Social Security isn’t exactly the simplest program in the world to understand—yet it provides a lifeline for millions who have little or no retirement savings.

In fact, according to a Motley Fool report highlighted by USA Today, as of August, more than 42 million seniors were receiving a monthly stipend from the Social Security Administration. And for 62 percent of them, those checks accounted for at least half of their monthly income.

But hidden among all those complexities are forks in the road at which people have to make decisions that can either pay off big time or cost people serious amounts of money.

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