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More and more retirees are applying for Social Security benefits as soon as they are eligible, even though this route will permanently reduce their monthly checks. This trend has become even more rapid in the last several years.
So, why are so many retirees willing to receive smaller Social Security checks to receive their benefits earlier? let’s take a closer look.
How many more Americans are applying for Social Security soon?
The Social Security Administration processed retirement benefits for more than 2.3 million Americans from January to July 2025, according to AARP reporting. This is 16% more than in 2024 in the same time period.
In the Schroders 2025 US Retirement Survey, about 44% planned to claim Social Security benefits before their full retirement age. Only a small percentage, or 10%, plan to wait until 70 to maximize their benefits.
How much less does an early claim pay?
For many people, age 67 is considered full retirement age for Social Security purposes. Claiming benefits at age 62 means a permanent reduction in payments.
For example, if you were born after 1960 and your full retirement age benefit is $1,000 per month, claiming at age 62 will reduce your payment to $700. The Social Security Administration provides a chart showing how benefits are reduced based on the age you begin claiming.
The impact is even greater on higher earners. If you’re eligible to receive $3,600 per month at age 67, claiming at age 62 will reduce your benefit to $2,520.
Why are more benefits being claimed earlier?
Financial concerns are probably a major factor causing people to file a claim in the first place. An AARP survey found that about 49% of adults age 50 and older who had previously claimed, or considered planning, said they were worried that the Social Security program would run out of money.
Some people are claiming first because they can’t afford it or because they can’t keep working. The Employee Benefit Research Institute’s 2025 Retirement Confidence Survey found that 4 in 10 retirees retired earlier than planned, with most saying it was not their choice to do so.
What should you consider if you want to make an early claim?
There’s nothing wrong with wanting to claim Social Security early. Maybe you have health issues, limited savings or just don’t want to wait any longer; These reasons are correct. However, you have to be aware of the transactions and whether you are willing to live with them or not. As in, the lower salary is permanent.
Take a hard look at whether you’re willing to take less profit because it’s necessary, or whether you’re concerned about a temporary challenge. For example, you may have been paying for health insurance out of pocket until Medicare started. Is there some extra work you can do until that happens?
Even a delay of a year or two in receiving benefits could mean a larger monthly check. And if you want to claim Social Security earlier? Only you know better.