When should I claim Social Security benefits?

This is probably one of the most significant financial decisions you can make in your life.

Therefore, you want to be fully informed of the consequences of your decision before you make it.

There is an excellent online calculator that can answer this question: www.opensocialsecurity.com

After you enter name, age, date of birth and the amount you are estimated to receive from Social Security at your full retirement age, the calculator will tell you the month and year you (and your spouse) should start claiming Social Security to get the maximum benefit over your lifetime.

You can find out how much you are estimated to receive from Social Security at your full retirement age by going to www.socialsecurity.gov and look at your annual statement.

You may also wish to consult with a financial planner or check with Social Security to confirm the results from this calculator.

I found this free calculator to be extremely helpful for my wife and myself. The results were confirmed by our financial planner.

Tom Copeland - www.tomcopelandblog.com