Don't Retire Until You've Made These Key Decisions
Whether you're thinking of retiring one year, three years, or 10 years from now, it's a decision that shouldn't be taken lightly. And while there are many factors that will no doubt go into it, you must address these three important points before taking that leap.
Social Security will likely constitute a decent chunk of your retirement income, so it's imperative that you claim your benefits strategically. If you file at your full retirement age, which, depending on your year of birth, is either 66, 67, or somewhere in between, you'll get the exact monthly benefit your earnings history entitles you to. File before full retirement age (you can do so as early as age 62) and you'll face a reduction in benefits that will most likely remain in effect for the rest of your life. Another option is to delay benefits past full retirement age, which will increase them by 8% a year up until you turn 70.
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Source Fool.com
