The decision to claim Social Security can be a tough one. You're allowed to sign up for benefits at any time once you turn 62. But if you're not eligible for your full monthly benefit based on your personal wage history until you reach full retirement age (FRA). That age is 66, 67, or somewhere in between, depending on when you were born.

For each month you claim Social Security ahead of FRA, your benefits get reduced. But on the flipside, for each month you delay your claim past FRA, your benefits get a boost.

Once you turn 70, you can't grow your Social Security benefits any longer. That's why 70 is often referred to as the latest age to file, even you won't be forced to sign up at that point.

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Source Fool.com