Social Security filings have surged dramatically in 2025, with the Social Security Administration (SSA) reporting 1,802,836 retirement benefit applications from January 1 to May 31, a nearly 18% increase from 2024’s 1,533,671 applications in the same period. This trend may be influenced by administrative changes under President Donald Trump, including job cuts and the end of paper checks, but reflects a broader concern about the program’s financial outlook.
According to the 2024 Trustees report, the Old-Age and Survivors Insurance Trust Fund (OASI) reserves are projected to be depleted by 2033, with an estimated long-term funding deficit of $23.2 trillion through 2098. Without reforms, beneficiaries may face cuts of up to 21% to sustain payouts. This environment is prompting many retirees to file for benefits early, although statistics suggest that doing so may not optimize their lifetime Social Security payout.
Historically, a majority of retirees claim benefits at ages 62-64, but only 4% have optimized their lifetime benefits, while waiting until age 70 would have benefited 57% of retirees based on a 2019 study. This current uptick in filings could jeopardize the financial foundations for early filers as the program’s stability remains uncertain.
