When it comes to filing for Social Security, you have different choices. You could sign up for benefits at your full retirement age (FRA) and get the complete monthly benefit you're entitled to based on your wage history. FRA is 67 for anyone born in 1960 or later. Otherwise, it's either 66, or 66 and a certain number of months.

You're also allowed to sign up for Social Security starting at age 62 for a reduced benefit. In fact, your benefit will be lowered for each month you claim Social Security prior to FRA.

On the flip side, you can delay your Social Security claim past FRA and grow your monthly benefit in the process. This incentive remains in place until the age of 70, which is generally considered the latest age to sign up, even though you're not required to do so at that time.

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Source Fool.com