It’s 2025, and more Americans than ever are jumping to claim Social Security at age 62—the earliest age possible. While that decision unlocks quick cash, it also shrinks long-term benefits. So what’s driving this sudden surge? Turns out, it’s a cocktail of fear, shrinking savings, and fading trust in the future of Social Security. Let’s unpack why so many are hitting the “claim now” button—and whether it makes sense for you.
Table of Contents
Pressure
When you’re staring down rising prices, vanishing pensions, and a sketchy economy, claiming early feels like the only option. According to the latest numbers, over 580,000 Americans filed for benefits in July 2025 alone—a 15% jump from the year before.
Here’s a closer look at what’s fueling this early rush:
| Factor | Statistic or Insight |
|---|---|
| Early Claims (July 2025) | 580,000+ filed, up 15% YoY |
| Fear of Trust Fund Depletion | 75% fear Social Security may not survive |
| Benefit Loss at Age 62 | Up to 30% less vs. full retirement age |
| Trust Fund Runs Short | Expected depletion by 2033 |
| Public Anxiety | Rising due to inflation and economic stress |
Fear
A major driver? People are flat-out scared the money won’t be there later. According to the 2024 Trustees Report, the Social Security Trust Fund is on track to run short by 2033. That doesn’t mean the program will die—but benefits could drop to around 79% of what’s promised.
For many, that’s enough reason to grab the cash now. Why wait and gamble on Congress fixing the system later?
Savings
The hard truth: most people just haven’t saved enough. The average 60-something American has less than $150,000 tucked away for retirement. That might sound like a lot—until you realize it needs to last 20 or 30 years.
Factor in medical bills, housing costs, and inflation, and suddenly early benefits become a lifeline. Especially when jobs are scarce or health problems make working harder.
Health
Let’s be real—some folks just can’t wait. If you’re in poor health or your family tends to pass away younger, delaying benefits may not be worth it. You could actually collect more total money by starting early, even if the monthly amount is smaller.
That’s why many older Americans with chronic illnesses or limited mobility claim early. It’s not about maximizing lifetime returns—it’s about making it through the next few years.
Distrust
Adding to the stress is the mess within the Social Security Administration itself. Budget cuts, fewer staff, and tech problems have made it harder for people to get help. Delays and errors have people feeling nervous, and claiming early gives them a sense of control—even if it’s not the best move financially.
Trends
Back in the day, claiming at 62 was the norm. But as Americans started living longer and financial literacy improved, experts pushed for people to wait until their full retirement age (FRA)—or even 70—for bigger checks.
But now, early claiming is making a comeback. From 2022 to 2025, the share of 62-year-old claimants rose from 27% to 30%. That may not sound huge, but it signals growing anxiety and a return to short-term thinking.
Stories
Meet Linda from Texas. She’s 62 and decided to claim early after losing her job during COVID. “It’s not ideal,” she says, “but I need the money now.” Her story reflects millions of others making similar choices.
Then there’s Marcus from New Jersey. At 66, he held off and now gets a higher check thanks to solid savings and employer support. “It was tough waiting,” he admits, “but worth it in the long run.”
Choices
So should you claim at 62? Here’s a quick guide:
Step 1: Know your full retirement age (67 if born in 1960 or later).
Step 2: Estimate how long you might live using tools like SSA’s Life Expectancy Calculator.
Step 3: Review your finances—can you afford to wait?
Step 4: Weigh the pros and cons:
| Pros of Claiming Early | Cons of Claiming Early |
|---|---|
| Income starts immediately | Up to 30% lower monthly benefit for life |
| May help in poor health cases | Miss out on more if you live longer |
| Avoid future benefit cuts | Reduces survivor benefits for spouse |
Step 5: Talk to a professional. A good advisor can model your unique situation and help you make the smartest call.
Claiming Social Security at 62 might be right for you—but don’t let fear drive the decision. Take time to run the numbers, weigh your health, and get advice. A few years of patience could mean thousands more in your pocket down the road.
FAQs
Why do people claim Social Security at 62?
Due to fear of cuts, low savings, or urgent financial need.
How much less do you get at 62?
Up to 30% less than full retirement benefits.
Will Social Security run out by 2033?
Not completely, but payments may drop by about 21%.
Is claiming early ever a good idea?
Yes, for those in poor health or urgent financial need.
Can you undo early Social Security claims?
Yes, within 12 months—but you must repay all benefits.
