Experts Still Urge Caution Before Claiming Benefits Early amid Social Security Uncertainty

Despite rising concerns over the future of Social Security, financial experts continue to advise most Americans to wait before claiming retirement benefits, citing the long-term advantages of delaying.

The Social Security trust fund may be depleted by 2033, at which point only 79% of scheduled benefits are expected to be payable, according to the program’s 2024 trustees report. While the 2025 projections have yet to be released, fears about benefit cuts and agency challenges — including long wait times and staff reductions — have led some workers to consider early claims.

Man smiling and holding cash | Source: Pexels

“There are people who make the comment, ‘I want to start taking from it now, before it’s taken away from me,’” said Andrew Herzog, certified financial planner at The Watchman Group. However, Herzog notes that such drastic cuts are unlikely, especially for those already near or in retirement.

Claiming benefits early, at age 62, results in reduced monthly payments — by up to 30%, depending on the beneficiary’s full retirement age. Waiting until full retirement age (66 to 67) allows recipients to collect 100% of their earned benefits. Delaying further to age 70 increases payments by 8% annually, totaling a potential 24% to 32% boost. “For those who expect to have a normal life expectancy of 80 years plus, then it can make sense to wait to age 70,” Herzog said.

Man counting cash in front of a computer | Source: Pexels

Still, the decision is highly personal. According to Vanguard, early claims may make sense for individuals with shorter life expectancies or those seeking to manage tax burdens and avoid Medicare premium increases. Others may delay to maximize benefits for surviving spouses or to prepare for unforeseen expenses.

Experts emphasize that even waiting a few months can meaningfully increase monthly checks and reduce long-term financial risks.