This Appears to Be the Reason So Many Americans Are Claiming Social Security Early

This spring, something unexpected happened: the number of people applying for Social Security benefits surged. Between January and May, the number of Americans who applied for Social Security jumped by nearly 18% compared to the same period last year. What's more, the Social Security Administration (SSA) is on track to receive nearly 4 million retirement claims this year, an increase of more than 525,000.What's driving the surge? According to the Urban Institute, the primary reason claims are up appears to be the increased fear and confusion Americans have after proposed (and actual) changes to the SSA. After the closing of some SSA offices and rumors of a potential cut to benefits, people who've spent decades planning for retirement and counting on Social Security to help fund it are afraid the payments won't be there when they need them.In June, to get an idea of why so many people are claiming retirement benefits earlier than planned, AARP conducted a national survey. Among the respondents, 49% said they're afraid that Social Security is running out of money. On a related note, an increasing number of people filing Social Security claims are 62 years old, the earliest age a person can file.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool