Millions of seniors today collect monthly benefits from Social Security. And for many, those benefits serve as their sole or main source of income.

Clearly, that's not an ideal situation to be in. But it's reality for a lot of seniors who were never able to save for retirement on their own.

Meanwhile, workers who are approaching retirement with little to no savings are often advised to delay their Social Security claims beyond full retirement age (FRA). FRA is 66, 67, or somewhere in between, and it's when you're entitled to your complete monthly Social Security benefit without a reduction. However, for each year you delay your filing past FRA, your monthly benefits get an 8% boost -- for life.

Continue reading

Source Fool.com