Conventional wisdom dispensed by financial planners about taking Social Security largely boils down to this: Wait as long as you can. That’s because delaying means a bigger monthly payment.

For example, someone born in 1955 earning $50,000 can expect a monthly benefit of $1,087 if he retires early at 62. That goes up by 41 percent to $1,532 if he waits until full retirement age — in this case, 66 years and two months. If he delays until 70, the benefit increases to $2,091, or almost double his benefit at 62.

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