The money you get from Social Security might be the one thing that really gets you through retirement. Many people wrap up their careers without having a lot of money in an IRA, 401(k), or other savings plan. So they become heavily reliant on Social Security once retirement rolls around.

You may have heard that the monthly Social Security benefit you lock in at the time of your filing will be the benefit you collect for life. And that's largely true.

Social Security benefits are entitled yearly to cost-of-living adjustments. But other than those adjustments, the monthly benefit you start out receiving is the same benefit you can expect throughout your retirement. As such, it's important to file at the right age to get the most out of Social Security.

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Source Fool.com