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Social Security Full Retirement Age (FRA)

Description: Social Security Full Retirement Age (FRA) Quiz
Number of Questions: 15
Created by:
Tags: social security retirement planning fra
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What is the current full retirement age (FRA) for people born in 1960 or later?

  1. 66

  2. 67

  3. 68

  4. 69

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Correct Option: B
Explanation:

The full retirement age for people born in 1960 or later is 67.

If you were born in 1954, what is your full retirement age?

  1. 65

  2. 66

  3. 67

  4. 68

Show answer
Correct Option: B
Explanation:

The full retirement age for people born in 1954 is 66.

What is the earliest age at which you can start receiving Social Security retirement benefits?

  1. 62

  2. 65

  3. 67

  4. 70

Show answer
Correct Option: A
Explanation:

The earliest age at which you can start receiving Social Security retirement benefits is 62.

If you start receiving Social Security retirement benefits before your full retirement age, how much will your benefits be reduced?

  1. 5%

  2. 10%

  3. 15%

  4. 20%

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Correct Option: A
Explanation:

If you start receiving Social Security retirement benefits before your full retirement age, your benefits will be reduced by 5% for each year you are under your full retirement age.

If you continue to work after you reach your full retirement age, will your Social Security benefits be affected?

  1. Yes

  2. No

Show answer
Correct Option: B
Explanation:

Your Social Security benefits will not be affected if you continue to work after you reach your full retirement age.

What is the maximum amount of earnings that you can have in a year without affecting your Social Security benefits?

  1. $18,960

  2. $25,000

  3. $32,000

  4. $40,000

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Correct Option: A
Explanation:

The maximum amount of earnings that you can have in a year without affecting your Social Security benefits is $18,960.

If you exceed the earnings limit in a year, how much will your Social Security benefits be reduced?

  1. $1 for every $2 you earn over the limit

  2. $1 for every $3 you earn over the limit

  3. $1 for every $4 you earn over the limit

  4. $1 for every $5 you earn over the limit

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Correct Option: A
Explanation:

If you exceed the earnings limit in a year, your Social Security benefits will be reduced by $1 for every $2 you earn over the limit.

When will the earnings limit be eliminated?

  1. At age 65

  2. At age 66

  3. At age 67

  4. Never

Show answer
Correct Option: D
Explanation:

The earnings limit is never eliminated.

What is the windfall elimination provision (WEP)?

  1. A provision that reduces Social Security benefits for people who have also received a pension from a government job

  2. A provision that reduces Social Security benefits for people who have also received a pension from a private company

  3. A provision that reduces Social Security benefits for people who have also received a disability benefit

  4. A provision that reduces Social Security benefits for people who have also received a survivor benefit

Show answer
Correct Option: A
Explanation:

The windfall elimination provision (WEP) is a provision that reduces Social Security benefits for people who have also received a pension from a government job.

What is the government pension offset (GPO)?

  1. A provision that reduces Social Security benefits for people who have also received a pension from a government job

  2. A provision that reduces Social Security benefits for people who have also received a pension from a private company

  3. A provision that reduces Social Security benefits for people who have also received a disability benefit

  4. A provision that reduces Social Security benefits for people who have also received a survivor benefit

Show answer
Correct Option: A
Explanation:

The government pension offset (GPO) is a provision that reduces Social Security benefits for people who have also received a pension from a government job.

What is the Social Security earnings test?

  1. A test that determines whether you are eligible for Social Security benefits

  2. A test that determines how much your Social Security benefits will be

  3. A test that determines whether you are required to pay Social Security taxes

  4. A test that determines whether you are eligible for Medicare benefits

Show answer
Correct Option: B
Explanation:

The Social Security earnings test is a test that determines how much your Social Security benefits will be.

What is the Social Security bend point?

  1. The point at which your Social Security benefits are reduced if you earn too much

  2. The point at which your Social Security benefits are increased if you earn too much

  3. The point at which your Social Security benefits are eliminated if you earn too much

  4. The point at which your Social Security benefits are taxed

Show answer
Correct Option: A
Explanation:

The Social Security bend point is the point at which your Social Security benefits are reduced if you earn too much.

What is the Social Security retirement age for people born in 1937 or earlier?

  1. 65

  2. 66

  3. 67

  4. 68

Show answer
Correct Option: A
Explanation:

The Social Security retirement age for people born in 1937 or earlier is 65.

What is the Social Security retirement age for people born between 1943 and 1954?

  1. 65

  2. 66

  3. 67

  4. 68

Show answer
Correct Option: B
Explanation:

The Social Security retirement age for people born between 1943 and 1954 is 66.

What is the Social Security retirement age for people born in 1960 or later?

  1. 65

  2. 66

  3. 67

  4. 68

Show answer
Correct Option: C
Explanation:

The Social Security retirement age for people born in 1960 or later is 67.

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