For most retirees, Social Security income plays a very important role in their financial foundation. Even though the average retired worker brought home a modest benefit check of $1,837.29 in June (about $22,000 when annualized), this payout helps between 80% and 90% of retired workers make ends meet, based on more than 20 years' worth of surveys from national pollster Gallup. 

In order to keep senior poverty rates low, eligible retired workers need to get the most out of Social Security that they possibly can. That means understanding how monthly retirement benefits are calculated and making an informed claiming decision.

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Source Fool.com