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ARTICLE · 18 APRIL 2024

When Should You Take Your Social Security?

Kaufman Rossin
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On the one hand, Social Security provides higher monthly benefits for those who are willing to wait. In fact, when financial economists crunch the average numbers...

United StatesEmployment and HR
Michael Cantero
Michael Cantero

As you look ahead to retirement, one question you may have in mind is "When should I start taking Social Security benefits?"

On the one hand, Social Security provides higher monthly benefits for those who are willing to wait. In fact, when financial economists crunch the average numbers, they find that those who wait until age 70 to start collecting can generally expect to reap bigger overall payouts than those who jump in early.

On the other hand, it's tempting to start collecting benefits as soon as possible. After all, none of us knows what tomorrow will bring. Plus, those "average" analyses may or may not apply to you and your family.

No wonder most of us find ourselves in a quandary about when to take our Social Security benefits. It's likely been that way ever since President Franklin D. Roosevelt signed off on the Social Security Act back in 1935.

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