When to take Social Security benefits is a decision every retiree or pre-retiree will ultimately face. Some situations are easier to navigate than others. For example, with a cash shortfall and no other sources of income, claiming Social Security benefits at age 62 may seem unavoidable. However, what about an individual who does not need the income, but isn't in great health and with no longevity in the family? The choice here may not be so clear, and that's before factoring in whether that individual is married or has a child under age 18.
Before diving into a breakeven analysis or complicated computations, it is important to first understand the monetary impact when claiming Social Security at, below, or after your Full Retirement Age (FRA).