Alfred, listen closely. Deciding when to take Social Security is as strategic as planning our next move against Gotham’s foes. Here’s how to think about it:

1. Understand Your Options:

You can start receiving benefits as early as age 62, but if you do, your monthly check is permanently reduced. If you wait until your full retirement age (typically 66 or 67, depending on your birth year), you’ll receive your full benefit. Delaying past that—up to age 70—increases your benefits through delayed retirement credits.

2. Assess Your Financial Situation:

If you have sufficient income from other sources, delaying Social Security might be advantageous. Waiting until 70 means higher monthly payments, which can be critical if you’re planning for a long, drawn-out retirement. However, if cash flow is an issue, starting earlier might be necessary.

3. Consider Longevity and Health:

Evaluate your health and expected longevity. If you’re in good shape and expect to live longer, waiting could yield a higher lifetime benefit. Conversely, if there are health concerns, you might opt to start earlier.

4. Spousal Considerations:

The timing can also affect spousal benefits. For instance, if one of you has a significantly higher earnings record, the decision on when to claim can impact the survivor benefit, so it’s important to coordinate your strategies.

5. Tax Implications and Other Income:

Consider how Social Security fits with other retirement income sources. The interplay between Social Security benefits and taxes, as well as withdrawals from other retirement accounts, should be part of your overall retirement strategy.

In short, Alfred, the ideal move is to evaluate your unique financial landscape and health outlook. For someone in our position—with other income streams and a long game in mind—delaying until full retirement age or even up to age 70 can maximize our monthly benefits. Just as every gadget in the Batcave is chosen with precision, so too must you plan your retirement income strategy with care and foresight.