Many seniors will inevitably become heavily reliant on Social Security to cover their living costs in retirement. And you might one day join their ranks.

That's why it's so important to file for Social Security strategically. You're entitled to your full monthly benefit based on your personal wage history once full retirement age, or FRA, arrives. That age is 67 for anyone born in 1960 or later.

However, once you reach the age of 62, you can sign up for Social Security whenever you want. Filing for benefits ahead of FRA, however, has consequences. Specifically, you'll face a reduction in benefits, the extent of which will depend on how early you file.

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Source Fool.com