Why More Americans Are Claiming Social Security Earlier — Even When It Pays Less
Written by
Sarah Li Cain
Edited by
Amen Oyiboke
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More retirees are filing for Social Security benefits as soon as they’re eligible to do so. That’s even when taking this route will permanently reduce their monthly checks. The trend seems to have accelerated over the past several years.
Why are so many retirees willing to receive a smaller Social Security paycheck just to get their benefits earlier?
Just How Much More Americans Are Filing for Social Security Early
According to reporting by AARP, the Social Security Administration processed retirement benefits for over 2.3 million Americans from January through July 2025. This is up 16% compared to 2024 in the same time period.
In the Schroders 2025 U.S. Retirement Survey, around 44% planned to claim Social Security benefits before their full retirement age. Only a small percentage, or 10%, are planning to wait until 70 to maximize their benefits.
How Much Less Early Claiming Really Pays
For many, age 67 is considered a full retirement age for Social Security purposes. Claiming benefits at age 62 means that there is 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 would reduce your payment to $700. The Social Security Administration provides a chart showing how benefits are reduced based on the age at which you begin claiming.
The impact is even greater for higher earners. If you’re eligible to receive $3,600 per month at age 67, claiming at 62 would reduce your benefit to $2,520.
Why Are More Claiming Benefits Earlier?
Financial anxiety is probably a major factor in why people are claiming earlier. A poll by AARP found that about 49% of adults aged 50 and older who claimed earlier than planned, or considered it, said they were concerned that the Social Security program would not run out of funds.
Some are claiming earlier because they can’t afford not to 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 that it wasn’t their choice to do so.
What To Consider If You Want To Claim Early
There’s nothing wrong with wanting to claim Social Security early. Maybe you have health issues, limited savings or don’t want to wait any longer; these reasons are fine. However, you need to be aware of the trade-offs and whether you’re willing to live with them. As in, the lower paycheck is permanent.
Take a good look at whether you’re willing to receive lower benefits because it’s necessary, or you’re worried about a temporary challenge. For example, maybe you’re paying out of pocket for health insurance until Medicare kicks in. Can you take on some additional work until that happens?
Even delaying receiving benefits by a year or two can mean a bigger monthly check. And if you’d rather claim Social Security earlier? Only you know best.
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