Nearly 50 million seniors aged 62 and above received a Social Security benefit in the month of August. Even though the average payout to retired workers was just $1,840.27, Social Security checks are responsible for pulling more than 15 million seniors out of poverty each year, and they play a vital role in helping retirees make ends meet. 

It's a similar story for future beneficiaries. Based on more than two decades of annual polling from Gallup, between 76% and 88% of nonretirees anticipate relying on their Social Security income in some capacity during retirement to pay bills or cover other expenses. 

Getting the most out of Social Security is incredibly important for most future retirees -- and that all starts with understanding how your benefit is calculated, as well as how your claiming age can greatly impact what you'll receive each month.

Continue reading

Source Fool.com