For many retired seniors, Social Security serves as a critical source of income. And because of that, it's important to claim benefits at the right time.

In case you're not familiar with how Social Security works, you should know that your filing age will determine how much the program pays you throughout retirement. If you sign up at your exact full retirement age (FRA), you'll get the precise monthly benefit you're entitled to based on your earnings history.

But filing at FRA is by no means your only option. For one thing, there's no such thing as a final age to claim Social Security. You can sign up as late as you want, but you should know that there's no financial incentive for delaying your claim past the age of 70. However, for each month you delay your filing between FRA and age 70, your monthly benefit gets a chance to grow.

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Source Fool.com