Most people associate the age of 65 with retirement, although data suggests the average American retires at 62. That's the age at which you can begin to take Social Security, but you can boost the size of your monthly benefits check if you wait longer.

You can get the most Social Security benefits if you wait until your "full retirement age," which used to be 65, but it's gradually increased over the years – and it's up to 67 years of age for those born in 1960 or later.

You can retire when it is most prudent for you, but you cannot file for Social Security benefits until you are 62. At 59½, you can withdraw from tax-advantaged retirement savings accounts such as 401(k)s and IRAs without the Internal Revenue Service exacting a 10% penalty tax.

The longer you put off taking Social Security, the bigger your monthly check. That's where the "full retirement age" kicks in; it's the age when you get what's considered full Social Security benefits. But that age is dependent on when you were born.

To collect full Social Security benefits, you wait until at least your "full retirement" age. For those born from 1955 and on, the retirement ages are as follows:

• 1955: 66 years and two months
• 1956: 66 years and four months
• 1957: 66 years and six months
• 1958: 66 years and eight months
• 1959: 66 years and 10 months
• 1960 and later: 67 years of age

Putting off claiming your benefits a bit longer can pay off, too. For each full year you delay claiming benefits after your "full retirement age," your benefit increases by 8% annually. This delayed retirement credit increases until the age of 70.

For instance, according to the Social Security Administration website, if you filed for Social

Security this year at "full retirement age," your maximum benefit would be $3,822. But let's say you retire this year at age 62 and file; your maximum benefit would be $2,710. If you are 70 and file this year, your maximum benefit would be $4,873.

There's no ultimate answer for when to file for Social Security. This is a personal decision, so you have to factor in all sorts of things: your current employment, your health, your family, your health history; if you claim before your full retirement age, that penalty will stay with you for the rest of your life. So that's just something to consider.

If you claim Social Security retirement benefits at age 62 and continue working while earning over $22,320, your Social Security benefits will be reduced by $1 for every $2 you earn above that limit; essentially, the more you earn above $22,320, the less your monthly Social Security check will be.