How and When to Claim Your Social Security Benefits

Picking the right time to claim your Social Security benefits (be they basic retirement, spousal, or survivors benefits) can provide a huge boost to your retirement income. For most people, the best way to decide when to claim Social Security is to figure out which option will result in the highest lifetime benefits amount. Let's compare two imaginary retirees -- call them Fred and Betty -- to see how to choose the best time for claiming your benefits.

Fred's base benefit amount (what he'd get if he claimed them at full retirement age) is $1,500 per month; Betty's base benefit amount is $1,800. Betty's in poor health and so she doesn't think she'll live past 70, while Fred is in excellent health and, based on family history, can expect to live to 90.

Source: Fool.com