For a number of reasons, "It's best to delay" getting benefits, says Dan White, founder of the Philadelphia-based financial advisory firm Daniel White & Associates. Here's why, and how: "For every year you wait
A good Social Security calculator can help near-retirees figure out what will work best for them. Try the step-by-step online calculator from T. Rowe Price ( TROW - Get Report) that not only covers "how and when" but adjusts for your personal financial situation. The Prudential study also advises near-retirees to factor in the impact of taxes before making decisions on Social Security withdrawals. Upon retirement, income from individual retirement account withdrawals can lead to Social Security benefits being taxed. The solution? Prudential advises reducing your taxes by choosing higher Social Security income and lower IRA withdrawals.