If you’ve been thinking about applying for Social Security benefits sooner rather than later, you’re not alone. Applications jumped 13% in the first half of the federal fiscal year, and the latest numbers don’t show signs of the trend slowing down.

Soon-to-be retirees are riding a wave of anxiety about the program, which typically sees very few changes year to year. People who have been readying themselves for the retirement they worked for may feel that they’re on shakier ground than ever before and need to start taking the payments they’re due. 

Much of the anxiety stems from the Trump administration’s changes to the Social Security Administration, including the Elon Musk-led DOGE initiative. Its brute force shakeup resulted in website crashes and 4 million people “accidentally” marked dead in the Social Security system. In addition, the agency cut 7,000 jobs back in April, making it harder to get hold of and implementing a “maddening” AI phone bot. 

In the background is the looming insolvency of the Social Security trust funds, which are running out of their reserves sooner than expected. If and when that happens, scheduled and future benefit payments could be cut by nearly 25%, with the Social Security Fairness Act helping to speed things up. 

The program has seen better days — and people are worried. But should you respond by applying for benefits now? Read on for what you should be looking out for before making such a big decision. 

For more, don’t miss the Social Security payment schedule for the month of July.

What’s the right time to apply for Social Security?

The “right time” is going to be different for every retiree. Factors such as how long you’ve worked, how much you’ve made over that working period, your savings and additional assets and your financial responsibilities are all important factors. With so many variables, the time to retire is a personal choice that really only you can make. If you’re unsure where to start, we have some tips to help you think through the process, and consulting a financial adviser would be a smart move. 

Possibly the most important thing not to do is not to panic. By checking your boxes, you’ll feel more confident about whether applying for benefits right now is the best idea or if you’re better off waiting. 

When can I start collecting Social Security and how much do I get?

The earliest age at which someone can apply for benefits is 62. While starting at this age is typically advised against, sometimes you just can’t wait and collecting benefits early is the best move.

If you can hold off, your monthly benefit payment will increase every month you don’t collect benefits. However, this payment amount will stop growing once you reach the age of 70, which is when you’ll reach your personal maximum for your account. There are no benefits from waiting beyond 70. 

An important marker is your Full Retirement Age, which is either 66 or 67, depending on when you were born. Applying at this time will provide a significant boost to your monthly benefit versus applying at 62. Once you’re at this age, you’ll qualify for suspending your benefits. This is an optional “pause” on your benefits that you can resume at any time, up until the age of 70. Suspending your benefits can be helpful if you come into a sum of money that can help supplement your expenses or if you decide to start working again, which will allow your benefit amount to grow. 

How much you receive each month in benefit payments depends on how much money you made during your working career. There’s an annual earning maximum that will be counted toward Social Security, and 2025’s is $176,100, with the maximum benefit amount being $5,108 per month.

What else should I know?

The Social Security program is complex and has intricacies that are hard to sum up in a single article. However, knowing how to apply for benefits is important, as it’s your first step. 

If you want a better idea of how much you’ll receive in benefits by the time you retire, one of the best things to do is to sign up for a My Social Security account and use the payment estimator to see how much you will make at a specific age. Knowing this estimate can help you plan for retirement.

For additional questions you might run into that I don’t cover here, you can take a peek at our Social Security and SSDI cheat sheet as a resource for must-know information.