the Social Security Administration, including the loss of 7,000 jobs under President Donald Trump’s administration.
"The fear is real and it's understandable, especially when there's no serious legislation in place to shore up the system. It feels like spending is on autopilot, with no clear plan to stabilize one of the most important safety nets in the country," said Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, in an interview with Newsweek.
Staffing Shortages and Political Uncertainty Add to the Anxiety
Despite Trump’s assurances to maintain Social Security payments, many fear that, given the agency’s financial challenges, benefit reductions are only a matter of time.
Still, Thompson encouraged near-retirees not to panic.
"There's no reason for panic in the short term," he explained. "Social Security is projected to pay 100 percent of benefits for at least the next decade. After that, if nothing changes, benefits will drop by about 21 percent, lasting out to around 2090."
Currently, Americans can start collecting Social Security as early as age 62, though doing so means receiving about 30 percent less than if they waited until the full retirement age of 67. Delaying even longer can increase monthly payments by up to 24 percent.
Also read: SNAP benefits just expanded in these two states—Find out if you qualify!
What to Consider
With all this uncertainty, it’s tempting to grab your benefits as soon as you’re eligible—currently age 62. But before you rush to file, it’s important to understand the trade-offs:
So, what’s the right move? Financial experts like Kevin Thompson said, "Americans should expect Congress to act. Maybe not under this administration, as they seem more focused on spending than solving, but the pressure will fall squarely on the next one. Whomever gets this done will go down in history as the person that solved the Social Security crisis. The crisis to mitigate and reduce poverty for retirees."
Meanwhile, Alex Beene, financial literacy instructor at the University of Martin echoed this, saying, “Any cut to Social Security benefits is going to be met with negativity. Taxpayers spend their entire working lives paying into the system and seeing countless dollars deducted from their paychecks with the hope it will be waiting on them down the line.”
Also read: Could you be owed money from Social Security? Here’s what to know about the 2.5 million payments being sent out
Living Longer, Spending More: The New Retirement Reality
Experts warn that without intervention, the SSA will no longer be able to issue full benefits by 2035. If that happens, payouts would be reduced by approximately 20 percent.
At the same time, the Social Security Fairness Act has increased benefits for former public service workers who were previously penalized for collecting both a pension and Social Security—an adjustment that may further accelerate the program’s financial strain.
Source: Dr. Ed Weir, PhD / Youtube.
"Seniors or those nearing their golden years are starting to get a bit apprehensive about would they have enough to make it through retirement," said Nadia Vanderhall, financial planner at The Brands and Bands Strategy Group. "Even though people can be within retirement for over 30 years, Americans are living longer while things are becoming more expensive."
Read next: Could your Social Security benefits increase? Here’s the latest from Congress
Are you thinking about filing for Social Security early? Have you already made the leap? Or are you holding out for a bigger check down the road? Share your story in the comments below!
In fact, you’re part of a record-breaking crowd. This year, a whopping 1.8 million Americans have already filed for Social Security—a 17% jump from last year, according to the latest data from the Social Security Administration (SSA).
And the rush isn’t slowing down: experts predict that new filings could hit 4 million in 2025, a 15% increase over this year. So, what’s behind this stampede to the Social Security office? Let’s break it down, explore what’s at stake, and help you make sense of your options in these uncertain times.
Why the Rush? The Looming Social Security Funding Crisis
For decades, Social Security has been the bedrock of retirement for millions of Americans.
Approximately 70 million Americans who are retired or living with disabilities depend on Social Security annually, and according to experts, the agency is not equipped to manage the surge of Americans born between 1946 to 1964 entering retirement, as "they outnumber younger workers."
In 2025, new Social Security applications are expected to hit 4 million—representing a significant 15 percent increase compared to the previous year, according to the Urban Institute.
This surge is partly driven by early filings from individuals worried about recent changes to the Social Security Administration, including the loss of 7,000 jobs under President Donald Trump’s administration.
"The fear is real and it's understandable, especially when there's no serious legislation in place to shore up the system. It feels like spending is on autopilot, with no clear plan to stabilize one of the most important safety nets in the country," said Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, in an interview with Newsweek.
Americans filing for Social Security has surged to record levels, with claims jumping 17 percent this year to 1.8 million, as many fear future benefit cuts amid funding concerns. Image source: WTOL 11 / Youtube.
Staffing Shortages and Political Uncertainty Add to the Anxiety
Despite Trump’s assurances to maintain Social Security payments, many fear that, given the agency’s financial challenges, benefit reductions are only a matter of time.
Still, Thompson encouraged near-retirees not to panic.
"There's no reason for panic in the short term," he explained. "Social Security is projected to pay 100 percent of benefits for at least the next decade. After that, if nothing changes, benefits will drop by about 21 percent, lasting out to around 2090."
Currently, Americans can start collecting Social Security as early as age 62, though doing so means receiving about 30 percent less than if they waited until the full retirement age of 67. Delaying even longer can increase monthly payments by up to 24 percent.
Also read: SNAP benefits just expanded in these two states—Find out if you qualify!
What to Consider
With all this uncertainty, it’s tempting to grab your benefits as soon as you’re eligible—currently age 62. But before you rush to file, it’s important to understand the trade-offs:
- Filing Early (at 62): You’ll get your money sooner, but your monthly checks will be about 30% smaller than if you waited until your full retirement age (currently 67 for most people).
- Waiting Until Full Retirement Age (67): You’ll receive your full benefit amount.
- Delaying Past Full Retirement Age (up to 70): For every year you wait, your monthly benefit increases by about 8%, up to a maximum of 24% more if you wait until age 70.
The Social Security Administration is facing a funding crisis, projected to be unable to pay full benefits by around 2035, potentially leading to a 20 percent reduction in payments unless major reforms are made. Image source: WTOL 11 / Youtube.
So, what’s the right move? Financial experts like Kevin Thompson said, "Americans should expect Congress to act. Maybe not under this administration, as they seem more focused on spending than solving, but the pressure will fall squarely on the next one. Whomever gets this done will go down in history as the person that solved the Social Security crisis. The crisis to mitigate and reduce poverty for retirees."
Meanwhile, Alex Beene, financial literacy instructor at the University of Martin echoed this, saying, “Any cut to Social Security benefits is going to be met with negativity. Taxpayers spend their entire working lives paying into the system and seeing countless dollars deducted from their paychecks with the hope it will be waiting on them down the line.”
Also read: Could you be owed money from Social Security? Here’s what to know about the 2.5 million payments being sent out
Living Longer, Spending More: The New Retirement Reality
Experts warn that without intervention, the SSA will no longer be able to issue full benefits by 2035. If that happens, payouts would be reduced by approximately 20 percent.
At the same time, the Social Security Fairness Act has increased benefits for former public service workers who were previously penalized for collecting both a pension and Social Security—an adjustment that may further accelerate the program’s financial strain.
Source: Dr. Ed Weir, PhD / Youtube.
"Seniors or those nearing their golden years are starting to get a bit apprehensive about would they have enough to make it through retirement," said Nadia Vanderhall, financial planner at The Brands and Bands Strategy Group. "Even though people can be within retirement for over 30 years, Americans are living longer while things are becoming more expensive."
Read next: Could your Social Security benefits increase? Here’s the latest from Congress
Are you thinking about filing for Social Security early? Have you already made the leap? Or are you holding out for a bigger check down the road? Share your story in the comments below!
