One thing soon-to-be retirees need to start looking at carefully is where they fall in terms of Social Security benefits. Whether you start taking withdrawals at 62, 67, or 70, it’s important to understand what impact Social Security withdrawals will have on your income level while retired.

Most Americans make the wrong decision on when to claim Social Security benefits, impacting their financial security during retirement. Claiming early could cost you 30% of what you otherwise would receive.

One of the most critical decisions is when to start receiving Social Security benefits. Social Security is a primary source of retirement income for many Americans, so it makes sense to think about all the possible ways to maximize benefits.