When it comes to signing up for Social Security, you get choices. The earliest age to start collecting benefits is age 62. But if you file for Social Security at that age, you'll slash your monthly benefit for life.

In fact, you're not entitled to your full monthly Social Security benefit on your personal wage history until full retirement age (FRA) arrives. That age is either 66, 67, or 66 and a certain number of months, depending on the year in which you were born.

The Social Security Administration (SSA) will also reward you if you choose to delay your filing past FRA. For each month you do, you'll receive delayed retirement credits that amount to 8% per year.

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Source Fool.com