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Social Security Quiz

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Question 1
What is the amount of the average Social Security benefit for a retired worker in 2014?
A
$594
B
$926
C
$1,294
The average monthly benefit in 2013 was $1,262 and has increased to $1,294 for 2014.
Question 2
For a married couple, age 62, there are over 100 million combinations of months for each of the two spouses to take retirement benefits.
A
True
For a married couple, age 62, there are over 100 million combinations of months for each of the two spouses to take retirement benefits, spousal benefits, and decide whether or not to file and suspend one’s retirement benefits.
B
False
Question 3
If you’re divorced, you can collect benefits based on your ex-spouse's earnings as long as you were married for 10 or more years.
A
True
You can receive benefits on your ex-spouse’s record even if he/she is remarried. In general, to be entitled to spousal benefits, you need to have been married for 10 years or currently unmarried.
B
False
Question 4
The basis for calculating an individual's Social Security benefits is based on?
A
final five years of employment income
B
highest 35 years of employment income
Your Social Security benefits are calculated based on your highest 35 years of employment. If you have less than 35 years in the workforce, the Social Security Administration will average in zeros for any years less than 35.
C
your total net worth
Question 5
Take early retirement at 62, the earliest age you can receive benefits, but your Social Security benefit will be permanently reduced by?
A
8 percent
B
25 percent
25 percent Despite the guarantee of higher monthly retirement income for delaying benefits, most workers still claim at 62, thereby locking in and permanently reducing their benefits by 25%.
C
20 percent
Question 6
Waiting to receive Social Security benefits until age 70 increases your monthly benefit over full retirement age by?
A
115 percent
B
132 percent
132 percent If you delay receiving benefits until after full retirement age, your monthly benefit continues to increase 8% per year. At age 70, your benefit would be 132% of your full retirement benefit at age 66.
C
146 percent
Question 7
What is the maximum monthly Social Security benefit for a worker retiring at full retirement age in 2014?
A
$2,642
The maximum Social Security benefit for a worker retiring at full retirement age in 2013 is $2,533 per month. In 2014, the payment increases to $2,642 per month.
B
$2,399
C
$1,988
Question 8
Regardless of your personal wealth, the maximum amount of taxable earnings you pay Social Security taxes on for 2014 is $113,700.
A
True
B
False
False The maximum taxable earnings (Social Security OASDI only) has increased to $117,000 for 2014. In 2013, it was $113,700.
Question 9
For many Americans, Social Security benefits are the bedrock of retirement income, accounting for what percent of income for the typical retiree?
A
24 percent
B
38 percent
Social Security benefits represent about 38% of the income for the typical retiree. Among the elderly, 52% of married couples and 74% of unmarried persons receive 50% or more from Social Security, and 22% of married couples and 47% of unmarried persons rely on Social Security for 90% or more of their income.
C
51 percent
Question 10
In 1940, the life expectancy of a 65 year old was almost 14 years. What is the life expectancy of a 65 year old today?
A
20 years
In 1940, the life expectancy of a 65-year old was almost 14 years; today is is about 20 years.
B
16.5 years
C
9 years
Question 11
Today, there are 46.6 million older Americans. In 2033 that number is expected to be?
A
38 million
B
59 million
C
77 million
By 2033, the number of older Americans will increase from 46.6 million today to over 77 million.
Question 12
In 1940, there were 160 workers supporting each retiree. In 1950, there were only 16.5 workers supporting each retiree. Today, it’s down to?
A
8.5 to 1
B
5.2 to 1
C
2.8 to 1
In 1940, there were 160 workers supporting each retiree. In 1945, it was 41.9 to 1. In 1950, it was 16.5 to 1. In 2000, it was 3.4 to 1. Today it’s 2.8 to 1. And in 2030, it’s expected to drop to 2 to 1.
Question 13
According to the Congressional Budget Office, Social Security is solvent through 2033, but would then only be able to cover 75% of the benefits it pays out, unless changes are made.
A
True
Social Security is solvent through 2033, but would then only be able to cover 75% of the benefits it pays out, unless changes are made.
B
False
Question 14
Among elderly Social Security beneficiaries, what percent of unmarried persons rely on Social Security for more than 90% of their income?
A
47 percent
Among elderly Social Security beneficiaries, 22% of married couples and about 47% of unmarried persons rely on Social Security for 90% or more of their income.
B
22 percent
C
54 percent
Question 15
In 2012, the average annual Social Security income received by men 65 years and older was $16,398. What was the amount for women?
A
$18,231
B
$14,892
C
$12,520
Social Security is important to women, especially when you consider women tend to live more years in retirement and have a greater chance of exhausting other sources of income. However their annual Social Security benefit is just $12,520.
Question 16
Selecting the right Social Security benefits at the right time could mean tens of thousands of additional dollars in retirement income. Knowing that, what is the most important action you can take now?
A
learn to live on less now
B
make saving mandatory and automatic
C
have a Social Security Maximization Report prepared
Social Security is enormously complex. Our no cost, no obligation Social Security Analysis examines over 20,000 different calculations to determine the one producing the highest value for your lifetime benefit.

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