Does It Really Matter When You Claim Social Security?
Of all the retirement decisions you'll need to make, landing on a Social Security filing age may be the toughest. Though your benefits are calculated based on your wages during your 35 highest-paid years of earnings, the age you claim them at will determine how much money you get each month.
You're entitled to your full monthly benefit based on your wage history once you reach full retirement age, or FRA. That age is either 66, 67, or 66 and a certain number of months, depending on the year you were born.
But there's a range of years during which you can sign up for benefits. The earliest age to start collecting them is 62, and though there's technically no such thing as the latest age to file, since you're allowed to sign up at any point starting at 62, 70 is the latest age you'll reap the financial incentives associated with waiting.
Source Fool.com
