Seniors are doing something different this year when it comes to Social Security than they have in the past. According to an analysis of Social Security Administration data conducted by the Urban Institute, more Americans are filing early for their retirement payments in 2025 compared with 2024.
Specifically, the Urban Institute found that retirement claims were up by over 276,000 between October and April compared with the prior year, and more retirees were starting to collect benefits at younger ages. There was an especially big increase among retirees who were just 62 years old and claiming benefits.
It’s not exactly clear why people are claiming at younger ages, although the Urban Institute suggested that increased fear and uncertainty about changes to Social Security could be a driving factor.