Overall, many Americans don't know enough about Social Security -- and that can have costly results. For example, Nationwide's Retirement Institute 2023 Social Security Survey found only 13% of survey respondents know what their full retirement age (FRA) is. Spoiler: It's 67 for most Americans.

Meanwhile, only 10% of non-retired Americans plan to wait until age 70 to start collecting their Social Security retirement benefits, according to the 2023 Schroders US Retirement Survey. But for most people, waiting until age 70 is actually their best option.

Here's a look at why, and how you might think through the decision of when to start collecting Social Security.

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Source Fool.com