About to Take Social Security? Read This First

Social Security provides an important safety net against abject poverty for American seniors. The typical retiree receives around $1,369 per month from the program -- or around $16,428 per year. With the poverty level currently defined by an income of $12,060 per year for a single person, Social Security does a reasonable job of covering the basic costs of living for most seniors.

If you're approaching the earliest eligibility age of 62 or are anywhere in the window between ages 62 and 70 where you can start your benefits, you may be about ready to start claiming. While it may make sense to claim, you should read on to make sure you understand exactly what you're signing up for by agreeing to take your benefits.

There's a trade-off between time and money when it comes to your Social Security benefit. Image source: Getty Images

Source: Fool.com