Depending on your age and stage in life, you may not be giving Social Security much thought. You should, though, because it's a critical source of retirement income for close to 50 million retired workers -- and it's likely to supply a sizable chunk of yours, too.

You can start collecting your Social Security retirement benefits as early as age 62, though that will mean your monthly checks will be smaller than they would be if you waited until what the government deems your "full retirement age." Alternatively, you can delay taking them, which will beef up the size of your benefit checks. They increase by 8% for every year beyond your full retirement age that you delay, up to age 70.

Image source: Getty Images.

Continue reading

Source Fool.com