For many retirees, waiting until 70 to get the first Social Security check is the right financial decision. Filing for benefits at 70 can result in a higher monthly income than if you claimed payments at an earlier age. And, since many people now live longer than their life expectancy, 6 in 10 retirees end up with more lifetime income if they put off their first Social Security payment until age 70.

But there's one situation in which there's absolutely no benefit to waiting so long. If it applies to you, you should not wait beyond your full retirement age to get benefits.

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Source Fool.com