When should I start taking Social Security?

The best time for you to start taking Social Security depends on your health, life expectancy, income needs, and employment status, as well as any relevant spousal considerations. Delaying past Full Retirement Age (which is 67 for those born in 1960 or later) earns 8% annual increases up to age 70, while claiming at 62 permanently reduces benefits by 30%. If you are married, delaying the higher earner’s benefit can increase survivor benefits.