Determining when to take Social Security benefits is one of the most complex financial decisions you’ll make as you approach retirement. Recent data from the Social Security Administration (SSA) suggests most workers are claiming at the wrong time, costing themselves thousands of dollars in lost benefits. Here’s what you need to know to make the right decision. 

Claiming Options 

The SSA uses a formula to calculate your standard benefit in retirement, based upon your average earnings over 35 years, adjusted for inflation. You’re entitled to claim the standard benefit at full retirement age (FRA), which is age 66 for those...