Most retirees don’t delay Social Security benefits. Experts say it pays to wait [Video]

The largest and final cohort of the baby boom generation — 30.4 million Americans — will turn 65 by 2030.

And more than half of that group will rely primarily on Social Security for income, according to new research from the Alliance for Lifetime Income.

When to claim Social Security retirement benefits is a high-stakes decision. Generally, the longer you wait, the larger your monthly checks will be.

Eligibility for retirement benefits starts at age 62. But full retirement age – generally age 66 or 67, depending on an individual’s birth year — is when retirees may receive 100% of the benefits they’ve earned.

For each year you wait past full retirement age up to 70, you may receive an 8% benefit boost.

“Everyone should know that you have a penalty if you collect before 70,” said Teresa Ghilarducci, a professor at The New School for Social Research and author of the book …