Draw now or wait until later. It’s a dilemma facing most Boomers as they approach the Magic 60s.

The federal government allows retirees to draw Social Security as early as age 62 which more than 40 percent of Americans take advantage of today. But many of them may be making a mistake, says Reid Abedeen, a partner at Safeguard Investment Advisory Group, LLC.

“While you’re allowed to start drawing Social Security when you are 62, your monthly benefit will be reduced,” Abedeen says. “Although there might be personal reasons why someone needs to apply early, for most people it’s probably better to wait at least until their full retirement age.”

Full retirement age is between 66 and 67 for most people in the workforce right now. Wait until you are 70, and the amount of your monthly check goes up even more. However, when it comes to Social Security, there’s a financial monkey wrench that can complicate your plan. Social Security rules can be complicated and even your spouse’s income and decisions can affect when the most opportune time is to draw benefits.

“You really are going to want to coordinate what you do with what your spouse does, to make sure you are getting the highest amount possible,” Abedeen says.

Here are a few points to remember if you’re considering claiming your Social Security at 62:

•  Reduction of benefit
Depending when your full retirement age is, you would see about a 25 to 30 percent reduction in your benefit if you retire at 62. On the other hand, if you delay collecting past full retirement age, you can increase your benefit by 8 percent a year up until you are 70.

•  Life expectancy
One reason many people opt to draw the money early is a fear of dying before receiving anything at all. After a lifetime of paying into the system, they might not get a penny out of it. That’s certainly a concern, but there’s an even greater concern than dying early; that is living too long. Life expectancies are growing, but many have not saved enough to see them through a retirement that could last two or three decades longer. If you live a long life, it could be crucial that the monthly Social Security payment be as large as possible.

•  Continuing to work
You could be in for a surprise if you plan to continue working after you begin drawing Social Security. If you haven’t waited until your full retirement age, there’s a limit on how much you can make. In 2015, that limit is $15,720, according to the Social Security Administration. If you go over that, $1 in benefits is deducted for every $2 you earn over the limits. (That changes in the year you reach full retirement age. Beginning with the month you are at full retirement age, there is no limit on your earnings.)

If you have a spouse, they need to be factored into the equation. It’s worthwhile to seek professional advice so you can get the most favorable result.