WHEN TO TAKE SOCIAL SECURITY

Most retirees are in a hurry to collect benefits at 62.
Here's why you could be better off waiting:

It's arguably the most important question retirees face. No, not "What time does the senior breakfast special start at Denny's?

"I'm talking about Social Security: Should you begin collecting benefits as soon as possible, even though your payments will be 25 to 30 percent less? Or should you pass on the smaller check in favor of larger monthly payouts down the road?

There's no doubt that people overwhelmingly opt for sooner: Nearly seven in 10 grab their benefits before reaching full retirement age. (It had been 65 since Social Security was launched, but is now as high as 67, depending on when you were born.)

But the popular choice isn't necessarily the better one. In fact, many people could collect more Social Security benefits over their lifetime -- and enjoy a more comfortable retirement -- by giving up the Social Security bird in hand for the larger one in the bush.

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Important article by Jim Cramer about Social Security and 401Ks