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This Social Security quiz will help determine if you are ready to qualify

This Social Security quiz will help determine if you are ready to qualify

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Determining at what point you will receive Social Security benefits may be one of the most important decisions you make in retirement.

However, many people who are at that age, or almost at the age when they are faced with this choice, may need it before familiarizing themselves with the rules of the program.

MassMutual recently conducted a quiz of 13 “true / false” questions for 1,500 people between the ages of 55 and 65.

As a result, 65% of people either failed or received a grade of D. At the same time, 18% of respondents received a grade of C, while 12% received a grade of B and 6% received a grade of A. Only 1% of respondents received a perfect score.

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According to David Freitag, a financial planning consultant and social security expert at MassMutual, applying for Social Security benefits is one of two important decisions that people close to retirement must make. Another is how they will get health insurance.

“There are certain rules, certain deadlines and certain dates that need to be met,” Freitag said. “Or you might find out afterwards that this oversight was very costly if you’re not careful.”

One thing to consider is the amount of benefits you can get depending on your age. For most people approaching retirement, age 67 is the time when they will receive full benefits depending on their salary history. If they detain up to 70 years, their monthly checks will be even higher.

There are other considerations based on your personal situation, especially if you have a spouse or children who may also benefit from your decision on the application.

To pass the test, answer the truth of each of the following statements. Then check your answers with the key below.

If you think you need to read the rules of social security, then agency website “It’s a great place to start,” Freitag said. MassMutual also has additional information to help you sort out your options.

True or false?

  1. In most cases, if I receive benefits until full retirement age, it will be reduced when applying early.
  2. If I receive benefits until full retirement age and continue to work, my benefits may be reduced depending on how much I earn.
  3. If I have a husband, he or she can receive benefits from my report, even if he or she does not have a personal income history.
  4. If I have a husband and wife and he or she dies, I will receive both my full help and the full benefit of my deceased husband.
  5. As a rule, when I am in a same-sex marriage, there are different requirements for receiving social security pensions.
  6. The money that comes from my Social Security salary goes to a certain account for me and stays there, receiving interest until I start receiving Social Security benefits.
  7. Under current law, by 2035, social insurance payments can be reduced by 20% or more for all.
  8. If I am applying for a pension and have dependent children aged 18 or under, they may also be eligible for Social Security benefits.
  9. If I get divorced, I may be able to receive Social Security benefits based on my ex-husband’s income history.
  10. Under current social security legislation, the full retirement age is 65, regardless of when you were born.
  11. If I postpone receiving Social Security benefits after the age of 70, I will continue to receive a deferral of the loan increase each year if I wait.
  12. Social security pension payments subject to income tax just like withdrawing funds from a traditional individual retirement account.
  13. I must be a U.S. citizen to receive Social Security retirement benefits.


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