One of the nice things about Social Security is that you get to decide when to start taking benefits. You can do so beginning at age 62, or you can file at a much later age.

In fact, there's actually no such thing as a "final age" to claim Social Security, so if you want to sign up for benefits at age 90, so be it. But financially speaking, there's no incentive to delay your filing past the age of 70.

Now, the problem with claiming Social Security at age 62 is that you'll reduce your monthly benefits for life in the process. Filing at age 70 will have the opposite effect -- your benefits will get a nice boost that you'll be able to enjoy throughout your retirement. But you'll have to wait longer -- and potentially work longer -- for that to happen.

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Source Fool.com