Atlas Advisors, LLC

Planning for retirement means thinking about the various expenses you'll face as a senior and how you'll pay for them. Your retirement income may come from several sources, a substantial one is likely to be Social Security.

To that end, you have some options.

Your Social Security benefits are calculated based on your earnings during your 35 highest-paid years in the workforce, but the age you choose to claim them will impact your ultimate monthly payout in retirement. If you file for benefits at full retirement age, which is somewhere between 65 and 67, depending on the year you were born, you'll get the exact monthly benefit you're entitled to based on your wage history. If you file before full retirement age -- you can do so starting at age 62 -- your benefits will be permanently reduced.

And if you delay benefits past full retirement age, you'll boost them by 8% a year, up until age 70.

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