This is a question many people are struggling with today.   And in terms of making the key decision, surveys show many Americans today don’t understand their alternatives.  We are finding the smartest path to take depends on many factors.  One of the key factors is marital status.  Another key factor is one’s age.  But when it comes to a retiree making their Social Security decision, several issues make the decision complicated.  For instance, quoting T. Rowe Price research, “Retirees have two competing goals: maximizing Social Security benefits, which means delaying benefits to age 70, and minimizing savings withdrawals in the early years of retirement, which means taking benefits as early as possible.”

In short, we strongly suggest retirees get professional help before they make their choice.  More specifically–a married couple should seek professional help before the spouse, who has been the “lower wage earner”, starts their Social Security benefits.