When to tap into Social Security

TOLEDO, Ohio (WUPW) - TOLEDO, Ohio (WUPW) -- Jeff, from Rossford, wants to know when he should start taking his Social Security benefits.

There are two choices.

The earliest you can get retirement Social Security benefits is at 62, if you make below $14,000.

Another option is to wait until full retirement age, and that depends on when you were born.

Several charts point out that full retirement age is 67.

If you start taking Social Security benefits at 62, and let's say you'd get $1,700 a month.

If you wait until full retirement age, you'll get $2,500 a month.

But holding out for the higher amount will mean you lose out on five years of payouts, not to mention investment options with that money.

If you wait, it will take 11 years. You'd be 78 before you see that extra money.

"So in most cases, it makes sense to go ahead and start taking it, if not longer working," said David Elrod of Generations Financial Group. "If you are, it may make sense to delay it."

But here's the kicker. By the time you retire, Social Security may not be around.