Gen X and Boomers plan early Social Security claims amid solvency concerns

10 articles · Updated · Forbes · Apr 23

A Northwestern Mutual study finds 25% of Gen X and 40% of Boomers intend to claim benefits at age 62, raising their retirement savings target by 15% to $1.46 million.
Concerns over Social Security’s trust fund, projected to be depleted by 2032 or 2033, and online financial advice are driving these early claims, despite the resulting reduction in lifetime benefits.
Experts warn that early claims could compound losses if future benefit cuts occur, and that delaying claims generally yields higher, inflation-indexed, and tax-advantaged benefits compared to speculative investment strategies.

Can investing your early benefits truly outperform the guaranteed 8% return from waiting to claim?

With a 28% benefit cut looming, does delaying Social Security for a higher payout still make sense?

If the trust fund runs dry in 2032, what will Social Security actually look like for Millennials?

Beyond raising taxes, what practical 'tweaks' could secure Social Security without drastic benefit cuts?

How do soaring Medicare costs change the math on when you should claim Social Security?

US benefits are double Canada's. Is the simplest fix for Social Security to lower our expectations?