Why Don't More People Wait to Claim Social Security at 70?

Your Social Security benefits are calculatedbased on how much you earned during your top 35 working years, but the age at which you first file for those benefits can impact the amount of money you receive each month. If you wait until your full retirement age(FRA) to take benefits, you'll get the full monthly amount you're entitled to based on your earnings record.

FRA is a function of your year of birth, and for today's workers, it's either 66, 67, or 66 plus a certain number of months.