‘A lot of uncertainty’: Gee and Ursula analyze ‘dramatic’ spike in early Social Security claims

Retirees are exceedingly worried about their Social Security. It’s translating to early filing for social security benefits

According to The New York Times, 276,000 more people have filed for Social Security benefits so far this fiscal year—a 13% increase from last year.

Ursula Reutin, co-host of “The Gee and Ursula Show” on KIRO Newsradio, said the spike in claims is being driven by “fear.”

“There is a lot of uncertainty, and unfortunately, I will say unfortunately for most who are taking it earlier than expected, that that wasn’t the overall strategy when you were figuring out your retirement,” she shared.

Social Security system on track to get nearly 4 million claims for 2025

According to The New York Times, citing The Urban Institute, the Social Security system is on track to get nearly four million claims for 2025, which is five times the average increase of 3% annually over the past 12 years. Officials called the spike “dramatic” and cited anxiety as a contributing factor.

“There’s chaos,” co-host Gee Scott said. “Our text line is telling us a lot of people have gone to take their money early because they are afraid they weren’t going to get it, even though they knew and know that they would get less if they draw on that money earlier, but they didn’t want to take any chances.”

Gee wishes more people had access to financial advisors.

“The part that breaks my heart are the many Americans in this country who do not have someone to help them along through this process. They got scared, they got nervous, and some of them either sold their shares of stock or they drew early on their social security,” he said.

Listen to the full conversation below.

Listen to Gee and Ursula on “The Gee and Ursula Show” weekday mornings from 9 am to 12 pm on KIRO Newsradio.