Social Security: Good claiming strategy can net an extra $1M

(FOX News) -- The difference between a good Social Security claiming strategy and a bad one can mean losing out on more than $1 million, one expert says.

"The no. 1 one thing that I want everyone to know: don't take the decision lightly, Bill Meyer, founder and managing principal of Social Security Solutions, told FOX Business. "It's the largest financial decision 99% of Americans make, bigger than your 401(k), bigger than equity in your house."

The average annual Social Security payout as of 2015 for a 70-year-old was $15,216, and $12,552 for a 62-year-old.

How can you get into, or exceed, the top tier of claimants? By making smart decisions based on your financial circumstances.