Most Americans rely on Social Security to make ends meet, with a 2024 Gallup poll finding that 60% of retirees say their benefits are a “major” source of income. But understanding how the program works — and maximizing your checks — is often easier said than done.

If you’re not entirely sure how your benefits are calculated, you’re not alone. Only 4% of U.S. adults can correctly name all five factors influencing their benefit amount, according to a 2024 survey from the Nationwide Retirement Institute.

Not knowing the ins and outs of Social Security may seem harmless, but it could potentially affect your benefits by hundreds of dollars per month. Here are the five factors you need to know, as well as how to make the most of your monthly payments.

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1. The length of your career

While you generally only need to work and pay Social Security taxes for 10 years to qualify for retirement benefits, up to 35 years of work will count toward your benefit amount.

If you’ve worked longer than 35 years, only the years in which you earned the most will be included in your calculations. Working fewer than 35 years won’t affect your ability to claim benefits, but it could reduce your benefit amount.

2. Your earnings history

The Social Security Administration takes an average of your earnings throughout your career to calculate your benefit, running that average through a complex formula and adjusting it for inflation changes.

Your earnings history and the length of your career go hand-in-hand when calculating your benefits. Up to 35 years of work are included in your average, so if you’ve worked fewer than 35 years, you’ll have zeros included in your calculations — bringing down your benefit.

Working longer than 35 years can sometimes boost your payments, though. Again, only your highest-earning 35 years are included in your average. If you’re earning more now than you were 35 years ago, having more higher-earning years in your average could result in a higher monthly payment.

3 and 4. Your age (and the age you begin claiming)

Your birth year will determine your full retirement age (FRA), which is the age at which you’re eligible for your full benefit amount based on your earnings history and the length of your career.

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Your age is only one part of the equation, though. The age at which you begin taking benefits will also affect your payments. You can file for Social Security as early as age 62, but claiming before your FRA will reduce your payments by up to 30%. Delaying benefits past your FRA will earn a monthly bonus of at least 24% in addition to your full benefit.

The average benefit at age 62 is around $1,298 per month, according to December 2023 data from the Social Security Administration. At age 67, that average jumps to around $1,884 per month, while it sits at roughly $2,038 per month for those age 70.

There’s not necessarily a right or wrong time to take Social Security, but it is important to know exactly how your decision will affect your benefit amount.

5. Your marital status

Your retirement benefits are based on your work history, but if you’re married or divorced, you could also file for spousal or divorce benefits based on someone else’s work record.

Spousal benefits are generally available to those who are currently married to someone who qualifies for either retirement or disability Social Security. To receive divorce benefits, you must have been married for at least 10 years but be currently unmarried.

In both cases, the most you can collect is 50% of your spouse’s or ex-spouse’s full benefit amount — or the amount they’ll receive at their FRA. You’ll also need to wait until your own FRA to earn your full spousal or divorce benefit. In most cases, filing early will reduce your payment.

If you qualify for retirement benefits and spousal or divorce Social Security, you’ll only receive the higher of the two amounts. The Social Security Administration will pay your retirement benefit first, then you’ll receive an additional spousal or divorce benefit so that your total payment equals the higher amount.

Social Security can be incredibly complex and confusing at times, so it’s understandable that most people don’t fully know all the factors influencing their benefit. But when you know at least the basics of how your benefits are calculated, it’s much easier to maximize them.