If you were retiring tomorrow, which monthly income would you rather receive: $1,543 or $3,895?

The $1,543 figure is the average monthly Social Security retirement benefit in 2021, while $3,895 is the maximum possible monthly benefit.

While the size of your ultimate Social Security benefit depends on the earnings you report over your working life, that's not the only component. Simple things you do or fail to do while you're working, as well as when and how you claim when the time comes, can make massive differences in your lifetime benefits.

That's why it makes sense to get a better understanding of how Social Security works at the earliest possible time. And why it's important to test various strategies as you approach retirement. There are myths you should dispel and tips you need to understand.

And that's what this week's "Money!" podcast is about. We will go over the basics of Social Security and help you get the biggest benefit possible and avoid common claiming mistakes.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.

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