Millions of people rely on Social Security for their well-being in retirement. But few people understand how their Social Security benefit is actually calculated.
In the following slideshow, Dan Caplinger, The Motley Fool's director of investment planning, goes through the basics of figuring your Social Security benefit, with details on how Social Security takes into account your earnings and converts them to a monthly benefit check based on decisions you make on when to take Social Security.
Fool contributor Dan Caplinger and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.