Wait until age 70

Workers can start claiming Social Security benefits as early as age 62. However, by doing so, they will get a lower monthly benefit amount, based on the number of months they receive benefits before turning their full retirement age.

Employees who retire at age 66 can receive 100 percent of their Social Security benefits, but they can get even more if they delay their claims. According to the Social Security Administration, many workers who postpone claiming Social Security can get up to 132 percent of their monthly benefit. Note that the bonus remains the same from age 70 and beyond.

“If you turn age 70 at any point [during the next year], then claim Social Security,” recommended Jason Silverberg, vice president of financial planning at Financial Advantage Associates in Rockville, Md. “You will not receive any monetary benefit for delaying it further.”