Social Security Threatens To Close All Field Offices

[SheilaT]

64. The term "full benefits" is somewhat misleading.

What it really means, is that's the age (currently 66, will go up to 67 as already noted) at which if you are collecting SS, it will not be decreased if you earn too much money. At any age, SS may be subject to income taxes.

The true "full benefits" age is actually 70, because that's the age at which you max out on how much SS you will collect, no matter when you were born, whether or not you keep on working. What that means is that no one should delay getting SS after age 70.

The decision about what age to start collecting is always somewhat complex, and for each individual depends on how much the need that income, and how long they realistically expect to live. If you expect a decent life span you should delay collecting as long as possible. If for any reason you don't, then start collecting earlier.