The Social Security program is quite complex and has many different rules. One of these complex rules has to do with when retirees can claim Social Security. Retirees have the option of claiming benefits as early as age 62 and as late as age 70, but there are caveats that make understanding the choice important.

While there is no single right answer as to when to claim Social Security, here's the No. 1 reason to claim benefits at the age of 70.

Retirees must be mindful that the benefits they are entitled to will be impacted by the age at which they claim them. As you might expect, there is a penalty for claiming Social Security benefits early, and a reward for claiming them late.

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Source Fool.com