In November, 50 million retired workers brought home an average Social Security benefit of $1,845. While the average retirement check may not sound like a lot, it's responsible for pulling close to 15.4 million adults aged 65 and over out of poverty each year.

Considering that most retirees lean on their Social Security benefit, in some capacity, to make ends meet, it's imperative for generations of future retirees to get as much as they can out of America's top retirement program. But for that to happen, future beneficiaries need to understand the dynamics of how their benefit is calculated, and how much their claiming decision can affect what they'll receive on a monthly and/or lifetime basis.

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Source Fool.com