Following Dave Ramsey’s Social Security Advice Could Put Your Retirement at Risk

Core Viewpoint - Dave Ramsey's financial advice, particularly regarding Social Security, is seen as potentially risky for retirement planning, advocating for early claims at age 62 rather than waiting for larger benefits at full retirement age or age 70 [3][5][8] Group 1: Social Security Claiming Strategy - The earliest age to claim Social Security benefits is 62, with full retirement age (FRA) being 67 for those born in 1960 or later, and benefits can be delayed until age 70 for an 8% annual increase [4] - Ramsey recommends claiming Social Security at 62 to maximize the number of checks received over a lifetime, despite the smaller monthly amounts [5] - He suggests that investing the early Social Security payments could compensate for the reduced monthly benefits, assuming retirees have investment knowledge and additional savings [6][8] Group 2: Critique of Ramsey's Advice - Many Americans lack retirement savings, making reliance on Social Security critical, and reducing this income stream could jeopardize financial stability [7] - Ramsey's strategy may not be suitable for those who depend heavily on Social Security for retirement income, as it assumes a level of investment expertise that many retirees may not possess [8]