Jonathan Clements writes a great financial planning column each Wednesday in the Wall Street Journal.  We've mentioned several of his articles, especially those concerning income annuities.  He recently gave us some guidelines for postponing Social Security payments.  WSJ May 10 subscription required.

Delaying social Security strikes me as a great way to lock up a healthy stream of inflation-linked income.  But most retirees clearly disagree.  Among women applying for Social security in 2004, over 70% were under age 65, while almost 67% of men took benefits early.

Three reasons to take Social Security early:

• You can earn high returns investing the money,
• You're in poor health.
• You need the money to retire.

Three reasons to delay:

• You want to ensure a big survivor's benefit for your spouse.
• Your life expectancy is good.
• You want to trim taxes in your 70's and beyond.