Social Security: know the variables . Do your math

Determining the best time and best way to take Social Security Benefits can make a big difference in the amount you receive over the balance of your lifetime. Your personal Social Security benefits strategy often has no one right answer. What is prudent, however, is running calculations prior to making your benefit decision. Here are some things to consider.

Full retirement age. Your full Social Security Retirement benefit can be claimed when you reach your target retirement age. This is age 66 for those born between 1943 and 1954. Those born after 1954 have their full retirement age increase by two months per year until full retirement age becomes 67 years old for those born in 1960 or later.