You can claim Social Security benefits as early as age 62, although if you wait, you can boost the amount you receive in monthly benefits substantially. But what exactly is the payoff to waiting?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks more closely at an analysis from retirement expert Wade Pfau that looked at the inflation-adjusted returns from deciding when to take Social Security. Dan notes that survival is the key, with those living beyond age 80 earning positive returns and those who make it to age 85 earning a big win compared to iShares TIPS Bond (NYSEMKT:TIP) and other inflation-indexed investments. Dan also notes that married couples have an advantage in that their survivors' benefits essentially makes the decision about joint life expectancy. Dan concludes that it's worth looking at your medical history and family situation to make the best decision.