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The first step is to analyze your personal situation. For most people, the best time to start receiving benefits will be shortly after their full retirement age (FRA). But sometimes it may make sense to delay that even longer or never retire at all! So let's look into how that decision could affect you.

But first, let's look into just how Social Security benefits are calculated. You receive 100 percent of the benefit your spouse would have received if they were still alive when you start collecting, but just 70 percent if they pass away before you do. These percentages will increase by about 8 percent for every year past their FRA that you wait to start your benefit.

This is the time in an individual's life when s/he should begin thinking about retirement and what sort of benefits he or she will receive while retired. There are many personal considerations that go into this decision, including current income levels, current debt load, spouse's situation, expected future earning power at age 62 vs. age 70+, expected marital status at 70 vs. 90, etc.

After analyzing your personal situation, you will be able to decide the best time for you to begin receiving Social Security benefits. It might make sense to never retire or wait past your FRA in some cases.

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