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Dan Kline there I'm Motley Fool contributor Dan Kline and on this episode of FAQ we're looking at when you should take Social SecurityBefore we get into when you should claim let's look at when you can claim You can begin claiming at 62 but to get your complete Social Security benefit you need to wait until your full retirement age That's 66 for people born between 1943 and 1954 For anyone born between 1955 and 1959 you'll have to wait a few more months For anyone born after 1960 full retirement age has been raised to 67To further complicate things you don't have to retire when you hit full retirement age, and it actually pays not to If you can wait at least one extra year after 66 or 67depending on which one is your full retirement age you'll get an extra 8 in benefits for every year between 66 -- or 67 depending upon your age -- that you wait to submit your claim until the age of 70 In addition to those calculations there's also different considerations for a married person who did not work long enough or make enough money to earn much of a Social Security check People in that category can retreat full retirement age with half of their spouse's benefit If however they choose to retire at 62 then that amount can get reduced by up to 35 -- 833 for each of the first three years and 5 for each year on top of that It's worth noting that the spouse does not get a lesser benefit of his or her own when this claiming method is used;and should the higher-earning spouse die the surviving member of the couple can switch from the half share to a survivor's benefit which is generally the full amount the spouse was collecting That of course only covers when you could start collecting Social Security not when you should To decide when you should take benefits you should consider the following things One how long can you continue working how much do you have saved Three what will your expenses be in retirement four are you in good health Deciding when to collect Social Security requires taking an honest look at your finances your savings your work situation and your post-retirementexpenses The earlier you file, the less you get; but it is a sliding scale You lose 667 a year for the first three years if you retire between 62 and 65 For the year -- or two years --after that depending upon whether full retirement age is 66 or 67 for you, you'll lose 5 for each year you claim your benefits early with a maximum loss of 30Simply put you collect more money each month if you can put off retirement until 70, but that may not be the right move for everyone If for example you've saved enough asocial Security won't be an important part of your retirement income, but your notion great health you may consider claiming at 62 to maximize the amount of years you collect That scenario sadly does not apply to most Americans In fact a recent survey from Transamerica showed that 66 of American seniors expected Social Security to be their principal form of retirement income That's...
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