For 2018, Social Security recipients will receive a 2% cost of living adjustment. But if you can wait to take the federal retirement benefit, do it.
Michael Smith of Houston's STA Wealth Management says Social Security is dramatically different now than for past generations.
"If we go back in history you used to have 42 workers for every retiree; today we have two workers per retiree, so noodle on that for a little bit."
Smith says don't take Social Security at age 66.
"My advice to many, many people is: maximize and make the best of Social Security. If you can afford to wait until full retirement age of 66, absolutely do that."
Smith says wait until 70 if you can; you'll get an eight percent benefit per year after 66 if you wait.
"If many of you can wait until 70 you get an 8% increase each year over 66 until age 70 that you wait. In every financial plan that we do we encourage you to wait until age 70 to take your benefits."
Today, the maximum payout for those who are 70 is about $3,700 per month.