Social Security Solvency Fears Have Many Americans Filing Before Full Retirement Age
If you want to maximize your Social Security benefits, you should wait until you are 70 to claim benefits. But a recent report by CBS News found that nine in ten working Americans have no intention of doing that.
More than one-third of respondents to a 2025 U.S. Retirement Survey by Schroders, an investment management company, cited concerns that Social Security may run out of funds or stop making payments.
A Schroders executive told InvestmentNews.com that “ongoing reports about Social Security’s solvency are making workers anxious to access their benefits sooner, even though delaying could have a significant impact on their retirement finances.”
The high cost of living is another reason retirees are claiming Social Security earlier. Thirty-four percent of respondents said they anticipate needing benefits earlier to use as a regular source of income. The Schroders executive explained, “The income generated from monthly Social Security payments is critical to making ends meet in retirement for many Americans.”
Providing Help and Hope
Older Americans would not need to worry about their financial future if Social Security solvency were not an issue and the annual cost-of-living adjustments actually kept up with inflation.
The Seniors Trust believes the best way to protect and expand Social Security is with the Social Security Expansion Act. Not only will this landmark piece of legislation resolve the solvency issues, but it will increase benefits by $200 per month, implement a fair Cost-of-Living Adjustment (COLA), and legally guarantee the current and future benefits of all Social Security recipients.
The Seniors Trust is working to pass the Social Security Expansion Act. Please sign our petition to Congress and join us as we strive to improve the lives of senior citizens.
