The decision regarding what age to file for Social Security can have a lasting impact on your finances in retirement. Richard Stephen/Getty Images

Tens of millions of Americans receive Social Security benefits each year, yet many leave money on the table when they claim their retirement money. That's because most retirees claim their benefits before they reach full retirement age , whether it's out of necessity or fear that the system might change. As a result, many retirees are getting smaller monthly Social Security checks than they would have if they'd waited to claim their benefits.

The average Social Security benefit for retirees is just under $2,000 per month . And, while that might sound like a solid supplement, it's generally not enough to cover your expenses in retirement.

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