From Yahoo Finance: 2025-05-04 10:04:00

A rising number of Americans are claiming Social Security benefits earlier than planned due to job losses, rising costs, and staffing cuts at the Social Security Administration. Financial advisers are helping clients navigate the decision on when to claim benefits. Delaying benefits can lead to increased monthly checks, but concerns about the future of Social Security persist. The 2024 Trustees Report predicts a potential 17% cut in benefits by 2035 if the program is not fixed. More retirees are worried about their financial health, especially as Social Security remains a primary income source.

The fear of losing benefits has prompted some to claim early, while others are considering factors like inflation, longevity, and financial well-being in their decision-making process. Financial planners are providing guidance and support to help clients make informed choices about when to claim benefits. The decision to claim Social Security is a significant one, impacting financial security in retirement and longevity. Understanding life expectancy and financial implications is crucial when deciding when to start receiving benefits.



Read more at Yahoo Finance: How financial advisers are calming clients’ fears about the future of Social Security