When I ask that question in my seminars, those over age 45 say yes and those under 45 say no. As a planner, I believe Social Security will continue in some form, if only due to political pressure, but I make no predictions about what the benefit levels will be or how old you’ll have to be to receive them.

Under current law, the "maximum" Social Security retirement benefit for a worker who retired in 2006 was $24,636 per year. Therefore, even if Social Security continues as is, it alone is not likely to provide you with a comfortable retirement.

The current age to be eligible for full Social Security benefits is 65. Those born after 1959 are not eligible for full Social Security benefits until age 67. (They can start receiving benefits at 62, but they will get 30% more if they wait until 67.

Social Security at 62 or 65?

If you’re a near-retiree, you can start receiving Social Security at age 62, although you will receive throughout your lifetime less than 80% of what you would have received had you waited until your full retirement age. So, which is the right choice: Start at 62 with less than 80% of benefits, or wait until you reach full retirement age to receive 100%?

The answer: It depends — on whether you will stop working at 62. If you are planning to cease receiving earned income (as opposed to investment income), go ahead and start collecting Social Security at 62. If you live beyond age 75, you’ll wish you had waited until you reached your full retirement age to begin receiving benefits, but we don’t know if you’ll live that long! So, since you’re here now, take the money and run.

But maybe you’re 62 and you don’t need the money. So you figure you might as well delay collecting Social Security benefits, to get the higher income at a later time.

Wrong move.

If you start taking benefits at 62 and invest that monthly check, the interest you’ll earn on that money will more than offset the fact that you’re receiving a smaller amount by not having waited. In fact, the interest can be so worthwhile that the person who delays collecting Social Security may never catch up. So, when you turn 62, take the money and run.

If, however, you plan to continue working, wait until you stop working, or until you reach full retirement age, before you begin receiving Social Security. The reason: Retirees who have not reached full retirement age lose one dollar in Social Security benefits for every two they earn over $12,480 in 2006.