Over 3 million Americans turn 62, qualify for benefits

This year, more than 3 million Americans are expected to become eligible for Social Security benefits as they turn 62. Around 3.56 million people are reaching this age in 2025, marking a significant moment for retirees in the United States. The rise in eligible individuals comes as a wave of Baby Boomers, those currently aged 61 to 76, continue to retire. This increase in beneficiaries may put pressure on the Social Security Administration (SSA), which is facing funding challenges. Experts warn that the agency's full payment funds could run out by the mid-2030s. To receive Social Security benefits, Americans can start claiming at age 62 but can earn more if they wait until a later age, up to 70. About 87 percent of Baby Boomers born in 1963 are expected to live to age 62, creating a large number of individuals looking to secure their benefits. Finance experts are advising people to plan carefully when considering Social Security. Many Baby Boomers are reportedly financially unprepared for retirement, with more than half having less than $250,000 saved. Experts highlight that Social Security was intended to cover only a part of pre-retirement income, which may not be sufficient for many retirees. If no changes are made, beneficiaries might see a 17 percent cut in their payments as early as the mid-2030s. However, Social Security is expected to remain operational at reduced benefit levels until at least 2090. Concerns grow as the SSA has announced layoffs, cutting 7,000 jobs, which could hinder its ability to manage increasing demand for services. Financial experts argue that reducing staff in the face of growing need is counterproductive. They suggest that the agency should staff up to accommodate the influx of retirees, ensuring better service for those relying on Social Security after decades of contributions.