Social Security is a primary source of income for millions of retirees, and delaying benefits can be a smart option. The earliest you can file for Social Security is age 62. But the longer you wait to claim, the more you'll receive each month, which could amount to hundreds or even thousands of dollars. And that can go a long way in retirement.

However, it is possible to wait too long to file for benefits, which can be incredibly costly. Here's how to avoid this mistake.

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Source Fool.com