The best time to take Social Security depends on individual factors such as cash needs, health, life expectancy, and retirement plans. You can start benefits as early as age 62, but taking Social Security before your full retirement age (typically 66-67 depending on birth year) results in reduced monthly payments. Waiting to claim benefits until age 70 yields the highest monthly payment. Generally, if in good health and able to delay, waiting can increase benefits as a form of insurance for a longer retirement. Conversely, if you need income sooner or have a shorter expected lifespan, taking benefits earlier may be appropriate.

Here are the main considerations:

• Full Retirement Age (FRA): Typically between 66 and 67, when you can receive 100% of your benefits.
• Early Benefits (age 62 to FRA): Benefits are reduced permanently. For example, at age 62 with FRA 67, benefits are about 30% less.
• Delayed Benefits (after FRA up to age 70): Benefits increase about 8% per year delayed, resulting in larger monthly checks.
• Cash Needs: If immediate income is needed, earlier claiming may be necessary.
• Health and Life Expectancy: Longer life expectancy makes waiting beneficial; shorter life expectancy may favor early claiming.
• Work Status: If still working, benefits may be reduced if taken early and income exceeds limits.
• Survivor Considerations: Higher-earning spouses might delay to maximize survivor benefits.

Ultimately, the decision is personal and best made with a financial planner considering all personal circumstances.