Another one of the decisions that will have to be made in retirement is just exactly when you want to start drawing your Social Security. Everyone's situation is different and is influenced by many variables. There are two schools of thought on this process. The first is "get your hands on the money before it is gone or the program is changed." The other process is to look at your own situation and figure out what is best for you and your spouse as far as total benefits, survivors benefits, tax situation, etc. You get a 7% bump for every year you wait to draw beyond your normal retirement age.
When I retired at age 65 I took the first approach; "give me the money before it is gone." By drawing at age 65 I received a $156 lower payment than if I had waited until full retirment age of 66. I would have to draw for 14 years and 3 months to break even if I had waited to draw at age 66. However, in hindsight, I may have been better off waiting until age 66. As a FedEx retiree I received a lump sum payment for unused vacation and a lump sum payment for nonqualified pension funds. Both of these were taxed. I could have used that money to replace the first or second year of Social Security payments and paid less in Federal Taxes. It would have reduced my MAGI for last year and this year which is used to compute your Medicare costs. Also, my wife's survivor benefit and any future COLA's would have been based on the higher amount at age 66 or 67.
There is a lot to consider for anyone reaching this milestone. Just some food for thought. Do your own research and figure out what is best for you.