Social Security can be complicated and confusing at times, but it can make or break retirement for many older adults.

More than 80% of nonretired adults say they'll be relying on their benefits to some degree in retirement, according to a 2023 poll from Gallup, and 34% of that group says that Social Security will be a major source of income. If you're not making the most of your benefits, it could potentially put your retirement at risk.

While there's no single correct way to maximize Social Security, there is one mistake that costs the average retired household around $111,000 in lifetime income: claiming at the wrong age.

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Source Fool.com