- Start at 66 versus 70 and your break-even age is 81 and 4 months.

According to the National Center for Health, life expectancy is currently about 78 years. Live past 65 and that expectancy rises into the 80s. If you're in good health and think the odds are in your favor to live beyond the average life expectancy, it might be wise to wait and receive a larger monthly check.

Before you decide, do the math for yourself. At ssa.gov, you'll find a handy calculator that makes it easy to determine your own break-even age.

OTHER FACTORS TO CONSIDER

While you might think, like my friend's husband, that money in the hand today is worth more than a few extra dollars in the future, here are some other factors that you might want to consider before deciding when to take Social Security.

- Do you need the cash?

If you're thinking about retiring early and have planned ahead with enough set aside, you can be flexible about when you take Social Security. But if taking an early, reduced benefit is the only way you can cover the bills, you may actually want to reconsider early retirement, keep earning and saving, and wait until you reach your normal retirement age to start collecting benefits.

- Who's the highest earner in your family?

If you make the most money in your household, you most likely want to think about survivor benefits. The bottom line is the longer you wait, the more your surviving spouse or other dependents may be able to collect.

- Do you plan to keep working?

As I already mentioned, if you take Social Security early, earning a wage (including self-employment income) could reduce your benefit. Even at normal retirement age, if your adjusted gross income increases above a certain threshold, taxes may end up eating away at your benefit.

THINKING ABOUT TOMORROW

There's a lot of speculation about the future of Social Security and how long it will be available. But according to the Social Security Administration, it should be in sound shape until at least 2040. Don't feel pressured to take your benefits early out of fear they're going to disappear.

Rather than worrying about the long-term health of Social Security, focus on your own needs. Weigh all the factors. Get help from your financial planning or tax professional if necessary. And make sure the decision you make, whether you take Social Security early or late, is one you can be happy with for the rest of your life.