The monthly Social Security benefit you're eligible for in retirement will hinge on a few different factors. One is your earnings history -- specifically, the amount of money you made during your 35 highest-paid years in the labor force.

The other big factor that will dictate how much monthly income you receive from Social Security is your filing age. Once you turn 62, you can claim Social Security at any point. But you're not entitled to your complete monthly benefit, based on your personal wage history, until you reach full retirement age (FRA), which is 67 for anyone born in 1960 or later.

There's no sense in delaying your Social Security filing past the age of 70. You can boost your benefits by holding off on claiming them past FRA, but once you turn 70, you can no longer accrue the delayed retirement credits that raise your benefits substantially.

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Source Fool.com