​It’s a dilemma for anyone approaching retirement. When should you file for Social Security benefits? The general wisdom is that it’s better to delay your filing as long as possible. The longer you wait, the higher your benefit is likely to be.
 
Despite the fact that waiting leads to increased benefits, most people do not wait to file their claim. In fact, nearly 90 percent of all eligible Americans file a claim for Social Security at or before their full retirement age. The most common filing age is 62, which is the earliest point at which one can claim benefits.1
 
Filing early would seem counterintuitive, since it permanently locks you in at a reduced benefit amount. Clearly, however, most Americans make the decision that an early filing is right for them.

​Have you prepared a projected budget for your retirement? If so, that’s a good first step toward planning your retirement income strategy. Your budget can help you determine how much income you may need and whether you’re on track to reach your goals. You can also use your budget to adjust your spending as needed.
 
Your budget probably includes things such as housing, groceries, travel, dining, clothes, utilities and much more. You may be able to estimate these costs based on your current spending and your plans for the future.