Dave Ramsey Says Claim Social Security Early — 'Might as Well Get All You Can' But Suze Orman Says Waiting Gets You 76% More Per Month. Who's Right?

Core Viewpoint - The article discusses two contrasting perspectives on when to claim Social Security benefits, highlighting the debate between taking benefits early versus waiting for larger monthly payments [1] Group 1: Early Claiming Perspective - Financial expert Dave Ramsey advocates for claiming Social Security benefits early, emphasizing that benefits do not outlive the individual, thus encouraging individuals to maximize their benefits as soon as possible [2] - Ramsey suggests that if individuals do not need the money immediately, they should invest it in growth stock mutual funds to build long-term wealth, warning that delaying could result in receiving nothing if life circumstances change [2] - An example provided indicates that claiming at age 62 results in a monthly benefit of $1,430, compared to $2,535 if one waits until age 70 [4] Group 2: Delayed Claiming Perspective - Financial guru Suze Orman recommends waiting as long as possible to claim Social Security benefits, citing life expectancy data to support her argument [3] - Orman notes that a 65-year-old woman has a 50% chance of living to 88, while a man has a 50% chance of reaching 85, suggesting that waiting until age 70 can lead to a 76% increase in monthly payments compared to claiming at age 62 [3][6] - The break-even point for those who wait to claim benefits is around age 81, indicating that individuals in good health may benefit more from delaying their claims [3] Group 3: Decision Factors - The decision on when to claim Social Security benefits ultimately depends on individual health, income needs, and long-term financial plans [5] - Those who require income sooner or are uncertain about living into their 80s may find Ramsey's approach more suitable, while those in good health with a longer life expectancy may benefit from Orman's strategy [5]