Retirees can opt into the Social Security program at different times of their lives. The full retirement age (FRA), which is when they are entitled to their full benefits, is 67 for those born after 1960.

Retirees can put off Social Security retirement benefits beyond FRA until as late as age 70 and receive more in monthly benefits to account for the years they delay it. The third option for retirees is to opt into the program early. Retirees can start claiming Social Security as soon as 62, although they usually take a significant haircut on their benefits in doing so.

While your decision of when to start claiming Social Security benefits should always depend on your health and financial status, 2023 could be a great year to file for benefits early. Here's why.

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Source Fool.com