Social Security Questions? Ask a Social Security Expert
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It depends on your life expectancy. Many experts feel like taking your retirement (especially if you need it) as early as possible is the right way to handle things although taking early retirement does decrease your benefit. At some point there is a break even point and the increased benefit starts to become an increase for you. If you are an unhealthy person at age 64 and your family has a history of early death then the early benefit is the way to go. Also if you need the money to live, there is not much else you can do. Everybody's situation is different and no one can fault you for taking a bird in the hand. You can always suspend your benefit at full retirement age and gain credits for not taking your benefit from 66-70 (you gain about 8% per year for doing so). You can also take the spousal benefit if you file a restricted benefit (you are grandfathered in and Congress has taken away this loophole) which will allow your benefit to grow while taking a 50% benefit of your spouse at the same time.
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