For an overwhelming majority of retired workers, their Social Security income is a necessity to make ends meet. Based on annual surveys conducted by national pollster Gallup that date back more than two decades, no fewer than 80% of then-current retirees responded that they rely on their Social Security payout as a "major" or "minor" source of income.

While most working Americans will qualify for a Social Security benefit, statistics show that very few are maximizing what they receive. To get the most out of America's top retirement program, future retirees will need to understand the ins-and-outs of how their benefit is calculated, which includes how much their claiming age can alter their monthly and/or lifetime payout.

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Source Fool.com