The Social Security system is seeing a record number of filings for benefits this year, and experts say it’s at least in part a sign of growing concern over the stability of the retirement program.
In the first five months of 2025, the number of people filing for Social Security benefits surged to 1.8 million, an increase of 17% relative to the same period last year, CBS News’s Aimee Picchi reports. Filings this year could reach nearly 4 million, a 15% increase from the 3.4 million filings recorded in 2024.
Some of the rise could be related to the growing population of elderly Americans as the baby boomers continue to retire, but the size of the increase exceeds any simple demographic explanation. Another factor could be changes that were made under the Social Security Fairness Act, which expanded eligibility for workers who have public pensions. But perhaps the most intriguing factor is fear, both of declining administrative competency at the agency and its long-run solvency.
Led by Elon Musk’s DOGE cost-cutting initiative, the Trump administration has pursued what it has called “significant workforce reductions” at the Social Security Administration, which serves nearly 70 million retirees, disabled people and survivors of deceased workers. The administration has said it plans to reduce staffing at the agency to 50,000, down from 63,000 a decade ago. Experts have warned that the cuts could degrade service and increase the risk of errors in processing claims and maintaining payments. To top it off, the retirement system faces a potential fiscal crisis as soon as 2035, when a revenue shortfall could reduce monthly benefits by about 20%.
Max Richtman, president of the National Committee to Preserve Social Security and Medicare, told CBS that some older people have asked him if they should claim benefits early given the Trump administration’s interference with the retirement program. “People are scared, and they're not sure what to do,” he said.
Richtman added that he advises people not to claim benefits early, even if they are worried about the program, since doing so reduces monthly benefits significantly.