Few people wait to claim Social Security until age 70. But the wait might be worth it to maximize your benefits.

The difference in monthly benefits between someone claiming as soon as possible at age 62 and someone who waits until 70 is massive. Most retirees can increase their benefits check by up to 77%. And while you'll have to forego the supplementary income in your 60s, it usually works out in the long run.

Here's what the average retiree receives in Social Security benefits at age 70.

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Source Fool.com