For most retirees, Social Security is a program they'd struggle to live without. Even though the average retired-worker benefit in February was just $1,910.79, Social Security is responsible for lowering the poverty rate of persons aged 65 and over from an estimated 38.7% without the program to 10.2% with monthly guaranteed payouts, according to a report by the Center on Budget and Policy Priorities.

For most future retirees, this means that getting the most they can out of Social Security is imperative to their financial well-being. But in order to maximize what they'll receive, future generations of retirees first need to be aware of the ins and outs that determine their monthly payout, and understand just how much their claiming age decision can alter their monthly and lifetime benefits.

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Source Fool.com