You'll Slash Your Social Security Income by 30% if You Make This Move

There's a good chance you'll depend heavily on Social Security once you enter retirement. Even if you manage to amass a decent chunk of savings by then, your IRA or 401(k) could eventually run out of money. Social Security, however, is set up to pay you a monthly benefit for life.

That's why it's so important to get as much money out of the program as you can. But if you file for benefits too soon, you could end up slashing your Social Security income in a very big way.

The monthly Social Security benefit you're entitled to is based on your personal earnings record -- specifically, the amount of money you make during your 35 most-profitable years in the labor force. From there, however, your filing age will dictate what your monthly benefit actually looks like.

Source Fool.com