Before You Claim Social Security, Do a Savings Checkup

Millions of seniors collect Social Security benefits today, and coupled with a healthy level of savings, they could provide for a very comfortable retirement. But if you're lacking in the savings department, you may need your Social Security benefits to pick up the slack.

You can claim Social Security at any age between 62 and 70. In fact, you don't even have to file at 70 -- you can hold off past that point, though there's no financial incentive to do so. You may have your reasons for wanting to file at a certain age. But before you do, give your savings a checkup -- and make sure you can afford to claim benefits when you want to.

The age you file for benefits at will dictate how much monthly income you collect for the rest of your life. If you file at your precise full retirement age (FRA), you'll get the exact monthly benefit your earnings record entitles you to. That age is either 66, 67, or 66 and a specific number of months.

Source Fool.com