We Asked 4 Financial Advisors What They'd Do If They Were 62 Right Now

Turning 62 forces one of the biggest retirement decisions most Americans ever make. Should they claim Social Security immediately or avoid money mistakes by waiting longer for a larger check?

The difference between the two approaches isn't a matter of pennies. Claiming at 62 reduces your lifetime benefit by up to 30%. By contrast, waiting from your full retirement age until you turn 70 adds 8% per year. It's a tough decision, however you look at it.

To see how professionals approach this choice, we asked four fee-only fiduciary financial advisors what they would do if they were 62 today.

Each had a different reason for their approach, and one advisor went against the grain.

Robert Johnson: Delay for the guaranteed 8% annual increase

A professor of finance at Heider College of Business, Creighton University, Robert Johnson combines decades of academic and practical experience in investment planning. He would wait until age 70 because delaying Social Security after full retirement age increases benefits by a return that's difficult to match elsewhere.

He views that higher future benefit as essentially a guaranteed payoff, particularly valuable for retirees who expect to live into their 80s or beyond.

That said, Johnson stresses that delaying isn't always the right answer. "There are three reasons for not delaying: cash flow enhancement, poor health or low life expectancy, and if you believe either SS will end or will be diminished," he says.

Rather than treating age 70 as the universal goal, Johnson says the decision comes down to balancing cash flow needs, health, and personal expectations about the future.

Cody Schuiteboer: Build a bridge instead of claiming early

Cody Schuiteboer is the President and CEO of Best Interest Financial. He is upfront about being primarily a financial coach, and his experience in that field colors his opinion on this matter.

Like Johnson, Schuiteboer would avoid claiming at 62, but his focus is less on maximizing benefits and more on building a retirement plan that makes waiting possible. The crux of his decision, as he puts it, is whether "I would be making the move to wait and take Social Security to risk financial inflation. There is also the idea that I should protect against dying young, but the real risk when I retire is making sure I do not run out of money in the event that I live a long life. Taking Social Security at 70 would be the best protection against that risk."

Instead of filing for Social Security early, he'd rely on three strategies: shift to part-time work rather than fully retiring; use cash, bonds, taxable investments, and retirement accounts to bridge the income gap; and create a plan for the years before Medicare begins at 65, including managing income to qualify for larger Affordable Care Act premium subsidies.

Schuiteboer also recommends maintaining enough cash or other low-volatility investments to avoid selling stocks during a market downturn. Still, he'd claim early if poor health, debt, or a lack of other income made waiting financially harmful.

Gil Baumgarten: Working longer makes waiting more valuable

The CEO of Segment Wealth Management, Gil Baumgarten, also favors delaying Social Security until age 70, particularly for people with access to other financial resources. His reasoning extends beyond the larger monthly benefit.

In his own words: "For those of us who also work later in life, there's some tax disadvantage to having earned income and taking Social Security. A larger percentage of your Social Security benefit is taxable due to working."

If you plan to stay employed into your late 60s, waiting until earned income stops can help maximize both benefits and tax efficiency.

Unlike Schuiteboer, Baumgarten focuses less on how to bridge the gap and more on why delaying often produces the strongest long-term financial outcome.

Holmes Osborne: Claim early and invest the checks

Holmes Osborne, principal at Osborne Global Investors, stands apart from the other three advisors.

Rather than waiting for larger guaranteed benefits, he says he is "going to take early Social Security and put the money into an investment account. I'm curious to see if I can outperform the extra earnings had I waited until full payout."

Osborne acknowledges that health plays a major role in the decision. Someone who expects a shorter retirement may reasonably prefer receiving guaranteed payments sooner rather than later.

His approach also assumes an investor is comfortable accepting market risk in exchange for the possibility (but not the certainty) of higher returns.

Where the advisors agree

Three of the four advisors would personally delay Social Security if they had sufficient savings or other income. They agree that waiting generally provides stronger long-term protection against outliving retirement assets.

On the other hand, they also concur that early claiming becomes much more attractive when someone faces poor health, limited savings, or an immediate need for income.

Where the advisors disagree

The three advisors who'd wait differ on why. Johnson emphasizes the guaranteed increase in benefits. Schuiteboer focuses on creating a practical income bridge, including health insurance planning, that allows delaying. Baumgarten adds tax considerations for people who continue working. 

Meanwhile, Osborne is willing to trade the guaranteed increase for the opportunity to earn potentially higher investment returns.

Bottom line

Asking financial advisors what they'd do at 62 didn't give us a universal answer, but it did reveal a pattern. Professionals generally view claiming age as one piece of a broader retirement income strategy rather than an isolated decision. Whether they prioritize guaranteed income, tax efficiency, portfolio management, or investment growth, each starts with the same question: What problem is this decision solving?

Instead of asking whether 62 or 70 is the best age to claim senior benefits, walk through your own situation. Do you need Social Security to cover essential expenses today? Do you have other income? Would you rather lock in a larger benefit or accept investment risk for the chance to earn more? Those answers matter far more than copying anyone else's claiming strategy, even a financial advisor's.

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