Many individuals wait to take their Social Security benefits until they retire. The average age of retirement for men is 65, while for women it’s 63. While there are valid reasons to wait to receive your Social Security checks, including concerns about cuts due to outside income, for some seniors, it can be worthwhile to take these funds earlier.

A recent article from Yahoo! Money details what it looks like to take benefits early and some of the reasons why you might choose to take them. You can start receiving Social Security as early as age 62. And if your circumstances change, you have up to a year to withdraw your application.

Whether or not you decide to take benefits early will depend on your unique financial situation. But knowing that it’s possible to withdraw your application can give you more flexibility.

NORA‘s committed to helping seniors learn more about Social Security and to advocating on behalf of American retirees. Seniors deserve all of the benefits they’ve earned. Connect with us on Twitter and Facebook and learn more about the legislation we’re supporting today.