Dave Ramsey Says Claim Social Security at 62. Suze Orman Says 70. Both May Be Wrong

"When it comes to claiming Social Security, you have choices. The earliest age to sign up for benefits is 62. But you won't get your monthly payments without a reduction unless you wait until full retirement age (FRA) to file. That age is 67 if you were born after 1959. You can also delay your Social Security claim past FRA for boosted checks. Each year you hold off, up until age 70, gives your monthly benefits an 8% increase."

"Dave Ramsey tends to be an advocate of claiming Social Security at 62 - the earliest possible age to sign up. This is actually a bit strange for Ramsey because he tends to be financially conservative, urging Americans to avoid debt at all costs. So it's odd to see him pushing Social Security at an age when it's guaranteed to result in reduced benefits."

The earliest age to sign up for Social Security is 62, but monthly payments are reduced unless claimed at full retirement age (FRA), 67 for those born after 1959. Delaying claims past FRA increases monthly benefits by 8% per year up to age 70. One strategy favors claiming at 62 to receive more individual monthly payments and to invest those benefits if not needed for living expenses. An opposing strategy favors delaying until 70 to lock in larger guaranteed monthly income and to compensate for limited retirement savings, given median savings of $200,000 for ages 65–74 in 2022.

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