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Social Security Retirement Benefits

Description: This quiz will test your knowledge of Social Security retirement benefits.
Number of Questions: 14
Created by:
Tags: social security retirement benefits
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At what age can you start receiving Social Security retirement benefits?

  1. 62

  2. 65

  3. 67

  4. 70

Show answer
Correct Option: A
Explanation:

You can start receiving Social Security retirement benefits as early as age 62, but your benefits will be reduced if you do so.

What is the full retirement age for Social Security benefits?

  1. 65

  2. 66

  3. 67

  4. 70

Show answer
Correct Option: C
Explanation:

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

How much will your Social Security benefits be reduced if you start receiving them at age 62?

  1. 5%

  2. 10%

  3. 15%

  4. 20%

Show answer
Correct Option: D
Explanation:

Your Social Security benefits will be reduced by 20% if you start receiving them at age 62.

How much will your Social Security benefits be increased if you wait until age 70 to start receiving them?

  1. 5%

  2. 10%

  3. 15%

  4. 20%

Show answer
Correct Option:
Explanation:

Your Social Security benefits will be increased by 8% for each year you wait to start receiving them, up to age 70.

What is the maximum amount of Social Security retirement benefits that you can receive?

  1. $2,000 per month

  2. $3,000 per month

  3. $4,000 per month

  4. $5,000 per month

Show answer
Correct Option:
Explanation:

The maximum amount of Social Security retirement benefits that you can receive in 2023 is $4,194 per month.

What is the average Social Security retirement benefit?

  1. $1,500 per month

  2. $2,000 per month

  3. $2,500 per month

  4. $3,000 per month

Show answer
Correct Option:
Explanation:

The average Social Security retirement benefit in 2023 is $1,657 per month.

How are Social Security retirement benefits calculated?

  1. Based on your earnings history

  2. Based on your age

  3. Based on your marital status

  4. Based on your number of children

Show answer
Correct Option: A
Explanation:

Social Security retirement benefits are calculated based on your earnings history, specifically your highest 35 years of earnings.

What is the windfall elimination provision?

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

  2. A provision that increases Social Security benefits for people who also receive a pension from a private job

  3. A provision that eliminates Social Security benefits for people who also receive a pension from any job

  4. A provision that reduces Social Security benefits for people who also receive a disability benefit

Show answer
Correct Option: A
Explanation:

The windfall elimination provision reduces Social Security benefits for people who also receive a pension from a government job.

What is the government pension offset provision?

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

  2. A provision that increases Social Security benefits for people who also receive a pension from a private job

  3. A provision that eliminates Social Security benefits for people who also receive a pension from any job

  4. A provision that reduces Social Security benefits for people who also receive a disability benefit

Show answer
Correct Option: A
Explanation:

The government pension offset provision reduces Social Security benefits for people who also receive a pension from a government job.

What is the Social Security earnings test?

  1. A test that determines how much you can earn from work while still receiving Social Security benefits

  2. A test that determines how much you can earn from investments while still receiving Social Security benefits

  3. A test that determines how much you can earn from any source while still receiving Social Security benefits

  4. A test that determines how much you can earn from a government job while still receiving Social Security benefits

Show answer
Correct Option: A
Explanation:

The Social Security earnings test determines how much you can earn from work while still receiving Social Security benefits.

What is the Social Security lump sum death benefit?

  1. A one-time payment made to the surviving spouse of a Social Security recipient

  2. A one-time payment made to the surviving children of a Social Security recipient

  3. A one-time payment made to the surviving parents of a Social Security recipient

  4. A one-time payment made to the surviving siblings of a Social Security recipient

Show answer
Correct Option: A
Explanation:

The Social Security lump sum death benefit is a one-time payment made to the surviving spouse of a Social Security recipient.

What is the Social Security auxiliary benefit?

  1. A benefit paid to the spouse of a Social Security recipient

  2. A benefit paid to the children of a Social Security recipient

  3. A benefit paid to the parents of a Social Security recipient

  4. A benefit paid to the siblings of a Social Security recipient

Show answer
Correct Option: A
Explanation:

The Social Security auxiliary benefit is a benefit paid to the spouse of a Social Security recipient.

What is the Social Security survivor benefit?

  1. A benefit paid to the surviving spouse of a Social Security recipient

  2. A benefit paid to the surviving children of a Social Security recipient

  3. A benefit paid to the surviving parents of a Social Security recipient

  4. A benefit paid to the surviving siblings of a Social Security recipient

Show answer
Correct Option: A
Explanation:

The Social Security survivor benefit is a benefit paid to the surviving spouse of a Social Security recipient.

What is the Social Security disability benefit?

  1. A benefit paid to people who are unable to work due to a disability

  2. A benefit paid to people who are unable to work due to an illness

  3. A benefit paid to people who are unable to work due to an injury

  4. A benefit paid to people who are unable to work due to a mental illness

Show answer
Correct Option: A
Explanation:

The Social Security disability benefit is a benefit paid to people who are unable to work due to a disability.

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