Retirees can sign up for Social Security at age 62, the earliest possible age, but doing so locks in reduced benefits for life. Claiming before reaching full retirement age, which is 67 for those born in 1960 or later, can lead to a 30% reduction in monthly benefits. Financial expert Dave Ramsey surprisingly supports claiming at 62; however, he warns that financial outcomes depend on individual lifespans and future needs. Seniors must evaluate their circumstances carefully before making this decision.
Claiming Social Security at age 62 means locking in reduced benefits for life. This reduction could be as much as 30% if claimed before full retirement age.
Surprisingly, financial guru Dave Ramsey recommends claiming Social Security at 62 but emphasizes that it comes with a significant caveat regarding future financial needs.
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