Are you counting on Social Security to be your primary income source in retirement?  Currently, workers first become eligible for Social Security at age 62.  This doesn’t mean that you should start claiming right away.  By claiming Social Security benefits at age 62, your payments will be permanently lower by approximately 25-30% when compared to waiting for full retirement age.  Depending on your age, your full retirement age could be 66-67.  There is an added bonus for waiting past your full retirement age.  If you are able to wait until age 70, your monthly payment grows by 8 percent per year which results in a higher monthly check.  This is something to consider if your life expectancy is another 20-30 years, you monthly check will be the same for the next 20-30 years.  After age 70 there is no additional benefit for waiting.