A man who turned 65 in 2010 can expect to live about another 17.7 years. A woman who turned 65 the same year can expect to live about another 20 years. About one out of every four 65-year-olds today will live past age 90. One out of 10 will live past age 95.

How long do you expect to live? If your parents and grandparents all lived into their 80s or 90s and you have every reason to believe you will too, you may decide to delay starting your benefits until full retirement age or later. If that is not the case, you may choose to start receiving retirement benefits earlier.

If you come from a long-lived family, you may need the extra money more in later years, particularly if you outlive other pensions or annuities that have limits on how long they are paid.