India, July 20 -- Americans can start claiming Social Security retirement benefits at age 62, and this is the earliest age allowed. But many experts say 62 may not be the best financial choice because waiting can increase your monthly payments. If you claim Social Security early, you receive more monthly checks over time, but each check is smaller.

If you delay claiming benefits, your monthly payments keep increasing every year until age 70. USA Today said its earlier 2025 calculations showed that waiting until age 70 gives the average retiree the most lifetime Social Security money.

The biggest reason is people are living longer than they think, so larger monthly checks usually add up to more money over a lifetime. A research paper fou...