I Used to Think I'd Claim Social Security at 70. Here's Why I Now Think That's a Mistake.
Social Security is a surprisingly flexible program in that you get a choice as to when to sign up. The earliest age you can claim benefits is 62. But you're not eligible for your complete monthly benefit based on your individual wage history until full retirement age arrives. That age is 67 if you were born in 1960 or later.
You can also snag a much higher monthly benefit by delaying your Social Security claim until age 70. If your full retirement age is 67, filing at 70 means raising your monthly benefit by 24% -- for life.
Image source: Getty Images.
Source Fool.com