One financial planner says he has had clients claim Social Security early to fund long-term-care insurance. Illustration: Kiersten EssenpreisConventional wisdom holds that retirees are financially better off delaying their Social Security benefits to get a fatter payout. You can receive your full benefit once you reach full retirement age—around 66 or 67, depending on what year you were born. You can also start as early as 62, but that means a much smaller payout. The math is complex on how big the haircut is, but it can be roughly 30% annually for people who start at 62, versus waiting for full retirement age to receive full benefits.

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Persons: Tim Steffen, Baird Organizations: Social, Security Locations: Milwaukee