According to Ramsey, people should begin to take Social Security when they are 62 years old — even though it is a “mathematical disaster.”

In the past, Ramsey has even said that Social Security is a “stupid thing”, as well as a “mathematical disaster.”

This topic has long been controversial, as every financial advisor has a different opinion. Ramsey believes that people should begin to collect Social Security when they turn 62 years old.

Americans can receive full retirement benefits when they hit this age range. Often, if they wait until this time — or until they are older, such as 70 — seniors can receive more in monthly benefits.

Waiting until you’re 70 means that you are more likely to receive the highest payment as there aren’t any more financial advantages to waiting. You could even boost your finances by $182,000 just by waiting a few extra years.

This is because their benefits and monthly payments will be much less than if they just wait a few more years.

Given how much everything costs, it is better to wait this long so you can collect everything you are entitled to. Even though it’s completely your choice, waiting just a little longer will serve you better in the long run.

These benefits are based on the higher benefit you earned due to delaying the collection of Social Security. In the long run, this will continue to pay off year after year.

Experts have predicted that social security will increase by 2.6%, although the exact amount will not be known until October, as this increase will rely on data from the third quarter. This means those who waited until they were 70 to collect it will be better off than those who collected it at 62.

As each year goes by, the reduction decreases. For example, claiming at 66 means you will only receive a 6.7% reduction at $933. In comparison, those who claim at 70 will receive $1,240 and will get an increase of 8% each year after full retirement age.

Ramsey has stated that this is an okay method to take — as long as you make another move alongside the collection. He said, “It almost always makes sense to take it early if you’re gonna invest every bit of it.”

“That one account will make you more than enough to cover up the difference between your [age] 66 account and your [age] 62 account,” he explained.

However, finding these good mutual funds can be an incredibly difficult task — especially if you’re not comfortable with investing or do not have a professional doing it for you.

However, the average life expectancy for Americans is 77, which means that by the time you receive that money, you could have passed away. This is why most other financial advisors suggest waiting longer to collect social security.

After all, if you don’t know how to accurately invest in good mutual funds, then you could end up putting yourself in a worse financial situation than if you had just waited to collect Social Security when you were older.

Instead, they may need that money to pay their bills or to use it in their daily lives. Therefore, this advice wouldn’t work for them.

As everybody is in a different situation, this advice may only benefit the select few who have the opportunity to invest their Social Security.

Especially if you know you will be in a position where you solely rely on this money to live out the rest of your years, it is better to not take the risk and know you’ll be guaranteed more money.

Following what one of your friends does is risky. Taking the money out at 62 and investing it may work really well for them, but you could do that and end up losing money.

If you need social security to cover your living expenses, you should stay at work for a few more years and only collect the money as late as possible. However, if you do not need the money for living expenses, then you have a bit more room to invest it and not worry about how you will afford to live day-to-day.

This amount is if you are under retirement age, and $1 will be taken off benefit payments for every $2 that you earn over the threshold. However, if you are of retirement age, the limit on earnings is $59,520. In this case, $1 will be deducted from your benefits for every $3 you earn over this amount.

This means that these people may have no other option than to retire before they turn 70 and collect their social security money early.

They will be able to take a look at your personal financial situation, as well as the benefits you will be entitled to. This should help you make the best decision on how to move forward.

Advice on how and when to collect Social Security — and then how to use these benefits — varies from advisor to advisor. Expert advice will likely only continue to differ in the years to come.