The age at which you file for Social Security will have a lifelong impact on your monthly benefit, so it's crucial to make this decision carefully. You can begin claiming benefits as early as age 62, though many experts recommend waiting a few years to file as it will increase your monthly payments. By delaying until age 70, you'll collect the maximum possible benefit based on your work record.

If you're looking to earn as much as possible each month, delaying benefits is often the way to go. In fact, the average retiree collects around $739 more per month at age 70 than at age 62, according to 2023 data from the Social Security Administration.

That said, claiming early can be a smart move in many situations. While everyone's retirement is different, there are two strong reasons I don't plan on waiting until age 70 to take benefits.

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Source Fool.com