Most older adults will rely on Social Security to some degree in retirement. A whopping 88% of current retirees depend on their benefits, according to a 2024 poll from Gallup, with 60% of that group saying Social Security is a major income source.

Some retirees even rely on their benefits as their only source of income. Even if you have a robust nest egg, if you end up living a long lifespan, there's a chance your savings will run out eventually.

The more you can do to maximize your benefits now, the better shape you'll be in down the road. No matter what your financial situation looks like, there's one simple strategy that could help the average retiree increase their benefits by more than $700 per month.

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Source Fool.com