There are plenty of pressing questions people need to answer as they approach retirement. One of the more crucial ones is when to claim Social Security benefits. For millions of Americans, Social Security will be most, if not all, of their retirement income. So, the decision on when to claim shouldn't be taken lightly.

You can claim benefits as early as age 62, at your full retirement age (FRA), or delay them until you reach 70. Claiming benefits before your FRA will reduce your monthly benefit, and delaying them past it will increase it.

The idea of higher Social Security monthly benefits sounds enticing to many people, but when you look at the grand scheme, I believe it can be overrated. Here's why.

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Source Fool.com