Social Security is a vital source of income for many retired Americans. But, not every recipient relies heavily on benefits.

Key Takeaways You’ll receive 132% of your monthly benefit amount if you wait until age 70 to begin collecting Social Security ...

The Social Security Administration relies on four factors to calculate your monthly benefit. Although all ages in the traditional Social Security claiming range, from 62 to 70, have well-defined ...

Social Security calculates your monthly benefits using the 35 years when your earnings were the highest. You need to earn above the wage base limit for 35 years to be eligible for the maximum benefit.