In June, close to 67 million people collected a traditional Social Security check, 49.4 million of which were retired workers. For a majority of these retirees, their monthly benefit represents a critical source of income needed to cover their expenses.

Given how important Social Security income is to current retirees, as well as how many non-retirees expect it to represent either a major or minor income source when they hang up their work coats for good, it pays to get the most out of the program. This means it's important to have a good understanding of how your monthly benefit is calculated, and how your claiming decision can drastically impact what you'll receive each month.

Image source: Getty Images.

Continue reading

Source Fool.com