
One can start receiving social security benefits as soon as age 62. In order to make the decision of when to apply for these benefits, one must consider when the right time is in order to get the full benefits they will need.
In general, if one can postpone their application until they reach 70 years old, they will receive an 8 percent increase a year as far as benefits go. Looking at these statistics could assist you in making the decision that is right for you. If you are a married couple, it is also important to use strategies in order to increase the overall benefit as well.
For those born between the years of 1943 and 1954, at age 66, you are considered to be at “full retirement age” which basically means you’ll be getting a larger monthly benefit. Benefits will then increase until you hit age 70.
The system basically states, “You get a smaller payment for a longer amount of time, or a larger payment for a shorter amount of time.” Once this is understood, one can make an informed decision.
One thing to consider is life expectancy and this chart taken from Schwab.com can help

Other things to consider include, your income from other sources, combining your benefits with a loved one and your tax situation. Once you consider these things, you can make an informed decision on when to start receiving health care benefits.