Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible.

There are a lot of important questions to answer. Should you claim benefits earlier and get a smaller monthly payment for more years? Or should you wait and get a bigger monthly amount over a shorter period?

There are no right or wrong answers, but we encourage you to consider these four important questions as you plan for your financially secure retirement:

How much money will I need to live comfortably in retirement?

Anticipate what your expenses will be in retirement, including things like mortgage payments or rent, utilities, healthcare insurance and related costs, food, personal care, car payments and maintenance, entertainment, hobbies, travel, and credit card or other debt. Also, consider whether you’ll need to provide for your spouse, children or grandchildren.

What will my monthly Social Security retirement benefit be?