Social Security is a vital program, delivering benefits to more than 60 million people, keeping millions of older Americans out of poverty, and providing a big chunk of most retirees' income. Indeed, according to the Social Security Administration, "Social Security benefits represent about 30% of the income of the elderly" -- and for more than 10% of the elderly beneficiaries, it provides a whopping 90% or more of their income.

Therefore, it's kind of important for each of us to get savvy about Social Security, so that we can make smart decisions that get us as much as possible from it. Here are some things to know about Social Security, including the most important Social Security table you'll ever see.

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Things to know about Social Security

You can start collecting your benefits as early as age 62 and as late as age 70 -- and when you turn on the spigot has a big effect on the size of your checks.

Each of us has a "full retirement age" at which we can start collecting the full benefits to which we're entitled, based on our earnings history. That age is 66 or 67 or somewhere in between, depending on when you were born.

If you start collecting early, your checks will be smaller -- though you'll collect more of them than someone who starts later. If you delay starting to collect your benefits, for each year beyond your full retirement age that you delay (up to age 70, after which your benefits won't grow), your benefits will increase by about 8%.

Clearly, the question of when to start collecting your benefits deserves serious consideration.

The most important Social Security table

Here's another key thing to know about Social Security benefits: They may be critical for many, but they're not quite as generous as some might have expected. On average, they deliver about 40% of preretirement income. As of March 2023, the average monthly retirement benefit was $1,833, or about $22,000 over the course of a year.

That's just an average, though. If your earnings over your working life were above average, your benefits will be too. But the most anyone can receive in 2023 is $4,555 per month, or about $55,000 -- and it's close to impossible for most folks to get that much.

Still, remember that no matter how meaty or meager your full benefit is, you can make it bigger by delaying. Here's where "the most important Social Security table" comes in, below. It shows how much of your full benefits you can expect to collect, depending on when you start the checks rolling:

Start Collecting at:

Full Retirement Age of 66 

Full Retirement Age of 67 

62

75%

70%

63

80%

75%

64

86.7%

80%

65

93.3%

86.7%

66

100%

93.3%

67

108%

100%

68

116%

108%

69

124%

116%

70

132%

124%

Data source: Social Security Administration. 

Thus, if your full retirement age is 67 and your full benefit is $2,500, you can collect 124% of that -- $3,100 -- instead, if you delay starting to collect until age 70. That would turn an annual benefit of $30,000 into one of $37,200.

Keep in mind that for many people, starting to collect benefits early is the right move. After all, some people end up retired earlier than expected or planned due to a health setback or job loss and they simply need that income sooner rather than later. Starting early isn't as terrible as it might seem, too, since you'll collect many more checks.

Each of us needs to crunch our own numbers and consider our own circumstances and even our expected longevity before deciding when to start collecting Social Security.