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A Social Security Quiz

A Social Security Quiz


                 Do you know if you will have enough to live the retirement lifestyle you envision? Many Americans are counting on Social Security benefits; however, most of us know little about it. In a recent survey by MassMutual, 72 percent of us failed a quiz about Social Security. Answer True or False to see how you do on some of their questions below.


  • Social Security retirement benefits are based on my earnings history, so I’ll receive the same monthly benefit amount no matter when I start collecting.

                2 If my spouse dies, I will continue to receive both my own benefit and my deceased spouse’s                 benefit.

                3. Under current Social Security law, full retirement age is 65.

                4.  I can continue working while collecting my full Social Security retirement benefits –               regardless of my age.

                5.  If I file for retirement benefits and have minor dependent children, they also may qualify for            Social Security benefits.


1         False.  If you collect Social Security retirement benefits before reaching full retirement age, you effectively lock in a lower monthly benefit amount. If you wait to begin collecting until after you reach full retirement age, you become eligible for delayed retirement credits. These credits increase your monthly benefit amount by 8% each year that you delay collecting, up to a maximum of 32%. Once you reach age 70, no additional delayed retirement credits accrue.

2          False. Social Security retirement benefits are only paid while you are alive. Assuming that you qualify, you would receive the greater of your own benefit or your spouse’s benefit, but not both.

3         False.  Your full retirement age is based on the year you were born. For people born between 1943 and 1954, the full retirement age is 66. If you were born in 1960 or later, the full retirement age is 67. For anyone born between 1955 and 1959, the full retirement age increases gradually.

4         False. You can work and receive Social Security retirement benefits. However, if you have not reached full retirement age, your earnings will be subject to the retirement earnings test. If your income exceeds the test limit, Social Security may withhold all or a portion of your benefits. Withheld benefits are repaid over your lifetime once you reach full retirement age.

5         True.  When you file for Social Security retirement benefits, your children may also qualify to receive benefits based on your record. An eligible child can be your biological child, adopted child or stepchild. A dependent grandchild may also qualify. Normally, benefits stop when children reach age 18 unless they are disabled. However, if the child is still a full-time student at a secondary school at age 18, benefits will continue until the child graduates or until two • retirement benefits, but qualifies for them,


Take the full MassMutual’s Social Security Knowledge quiz at: www.massmutual.com/~/media/files/ss_quiz.pdf

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