When you think of seasons, you likely think about leaves changing color, or summer vacations.
You probably don't think about applying for Social Security retirement benefits, but new applications for benefits have seasons too, and this past season saw a significant increase in Americans filing for them. In March, the Social Security Administration saw a surge in claims, 16% higher than 2024, and the uptick came during a time of year when applications tend to slow down.
The increased traffic extends to their website and field offices, too, an issue addressed in weekly operations meetings that are now being posted to YouTube.
"The big surge made us think about the Social Security Fairness Act, the timing of it. But we had not anticipated a large surge in retired worker applications as a result of the SSFA," one of the presenters said in an April 25th meeting.
The Social Security Fairness Act, signed into law by President Joe Biden in January, increased benefits for nearly 3 million people.
It came into effect just before President Donald Trump announced cuts to the federal workforce that included reducing the number of field offices. This comes during a projected Social Security funding shortfall by 2035.
RELATED STORY | New rules limit phone updates for Social Security beneficiaries amid fraud concerns
"All of that uncertainty just tends to make people uneasy. And a lot of times when people are uneasy, they make emotionally based decisions on filing and on their finances in general," said April Reed Crews, co-CEO of the Reed Financial Group.
Reed Crews said the most common questions she's getting right now are 'how long will Social Security will be around' and if she thinks there will be cuts to benefits people are currently receiving.
"My inclination is that that's not what we're going to see. Social Security has been in this position for quite some time, with the trust fund dwindling down. Those funds will come from somewhere," she said. "In all likelihood, it's going to be cuts for those who are not in the baby boomer era right now."
There are pros and cons to taking Social Security benefits at a younger age. One of the pros is that it can reduce the amount of money pulled from a retirement nest egg. It can be a good option for people with health issues, or if its unlikely they will reach the break-even point by waiting to file for higher benefits.
RELATED STORY | Biden marks his return: First speech since presidency highlights Social Security threats
On the flipside, those taking benefits early receive a lower monthly payment, lock in a lower survivor benefit for a spouse and needing more income as you age.
"There's not a one-size-fits-all answer to what date makes the most sense to file for Social Security," Reed Crews said.
She urges people near retirement age to look at their plan holistically, and know that at for now, the Social Security funds are there.
