Delaying Social Security Isn't Easy: 3 Reasons to Do It Anyway

Social Security may have its share of rules, but the program is actually quite flexible. In fact, you can sign up for benefits at any point starting at age 62 (though from a financial standpoint, it doesn't pay to sign up after the age of 70).

Now you're entitled to your full monthly benefit based on your personal wage history once you reach full retirement age, or FRA. FRA is either 66, 67, or somewhere in between, depending on what year you were born in.

But you can delay your filing beyond that point, and for each month you do, your benefit increases 2/3 of 1%. All told, that amounts to an 8% boost per year you hold off. And that incentive doesn't run out until age 70, which means that if your FRA is 67, you have an opportunity to lock in a monthly benefit that's 24% higher -- for life.

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Source Fool.com