For these reasons, it is hard to know exactly what your Social Security checks will look like years in advance. Every year, the government adjusts Social Security payouts for inflation—these are called cost-of-living adjustments, or COLA—so averages change, too. However, you can start taking Social Security anytime between ages 62 and 70. Whether or not you’ll owe taxes on your Social Security check is complicated, but more than half of Social Security recipients currently pay taxes on theirs. You can use the Social Security Administration’s Quick Calculator to get a rough idea of your payouts, or if you sign up for a My Social Security account, you’ll get an official estimate straight from the source.

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Persons: Aly J, you’ve, You’ll, ”, Krisstin Petersmarck, —, James Sahagian, you’re, you’ll Organizations: Yale, Social Security, Bridgeriver Advisors, Social, Social Security Administration, Ramapo Wealth Advisors Locations: U.S, Bloomfield Hills, Mich, Ramapo, Ramsey , N.J