Social Security will probably end up being a substantial income for you down the line. It may not end up being your only source of retirement income -- and in fact, it shouldn't be, since it will only replace a modest portion of your earnings. But still, the great thing about Social Security is that it's set up to pay you a monthly benefit for life, whereas you might save nicely only to deplete your retirement nest egg at some point in time.

It's for this reason that it's so important to understand how Social Security works. If you don't know the program's rules, you might end up claiming benefits at the wrong time -- and winding up with an income shortfall on your hands.

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Source Fool.com