As you approach retirement, you must make many decisions, including where to live, how to manage healthcare costs, and what you'd like to spend your golden years doing. However, one of the more pressing decisions is when to claim Social Security retirement benefits. Social Security plays a key role in many people's retirement finances, so deciding when to claim shouldn't be glossed over.

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

Many people find the idea of higher Social Security monthly benefits enticing, but in the grand scheme, I believe it can be overrated. Let's take a look at why.

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Source Fool.com