Social Security is a major source of retirement income for most Americans. As of September 2023, the average retired worker received a monthly benefit of $1,841.27, which translates to over $22,000 in inflation-protected income per year.

There are several factors that determine how much you'll get from the program when you retire. Your income is the primary factor, because the Social Security Administration (SSA) keeps a record of your earnings throughout your career and uses this when calculating your benefit. The formula takes as many as 35 years of work into account, so if you have worked for fewer years, it will lower your monthly benefit.

While income and the length of your work history are certainly important, there's more to the story. The age at which you start collecting Social Security retirement benefits can have a big impact on your monthly checks, and you need to know what to expect before you make any claiming decisions.

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Source Fool.com