This article discusses factors that people should consider when deciding if they should delay taking out social security benefits. The full retirement age is currently 67 for people that were born in 1960 or later, and it is 66 for everyone else. People that wait until the full retirement age to start taking out social security can receive a higher benefit. Whether an individual should wait depends on their individual financial circumstances. It is important to factor in what sort of expenses a person will need and whether they are still working and what sort of income that they are getting. Deciding on when to take out social security deals with many complex factors and a person should not make this decision alone. It is a good idea to speak with an experienced estate planner about these retirement issues to get more personalized advice.
See Roger Wohlner, Tips on Delaying Social Security Benefits, Investopedia, January 4, 2016.
