The idea of collecting Social Security is an exciting one for a lot of people. You worked hard all your life and paid taxes on your income into the system. And now you're finally getting to benefit from that via monthly payments for life.

You may be eager to get your hands on your Social Security benefits once you're eligible. And that happens once you turn 62. But before you rush to file for benefits, ask yourself one important question.

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Do I need my benefits now?

The longer you wait to file for Social Security, the higher monthly benefit you'll receive -- up to a point. Once you turn 70, there's no sense in putting off your Social Security claim. Your benefit can't grow beyond then. But if you're under the age of 70, then it always pays to ask yourself if you really need your benefits right away before claiming them.

You may be eager to get that money sooner rather than later. But one thing you must remember is that the Social Security benefit you lock in is guaranteed income for life. You can't say the same thing about your nest egg.

You might start retirement with $500,000 in savings. But let's say you end your career at age 65 and your expenses end up coming in higher than expected. That might make it so that come age 80, you're out of money.

At that point, Social Security might be your only income source. So a higher monthly benefit might help you maintain a much better quality of life than a smaller benefit.

Also consider that as you age, your healthcare expenses might mount. You might need more doctor visits, medications, and procedures. You might also end up needing some type of long-term care. The more income you're getting each month from Social Security, the easier it becomes to keep up with those expenses.

You might assume that you don't need to wait on Social Security if you're sitting on a really large amount of savings. And if you have a $5 million nest egg, you're probably right. But even a seemingly large nest egg, like $1 million, could get whittled down sooner than anticipated. So unless you're truly flush with cash, it pays not to rush into Social Security.

Waiting can really pay off

It may be that you can't afford to wait on claiming Social Security. Maybe you're suddenly out of work at age 64, and Social Security is your only option for covering your bills because you don't have any savings. Or maybe you've been presented with an opportunity to buy into a business you're interested in -- one you can't put off for a year or two.

In some situations, waiting on Social Security may not be an option -- or it may not be a good one. But if you don't need that money right away, then it pays to consider the upside of sitting tight and letting your monthly benefit grow.