NARSSA Survey Finds Uncertainty Is Driving Many Americans to Claim Social Security Early

A new nationwide survey from the National Association of Registered Social Security Analysts® (NARSSA) offers insight into how Americans are approaching Social Security decisions and the concerns shaping those choices.

The survey gathered responses from 189 Registered Social Security Analysts® (RSSAs) across the country who work directly with individuals and families navigating Social Security. Their responses point to increasing demand for Social Security guidance, along with widespread uncertainty about the program’s future.

A total of 82.6% of RSSAs surveyed reported an increase in demand for Social Security guidance over the past three years. When asked about concerns surrounding Social Security solvency and possible future benefit changes, 73.5% reported that clients want to claim benefits early before potential changes occur, while 58.7% said clients doubt Congress will address the program’s long-term funding challenges.

The findings also highlight the confusion many people face when making claiming decisions. A total of 62.4% of RSSAs said their clients are overwhelmed by conflicting advice, while 45% said clients simply want a clear answer about the best age to claim.

Taxes are another source of uncertainty. Among those surveyed, 34.9% reported that clients are surprised to learn Social Security benefits may be taxable, while 33.9% said clients feel they are being taxed twice. In addition, 56.1% reported that clients either do not recognize the tax connection between Social Security claiming decisions and required minimum distributions (RMDs) or view RMDs as separate from Social Security.

Martha Shedden, President of the National Association of Registered Social Security Analysts, remarked, “This survey tells us that many Americans aren’t necessarily claiming Social Security early because it is the best financial decision for them. Instead, they are claiming based on uncertainty about the program’s future. When nearly three-quarters of clients are considering claiming before benefits potentially change due to the pending insolvency of the Social Security Trust Funds, it shows how strongly fear and confusion are influencing one of the most important retirement decisions they will ever make.”

The survey included 12 multiple-choice questions covering Social Security claiming decisions, program solvency, taxation, required minimum distributions and other topics RSSAs regularly discuss with clients.

The complete survey results are available through NARSSA’s Local Media Inquiry portal. Members of the media can also use the portal to connect with trained Social Security experts for interviews and commentary.