Here are some key things to know about Social Security. For starters, it's not likely to come anywhere near replacing your pre-retirement income. Indeed, the average annual retirement benefit totals only about $22,000 as of June 2023. But the maximum Social Security benefit is far greater: $4,555 per month, or close to $55,000 annually.

Unfortunately, it's difficult to qualify for that maximum payout. For most of us, it's impossible. Read on to see why so few will ever collect that $4,555 per month and to see whether you might be among the fortunate few. See how you can increase your benefits, too, even if you don't come close to that maximum.

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Source Fool.com