When should I take Social Security?

The window you get to choose from

You can generally start Social Security retirement benefits as early as age 62 or as late as age 70. Somewhere in between is your "full retirement age," which is 66 to 67 for most people today, based on the year you were born.

The core trade-off

Claiming earlier than your full retirement age permanently reduces your monthly benefit. Waiting past it earns "delayed retirement credits" that permanently increase it, up until age 70. So the decision is really a trade between more checks that are each smaller, and fewer checks that are each larger.

People sometimes talk about a "break-even age," the point at which the larger delayed checks add up to more than the smaller early ones. It is a useful concept, but it is only one piece, because it assumes you know how long you will live.

What people weigh

• Health and family longevity: expectations about how long benefits may be needed.
• Other income and savings: whether you can comfortably wait, or need the income now.
• Still working: earnings before full retirement age can temporarily reduce benefits.
• Spousal and survivor benefits: your timing can affect what a spouse receives.

The honest bottom line

There is no answer that is best for everyone, because it depends on your health, your other resources, your family situation, and what would let you sleep well. The goal is a decision made on purpose, with the trade-offs clear, rather than by default. That is a good thing to talk through with a licensed professional who can look at your full picture.