One of the nice things about Social Security is that you're allowed to decide when you want to start receiving benefits, provided you're at least 62 years of age. Now you're not entitled to your full monthly benefit based on your wage history until you reach full retirement age, or FRA, which is 67 if you were born in 1960 or later. But you can opt to file for Social Security before FRA for a reduced benefit, and you can also delay your filing past FRA for a higher one.

In fact, for each year you delay your Social Security claim past FRA, your monthly benefit grows 8%. And that boost remains in effect on a permanent basis.

Now beyond age 70, your benefits won't be eligible for a further boost, so 70 is typically considered the latest age to claim Social Security -- even though you're allowed to continue to wait. And if your health is great going into retirement, then a delayed Social Security can easily pay off.

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Source Fool.com