Understanding the optimal time to start claiming Social Security benefits can significantly impact your financial stability during retirement. Some key considerations are:

1. Employment and Earnings: If you’re working and haven’t reached the full retirement age (FRA), starting benefits early might lead to reduced payments if your earnings exceed the annual limit.
2. Health Considerations: Your current health and expected longevity are crucial. Delaying benefits could nearly double your payments compared to starting at 62, but this comes at the cost of receiving no benefits for several years.
3. Retirement Savings: Leveraging income from tax-deferred accounts like 401(k)s or IRAs first can allow your Social Security benefits to grow, reducing the taxable amount later.
4. Spousal Benefits: Understanding the benefits available to your spouse can maximize your combined retirement income.
5. Survivor Benefits: Consider the impact of your benefits on your spouse after your passing. Delaying benefits might provide more substantial support to your surviving spouse.

Each situation is unique, and the best choice depends on personal factors such as your financial needs, health, and retirement goals. We recommend working with your financial advisor and tax professional to analyze these factors and plan accordingly for your Social Security benefits.