This Social Safety quiz can assist inform whether or not you are prepared to say

Deciding at what level you’ll accumulate Social Safety advantages could also be one of many greatest selections you make in retirement.

But many people who find themselves at or close to the age after they face that alternative could have to brush up on this system’s guidelines earlier than they do.

MassMutual lately gave a 13-question true/false quiz to 1,500 people ages 55 by way of 65.

The consequence was 65% of individuals both failed or obtained a D grade. In the meantime, 18% of respondents earned a C, whereas 12% obtained a B and 6% earned an A. Simply 1% of respondents obtained an ideal rating.

Claiming Social Safety advantages is considered one of two massive time-sensitive selections individuals near retirement should make, in accordance with David Freitag, a monetary planning marketing consultant and Social Safety skilled at MassMutual. The opposite is how they may acquire medical health insurance protection.

“There are particular guidelines, particular deadlines and particular dates that must be met,” Freitag mentioned. “Or you may uncover after the truth that that oversight was very expensive in case you’re not cautious.”

One factor to think about is the quantity of advantages it’s possible you’ll obtain primarily based in your age. For most individuals approaching retirement now, age 67 is when they may obtain their full advantages primarily based on their earnings historical past. In the event that they delay as much as age 70, their month-to-month checks will likely be even greater.

There are different issues primarily based in your private scenario, significantly if in case you have a partner or kids who may additionally profit out of your claiming choice.

To take the quiz, reply whether or not every of the next statements is true or false. Then test your responses in opposition to the important thing beneath.

In case you discover that you must brush up on Social Safety’s guidelines, the agency’s website is a good place to begin, Freitag mentioned. MassMutual additionally has additional information that can assist you kind by way of your choices.

1. Generally, if I take advantages earlier than my full retirement age, they are going to be lowered for early submitting.
2. If I’m receiving advantages earlier than my full retirement age and proceed to work, my advantages is likely to be lowered primarily based on how a lot I make.
3. If I’ve a partner, she or he can obtain advantages from my document even when she or he has no particular person earnings historical past.
4. If I’ve a partner and she or he passes away, I’ll obtain each my full profit and my deceased partner’s full profit.
5. Usually, if I’m in a same-sex marriage, there are totally different eligibility necessities with regards to Social Safety retirement advantages.
6. The cash that comes out of my paycheck for Social Safety goes into a selected account for me and stays there, incomes curiosity, till I start to obtain Social Safety advantages.
7. Below present regulation, Social Safety advantages could possibly be lowered by 20% or extra for everybody by 2035.
8. If I file for retirement advantages and have dependent kids aged 18 or youthful, additionally they could qualify for Social Safety advantages.
9. If I get divorced, I’d be capable of accumulate Social Safety advantages primarily based on my ex-spouse’s Social Safety earnings historical past.
10. Below present Social Safety regulation, full retirement age is 65 regardless of whenever you have been born.
11. If I delay taking Social Safety advantages previous the age of 70, I’ll proceed to get delayed retirement credit score will increase every year I wait.
12. Social Safety retirement advantages are subject to income tax identical to withdrawals from a conventional particular person retirement account.
13. I should be a U.S. citizen to gather Social Safety retirement advantages.

1. True (89% of respondents answered this accurately)
2. True (82%)
3. True (72%)
4. False (68%)
5. False (65%)
6. False (62%)
7. True (60%)
8. True (58%)
9. True (57%)
10. False (56%)
11. False (49%)
12. False (42%)
13. False (24%)