Once upon a time, there was no mystery about Social Security’s full retirement age — everyone received their full benefit if they claimed at 65 years of age, the age

Social Security imposes a steep penalty for claiming benefits before your FRA. If I begin receiving retirement benefits at age 62, I'll make 30% less than I would if I waited until my FRA of 67. And if I hold off until age 70 to claim benefits, the amount increases by 24% more.

Here I’ll share how I waited for my Social Security benefits until age 70, as well as the reasons why. My wife and I enjoyed a fulfilling, semi-retired life through our late 60s that involved working enough to pay for our living expenses while still having plenty of time to enjoy our grandchildren,

Key Points You won’t be forced to claim Social Security if you don’t want benefits. Once you turn 70, there’s nothing to be gained by waiting to signing up. Understand the program’s rules so you don’t lose out on benefits.