It can be hard not to play the comparison game when making major decisions in retirement. One of which is when to collect Social Security benefits. Your friend may have claimed early at age 62, but your cousin may have delayed until age 70. Is one age better than another?

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® explains that there’s no one-size-fits-all answer. The right time to take Social Security depends on a variety of factors.

The Perfect Age Doesn’t Exist

Unfortunately, without knowing exactly when you’ll die, it’s impossible to determine the best age to claim Social Security with complete certainty. While uncertainty can be scary, it’s all about having a plan. Start by taking inventory of your retirement income sources, monthly expenses, and any other assets. Then, determine the best time to add that Social Security check to the mix.

Key Factors to Consider in Your Decision

Since this is a personal decision, it all comes down to a few key factors. When to start taking benefits depends on your health status, how long you expect to live, your income and savings, and your marital status. If you are married, divorced, or widowed, you may be eligible for spousal and survivor benefits.

Another factor to consider is your employment status. If you take Social Security before full retirement age and earn too much, you could reduce your monthly payments. Make sure you’re aware of the annual earnings limit, which is currently $23,400.

Is it Better to Delay Social Security or Claim Early?

At age 70 is when you’ll receive the highest monthly benefit, but does that mean you’ll get more in the long run? What if you delay benefits until 70 and pass away at 71? In that case, you’ve left a lot of hard-earned money on the table.

But this also doesn’t mean you should claim Social Security benefits as early as possible at age 62. The right answer must depend on your unique situation. With the guidance of a financial advisor, a solid retirement plan can help you make a smarter choice for your future.