TikTok has advice on how to get more money out of Social Security checks. Here’s what the experts say

Core Viewpoint - There is a growing trend among social media users, particularly on TikTok, advocating for early collection of Social Security benefits at age 62, which contrasts with traditional financial planning advice that suggests delaying benefits until age 70 for maximum payouts [1][6]. Group 1: Social Security Benefits - Social Security benefits can be claimed at full retirement age (FRA), which has been gradually increasing to age 67, allowing individuals to receive 100% of their benefits based on lifetime earnings [4]. - Claiming benefits before FRA, such as at age 62, results in a reduced monthly payment, with a decrease for each month benefits are claimed early [5]. - Delaying benefits until age 70 can yield an additional 8% per year in benefits, along with delayed retirement credits, which can also enhance survivor benefits [9]. Group 2: Social Media Influence - Financial influencers on platforms like TikTok are promoting the idea of taking Social Security benefits early and investing the funds in the stock market, which is contrary to the advice of most financial experts [6][7]. - Some arguments for early claiming include personal health considerations and the potential for higher returns from stock market investments [7]. Group 3: Expert Opinions - Many financial advisors, including Social Security expert Mary Beth Franklin, advise against claiming benefits at age 62 unless there is a pressing financial need or a shortened life expectancy [9].