Overview

• By May, early retiree filings jumped 13% year-over-year, adding nearly 320,000 claims in the current fiscal year compared with a 3% average annual rise from 2012 to 2024.
• Recipients aged 65 now receive about $1,651 per month after a 2.5% cost-of-living adjustment this year.
• Claiming benefits at age 62 caps payouts at up to $2,831 monthly and locks in as much as a 30% reduction compared with waiting until full retirement age.
• Delaying claims past full retirement age boosts benefits by 8% annually, lifting the maximum monthly payment to $5,108 at age 70.
• Projections warn that Social Security reserves could be depleted by 2034 and 52% of Americans now express major concern about the program’s future.