Most people who qualify for Social Security today are anxious to start receiving their checks as soon as possible. In a 2008 survey, nearly half (45 percent) of Americans age 61 planned to begin taking Social Security benefits at age 62, their first year of eligibility. The top reasons driving their decision to collect early include health and longevity concerns and economic reasons.

However, anyone who can avoid taking Social Security checks early most likely will do themselves a big financial favor by delaying tapping into this resource too soon.

So when should you start receiving your Social Security check?

The answer is: It depends. The distribution phase of Social Security is actually much more complicated than the collection phase.

Here are some factors to consider before starting the clock on Social Security:

* Your health — If you have a serious illness or family history of short life expectancies, taking benefits as soon as you turn 62 makes sense. However for most, waiting until you reach normal retirement age makes sense because, on average, Americans in their 50s and 60s will live until their mid-80s.
* Your marital status — If you are married, delaying your checks not only increases your monthly income (typically 8 percent per year). It also means larger survivor benefits for your spouse, boosting the benefits for the rest of his or her life. When you take into consideration that there is an 81 percent chance that one or both members of a 65-year-old couple will live to 85 and a 58 percent chance that one or both will make it to 90, delaying a few years pays off.
* Your plans — You may decide not to take Social Security early because you plan to keep working into your late 60s. On the other hand, you may want to receive the money earlier so you can spend your days fishing or at the grandkids’ sporting events.

The bottom line is this: There isn’t a one-size-fits-all answer to when you should start collecting Social Security. Your life is unique, and you should customize your Social Security benefits to fit your individual needs. Making the wrong decision about when to start collecting Social Security could have long-term, adverse effects, so it is important to consult with your financial adviser to determine what time is the right time for you.

Anthony Engrassia is an investment adviser representative of Mutual for Omaha Investor Services.