2021 may be a great year to claim Social Security and retire. After all, if you've been cooped up at home for the last 15 months, you might be itching to get away from work and try something new.

But the timing of your Social Security application will affect your monthly income for the rest of your life. And that means your benefits claim shouldn't be a spontaneous or reactionary move.

Before you file for your retirement benefits, take 10 minutes to validate your 2021 claiming strategy. If the four statements below are true for you, you're ready to claim.

Social Security usually replaces about 40% of your working income, or less if you claim early. Most people can't pay the bills after a 60% pay cut, which means your savings need to help out too.

You can test the power of your savings with an easy equation, known as the 4% rule, developed by financial advisor Bill Bengen in the 1990s. He found that a 4% withdrawal rate with annual inflation adjustments could withstand history's worst financial market and inflation climates.

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