If you are planning for retirement or are nearing that time of life and thinking about claiming Social Security, you should understand how your retirement benefits work. Specifically, it's helpful to know how your monthly check amount will be calculated since understanding this information can help you make more informed claiming choices. 

Here are three things to know about how the formula works to guide you in making the right choices both during your working years and as a near-retiree. 

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Source Fool.com