We get this question frequently and I always answer, it depends on the planning you have done. The word plan is used a lot in our day to day lives. Just like you may plan your meals, a party, or a trip, you need to plan for your financial future beyond your employment years.
Social Security was established in 1935 as a self-financing program that would collect payroll taxes while you worked, and those funds would be paid out in benefits to retirees.
Many Americans depend on it as their primary source of income while others have planned and as a result it is a supplement to pensions, IRA’s and personal savings. The exact amount of your benefit is not computed until you turn 62. At that point you are eligible to start taking it, however, your benefit will be 70-75% of your PIA (Primary Insurance Amount). If you apply at your full retirement age (66 to 67 depending on your birth year) you will receive your full benefit. The choice you make will affect your monthly income that you receive during your lifetime.
A good tip is to start planning early and sit down with a financial planner at least a year or two in advance of when you are thinking about taking Social Security. You can get an estimate of your benefits by going to www.ssa.gov/myaccount. Once you open an account you can view your earnings and get your latest Social Security statement. I recommend you doing this so you can check the accuracy of the information.
It is also a good idea to talk to someone at Social Security if you have had a divorce or are a widow, or planning to work after you apply for benefits. There are factors that could affect your benefits.
When you take your Social Security should be part of your overall financial plan and not just taking it when you can.