The best age to claim Social Security depends on personal circumstances. That said, several studies have shown that most retirees with normal life expectancies will maximize lifetime spending power by claiming benefits at age 70.

However, very few people actually wait that long. In any given year, about nine in 10 newly awarded retirees start Social Security before age 70, and more than two in 10 start Social Security as soon as possible (age 62), meaning they get the biggest possible benefit reduction. Some people inevitably come to regret their decision.

Fortunately, there are two possible solutions, but very few people know about them. For instance, a recent survey from Nationwide Retirement Institute found that just 29% of adults were aware that claiming decisions can be undone within 12 months.

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Source Fool.com