3 Reasons It's Dumb to Take Social Security Benefits at 70

Americans who are eligible for Social Security retirement benefits can choose to start collecting their monthly benefit at any time between ages 62 and 70, and "full retirement age" is 66 to 67 years old, depending on the year in which you were born. Most Americans -- 88% of men and 89% of women -- claim their benefits at or before full retirement age.

Only about 4% of Americans wait until age 70 to claim their benefit, or about one in every 25 senior citizens. While there are some good reasons Americans might want to wait, it certainly doesn't make sense for everyone. Here are some of the good reasons for waiting until age 70, and three reasons waiting as long as possible before claiming could be the wrong move for you.

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Source: Fool.com