In April, the nearly 51 million retired workers who received a Social Security check took home an average of $1,915.26. While this might not sound like much, Social Security benefits are responsible for pulling 16.5 million adults aged 65 and over out of poverty each year, according to an analysis by the Center on Budget and Policy Priorities.

Furthermore, the 23rd consecutive year of annual surveys by national pollster Gallup found that 88% of questioned retirees lean on their Social Security payout as either a "major" or "minor" source of income, compared to just 11% who didn't view it as a needed channel of income.

For a majority of future retirees, Social Security income will be a necessity. This means it pays to know how your benefit is calculated, as well as how important your claiming age can be in determining your monthly and/or lifetime benefit collection.

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Source Fool.com