Social Security Timing Should Be Part of Larger Financial Plan

In the 1930s, when Social Security was signed into law, it was a pretty straightforward process for eligible retirees.

There wasn't a difficult decision about when to file for benefits. You had to be 65 to claim your benefits -- there was no early retirement age. And delaying past 65 didn't get you extra -- so it really wasn't worth waiting.

Today, it's far tougher to pin down exactly when you should file -- even if you only consider age (which you shouldn't). You can take your benefits as early as 62 -- though the earlier you claim, the less you'll get -- or as late as age 70 (with the incentive that you'll get 8% more for each