When is the best age to take Social Security?

(NewsNation) — As Americans continue to grapple with rising living costs, choosing the right time to claim Social Security benefits has never been more important.

Social Security retirement benefits are calculated based on how long you worked, how much you made and when you started collecting. Those who claim at the earliest retirement age, 62, receive a reduced monthly payment, while those who wait until 70 see a bump.

Data from the Social Security Administration shows most people claim benefits before their full retirement age but experts say that decision depends on several factors like a person's health, financial situation, and marital status.

"There is no perfect age, it is very specific to each individual, couple and family," said Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts.