Early, on time or late

Q Should I file to start collecting my Social Security benefits early, on time or late? What is best? — H.D., online

A You can start collecting benefits as early as age 62 and as late as 70, and your “full retirement age” (66 or 67 for most of us today) is the age at which you qualify for your full benefits. If you start collecting early, your checks will be smaller, and if you delay starting to collect, your benefits will grow bigger. It’s not necessarily worth it to wait until 70 for the biggest checks, though. The system is designed to be a wash for those who live average-length lives, as you’ll get many more of the smaller checks or fewer of the larger ones.

So consider your circumstances. If you stand a good chance of living an average or short life, you might start collecting at 62 — the age at which most people start. If you plan to keep working into your late 60s or you expect to live a long life, delaying starting to collect can make sense. Many people will have little choice; they’ll simply need the income as soon as possible.

Social Security is a vital retirement support, so read up on it and perhaps consult a financial adviser before deciding what to do. (You’ll find fee-only advisers at NAPFA.org.) For a wide range of retirement advice, try our “Rule Your Retirement” service at Fool.com/ services.

Q Can you explain what “securities” are? — C.L., Houston

A They’re assets that have some financial value — typically equities or debts that can be traded. Examples include stocks, bonds, options and certificates of deposit. Most investments can be classified as securities.