As we’ve discussed here at NORA, when you choose to take Social Security is a big decision.

Some people claim as early as possible, so they can exit the workforce and relax. Others wait, so they can enjoy a bigger benefit later. Which is the best option?

It depends on your situation. Essentially, your health, lifestyle, and income all play a role in this decision. But there are some cases where waiting to claim could backfire.

For example, some people may wait so long they burn through their savings. This can leave you with less than you need in old age. Remember, Social Security is designed to partially support retirement, though some people do rely solely on their benefits.

For more news on Social Security and retirement planning, follow us on Facebook and Twitter.