This Common Piece of Social Security Advice Could Backfire
Your Social Security benefits are calculated based on how much you earn during your 35 highest-paid years in the workforce. From there, you're entitled to your full monthly benefit based on those earnings once you reach full retirement age, or FRA. That age is either 66, 67, or 66 and a specific number of months, depending on the year in which you were born.
Claiming benefits at FRA isn't mandatory, though. In fact, you're allowed to file for Social Security as early as age 62 or you can delay benefits past FRA. If you file early, you'll shrink your benefits in the process. But if you hold off on claiming benefits past FRA, you'll boost them by 8% for each year you do, up until you turn 70.
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Source Fool.com