Financial Advisor: Take Social Security as soon as You can

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Many, if not most, retirement advisors say, if you can, wait until 70 to collect Social Security. But at least one personal finance author says take it as soon as you can.

Michael Marini says if you take SS at 62 you can save during retirement.

"You can accumulate that money; you can use the money that money is earning to supplement what you get at 70."

Marini says the other option, if you don't need SS for day to day expenses, is to spend it.

"None of us are guaranteed how long we're going to live so there's that factor of 'what are the other options?' Maybe we can enjoy some of that money sooner in life; why wait until 70 if you don't have to?"

Marini says while most Americans take SS at 62 the trend has been to wait until 70 because it'll be the highest possible check and many of us are now living into our 90s.

Marini says, if you don't need the money to live, you should take SS at 62.

"You're giving up eight years of money in exchange for a bigger check down the road and if you play it smart, if you don't need the eight years of money and you save it and invest it, why not turn that into another nest egg? No one says you have to spend the money."

Marini says for many, taking SS at 62 will lead to the most retirement money, if they invest it wisely.

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