Figuring out when to take Social Security is one of the most important financial decisions you'll ever make. Unfortunately, there's no one-size-fits-all advice for everyone. How can you decide what's right for you?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, goes through the pros and cons of taking Social Security early or late. He notes that waiting gives you large monthly benefits, ensuring more money for you and for any survivors who are entitled to benefits on your work history. Yet Dan also points out that taking money early might have more utility for you, especially if you expect to have higher expenses early in your retirement and don't want to go through your investment reserves. Dan concludes that the decision isn't an easy one, but you can still figure out the choice that fits best with your overall financial plan.