Social Security: Now or Later?
Once you have the facts, the decision isn’t that difficult. First you need to know if you plan on working at all. If, yes, how much will you earn each year? Next you need to know the amount you are allowed earn to not cause “income offset”. Then you need to know the monthly amount you would receive at the earliest available age. And, the monthly amount you would receive if you waited. Once we have that information it is a simple calculation to determine the best way to go.
Bottom line, if you plan on earning more than the “allowed amount” and would therefore cause an income offset, it usually makes the most sense to wait until you are not subjected to the offset. If you will not be subjected to an income offset, it may make more sense to take it as early as you are eligible.