Social Security Benefits

Social Security Benefits

Are you ready to test your knowledge about social security benefits? This ten-question multiple-choice quiz will explore what it is and how the benefits work. After completing all ten questions, click "Grade Me!" at the end of the quiz to see how you did.

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To determine your social security retirement benefit, Social Security looks at how much money you earned while working over what time frame?
Social security benefits are calculated based on your highest-earning 35 years. Once you earn your wages, the earnings are adjusted or 'indexed' to account for average wage changes. The Social Security Administration then applies a formula to those earnings to arrive at the basic benefit, or 'primary insurance amount'. That is how much you would receive at your full retirement age — 65 or older, depending on your birth date.

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If both you and your spouse collect social security retirement benefits, how long do you have to be married to be eligible to collect your spouse's social security benefit (if it is larger than your own) upon their death?
To be eligible for a Social Security survivor's benefit, the widow or widower needs to have been married to the deceased at the time of their death and for the immediate nine months preceding their death. There are several exceptions to this. For instance, if the deceased's death occurred as an active duty member of the armed forces and in the line of duty, an exception can be made to that requirement. And if the spouse is still living, the spousal benefit is available if the couple is married at the time of the application and for one continuous year immediately preceding the application date.

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At what age can you start collecting Social Security benefits?
The earliest date an individual can begin collecting Social Security retirement benefits is age 62. At that age, you will get 75% of the full monthly retirement benefit. That's because you'll be receiving benefits for an additional 48 months. The age at which you can retire and still collect 100% of your full monthly retirement benefit depends on your birth year. Individuals born from 1960 and later have a full retirement age of 67. Those born in 1937 and earlier would have a full retirement age of 65. If you were born between those two periods, your full retirement age falls somewhere in between.

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If you work after you start receiving Social Security benefits at your full retirement age?
Your "full retirement age" is the age at which you can receive your full retirement benefit. Depending on the year you were born, that will be somewhere between age 65 and 67. If you retire after 62 years of age and before your full retirement age, the reduced benefits are based on the additional months of retirement benefits you will receive by retiring early.

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Which of the following people cannot collect retirement benefits?
If a person is receiving Social Security benefits and goes to prison or jail, they cannot receive benefits for any full calendar month that they are incarcerated. Additionally, retroactive payments for benefits due can also not be paid during the incarceration period.

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Assuming you have been married long enough to qualify, upon your spouse's death, can you continue to receive the following social security benefit?
If you receive benefits as a widow or widower or surviving divorced spouse, you can receive your spouse's benefit if it is higher than yours or your benefit if it is higher than your spouse's. You are not eligible to receive both your and your spouse's benefits combined.

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Social security retirement benefits are taxed as follows?
Some Social Security benefit recipients have to pay federal income taxes on their Social Security benefits. This only happens if you have substantial income in addition to your benefits. Rates are based on your marginal tax bracket for your combined earnings.

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Individuals are eligible to receive full social security retirement benefits at what age?
The age at which you can retire and still collect 100% of your full monthly retirement benefit depends on your birth. Individuals born from 1960 and later have a full retirement age of 67. Those born in 1937 and earlier would have a full retirement age of 65. If you were born between those two periods, your full retirement age falls somewhere in between.

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How much can you earn at age 62 without reducing your Social Security benefit?
If you're under full retirement age, the annual earnings limit is $19,560. If you will reach full retirement age in 2022, the limit on your earnings for the months before full retirement age is $51,960.

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How can you receive an estimate of what your Social Security retirement benefits will be?
The Social Security Administration provides a Retirement Estimator that estimates your actual Social Security earnings records. But please keep in mind that these are just estimates. Once you apply for benefits, the benefits will begin.

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