Kron recommends that people approaching age 62 consult a financial advisor. Not only is when to take benefits a complex decision, but the right choice for a client often has a lot to do with the other assets he or she has, the taxability of those other assets and ultimately what income streams they want to generate in retirement.
"This boomer generation is facing increased longevity relative to their parents," Kron said. "So with this increased retirement period you need to think a lot longer and more thoroughly about what income plan you are going to put in place, so what role is Social Security going to play in that?"
Given that many in the first wave of baby boomers are already collecting their Social Security benefits and there are legions behind them to come, there's an ever increasing pool of recipients who are ready to begin collecting their benefits. "Suddenly you have this huge influx of new recipients calling up, unaware of their options, maybe many hearing theses rules of thumb of taking their benefits as soon as possible," Kron said.
-Jim McConville