Treasury employee Linda Tarkenton of Philadelphia holds a blank U.S. Treasury check before it's run through a printer at the U.S. Treasury printing facility. Photo by William Thomas Cain/Getty Images.

34 Social Security Secrets You Need to Know Now

The reason is that taking the right Social Security benefits at the right time can make a huge difference to a retiree's living standard.
Unfortunately, Social Security has some very nasty "gottcha" provisions, so if you take the wrong benefits at the wrong time, you can end up getting the wrong, as in smaller, benefits forever.

Also, the folks at the local Social Security offices routinely tell people things that aren't correct, including about what benefits they can and can't receive and when they can receive them. Taking Social Security benefits -- the right ones at the right time -- is one of the biggest financial decisions you'll ever make, so you need to get it right.

Getting it right on your own, however, is neigh impossible. One of my engineers and I calculated that for an age-62 couple there are over 100 million combinations of months for each of the two spouses to take retirement benefits, spousal benefits and decided whether or not to file and suspend one's retirement benefits.

There are also start-stop-start strategies to consider. Each combination needs to be considered to figure out what choices will produce the highest benefits when valued in the present (measured in present value). For some couples who are very different in age, survivor benefits also come into play. In that case, the number of combinations can exceed 10 billion!