Deciding when it's time to retire is one of the most important financial decisions you'll ever make. It not only marks an important step as you transition away from living on earned income -- it also involves irreversible decisions regarding your Social Security benefits. The chart explained below holds vital information that every retiree should consider before making a major commitment.

Many people struggle with determining the best age at which to start taking Social Security benefits. The program provides at least 50% of income for roughly half of retired households (those aged 65 or older), so it's a cornerstone of financial planning. The timing decision is one of the most important and most stress-inducing decisions facing many seniors.

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Source Fool.com