Whether you realize it or not, Social Security income is a necessity for most retired workers. In 22 years of annual surveys from national pollster Gallup, between 80% and 90% of retired respondents note they lean on their monthly check from Social Security as a "major" or "minor" source of income. Meanwhile, 76% to 88% of future retirees anticipate needing their monthly benefit to cover at least a portion of their expenses.

Furthermore, the Center on Budget and Policy Priorities estimates that monthly Social Security payouts have singlehandedly reduced the poverty rate for adults aged 65 and over from 38.7% without the program to just 10.2%, as of 2022.

For generations of future retirees, it's important to get as much as possible out of America's top retirement program. But to do so, you'll need to understand the particulars of how your monthly benefit is calculated, as well as wrap your hands around the importance of your claiming age. Knowing these factors can put the proverbial ball in your court when deciding if an early (age 62), middle ground (age 65), or late (age 70) Social Security claim makes sense.

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Source Fool.com