Test Your Social Security Knowledge With This Quiz

Posted: October 5, 2016 at 8:02 pm by Skip Kelley

You turn on the T.V. and see the commercials, you pick up a newspaper and see the headlines and then, you go on the web and it’s there too. “Claim your Social Security Benefits today!” The information that is readily available at our hands these days is astronomical and needless to say, by the boat-load.

If you Googled “Social Security Benefits,” your search would come back with about 161,000,000 results in (0.38 seconds). Happy reading! If you have a couple years that is!

So let’s see if you’ve been steered the wrong way with all of this information and test your knowledge!

Questions

  1. When is the best time to claim your social security?

    1. At age 62

    2. At age 70

    3. Your full retirement age

    4. Whenever you need the money

    5. It depends on your financial situation

  2. Social Security is the primary retirement source of income for those who are age 65 and older

    1. True

    2. False

  3. There are three factors that determine your benefits; the age you being to collect, your work history and your total assets.

    1. True

    2. False

See the answers below to find out your score!

Answers

  1. E: It depends on your financial situation. You have the options to claim your benefits as early as 62 but it if you can hold off until a later date it might be in your best interest to use an Advanced Claiming Strategy.

  2. True: Social Security is collected by 86% of people over 65 and is their primary source of retirement income. However, many retirees find that Social Security alone does not provide enough retirement income to maintain their pre-retirement lifestyle.

  3. False: There are only two factors that determine your benefit; the age you begin to collect and the average of the highest 35 years of earnings on which you’ve paid Social Security payroll tax.

If you got a score of 3 out of 3 then you’re headed down the right track! Determining when the best time is to begin taking you Social Security benefits can be quite tricky. There are over 81 possible ways to take Social Security, so knowing which one, when and how, are all very important factors. If we haven’t had a chance to go over what your game-plan is for claiming your benefits and ensuring you have sufficient income in retirement, then give me a call so we can schedule a time together. My door is always open!

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