There are a lot of factors that go into the decision of when to start claiming Social Security.

Practically every claiming age has its plusses and minuses. Claim as soon as possible -- age 62 for most -- to receive your monthly benefit for longer. Wait as long as possible -- age 70 or later -- to get the biggest check. Many find waiting until full retirement age to be a solid compromise.

Full retirement age is the age when you'll receive your primary insurance amount. You're not claiming early so there's no penalty, and you're not delaying your claim so there's no added amount. It's also the point where you can maximize spousal benefits. Anyone born in 1960 or later will reach full retirement age at 67.

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Source Fool.com