The first round of February’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to the first group of retirees in five days.

As you get closer to retirement, one of the hardest decisions you might have to make is signing up for Social Security.

Social Security provides financial benefits to senior citizens, low-income individuals and people with disabilities. Beneficiaries receive a monthly payment on a specified schedule, and that schedule ...