Finfluencers call it a ‘no brainer’ to grab Social Security right at 62, despite the penalties — many experts disagree Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
It’s one of the most important questions that Americans have to answer as they near retirement: What age should you start collecting Social Security benefits?
Experts typically advise that you should wait as long as possible to start claiming your benefits. Top Picks – – – Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP But some social media “finfluencers” are flipping the script, saying that you’ll get more cumulative benefits if you start collecting as soon as possible. “Taking Social Security at 62 is a no-brainer,” says Certified Financial Planner and Wall Street vet (1) Taylor Sohns (2) in a video viewed more than two million times on Facebook. “The wait until 70 advice is not as smart as people think,” argues Tyler Gardner, a former financial advisor and portfolio manager with over two million followers, in a recent Instagram post (3). The benefits of waiting past 62 While you can start receiving benefits at age 62, those benefits will be reduced by a percentage that’s based on how far you are from your full retirement age (FRA) (age 66 or 67), depending on your birth year (4).
Once you reach your FRA, you’ll receive your full benefit. But if you delay taking benefits even past your FRA, you will receive an additional 8% increase for each year you delay until age 70 (5). If you start receiving benefits before your FRA, the reduction in your benefit amount is permanent (6).