Why Economists Say Claiming Social Security at 62 Could Be a Costly Mistake

When it comes to retirement, emotions often drive decisions. But economists—and financially savvy retirees—know that math should lead the way.

One of the biggest questions facing future retirees is: When should I claim Social Security? While 62 seems appealing, especially with the average lifespan data in mind, that early claim might be leaving tens of thousands of dollars on the table.

Our latest podcast episode, we dig into the economic rationale behind delaying Social Security, based on insights from a recent USA Today article and the analysis of economist Lawrence Kotlikoff. The conversation explores how life expectancy increases with age and how that shift drastically alters your expected lifetime benefits.

For example, a 62-year-old man today has an average life expectancy of over 83—not 74. That’s an extra decade of benefits to consider. And when you do the math, waiting until 70 could net you over $40,000 more in lifetime Social Security income.

Financial strategist John White joins us to share how he helps clients model these decisions, taking into account not just math, but psychology, personal health, and other income streams. His approach blends economic forecasting with real-life planning, helping people retire with clarity and confidence.

If you're on the cusp of claiming Social Security, this is a conversation you can’t afford to miss.

✅ Talk to John White

Are you ready to get your financial house in order? Schedule a call with John White today! With over 30 years of experience helping families navigate the complexities of financial planning, John brings a wealth of knowledge and genuine care to every consultation. 

At Financial Guideposts, we are passionate about guiding you to where you need to be to ensure you and your family live your best, most stress-free life. Our mission is to keep your family financially protected, no matter what happens. Let us help you achieve peace of mind and financial security. Schedule your call with John White now and take the first step toward a brighter financial future.