Social Security: When’s the right time to start?

Description

Abstract: Many people elect to begin receiving Social Security benefits as soon as they’re eligible, but that’s not always the best choice. There’s no magic formula for deciding when to begin receiving Social Security benefits, but this article discusses a few factors to consider — such as expected lifespan, when or if one retires, and tax considerations. A chart shows when the standard retirement age begins (depending on one’s year of birth) and the percentage of the standard benefit one will receive if collecting benefits before or after that age.