Social Security Quiz
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The average monthly benefit in 2013 was $1,262 and has increased to $1,294 for 2014.
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.
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.
final five years of employment income
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.
your total net worth
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%.
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.
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.
False The maximum taxable earnings (Social Security OASDI only) has increased to $117,000 for 2014. In 2013, it was $113,700.
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.
In 1940, the life expectancy of a 65-year old was almost 14 years; today is is about 20 years.
By 2033, the number of older Americans will increase from 46.6 million today to over 77 million.
8.5 to 1
5.2 to 1
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.
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.
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.
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.
learn to live on less now
make saving mandatory and automatic
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.