For millions of older adults, Social Security is a lifeline in retirement. But sometimes even small misunderstandings can be costly.

While you don't need to know every detail about how the program works, knowing at least the basics of how your benefits are calculated can help you avoid any surprises in retirement.

These three factors are some of the most commonly misunderstood aspects of Social Security, and knowing how they'll affect your monthly payments can make it easier to maximize your retirement income.

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Source Fool.com