If you're thinking about taking Social Security benefits, experts say you should wait as long as you possibly can. 

Generally, the longer you wait to take Social Security, the more you'll get later on. While you're eligible for the full amount between ages 66 and 67, depending on what year you were born, you can get more than 100% of your benefit by waiting, up to age 70. 

And there's a good chance the wait is worth it. Financial planners say you should hold on claiming your benefits if one of the following is true for you.

Popular Articles

Average 401k balance Average 401k balance
Best online high-yield savings accounts
Best tax software in 2021
Best rewards credit cards
Average stock market returns

1. You're still working 

If you're still working, it's a sure sign you should hold off on taking Social Security payments. 

"One thing that immediately jumps out at me when someone says 'I'm going to file early,' the very first question I ask them is, 'Are you still working? Do you still have earned income?'" said Audrey Blanke, a financial planner at Baird.

Taking Social Security while you're still working could present some problems.

"if you're still working and have earned income and you want to file, it's going to get a little bit tricky, because there's an earnings test with Social Security. If your income is too high, they're going to start to keep some of your benefits," Blanke said. 

2. You have enough saved 

If you're feeling good about what you have saved for retirement, you might not need to take Social Security yet.

Financial planner Brian Walsh of SoFi says it's worth the wait. "If you don't need to claim it, then you should think twice about claiming it. If you start at 62, as opposed to waiting until your full retirement age, your benefit's going to be 30% lower. And then every year after full retirement age, until 70, it grows by 8%," he said. 

Compared to any other way to make that money grow, waiting is the best option, Walsh said. "That's essentially a guaranteed 8% rate of return, which is unheard of in the market from a guaranteed perspective."

3. There's a chance you'll live a long life

If you expect to live a long time, taking Social Security as late as possible will ensure that you'll have enough money to live on. 

"Social Security is going to last for the rest of your lifetime," Walsh said. "The longer you live, the more valuable the benefit becomes. So by waiting and having that higher benefit for a longer period of time, it just makes it more beneficial and adds more security."

If you're relatively healthy, and you don't see any major problems that could affect your health, waiting as long as possible to claim benefits will help you play it safe. 

4. You're older and earn more than your spouse

If there's one person who earns more than the other and is older in your household, it's likely that person should hold off on taking Social Security payments, Walsh and Blanke agreed.

"A lot of times were planning for a household, for two individuals. Usually what we'll find in some cases is that we have a couple where one spouse is older and that spouse also happens to have a higher Social Security benefit," Blanke said. Generally, Social Security benefits are calculated based on past income. 

If this person delays taking their benefit until the normal retirement age, they could do two things, Blanke says. 

"Number one, your benefit is higher," Blanke said. "The other part of it is by waiting to file for your Social Security, you're also maximizing survivor benefits. If I'm married and I'm the older spouse, when I pass away, my partner is going to be eligible to step into my shoes and receive whatever benefit I was getting at that time. If I wait all the way until 70, or maybe I wait up until 68 or 69, that's going to be a higher number for that person," she said. 

Waiting to claim Social Security benefits provides an extra layer of security for the lower-earning spouse, and can bring a bigger benefit during the higher-earning spouse's lifetime, too.  
Liz Knueven
Personal Finance Reporter
Liz is a reporter at Business Insider, primarily covering personal-finance topics.  Before joining Business Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma.  She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Seattle. Find her on Twitter at @lizknueven.
More Retirement Coverage
When can I retire?
How to retire early
The best way to save for retirement
The best IRA accounts
The best Roth IRA accounts

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.