For the past 22 years, national pollster Gallup has surveyed retirees to gauge their reliance on Social Security income to make ends meet. In each of these years, anywhere from 80% to 90% of then-current retirees noted that their Social Security benefit comprises a "major" or "minor" part of their monthly income. 

Considering how important Social Security is to current retirees and the key role it's likely to play in keeping future generations of retired workers out of poverty, there's arguably nothing more important than deciding when to begin taking your Social Security benefit. And making this decision begins with understanding how your monthly benefit is calculated.

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Source Fool.com