This Social Security Decision Could Cost You More Than $800 per Month

It's getting more and more challenging to save for retirement, and many workers head into their senior years depending on Social Security benefits to make ends meet.

However, the average retiree only collects $1,657 per month, according to the Social Security Administration, which adds up to just under $20,000 per year. That means if you expect to rely on your benefits in any capacity in retirement, it pays to make the most of them.

The decisions you make will directly affect the amount you receive each month. And there's one choice, in particular, that could cost roughly $800 per month -- claiming early.

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Source Fool.com