Choosing when to begin claiming Social Security is one of the most important retirement decisions you'll make, but it's not an easy choice. You can file for benefits at age 62 or anytime thereafter. Technically, there's no limit as to how long you delay, but there's no financial incentive to wait past age 70 to file.

Claiming as early as possible at 62 means you'll start getting benefits sooner, but each check will also be substantially smaller. Wait until age 70, and you'll receive much larger monthly payments -- but it's not always feasible or realistic to hold off that long on benefits.

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Source Fool.com