Socialization is process of meating new people and animals where puppy is learning how to behave properly. And it is easiest for them to learn all these things naturally as puppies. And you should not only socialize larger dogs like Labrador or GSD but also small Chihuahuas and Yorkies. Socialization is a must for all dogs! It makes sense, if your puppy will be meeting a lot of people and other dogs and have fun with them, than he will grow into confident and secure dog. But if you will not socialize him, he can grow up into dog that will be afraid of strangers and he might even be agressive towards them.
With well socialized dog, you will have a lot of fun and everyone will wants to be around him. Walks with unsocialized dog might turn into nightmare. So its up to you, but if i am on your spot, i would go out with my puppy right now and i would let strangers to pet him, let him sniff other friendly dogs and just show him other people. The more places puppy is taken and more people of different age will know, it will be better for his life.
Watch video of how i socialize my Labrador puppy: