(Courtesy of Medicare Done) Deciding when to start your Social Security benefits is one of the most important choices you’ll make for retirement, and it’s not a one-size-fits-all answer.

While you can start claiming benefits as early as age 62, doing so permanently reduces your monthly income—up to 30% less than if you wait until your full retirement age (FRA), which is 66 or 67 for most people. On the other hand, delaying benefits past your FRA can increase your monthly income by 8% annually until age 70.

So, what’s the right strategy for you to maximize your lifetime payout? It depends on many different factors.

For example, waiting until age 70 could mean a much larger monthly check for life, but if you have health concerns, starting earlier may make more sense.

Are you planning to continue working? Do you need the income now, or can you rely on savings for a few more years until you max out at 70? If you’re married, spousal and survivor benefits will also play a role in your decision.

These decisions are deeply personal and can significantly impact your retirement lifestyle. The average household loses over $110,000 in potential income by making the wrong Social Security claiming decisions.

That’s why we offer a free Social Security consultation to help you navigate your options and maximize your benefits. This is the first of a bimonthly series featured in the Health and Business sections of The Jewish Link focusing on Social Security planning.

Call Yeshaya Jeremias RSSA (Registered Social Security Analyst) at 248-919-8193 or email [email protected] to schedule your personalized analysis. Understanding your options is the first step to securing your financial future.