If you are approaching retirement age and will qualify for Social Security benefits, you need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Many people take a passive approach to this decision, heading into retirement without an actual plan. It is typically more of an afterthought. Having a plan and looking at your personal situation ahead of time can make a big difference in your benefit payout.