Regardless of whether you're already retired or just entering the labor force, Social Security income is liable to play an important role in helping you make ends meet.

For more than two decades, national pollster Gallup has been surveying Americans to gauge their current or expected reliance on America's top retirement program. Between 80% and 90% of retired Americans note that their Social Security benefit accounts for a "major" or "minor" source of income. Meanwhile, 76% to 88% of future retirees expect to need their Social Security income, in some capacity, to cover their expenses.

In other words, getting as much out of Social Security as possible will be vital to the financial well-being of generations of future retirees. But in order to maximize what you receive, you'll first need to understand the ins and outs of how your Social Security benefit is calculated, as well as how your claiming age can meaningfully impact how much you'll receive each month and during your lifetime.

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Source Fool.com