Seniors are often advised to wait until full retirement age (FRA) to sign up for Social Security. That age is based on your year of birth, and it's 67 for anyone born in 1960 or later.

You're allowed to sign up for Social Security at any age starting at 62. But claiming benefits ahead of FRA will mean reducing them on a permanent basis. And that could be a dangerous thing, because you never know when your savings might get whittled down to $0, leaving you with only those benefits to live on.

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Source Fool.com