The nice thing about Social Security is that seniors get a choice as to when to sign up. Eligibility for Social Security begins at 62. But if you don't need your money right away, you can wait until full retirement age (FRA) arrives to claim benefits so you can avoid a reduction. And if you're able to delay your filing beyond FRA, you'll get to boost your monthly benefits for life.

Many people, however, rush to claim Social Security as soon as they're able to at age 62. That way, they can get their money right away and start putting it to good use. Some people even file for Social Security at 62 so that they can kick off retirement early.

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Source Fool.com