When to Take Social Security: It’s Not Just About Age

Many people think Social Security is a simple “start at 62 or wait until 70” decision. 

The best choice for you depends on your health, other income sources, longevity expectations and marital status. 

Taking benefits early can mean smaller checks for life, while waiting can boost them by 8% each year after your full retirement age (FRA). 

A thoughtful strategy can add thousands over your lifetime and your spouse’s too.

If you find yourself owing federal taxes each year, it may make sense to complete IRS Form W4-V and withhold a portion for taxes.