Been putting off Social Security? 3 signs it's time to apply.

There's a reason seniors are often encouraged to hold off on claiming Social Security. For each month you delay your filing past your full retirement age, up until age 70, your monthly benefit will get a nice boost.

That boost could come in handy during retirement, especially because it's guaranteed for life. By contrast, your savings could run out at some point in time — even if you're reasonably cautious in your approach to taking withdrawals.

If you've been delaying Social Security thus far, at some point, you'll need to gear up to file for benefits. And if the following signs apply to you, consider making that move sooner rather than later.

1. Your health is declining

Delaying Social Security means taking the risk of winding up with less lifetime income from the program. While you'll score a higher monthly benefit by waiting to file, you'll also miss out on what could be many months of payments.

If your health is great, a delayed Social Security filing might work out well financially. But if your health has recently taken a turn for the worse, it's a sign that you may want to gear up to file for benefits immediately.

Poor health won't always shorten your life span — but it might. Let's say your parents and grandparents all lived well into their 80s. You may have assumed the same would hold true for you. But if you've been having health issues, that may not be the case, and an earlier Social Security filing might serve you well financially.

2. Your expenses are mounting

The expenses you start with in retirement have the potential to grow. It may be that as your home ages, more issues start to arise that cost money to fix. You might also, at some point, have to replace a vehicle and start making a monthly car payment after years of being auto loan free.

Furthermore, you may find that you're increasingly needing to spend more on healthcare, whether it's new pills or different treatments. Either way, if your expenses keep rising and you're tapping your savings more frequently, it's a sign that you may want to start collecting Social Security.

3. You're turning 70

As mentioned earlier, you get credit for delaying a Social Security claim up to a certain point. But that point is age 70.

Once that birthday arrives, you won't benefit financially by holding off on filing your claim. So if you'll be turning 70 very soon, get ready to sign up for Social Security. If you wait, all you'll be doing is denying yourself income you're entitled to.

It's not necessarily a bad thing to put off Social Security — to a point. But if the above factors apply to you, you may want to prepare to claim your benefits in the near future. Holding off much longer could hurt you financially or cause you to lose out on essential income from the program for no good reason.

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