One of the biggest mistakes you can make is to underestimate the importance of Social Security in your retirement strategy.

Social Security benefits account for about 40% of retirement income for the average American. And in an era of vanishing pensions and volatile markets, Social Security offers government-guaranteed income that isn’t vulnerable to market risk, can’t be outlived, and can provide for your loved ones after your death.

Choosing the right claiming strategy can affect your entire retirement outlook.