Only 1 in 8 Americans consider themselves “very knowledgeable” about their Social Security benefits. Studies show that only 4% of Americans actually “optimize” their Social Security distributions, causing the average person to miss more than $110,000 in lifetime benefits.

With Social Security benefits representing on average 60% of a retiree’s income ($500,000 over a lifetime), when to claim benefits may be one of the most critical retirement income decisions you ever make. No matter how modest your income, or how affluent you are, your benefits should be a key topic of discussion with your financial advisor.

Consider the questions below and share your answers with your advisor. The difference between what you know, and what you don’t, could be the key to a successful retirement.