Many people will depend on Social Security for retirement income. Because Social Security is such an important part of retirement, maximizing what you get is vital. Here are some important points to understand. First, the retirement age rises gradually. If you were born after 1960 the retirement age is 67. That means that if you want to claim your benefits early at say age 62, you will not receive as much as you could if you wait until age 66. Waiting would boost your benefits by 25%. The extra money can mean a significant increase in your standard of living and if you wait until age 70 to take your benefits, you will receive an extra 32% on top of that for the rest of your life. To maximize your benefits, try to wait as long as you can before making a claim.
(From “Getting it Right: Here are the 9 Worst Social Security Mistakes”)