Most retirees will depend on Social Security to some extent throughout their senior years. In fact, a whopping 88% of current retirees say their benefits are either a "major" or "minor" source of income, according to a 2024 poll from Gallup.

The more you'll be relying on your benefits to make ends meet, the more important it is to maximize those monthly checks.

It's simpler than you might think to make the most of Social Security, but first you'll need to know the basics of how your benefits are calculated. There are five primary factors influencing your benefit amount, but only 4% of U.S. adults can name all of them, according to a 2024 survey from the Nationwide Retirement Institute.

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Source Fool.com