TikTok has advice on how to get more money out of Social Security checks. Here’s what the experts say

The recent trend on social media platforms such as TikTok has seen financial influencers recommending that people start collecting their Social Security benefits early, at age 62. However, this advice differs from what financial planners typically recommend, which is to delay claiming Social Security benefits as long as possible to get the maximum monthly benefit at age 70. The Social Security system works by allowing individuals to claim 100% of their benefits at full retirement age, which is currently 67, and reducing monthly payments for those who claim earlier. If individuals wait until age 70, they can receive their maximum monthly benefit. Some financial influencers on TikTok argue that taking the payout at 62 and investing it in the stock market can be beneficial, especially for those who are sick or have a shortened life expectancy. However, many financial advisors disagree with this advice, recommending that people only claim Social Security at 62 if they seriously need the money or have a shortened life expectancy. According to experts, delaying Social Security claims until age 70 can result in an extra 8% per year in delayed retirement credits, which can maximize survivor benefits. The decision to claim Social Security early also depends on a person's appetite for risk, as it's essentially a savings vehicle. Financial advisors emphasize the importance of consulting with a trusted financial advisor about specific situations before making big decisions about finances or retirement. Ultimately, it's crucial to remember that listening to financial advice from strangers on the internet can be very risky, and individuals should prioritize seeking advice from trusted financial advisors.