Retiring on Social Security alone could mean winding up being cash-strapped for years on end. In spite of that, many seniors inevitably reach retirement age without a lot of money in an IRA or 401(k). And that leads them to be more reliant on Social Security than they would've hoped.

Meanwhile, people who are nearing retirement without much or any money in savings are often advised to delay their Social Security filings until the age of 70. You're entitled to your full monthly benefit based on your income history once you arrive at full retirement age (FRA), which is either 66, 67, or somewhere in between, depending on your year of birth. For each year you delay your filing past FRA, your benefits grow 8%, up until age 70.

Anyone whose nest egg is sorely lacking in funds should seriously consider claiming Social Security at age 70 to score a higher benefit to compensate. And filing for benefits at age 70 is something I'm planning to do, too -- only for a slightly different reason.

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Source Fool.com