Social Security has reported a 25% increase in the number of retirement claims this year, 10% above the expected 15% increase that should have come with baby-boom generation. This is largely due to a substantial rise in the number of claims for early retirement, mostly from laid-off workers who need money now. The potential repercussions for early retirees are many - reduced benefits from retiring at an early age and reduced savings from accounts hit hard by the recession increases the likelihood that retirees will outlive their savings, putting pressure on family members in the future. The upsurge is not expected to hurt Social Security in the long run, but may well impact the short-term deficits faced by the Obama administration.
See "Early retirement claims increase dramatically", Mike Dorning, Los Angeles Times, May 24, 2009