It is the time of year when people dream of heading somewhere warm, collecting their financial information to file their taxes, and begin to wonder when they will be able to retire and file for Social Security. While politicians debate the best plan to secure Social Security many Americans rely on this benefit to enable them to retire. For most people knowing what age to file for Social Security and the ramifications of filing early is a mystery.

For years people assumed that they could file for partial benefits at the age of 62 and full benefits at 65. This is no longer the case, and there is no one age for full benefits. Everyone can file for reduced Social Security benefits at the age of 62 but to receive full benefits it depends on the year you were born. If you were born before 1943 you can file at 65, for those born between 1943 through 1954 you must be 66 and for those born in 1960 or later you must be 67 years of age to get full benefits.

When you are trying to figure out if filing early and potentially retiring early is worth it you need to consider some factors. If you file for Social Security early you will receive a reduced benefit. To find out how much your benefits would be reduced go to the benefit calculator at www.ssa.gov or check out the Social Security statement mailed each year to people who have worked for at least 10 years. To qualify for Social Security you must have worked for at least 10 years, you may also qualify for Social Security based on your spouse’s earnings. This applies to widows and divorcees.

The amount you receive as your Social Security benefit is based on three factors; your age at retirement, the number of years you were in the workforce, and your overall Social Security tax contribution. Your benefits are calculated based on your highest 35 years of earnings. If you did not work you can receive 50% of your spouse’s benefit.

When to apply for Social Security benefits is not a decision to be made lightly. If you file at age 62 you will receive reduced benefits for the rest of your life. The two factors that you need to consider is when you plan to stop working and your thoughts on life expectancy.

If you are 62 and older and no longer are receiving a regular paycheck then you might want to consider filing for social security. From the age of 62 until the age you are eligible to file for full benefits you can earn up to $12,960 before your benefits are reduced.

The other question is longevity. According to AARP you need to live 11 to 12 years beyond age 62 to hit the breakeven point. After 12 years you will have made up what you lost in reduced benefits by filing early.

For questions on Social Security and when you should file go to their website and use the retirement calculators to figure out what will be the best benefit to you and your family.

Sarah Lemnah writes on senior issues for the Champlain Valley Agency on Aging. This article originally appeared in the Burlington Free Press.