Are You Really Ready to Start Collecting Social Security? Here Are 7 Signs It Might Be the Perfect Time.

Nearly 70 million people collect some kind of Social Security benefits. Most are retirees, but in various circumstances, spouses and children of retirees, disabled workers and their family members, and survivors of deceased workers also collect benefits.

You're probably looking forward to collecting your own Social Security benefits -- perhaps soon. Here are some signs that you might be ready to claim them.

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1. You've set up a "my Social Security" account

Everyone, no matter your age, would do well to set up a my Social Security account at the Social Security Administration (SSA) website. When you do, you'll be able to click in any time to see how much you've paid into the program and the latest estimates of your future benefits, based on the SSA's record of your earnings. You can take care of a lot of Social Security business online with an account.

2. You've read up on Social Security

Before claiming your benefits, read up on Social Security so you can make savvy decisions regarding it. These decisions might maximize your total benefits received, for example. Keep reading about it, too, because the vital program is facing a funding shortfall in just a few years.

Congress can act to solve the problem, as there are multiple fixes, but it remains to be seen whether it will. If no fix is enacted, you'll likely end up collecting only some of what you're due as your benefits will shrink.

3. You have an overall retirement plan in place

Everyone needs to plan for retirement carefully, estimating how much income will be needed in retirement and how to generate it. Social Security income will certainly be a part of your plan, but it should only be a part -- and perhaps not the biggest part.

It's rarely too early to start planning for retirement because the sooner you start socking money away, the fewer total dollars you may need to save and invest -- as your earliest invested dollars have the most time in which to grow for you. Also, if you start sooner and save and invest in earnest, you may be able to retire early.

4. You've got other income streams lined up

Since you can't rely on Social Security to provide all your retirement income, it's smart to aim to have multiple income streams for your retirement years. Here's one way that could look:

Each of us is in a different situation, though, so your particular arrangement is likely to be different from others -- perhaps featuring rental income from real estate or income from a side gig.

5. You've reached age 62

One sign that you may be ready to claim your Social Security benefits is if you've reached the age of 62 -- because that's the earliest age at which retirement benefits can be claimed. You can claim between age 62 and up to 70 (it's not worth claiming later), with your benefits growing larger the later you claim them.

There's no single best one-size-fits-all age at which to claim, so think through your situation when deciding when to claim your benefits. Many people don't even have much choice, especially if they simply need that income as soon as possible, perhaps due to a job loss or health setback.

6. You're approaching age 70

As you approach age 70, it's time to claim your benefits, if you haven't already done so. Your benefits won't grow any more after age 70 and you'll have maximized them. (You'll also have maximized your nearly annual cost of living adjustments (COLAs). For most folks, waiting until age 70 will deliver the most total benefits.

7. You've coordinated a strategy with your spouse

Finally, before you're ready to claim your Social Security benefits, coordinate with your spouse if you're married -- because married couples can employ various Social Security strategies. For example, they might have the higher earner delay claiming until age 70, while the lower earner collects earlier. This provides some income early, while maximizing the other benefit, so that when one spouse dies, the survivor will get to keep that maximized benefit.

Don't expect Social Security to provide a retirement windfall, but know that it should deliver some much-needed income to you in the future.

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