When is the best time to take out Social Security?

The actual age depends on a person's individual life situation.

Financial advisers usually advice their clients to take Social Security benefits at the age of 70 for maximum growth. However, it is found that most people don't take that advice, as they are likely to withdraw what they have saved up as soon as they hit retirement. A variety of people have different needs, lifestyles and health status, which can heavily influence whether they take out their Social Security benefits earlier or actually hit their 70th year before doing so.

MUNTINLUPA, PHILIPPINES (Catholic Online) - In a column by Rodney Brooks at The Washington Post, he cited different circumstances and several experts on financial planning to answer when to take out Social Security.

According to the Social Security Administration, about 37 percent of people take their benefits as soon as they are eligible to, at 62. Some 18 percent take them at their full retirement age, 66 years old for the "baby boomers." There are only about 3 percent who actually wait for the maximum 70, despite the typical financial advice.

Life expectancy considered, such decisions of early taking can be problematic. Centers for Disease Control and Prevention (CDC) reported that life expectancies are increasing up to even 80 years old. Yet, there is still no best age to get the benefits, as it actually depends on the individual person's life situation.

"Generally speaking, if it's at all possible, it's best to delay taking Social Security at least until you reach full retirement age. Of course, that's easier said than done because most Americans who haven't saved enough for retirement probably feel like they don't have any other good option," said Lynnette Khalfani-Cox, author and chief executive of TheMoneyCoach.net.

African-Americans, for example, tend to take their benefits as soon as retirement based on their needs and with most of their ancestors' having lived shorter life spans.

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