Americans are filing for Social Security at record rates amid fears about its future

Older Americans are filing for Social Security benefits at a record rate this year, a surge that could reflect growing anxiety about the stability of the retirement system amid cutbacks under the Trump administration, experts say. 

The number of people claiming Social Security jumped 17% to 1.8 million this year through May compared with the same period a year ago, according to the most recent data from the Social Security Administration. For the federal fiscal year, new filings are on track to reach 4 million, up 15% from the prior fiscal year, the Urban Institute said in a new analysis of claims data.

The spike in early benefits claims comes as the Trump administration has slashed jobs and made other changes at the Social Security Administration, an agency already struggling to provide services to the nearly 70 million retirees, disabled people and survivors of deceased workers who rely on the program.