Merrill: What’s your best advice for couples?
Storey: I’d encourage anyone approaching retirement age to speak with their financial, tax and legal advisors. When and how to begin claiming your Social Security benefits are important — and complex — decisions. And it can help to talk with those who understand the rules, as well as your personal situation.
Merrill: Is waiting always the right answer?
Storey: Waiting longer can increase the amount you receive over your lifetime, but what’s right for you may be very different from what’s right for me. You’ve got to consider your health and your family history — how long do people in your family tend to live, for instance? If your parents and grandparents didn't live past 75, it could make sense to claim your benefits as early as age 62.
Your other retirement assets also should be considered: Claiming your benefits earlier might allow you to delay drawing income from your portfolio and give it more time to grow. Also think about your goals and the kind of lifestyle you want in retirement as well as your immediate financial needs. A family caregiving situation could arise that requires your attention and financial support.
If, after you’ve considered all the factors, you feel that claiming your benefits before age 70 makes sense for you, you shouldn’t feel bad about not waiting. Social Security was conceived as a safety net. And it’s only valuable if you use it when you need it.
Find Your Full Retirement Age
If you were born on January 1, use the year before your date of birth to see when you become eligible to claim full benefits.
If you were born between 1943 and 1954...
You could claim full benefits at age 66.
If you were born between 1955 and 1959...
For each year of birth after 1954, the full retirement age increases by two months. (For example, the full retirement age if you were born in 1955 is 66 years and 2 months; if you were born in 1959, it’s 66 years and 10 months.)
For more on how much your benefits would be reduced by filing before your full retirement age, see Starting Your Retirement Benefits Early on the Social Security Administration's web page.
If you were born in 1960 or later...
You can claim full benefits at age 67.
Your eventual benefits will increase every year you delay benefits past your full retirement age until you reach 70.