When Should You Start Social Security

This might be one of the biggest money decisions you ever make. And most people don't spend much time thinking about it.

Get it right, and you could add tens of thousands of dollars to your lifetime benefits. 

Get it wrong, and you leave real money on the table.

Here's how it works. You can start as early as age 62. Or you can wait until age 70. 

The longer you wait, the bigger your monthly check.

Start at 62, and you get about 30% less than if you had waited. 

Start at your full retirement age, which is 67 for most people today, and you get your full check. 

Wait all the way until 70, and your check grows by about 8% every year you delay. 

That's a big raise for doing nothing.

So should you always wait? Not always. It depends on your situation.

Taking it early might make sense if you need the money to pay bills. Or if your health isn't great and you don't expect a long life.

Waiting often makes sense if you're still working. Or if you're in good health with a family history of long life. 

Or if you're married and want to leave a bigger check for your spouse down the road.

That last one is a big deal. When one spouse passes away, the smaller Social Security check goes away. 

The surviving spouse only keeps the bigger one. 

So if you're the higher earner, waiting gives your spouse better protection.

There's also taxes to think about. Social Security can be taxed. 

And starting at the wrong time can bump you into a higher tax bracket.

The bottom line? This isn't a one size fits all decision. 

It depends on your health, your income, your marriage, your other savings, and your goals.

Not associated with or endorsed by the Social Security Administration, Medicare or any other government agency.