The article highlights a concerning trend in Social Security applications, with data revealing a 13% increase in filings over the past fiscal year. Economic indicators and fears of recession have prompted many, including young retirees, to opt for early benefits, despite the common advice to delay for higher long-term payouts. Policy experts like Jack Smalligan express worry over this rush to benefits, particularly given recent market volatility and government policy shifts that have caused confusion within the Social Security Administration.
The trend is worrisome since taking benefits early is not typically seen as a good decision. Common advice involves waiting to initiate benefit payments starting at age 70 to maximize payments.
They're nervous about the threats to the Social Security Administration and their benefits, while simultaneously looking at their 401(k), if they have one, and worrying about that.
The market drop was the final straw... the claims process went smoothly and that he began receiving his payments 12 days after application.
The agency announced its intention to implement new in-person identity verification requirements and unveiled plans that caused issues at SSA in recent months.
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