Channel3000.com February 6, 2021 8:04 AM newsfeedback@fool.com (Maurie Backman) Posted: Updated: February 8, 2021 11:22 AM Many of us are wired to want instant gratification. It’s for that reason that saving money is so difficult — we’d rather spend our money now and enjoy it immediately than save it and benefit later on. It’s this very mentality that causes a lot of seniors to sign up for Social Security as early as possible — at age 62. In fact, 62 is the most popular age to claim benefits, even though it’s well before full retirement age (FRA). FRA is when you’re entitled to your full monthly Social Security benefit based on your personal earnings history, and filing before FRA will slash your benefits for life. However, you’re allowed to delay your filing beyond FRA, and for each year you do, your benefits will increase by 8%, up until the age of 70.