Once you reach the age of 62, you're allowed to sign up for Social Security at any point in time. However, you should know that you're not entitled to your full monthly benefit -- the one that's calculated based on your personal wage history -- until full retirement age, or FRA, arrives.

FRA depends on your year of birth. If you were born in 1960 or later, it's 67. Otherwise, it's either 66 or 66 plus a certain number of months.

You can also delay your Social Security claim past FRA for a boosted monthly benefit. For each year you hold off, up until age 70, your monthly paychecks will grow 8%. That's a nice increase to snag on a lifetime basis.

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Source Fool.com