To understand if you should take your Social Security early or not, I think it's important to understand two variables. One of the things we're going to talk about is called the break-even age, and the second thing we're going to discuss is the variables that can move the break-even age to an older age or to a younger age. Let's start off by talking about the break-even age because there have been numerous articles done on this topic. However, in my opinion, by far the most comprehensive article ever done on this topic was by a former Social Security Administration executive named Doug Lemons. So, years ago, Doug Lemons wrote a research article for the Journal of Financial Planning, and the research article was on the break-even age. Essentially, what the break-even age means is that if you're comparing whether to take your Social Security at 62 versus 66, or at maybe 66 versus 70, you need to determine how many years or at what age you would have to live to make it beneficial to delay taking your Social Security to these older ages versus the younger ages.

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