When to claim Social Security is an important financial decision with life-long repercussions. Every scenario has pros and cons. Workers can maximize their benefit by claiming at age 70, but doing so means going without Social Security for several years. Alternatively, workers can maximize the number of payments they receive by claiming at age 62, but doing so means a smaller benefit for life.

Ultimately, the best age to start Social Security depends on personal financial goals. For many people, that means getting as much money as possible from the program. Read on to see how claiming age impacts Social Security payouts, and to learn which claiming age is most likely to maximize lifetime benefits.

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Source Fool.com