To delay or not to delay? That is the question.

At least that's the question a lot of baby boomers are asking themselves and their financial advisors these days as they try to decide when to begin taking their Social Security benefits.

Anyone who has paid into Social Security over the years can begin to receive those benefits in their 62nd year. But triggering the payments at 62 means accepting a lower monthly amount than one would receive at the "full" retirement age of 66. Then again, by waiting until age 70 to dip into the Social Security pot, you can expect an even higher monthly amount.

Today, Social Security represents a much more important revenue stream to retirees than it did for previous generations. As Josh Miller, president of Loveland-based Colorado Financial Management Inc., notes, "In the 1990s, people were confident that they could count on their stock market portfolio or their 401(k) or IRAs to support them through retirement. Now, with the volatility in the financial markets, Social Security has become a more important decision."

Many factors must be weighed in the making of this decision. It's a personal choice, Miller says, one in which current financial needs must be balanced