One of the best benefits of Social Security is that individuals can receive benefits based on their partner's work history, known as spousal benefits. With Social Security spousal benefits, someone is eligible to receive up to 50% of their spouse's PIA, assuming they claim benefits at their FRA.

If you want to do your own calculations, you can check your estimated benefit at different ages with your Social Security Administration account.

For many, Social Security is a crucial income source during retirement. While factors like retirement age and salary history influence your benefits, few know there's an effective strategy to increase monthly payments: replacing low-income years.