There has been an unexpected increase in people applying for Social Security benefits this spring. Between January and May, claims rose nearly 18% compared to the same period last year. Experts are concerned that this surge may indicate financial instability among older Americans. Factors contributing to the rise include the retirement of Baby Boomers, changes in pension rules, and individuals re-filing for higher benefits. Some applicants cite worries about the economy and potential changes to Social Security under current leadership as reasons for filing earlier than planned. Financial advisors warn that claiming benefits early can significantly reduce lifetime payouts, advising individuals to carefully consider their decisions.
— new from NPR
