A delayed Social Security claim can have a big payoff.

You can start getting retirement checks at 62. But if you put off your claim until at least full retirement age, you avoid getting hit with up to a 30% reduction in your standard benefit that comes from monthly early filing penalties. And if you wait beyond FRA until 70, you earn monthly delayed benefits that add up to an annual 8% benefit increase. 

While waiting until 70 to maximize monthly benefits makes sense for a lot of people, it's not the right choice for everyone. In fact, there are three situations when putting off filing for Social Security could really backfire. Here's what they are. 

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Source Fool.com