Here's basic guidance from the Social Security Administration (SSA): "As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them. There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit is permanently reduced."

For help figuring out whether early retirement is better for you, check out Social Security's "Break-Even Age" calculator at www.socialsecurity.gov/OACT/quickcalc/when2retire.html or call the SSA (see For More Information).