One of the biggest decisions American retirees face is when to start Social Security.

Social Security is the cornerstone of many people's retirement budgets. Nearly 9 out of 10 retirees say their monthly benefit is a significant source of income, with two-thirds of those saying it's a major source of income, according to an annual Gallup poll. As such, making the most of the Social Security benefits available to you should be a top priority.

While most people can claim Social Security retirement benefits starting at age 62, the data point to a specific age where it makes sense for the average retiree to claim. Three independent sources agree: All else being equal, retirees should wait until 70 to claim their Social Security retirement benefits in order to maximize their budgets in retirement.

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Source Fool.com