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nytimes.com - Social security retirement

Note: Waiting until age 70 is by far the least expensive inflation-adjusted life annuity you can buy.

{{ How to know when to claim

Experts say that most people approaching retirement will fall into one of these scenarios. Here is what they say you should think about if you are:

Healthy and wealthy: If you (and a spouse) are in the lucky minority of retirees who are healthy with more than adequate savings — especially if you have enough that you’re worried about tax consequences — then delay claiming Social Security until 70 and spend down your I.R.A. or other tax-deferred retirement accounts first to reduce your tax bite.

Healthy and not-so wealthy: If you (and a spouse) are healthy but worry that you don’t have enough money saved to cover a potential 30-year retirement, the unwelcome advice is to work as long as you can and delay claiming Social Security as long as you can. You want to maximize your benefits in your late 80s and beyond.

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Miserable: If your job has become untenable, or you’re still craving adventure at middle age, claiming Social Security can be a bridge to a new life by allowing you to preserve other savings or retirement investments. Plan carefully, take stock of other resources (income from a spouse, home equity or other assets) and make peace with the idea that you may need to live frugally or return to work at least part time.

Not-so healthy: If you’re battling illness and your years look short, claim Social Security when you stop working. There’s no point in waiting until age 70 if there’s a very real possibility you won’t live past 80.

In no way wealthy: If you’re scraping by or were pushed out of a job after turning 50, you may have no choice but to claim your Social Security benefits as soon as you turn 62. }}

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