Who Benefits Most from Taking Social Security at 62? Dave Ramsey Breaks It Down

"I do not always agree with the advice Dave Ramsey gives on his show. Many financial situations are complex, and there is rarely a single magic solution that a professional can offer. Opinions and viewpoints will always show through, and it is perfectly fine not to see eye to eye with any pundit on every topic. Still, there is one potentially controversial Ramsey viewpoint that I fully support, and that is taking Social Security at 62, which is the earliest age you can file."

"Delayed gratification is often a smart financial choice. If you wait beyond 62, your monthly Social Security benefit will be higher. But the value you get from that money at different stages of your life is not the same. The utility, meaning the enjoyment or satisfaction you gain, might be significantly greater in your early 60s, even if the amount is smaller. For many people, spending a modest benefit earlier can deliver far more life value than waiting for a larger check later."

Taking Social Security at 62 can allow earlier enjoyment of benefits for travel and activities while health is typically stronger. Waiting raises monthly payments, but delayed benefits may provide less practical value if health declines or opportunities are missed. The time value of money can sometimes favor claiming at 62. The right claiming age depends on individual circumstances, health outlook, and longevity expectations. Unexpected health issues become more likely with age, which strengthens the case for earlier claiming for many people, though delaying remains sensible when long-term health is likely.

Read at 24/7 Wall St.