Americans Filing for Social Security Surges to Record High Amid Cut Fears

A record number of Americans are filing for Social Security amid concerns the retirement benefits will soon get slashed.

The Social Security Administration (SSA) faces a funding crisis that will see the agency run out of money for full payments by the mid-2030s. Subsequently, Americans are filing early in hopes of getting as much money as they can in case funds run out.

The total number of people claiming Social Security surged 17 percent to 1.8 million this year, according to SSA data in May.

Why It Matters

Roughly 70 million U.S. retirees and those with disabilities rely on Social Security each year, and the agency is not prepared to handle the number of baby boomers retiring into the system, as they outnumber younger workers.

What To Know

For 2025, new Social Security filings are set to reach 4 million, marking a substantial uptick of 15 percent from the year before, according to findings by the Urban Institute.

Some of the claims, especially for those filing before full retirement age, are pouring in due to concerns after President Donald Trump’s administration cut 7,000 jobs at the SSA and over other changes at the agency.

“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,” Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek.

The SSA’s staff is shrinking, causing some concerns over how a smaller employee base can handle higher numbers of beneficiaries without making critical errors.

And while Trump has promised to uphold Social Security payments, many worry it’s a matter of time before payments are lowered amid the agency’s financial troubles.

However, Thompson urged retirees and those nearing retirement not to panic.

“There’s no reason for panic in the short term,” Thompson said. “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.”

Americans can currently claim Social Security as young as 62, but they’ll earn 30 percent less in their payments than if they waited until the full retirement age of 67. Waiting even longer can expand your monthly checks by 24 percent.

What People Are Saying

Thompson also told Newsweek: “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.”

Alex Beene, financial literacy instructor for the University of Tennessee at Martin, previously told Newsweek: “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.”

What Happens Next

Analysts have predicted that without any updates to Social Security, the SSA will run out of money for full payments by 2035. At that point, benefits would be cut by roughly 20 percent.

The Social Security Fairness Act has also boosted benefits for retired public service workers who used to see financial penalties related to having a pension alongside Social Security payments. This will make the funding gap hit faster.

“Seniors or those nearing their golden years are starting to get a bit apprehensive about would they have enough to make it through retirement,” Nadia Vanderhall, financial planner at The Brands and Bands Strategy Group, previously told Newsweek. “Even though people can be within retirement for over 30 years, Americans are living longer while things are becoming more expensive.”