When to take Social Security

When should you take social security? You are eligible when you reach age 62. If you take benefits then, your benefit will be 75% of what you would get at age 66 the full retirement age for the baby boomer generation. However if you wait until age 70 to collect your social security benefit you will get 132% of your benefit at age 66. The benefit increases 8% for each year from age 66 up until age 70 when the increase in benefit ceases. If you are in good health and you don't need social security to make ends meet, then wait and get more for the rest of your life. Cash flow is king in retirement and social security can be a cornerstone of your strategy. Social security will be there for the boomer generation but maybe not in the same form for our children.