67 or later. Only 6 percent of men and 5 percent of women born in 1943 and 1944 signed up for Social Security at age 67 or later, the Urban Institute found. But the benefits of further delaying your Social Security payments can be enormous. Payments increase by 8 percent for each year of delayed claiming up until age 70. After age 70 there is no additional financial incentive to delay starting your payments. Carl von dem Bussche, a certified financial planner for Financial Guidance Group in Palm Harbor, Fla., says he doesn't plan on taking Social Security until age 70 because of the 8 percent accumulation rate between ages 66 and 70. "It's a pretty nice return if you have the finances in place to be able to delay it, and that's a risk-free return on your money," he says. "If you have had cancer and you are ill, then it's better to get some of your benefit than none of your benefit. If you have longevity in your family, then it often makes sense to choose to take your benefit later."