One of the first questions many people ask us is, when should I start taking my Social Security Benefits? In general, if you are in good health, it’s probably best to wait as long as you can to take your benefits (but no later than age 70). However, there isn’t one simple formula that works for everyone, so the correct answer can only be found by analyzing your individual circumstances. For example, here are the first few questions that you will want to ask yourself. Are you in good health? Is your spouse in good health? Are your parents in good health? How long are you likely to live?? How much have you saved for retirement? How much money will you live on in retirement? Can you afford to wait for a few years in order to claim higher benefits?
Once you have answered those questions, you can begin to explore which strategy is best for you. The following article is an excellent starting point, as it explains the specific choices available to you from Social Security, while also providing some tips for maximizing your benefit. Just keep in mind that how you answer the question of when to start taking Social Security benefits will affect the quality of your retirement years and your net worth. If you don’t feel confident in answering this question alone, we would advise that you seek out a Certified Financial Planner (CFP®) to assist you.
http://www.schwab.com/public/schwab/nn/articles/When-Should-You-Take-Social-Security