With over 60 million Americans currently receiving benefits and an estimated 175 million workers eligible for benefits in the future, Social Security may be an important cornerstone of your retirement. But how much do you know about this benefit? Take this brief quiz and find out! Click the Next button to begin. 1. According to the Social Security website, a man reaching age 65 today can expect to live, on average, until age 80.2 age 84.3 age 85.5 age 90.4 2. How much (% of pay) do most employees pay into Social Security through FICA taxes? 0 2.6% 6.2% 10% 3. What is the earliest age a person can begin receiving their Social Security retirement benefits? 62 65 67 70 4. Are Social Security benefits taxed? Yes, at 20%. Yes, at my ordinary income level. They may be. No. 5. For people born 1960 or later, what is Social Security's Full Retirement Age (FRA)? 62 65 67 70 6. According to the Social Security website, a woman reaching age 65 today can expect to live, on average, until age 80.2 age 85.5 age 86.6 age 90.4 7. How many Social Security credits can you earn each year? 1 2 4 10 8. How many Social Security credits do you need to receive retirement benefits? 10 35 40 100 9. Where can you find out about information about your personal earnings and future benefits? From the statement I used to receive in the mail. (Wow! I don't recall the last time I received a statement, though.) From pulling all of my tax documents and calculating it myself. I don't know. www.ssa.gov 10. True or False: Your average earnings during your working years determine how much your monthly payments will be. True False 11. What day of the month will you receive your Social Security benefits? The first of the month The 15th of the month On my birthday It depends on my birthday 12. How is your Social Security benefit calculated? It's not calculated - everyone gets the same amount. Based on my highest 10 years of earnings. Based on my highest 35 years of earnings. An average of all of my working years. 13. When it comes to collecting my Social Security benefit... I can begin collecting at any time after age 62, though the earlier I begin may impact my monthly amount. I can begin collecting at 62 and then receive the higher benefit amount when I reach my Full Retirement Age. I can collect a lump sum payment instead of monthly payments. I can wait until age 80 to receive the maximum benefit. 14. Which of the following statements is FALSE? If I am working and receiving benefits before Full Retirement Age, I may receive a reduction in my benefit amount. If I am working and receiving benefits before Full Retirement Age, I just get more work credits to increase my benefit in the future! If I am working and receiving benefits, my benefits will not be impacted if I'm of Full Retirement Age or older. 15. I'm ready to begin benefits! What do I need to do? Nothing. Social Security will automatically begin sending me my monthly benefit. I need to go to a local Social Security office to file. They will give me my first check there. I need to have a home mailing address. Social Security will not mail my check to a P.O. Box. I need to file about 3-4 months prior to receiving my benefit. Click the Submit button to see your results. Time is Up! Time's up
