With widespread concern about the future of the Social Security program, many people are staking their claim to payouts of up to $5,108 before it is too late.
Since 1935, when President Roosevelt signed the Social Security Act into law, the program has provided a financial safety net for millions of Americans.
The government program has been thrown into confusion by the present administration and its new Department of Government Efficiency, or DOGE, which is dealing with thousands of job losses, new rules, and technical problems.
These new issues are instilling panic in Americans, especially since it is projected that full Social Security benefits would no longer be accessible by 2035 if current trends continue.
This instability and uncertainty could have serious financial consequences for the more than 70 million Americans who rely on the program, as well as millions more who are counting on future benefits.
Tens of thousands of Americans have already began claiming their Social Security benefits ahead of schedule, seemingly motivated by dread.
New Social Security compensation claims were 580,887 last month, up significantly from 500,527 in March of previous year, according to a Social Security staffer during a March 28 operations meeting.
Acting Social Security Commissioner Leland Dudek jumped in to clarify whether the data confirmed his suspicions that Americans were rushing to claim their Social Security payouts early due to concerns about the retirement trust fund’s future security.
“So what you are telling me is that… fearmongering has driven people to claim benefits earlier, because they are afraid they are not going to claim benefits at all?” He inquired.
“Yes. You are exactly right. That is what is happening,” said the Social Security employee.
The increase in new Social Security claims last month was unexpected because they usually decline significantly at the start of the year, he told the meeting attendees.
During the internal discussion, staff members shared examples of concerned Americans flooding field offices with concerns about benefits.
Some visitors, for example, requested certified copies of earnings records, which are used to assess Social Security eligibility and benefit amounts, despite the fact that the information is readily available online.
“Why are they coming?” “They are nervous,” one employee said.
“I think we have a lot of customers that, right now… are very uneasy,” Dudek Said.
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
SOCIAL SECURITY STRUGGLES
Concerns over the future of Social Security are not the only thing motivating Americans to claim payments ahead of schedule.
According to Social Security experts, a second issue could be the enormous number of baby boomers who are approaching retirement age.
Another possible explanation for the surge in new claims is that the Social Security Fairness Act, signed into law on January 5, resulted in a large number of public workers filing claims.
Regardless of why Americans are claiming Social Security benefits early, they risk missing out on thousands of dollars in monthly payouts.
The later an individual begins claiming their checks, the higher their monthly payouts.
For example, those who retire at age 70 this year can earn up to $5,108 per month, whereas Americans retiring at age 62 in 2025 can expect a maximum monthly Social Security check of $2,831.
As a result, experts have advised Americans to only begin collecting Social Security when they are ready.
“Many Americans are rightly alarmed by the chaos that Elon Musk and Donald Trump have created at the Social Security Administration,” said Nancy Altman, president of Social Security Works, a nonprofit organization dedicated to protecting and extending the government program.
“The correct response is not to claim benefits before you are ready, but to contact your members of Congress and make sure they do their jobs, including conducting oversight so that benefits are not disrupted.”
Read up on the exact two procedures you should take if you miss your $5,108 Social Security payment.
Find out if you are eligible for the new “double” round of Social Security payments worth up to $967, which will be distributed in the coming weeks.
2025 Social Security Payment Schedule
Social Security payments are handed out on the second, third, and fourth Wednesday of each month. Benefits will be paid out in 2025 on the following dates:
- January 8, 15, and 22
- February 12, 19, and 26
- March 12, 19, and 26
- April 9, 16, and 23
- May 14, 21, and 28
- June 11, 18, and 25
- July 9, 16, and 23
- August 13, 20, and 27
- September 10, 17, and 24
- October 8, 15, and 22
- November 12, 19, and 26
- December 10, 17, and 24
