Why Dave Ramsey Is Absolutely Right About Taking Social Security At This Age

"Ramsey recommends that you start benefits at age 62. Since that's the earliest age when benefits begin, he's urging his audience to start getting checks ASAP. Here's why Ramsey has made this suggestion, along with some reasons why he may be exactly right about telling retirees to take this approach. Here's why Ramsey thinks you should take Social Security at 62 Dave Ramsey has commented on video that the best age to take Social Security is 62, and there is also an article on the Ramsey Solutions website addressing this issue. The Ramsey Solutions article advises taking benefits at the earliest possible age of eligibility for a few key reasons."

""In most cases, it actually makes more sense to take your retirement benefits sooner instead of waiting later. Why? Because your retirement payments die when you die... so you might as well take the money and make the most of it while you can," the article said. It goes on to explain that there are many situations where delaying would give you lower lifetime benefits, including if you die at or before the average life expectancy. And, the article said that you're better off claiming ASAP so you can enjoy your benefits for more years of retirement."

"Ramsey also recommends claiming the benefits early and investing them, even if you don't need them right away. "After all, you can do a much better job investing that money than the government ever could," the article read - and the advice mirrors what Ramsey said in a video to a caller who asked about the optimum time for a benefits claim. Here's why Ramsey is right Ramsey's advice is spot on for many retirees. The reality is that delaying a benefits claim beyond the age of 62 does increase the amount of your monthly check, but that doesn't mean it's the right choice."

Taking Social Security at age 62 provides immediate monthly income beginning at the earliest eligibility. Early claiming increases the number of years a retiree receives benefits, which can raise lifetime total if life expectancy is average or shorter. Receiving checks sooner allows retirees to invest payments individually, potentially earning returns that exceed the value of delayed higher monthly payments. Delaying past 62 raises the monthly benefit amount but can reduce lifetime payouts for many people and risks leaving gaps if savings are depleted while waiting for larger checks.

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