Deciding when to begin taking social security benefits is an extremely important decision in your retirement planning process. The optimal age to begin receiving your benefits depends on factors such as your income needs, life expectancy and your desired date of retirement. You are eligible to receive full social security benefits at your full retirement age which varies depending on your date of birth as shown below:
Year of Birth Full Retirement Age
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 or later 67
Source: ssa.gov
According…