You're entitled to your full monthly Social Security benefit based on your wage history once you reach full retirement age, or FRA. That kicks in at 67 if you were born in 1960 or later.

You don't have to sign up for Social Security at FRA, though. You can file earlier to get your money sooner if you're willing to accept a reduced monthly benefit for life. Or you can delay your filing past FRA and lock in a higher monthly benefit for life.

Once you turn 70, it makes no sense to delay Social Security, because your monthly benefit can't grow beyond that point. But if you're looking at an FRA of 67, you have an opportunity to boost your monthly Social Security paycheck by up to 24%, depending on how long you're willing to wait.

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Source Fool.com