This Social Security Mistake Could Cost You $456 a Month in Retirement
Imagine your boss marches over to your desk and informs you that your paychecks will go down by over $450 a month for as long as you're employed. You'd probably get stressed out and annoyed.
It turns out that you may be in line for that sort of pay cut as a senior if you file for Social Security at the wrong time.
Your Social Security benefits are calculated based on your average monthly wage, adjusted for inflation, during your 35 highest-paid years in the workforce. From there, you can claim your full monthly benefit once you reach full retirement age, or FRA.
Source Fool.com
