Social Security can be one source of retirement income for you and your spouse. To maximize your benefits, you’ll need to make some key decisions and be aware of some common myths.
• Myth 1: Always take Social Security early. You can file for Social Security benefits as early as 62, but you could get 25% to 30% more if you wait until your “full” retirement age (likely between 66 and 67). You can receive even more if you wait until 70, at which point your benefits will “max out.” However, there’s no right time to file for everyone — it depends on your situation, including factors such as your life expectancy, employment, financial need and spousal considerations.