PLANNING FOR AND SUBSEQUENTLY transitioning into retirement is cumbersome enough without trying to figure out the Social Security riddle. Minimize the stress — and maximize the benefits — by separating facts from myths and knowing when to take Social Security.

Can I count on Social Security income to be there when I retire?
It is becoming commonplace to hear Social Security is bankrupt and will be gone in a few years. The truth is that even without any changes, trustees project redemption of the Social Security trust fund assets will be sufficient to allow for full payment of scheduled benefits until at least 2033. After that, 79 percent of benefits could be funded until almost 2090 without any change to the current system. Without getting into too many figures and statistics, the key takeaway is yes, you can count on Social Security income even if you are as young as 30 today.

So if I can count on it, when should I take it?
Your Social Security retirement benefit is based on your average earnings over your working career. Your age at the time you start receiving Social Security retirement benefits also affects your benefit amount. If you were born 1943–1954, your full retirement age is 66. Full retirement age increases in two-month increments thereafter, until it reaches age 67 for anyone born in 1960 or later.

But you don’t have to wait until full retirement age to begin receiving benefits. No matter what your full retirement age, you can begin receiving early retirement benefits at age 62. However, your benefit could be as low as 30 percent less permanently if you take it early. You can also choose to delay receiving retirement benefits past full retirement age. If you delay retirement, the Social Security benefit you eventually receive could be as much as 32 percent higher. That’s because you’ll receive a delayed retirement credit for each month, which equates to approximately 8 percent per year you delay receiving retirement benefits, up to age 70. For most people it comes down to three factors: existing savings, current income and health. If you already have sufficient savings, a high level of current income or a family history of long life expectancy, it may be best to wait and let that check amount grow. In fact, it is generally accepted if you live beyond age 80, delaying benefits until 70 becomes more advantageous. However, every circumstance is different, and depending on your income, cash flow needs and investment resources, it may be more advantageous to take the benefit earlier.

Are there claiming strategies for married couples?
Even if your spouse never worked outside your home or in a job covered by Social Security, he or she may be eligible for spousal benefits based on your Social Security earnings record. It is not automatic; you must apply for benefits. There are many considerations when deciding what time is best for you to begin taking Social Security benefits. The first step is to start planning now. With decisions as monumental as retirement, it is essential to consult a professional advisor who can provide guidance in achieving your financial goals.