The folks at MassMutual surveyed people in or near retirement last year, asking 13 questions about Social Security -- and 65% of respondents either failed or got a D. That's rather concerning, since Social Security provides nearly a third of the typical older American's income.

The earliest age at which you can normally start collecting Social Security benefits is 62. Benefits grow bigger if you delay, though, up to age 70. Here's a look at why you might not want to turn on the spigot too early -- and why, on the other hand, you might want to do so.

Image source: Getty Images.

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Source Fool.com