Once you reach the age of 62, you'll have a very important decision to make: Sign up for Social Security right away, or hold off.

You're entitled to your full monthly Social Security benefit based on your income history once you reach full retirement age (FRA), which is either 66, 67, or somewhere in the middle, depending on your year of birth. Filing sooner (which you can do starting at 62) will leave you with a reduced benefit, while delaying Social Security past FRA will leave you with a higher monthly benefit for life. And you can grow your benefit via a delayed filing up until the age of 70.

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Source Fool.com