Filing early provides you with an immediate source of guaranteed income. Delaying Social Security increases the benefit you’ll ultimately receive down the road. So when is the right time to file? The truth is, there’s no one right answer to that question because it depends on your individual circumstances.
Whatever you ultimately choose, it’s important to consider your options carefully. It may be one of the most important decisions you make affecting your retirement. Once you decide to file, you can’t change your mind.
Below are a few things you may want to take into account as you prepare to make this major decision.