Q: I turned 68 in June of 2013 and am collecting Social Security benefits of $600 per month from my husband, and I work full time. I would like to know when would be the best time to take my Social Security benefits. I plan on working at least until I am 70. Should I take Social Security now and continue to work, or should I wait to take Social Security until I am 70 in order to get my full benefit amount?
A: It is very difficult to answer this question without knowing your entire situation more completely, but our general rule of thumb is to delay taking Social Security until you truly need it or are not working. You get an 8% increase in the income expected from Social Security for every year that you wait. This is worth the annuity increase if you can continue living off what you make at work.