When Should You Choose to Take Your Social Security Benefits?

The age at which to choose receiving Social Security is often a crapshoot. There are many variables that complicate your options.

What you get monthly depends on your age when you are ready to choose. At age 70 you will get at least 75% more than what you would have received at age 62. At age 66 you get at least 33% more than at age 62. However, you have to live longer to make up for payments you have deferred. How good are your health and longevity prospects?

Then you have different possible tax treatment of benefits that may affect future benefits compared to how they affect more current benefits. (See the Earl J Weinreb NewsHole® comments.)