Should you claim Social Security at 62? Here’s what experts say

Some influencers across social media are espousing the idea that claiming retirement benefits at 62 is the way to go, according to CNBC.

There are those, however, that say otherwise.

The Social Security Administration (SSA) explains that 62 is the earliest a person can start receiving their benefits.

According to these influencers, the earlier you start, the higher the cumulative benefits will be. And although higher monthly checks will come with delays at this time, these influencers believe people will be able to “break even,” believing delaying benefits yields more total income later in life.

CNBC states that other experts point out a couple of issues with this: For one thing, no one knows when they’ll die; claiming your retirement benefits earlier in life in the belief you’ll hit your 70s or 80s when that isn’t guaranteed might not be the best idea.

Plus, the SSA points out that the earlier someone starts receiving their Social Security benefits, the smaller the amount is when compared to their full retirement. Beneficiaries who wait until the full retirement age — usually 66 or 67 — get 100 percent of what they’ve earned throughout their lives.

The Motley Fool states that retirees collect $1,424 a monthly on average at 62; that number is $2,275 a month at age 70 about a $850 difference.

“Another way of framing this discussion is to realize that claiming at any age before age 70,” told ex-Social Security Administration executive Jason Fichtner to CNBC.

”If you’re gathering your investment advice on social media, there’s a good chance that person isn’t regulated, isn’t license,” Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, said to CNBC.

“It could just be someone out there sharing an opinion, but you have to take that with a grain of salt.”