If you're unemployed, should you tap Social Security?

• Compare the difference in benefits depending on the age when you start receiving Social Security
• If married%2C consider the spousal benefits
• Use an online calculator to help you consider your options

Money Watch, a personal finance column that runs every week, features a financial planner from the National Association of Personal Financial Advisors answering reader questions about saving, protecting and growing your money.

Q: I'll be 56 this May. I lost my job in 2002 and have been unable to find an equivalent job since 2004. I worked as an engineer since graduating from college in 1983. Will I be able to collect Social Security benefits at my early retirement age? How can I get the best benefits?

A: Filing for Social Security as early as possible can be tempting when you are unemployed. But there are a few choices you might want to consider before doing so.

For someone your age, your Full Retirement Age (FRA), under Social Security, is 66 years and 2 months. That's when you can collect the full amount of benefits based on your past earnings record.

You could file for benefits as early as age 62, but you would only be entitled to 74% of those benefits. Conversely, if you can wait until age 70 to file, you will earn deferred credits on your Social Security benefits and be able to receive a larger amount each month in retirement.

If you are married, divorced or widowed, the best time to take benefits becomes even more complicated.

Believe it or not, there are 81 different combinations of Social Security benefits for married couples. For example, if your spouse has been working all these years, it may make sense for you to take a spousal benefit at age 62 and defer your own benefits until age 70. Spousal benefits at age 62 are 34% of that spouse's own Social Security benefit amount.

Benefit calculations also get complicated if you spent any time in your career working for the government or as a teacher in certain states.

Your first step should be to figure out your own benefit amount at age 62, at Full Retirement Age, and at age 70. You can get this information by visiting www.socialsecurity.gov and setting up an account. Now that Social Security no longer sends out paper statements, this is the only way to see your future benefit amounts.

Once you have that information, visit www.socialsecuritytiming.com to see what combination of benefit strategies make the most sense for you.

The site has a free calculator to get you started, but it also lists advisers that specialize in Social Security that can help you figure out the optimal time to take your benefit. Or, if you have a Social Security office near you, make an appointment with a counselor who can walk you through the various options so you can be sure to maximize your benefit.

Lea Ann Knight, NAPFA-registered financial adviser

Garrison Knight Financial Planning, Waltham, Mass.