Among the many decisions you’ll make in retirement, when to take Social Security is certainly one of the most impactful. You can collect Social Security as early as age 62, receive the full amount at your full retirement age (between 66 and 67, depending on your birth year), or delay until age 70 for the maximum benefit.

Unfortunately, many people get this decision wrong. While the common advice is to “wait as long as possible” to claim benefits, that’s not the right choice for everyone.

In this week’s Retire Wiser with NBC Connecticut, Joel Johnson, CFP® shares the key questions you should ask yourself before deciding when to start your Social Security benefits.

How Does My Health & Life Expectancy Factor In?

Your current health as well as your family’s medical history play a major role in deciding whether waiting to claim Social Security makes sense. If you expect to live another 20 to 30 years, waiting until age 70 could maximize your payout. But if your life expectancy is shorter, claiming earlier might be the better choice.

Will My Partner or I Receive Spousal Benefits?

If you’re married, you may be eligible for spousal benefits. A spousal benefit could be worth up to half of your spouse’s full retirement benefit. But this also makes timing more complex. For example, one spouse might start collecting early while the other waits to increase future payments and maximize overall household income.

How Does My Filing Age Affect Social Security Taxes?

Taxes are another important consideration, especially depending on where you live. In many Northeast states, when you claim Social Security may not affect your state tax situation. However, in some states, Social Security benefits become state income tax-free after age 65. Understanding your state’s tax rules is an important part of this decision-making process.

When you choose to take Social Security can influence the income you receive for the rest of your life and should therefore be carefully considered as part of your overall retirement income plan.