Millions of seniors today look to Social Security as a major source of retirement income. Chances are, down the road, you'll do the same. So it's important to not only claim benefits strategically but also read up on the program so you know what to expect from it.

Now, you'll often hear that one of the biggest Social Security mistakes you can make is filing for benefits as early as possible. You can sign up for Social Security once you reach the age of 62. But if you don't wait until your full retirement age to claim Social Security, your monthly benefit will be reduced for life. And a major reduction could mean struggling financially throughout retirement.

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Source Fool.com