A RECORD rate of Social Security claims are now being filed leading many to fear a massive delay to payments.
The claimant number is now on track to hit 4 million, with the Social Security Administration (SSA) facing damaging cutbacks.
GettyA record rate of Social Security claims have now been filed, leading many to fear a massive delay to payments[/caption]As one of the most important pieces of financial aid, Social Security is now being overwhelmed with new claims for support.
The most recent data from the SSA shows that the number of people asking for support is nearing the 4 million mark.
This marks an increase of 17% to 1.8 million claimants this year through May compared with the same 2024 period, according to the SSA.
The SSA already provides services to nearly 70 million retirees in the US, and will struggle to fulfil this much traffic.
The spike has come as Donald Trump has slashed SSA staffing from 57,000 to 50,000, despite the President’s pledge not to touch it.
This is down from the SSA’s 63,000 employees a decade ago in 2015.
Over the past 10 years, the number of people claiming Social Security has risen from roughly 59 million to where it is today.
Max Richtman, president of the National Committee to Preserve Social Security and Medicare, told CBS: “I have attended several town halls around the country, and many people have asked if they should claim benefits early given Trump and [Elon] Musk’s interference in the system.
“People are scared, and they’re not sure what to do.”
A STRUGGLING INSTITUION
The SSA has long sparked concern, because it is paying out more than it is collecting through taxes.
This is due to the aging US population, so the SSA has been dipping into its trust fund to pay beneficiaries.
The agency has projected this fund will run out in 2035, triggering a benefits cut of about 20% for recipients.
A record number of people are hitting retirement age, which would add to the strain.
It is also thought that recent changes to Social Security through the Social Security Fairness Act is creating more recipients than ever.
WHEN SOCIAL SECURITY PAYMENTS ARE MADE
Social Security payments are issued on the second, third, or fourth Wednesday of each month based on the recipient's birth
Second Wednesday: For individuals born between the 1st and 10th of the month Third Wednesday: For those born between the 11th and 20th Fourth Wednesday: For those born between the 21st and 31stThe US Sun reported in February that a change in law would give millions retroactive payments they had been denied.
Some 3.2 million Americans were having their checks withheld due to a couple of loopholes, Government Pension Offset (GPO), and the Windfall Elimination Provision (WEP).
But now these are gone, and more retirees are being paid money they are owed through the SSA.
While this gives needed support to millions, it does add extra strain to the SSA.
Lee Dudek, Acting Commissioner of Social Security, said: “Social Security’s aggressive schedule to start issuing retroactive payments in February and increase monthly benefit payments beginning in April supports President Trump’s priority to implement the Social Security Fairness Act as quickly as possible.
“The agency’s original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation.
“The American people deserve to get their due benefits as quickly as possible.”
GettyIt marks an increase of 17% to 1.8 million claimants this year through May compared with the same 2024 period[/caption] Read More Details
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