For many people, Social Security serves as a critical source of retirement income. And if you're in that boat, a smaller monthly check than expected could really upend your finances. But here are a few reasons why you may end up with less money from Social Security than you thought you would.

You're allowed to sign up for Social Security as soon as you turn 62. However, you're not entitled to your full monthly benefit based on your personal income history until full retirement age (FRA) arrives. That age is either 66, 66 and a specific number of months, or 67 -- it depends on your year of birth.

Now, the earlier you file for Social Security ahead of FRA, the more of a hit your monthly benefit will take. As an example, if your FRA is 67 and you sign up at 62, you're looking at reducing your monthly payments by a whopping 30%. That's an important thing to know ahead of your filing.

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Source Fool.com