The Best Reason to Take Social Security Long Before Age 70

Social Security is fairly flexible when it comes to letting you sign up. The earliest age to file for benefits is 62, and you can claim your full monthly benefit based on your personal earnings history at age 66, 67, or somewhere in between at a point known as full retirement age (FRA).

You'll also be rewarded for delaying your Social Security claim beyond FRA. For each month you hold off on filing, your benefits will increase by 2/3 of 1%. This amounts to an annual boost of 8%.

Once you turn 70, you can't grow your benefits, so that's considered the latest age to sign up for Social Security. But if you file at age 70 with an FRA of 67, you'll boost that income stream by 24%.

Source Fool.com