3 Signs You Should Claim Social Security at 70
Your Social Security benefits are based on the wages you earn during your 35 highest-paid years in the workforce. But the age at which you claim benefits will determine how much money you actually get during retirement.
If you file for Social Security at full retirement age (FRA), you'll get the exact monthly benefit you're entitled to based on your earnings history. FRA is either 66, 67, or somewhere in between.
That said, you don't have to file for benefits at your precise FRA. You can claim them as early as age 62, all the while losing a portion of them for filing ahead of schedule. Or you can delay your benefits past FRA and boost them by 8% a year in the process, up until age 70, at which point the Social Security Administration will no longer reward you for waiting.
Source Fool.com