AMERICANS are racing to claim their Social Security checks earlier than usual, pushing a more than 15% increase in new benefit claims in March compared to the same time last year.
With fears about the future of the Social Security program rampant, many are staking their claim on payments worth up to $5,108 before it is too late.
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The Social Security program has been a financial safety net for millions of Americans since its founding in 1935 when the Social Security Act was signed into law by President Roosevelt.
The federal program has been thrown into disarray under the current administration and its new Department of Government Efficiency, or DOGE, faced with thousands of job cuts, new rules, and tech outages and issues.
These new challenges are sparking fear among Americans, coupled with the projection that at the current rate, full Social Security benefits will no longer be available by 2035.
This instability and uncertainty could mean significant financial implications for the over 70 million Americans who rely on the program as well as for the millions more counting on future benefits.
Read More on Social Security
Seemingly pushed by fear, tens of thousands of Americans have already begun claiming their Social Security payments early.
New Social Security benefits claims reached 580,887 last month, a stark increase from 500,527 in March last year, a Social Security employee shared at a March 28 operational meeting.
Acting Social Security commissioner Leland Dudek chimed in to clarify if the data revealed what he suspected – that Americans were rushing to claim their Social Security checks early because they feared the retirement trust fund’s future stability.
“So what you’re telling me is that… fearmongering has driven people to claim benefits earlier, because they’re afraid they’re not going to claim benefits at all?” he asked.
“Yes. You’re exactly right. That is what’s happening,” replied the Social Security staff member.
The spike in new Social Security claims last month was unusual because they usually drop slightly at the beginning of the year, he told the meeting attendees.
At the internal meeting, staff members shared stories of worried Americans filling field offices with questions regarding benefits.
Some visitors, for example, asked for certified copies of earnings records – a document used to determine eligibility and benefit amounts for Social Security – despite the information being easily accessible online.
“Why are they coming? They’re nervous,” one employee commented.
“I think we have a lot of customers that, right now… are very uneasy,” concurred Dudek.
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
SOCIAL SECURITY STRUGGLES
Concerns over the future of Social Security are not the only potential factor driving Americans to claim their benefits ahead of schedule.
A second factor could be that a large number of baby boomers is entering retirement, Social Security officials shared with USA Today.
Another viable reason behind the wave of new claims could be that the Social Security Fairness Act, signed into law on January 5, resulted in a significant number of public workers submitting claims.
Regardless of why Americans are claiming their Social Security benefits early, they are potentially missing out on thousands of dollars in payments.
The later in age that an individual begins claiming their checks, the greater their payments each month.
For example, those who retire at age 70 this year can receive up to $5,108 per month, while Americans retiring at 62 in 2025 face a maximum monthly Social Security check of $2,831.
For this reason, experts have warned Americans to only begin claiming Social Security when they are ready.
“Many Americans are rightly alarmed by the chaos that Elon Musk and Donald Trump have manufactured at the Social Security Administration,” said Nancy Altman, president of Social Security Works, a nonprofit aimed at safeguarding and expanding the federal program.
“The correct response is not to claim benefits before you’re ready, but to contact your members of Congress and make sure they do their jobs, including conducting oversight so that benefits are not disrupted.”
Read up on the exact two steps to take if you’re missing your $5,108 Social Security payment.
Plus, find out if you’re eligible for the new “double” round of Social Security payments worth up to $967 going out in weeks.
2025 Social Security Payment Schedule
Social Security payments are handed out on the second, third, and fourth Wednesday of each month. Benefits will be paid out in 2025 on the following dates:
- January 8, 15, and 22
- February 12, 19, and 26
- March 12, 19, and 26
- April 9, 16, and 23
- May 14, 21, and 28
- June 11, 18, and 25
- July 9, 16, and 23
- August 13, 20, and 27
- September 10, 17, and 24
- October 8, 15, and 22
- November 12, 19, and 26
- December 10, 17, and 24