3 Reasons It Pays to Claim Social Security at 67

There's no right or wrong answer when it comes to choosing a Social Security filing age. You can begin to take benefits starting at age 62, delay benefits until 70, or file somewhere in between. But the age you land on will impact the amount you're eligible to collect in retirement each month.

If you file for benefits at your exact full retirement age, or FRA, you'll get the precise monthly benefit you're entitled to based on your earnings history. File sooner, and you'll reduce your benefit -- generally for life. Or, you can delay benefits past FRA and grow them by 8% a year, up until age 70.

Many seniors rush to claim Social Security ahead of FRA so they can get their money as soon as possible, even if it means collecting a lower monthly benefit. But if you were born in 1960 or later, it pays to file for Social Security at 67. That age is your FRA, and here's why it's a good choice.

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Source Fool.com