In October, the nearly 50 million retired workers who received a Social Security check brought home an average payout of $1,843.96. Though this represents a relatively modest monthly benefit, it's nevertheless responsible for pulling more than 15 million adults aged 65 and over out of poverty each year.

Given how reliant current retired workers are on their monthly Social Security benefit to cover their expenses, it makes sense for future generations to optimize what they'll receive from America's top retirement program. But in order to do so, workers first need to understand the ins and outs of how their monthly Social Security check is calculated, and how their claiming age can really alter the payout pendulum.

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Source Fool.com