J.J. Gouin/ShutterstockThe decision to apply for Social Security depends on your circumstances. You can start collecting benefits at 62 or wait until you’re 70, according to the Social Security Administration (SSA).But a lot can happen in that window. Many with health conditions may choose to take Social Security early, while others who want to continue working might postpone it. What are the benefits and disadvantages to going early or waiting to apply for benefits?What Is Full Retirement Age?Full retirement age (FRA) depends on the year you were born. According to the IRS, for those born in 1960 or later, the FRA is 67. At that age, you'll receive 100 percent of your retirement benefit. Those who were born between 1943 and 1959 reach FRA at 66.