Financial expert Dave Ramsey advises claiming Social Security benefits at 62 and investing the money rather than waiting until 70. However, delaying increases a $2,000 monthly benefit to $2,480 without market risk. Most retirees rely on Social Security for expenses and lack the discipline to invest every dollar.

Ramsey’s advice overlooks human nature and practicality. Most retirees won’t invest every dollar if claimed at 62, and the funds may be needed for living expenses. Additionally, delaying Social Security increases the benefit, offering a guaranteed return compared to investing, which carries market risk. Following Ramsey’s advice may lead to financial loss.

Deciding when to claim Social Security is a personal decision based on health, spouse’s plans, and financial assets. Consulting a financial planner is recommended, as they can help evaluate the best age to claim benefits. Retirement planning involves more than just investments and requires careful consideration of all income sources.

Retirement planning is not just about picking the right investments. A simple shift from accumulating to distributing assets can make a significant impact on retirement readiness. By reevaluating portfolios based on three key questions, many Americans are finding they can retire earlier than expected. Take five minutes to learn more about optimizing retirement income.

Read more at Yahoo Finance: Dave Ramsey is Wrong About The Best Social Security Claiming Age