Choosing what age to begin taking Social Security is one of the biggest retirement decisions you'll make, and it will affect your monthly income for the rest of your life.

To receive your full benefit based on your work history, you'll need to wait to file until your full retirement age (FRA), which is age 67 for anyone born in 1960 or later. You can claim before or after that age, though -- as early as age 62, or up to age 70.

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Source Fool.com