It’s always better to overdress for an event than to underdress.
Which do you prefer: Do you want to be kidded about looking “too good” or teased about looking like a poor relative who sneaked in through the back door when no one was watching for vagrants?
Don’t be shy about asking about dress expectations for an event, whether it’s business or social. Call me sexist, but women tend to know much more about these things than men, so ask for their advice.
And remember the lesson of the immortal ZZ Top hit song: “Every girl crazy 'bout a sharp dressed man.”