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Surge in Early Social Security Claims Amid Economic Uncertainty

5/17/2025

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Summary

Story summary

Marty McGowan, 67, filed for Social Security benefits earlier than intended due to economic uncertainty.
He initially planned to wait until age 70 for increased payments but chose to claim now.
This fiscal year saw 276,000 retirees filing for benefits, marking a 13% increase from last year.
Experts caution that early claims may have long-term drawbacks amid growing concerns about Social Security.

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Story summary

Marty McGowan, 67, filed for Social Security benefits earlier than intended due to economic uncertainty.
He initially planned to wait until age 70 for increased payments but chose to claim now.
This fiscal year saw 276,000 retirees filing for benefits, marking a 13% increase from last year.
Experts caution that early claims may have long-term drawbacks amid growing concerns about Social Security.