Social Security can go a long way in retirement, and for some older adults, benefits are their source of income later in life.

However, there are many misunderstandings about how the program works and how benefits are calculated. Sometimes even minor misconceptions can be incredibly costly, and there's one aspect of Social Security that the vast majority of adults are getting wrong: full retirement age.

The good news is that one simple chart can make it easier to understand your full retirement age and the impact it has on your benefits. Here's everything you need to know.

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Source Fool.com