"In fact, Suze Orman and Dave Ramsey have both made recommendations about when to start your checks for the first time. The issue is, their recommendations are as opposite as you could get. If you listen to or trust both experts and are confused about which one to listen to on this issue, it's worth noting that Orman's position ends up being the one that most outside data supports."
"Ramsey also suggested a strategy where you claim Social Security ASAP at 62 even if you don't need the money, and you then invest it. He believes you can earn better returns than if you just leave your benefits unclaimed and allow them to grow by avoiding early filing penalties and earning delayed retirement credits. Those penalties and credits apply depending on whether you claim Social Security before or after your full retirement age as you only get your standard benefit if you claim right at FRA."
Claiming Social Security can occur between ages 62 and 70. Two opposing strategies are common: claim as early as 62 for immediate income and invest the checks, or delay claiming to increase monthly benefits through delayed retirement credits. Early claiming reduces monthly payments and can incur penalties if taken before full retirement age; delaying increases lifetime monthly income and can improve survivor protections and long-term cash flow. Comparative data indicate delaying often produces materially higher lifetime discretionary spending—an analysis here estimates about $182,370 more versus claiming at 62. The optimal choice depends on health, life expectancy, finances, and expected investment returns.
Read at 24/7 Wall St.
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