She woke up the morning she turned 62 with one thought: claim now, just in case. It’s a scene playing out across the country. In 2025, more Americans are filing for retirement benefits at the earliest possible age — and fear, not financial calculus, is driving a lot of the rush.
The numbers and the nervousness
Data compiled by analysts and reported through advocacy groups shows the shift. Between January and July of 2025 more than 2.3 million people filed for Social Security retirement benefits, about 16% more than the same period a year earlier. Surveys by AARP suggest nearly half of those who filed sooner than they’d planned said they did so because they worried the system was “running out of money.”
The worry isn’t baseless: forecasts from the Committee for a Responsible Federal Budget warn the Social Security trust fund could be depleted by late 2032, which — absent Congressional action — would mean an across-the-board benefit cut of roughly 24%. Add to that recent staffing reductions at the Social Security Administration and longer service waits or fewer in-person options, and you get a powerful nudge toward claiming early.
(If you want to check your own record, the Social Security Administration’s Retirement Estimator gives personalized projections: Retirement Estimator. For general info see Social Security Administration.)
Why "take it at 70" isn't a universal prescription
For years financial planners touted the “gold standard” of delaying benefits until age 70, when monthly checks are maximized thanks to delayed retirement credits. That advice still makes sense for many with good health, long life expectancies and other retirement income sources. But it’s not a one-size-fits-all rule.
Here’s why the math changes by person:
- Life expectancy. If poor health or a family history of shorter lifespans makes living to the break-even age unlikely, claiming earlier can be rational.
- Current cash needs. Debt, housing costs, caregiving expenses or insufficient savings can force an earlier claim.
- Spousal rules. Married couples must coordinate claims because each person may be eligible for both their own benefit and a spousal benefit (which can be up to half of a higher-earning spouse’s benefit at full retirement age). Mistakes here — like both spouses claiming as soon as they turn 62 without modeling the combined income path — can shave tens of thousands off lifetime household benefits.
- Taxes and Medicare premiums. Higher income from other sources can make Social Security benefits taxable; higher reported income can also affect Medicare Part B/D surcharges (IRMAA).
- Both spouses filing at 62 without modeling survivor scenarios or spousal benefits can lock in permanently lower checks.
- Claiming early because of headline fear rather than hard numbers. Panicked decisions based on rumors about insolvency can be costly if you live many years.
- Not running multiple claims scenarios. The difference between claiming at 62, full retirement age (FRA) or 70 can amount to hundreds of thousands over a long life — but the right choice depends on many moving parts.
- Run the numbers. Use the SSA estimator or printable statements and model claiming at 62, FRA and 70.
- Map household income. Include pensions, 401(k) withdrawals, part-time work and expected inheritance or downsizing plans.
- Consider health and family longevity objectively. Bad health favors earlier claiming; great health favors waiting.
- Coordinate with your spouse. A small timing change can increase lifetime household income substantially.
- Factor taxes and Medicare premiums into net-benefit calculations.
- Talk to a certified financial planner if your situation is complex — longevity, health, taxes and investments interact.
Financial planners still use the waiting-to-70 rule as a useful baseline, but it only “wins” in scenarios where people expect to live long, have other assets to bridge the gap and don’t need the money immediately.
Common mistakes and avoidable losses
Retirement specialists say a few missteps keep popping up:
Sarah Hickey and other retirement advisers frequently warn that married couples who don’t coordinate can lose large sums. There are strategies — for example, having the lower-earning spouse delay while the higher earner claims (or vice versa, depending on ages and earnings) — but each household’s math is different.
Policy risk vs. personal risk
Yes, projections about the trust fund are serious. But they are also policy problems, not an immediate cash cliff for an individual claimant. Historically, Congress has acted to shore up benefits before catastrophic cuts hit. That’s not a guarantee, but it does mean a rush to claim because of fear of a total shutdown is often premature.
At the same time, administrative changes — like staffing cuts that make in-person services harder to access — are real and can push people to file early simply to get paperwork done sooner.
How to decide (a practical checklist)
If you’re weighing an early claim, consider these steps before you press the button:
If you need immediate income or fear administrative disruption, claiming at 62 may be the right choice. If you can bridge the gap, delaying still buys higher guaranteed income for life — and for many people that matters.
A final note on fear-driven choices
Worry about the program’s solvency is understandable, and the headlines will keep coming. But decisions that affect decades of income deserve numbers, not panic. Before you file, take a breath, pull your statements, and run a few scenarios. The right answer is the one that fits your household’s finances, health and peace of mind — not the one that reacts first to a scare.
For broader context on the program’s finances, see the Committee for a Responsible Federal Budget’s coverage of trust fund projections at CRFB. For resources aimed at older Americans and survey analyses, visit AARP.