[2BNTV]

Tset your Knowledge of Social Security. Posted in AARP newsletter:


1. How many people are receiving SS benefits?
A. 14 million
B. 55 million.
C. 121 million.

2. What is the full, (normal) retirement age you can receive benefits with no penalty?
A. 66.
B. 67.
C. 68.

3. What’s generally the earliest age you get retirement benefits?
A. 62.
B. 64.
C. 66.

4. What’s the basis for calculating benefits?
A. Your total assets.
B. Your final annual pay.
C. Your top 35 years of pay.

5. In most cases, how long do you need to work to earn retirement benefits?
A. 5 years.
B. 10 years.
C. 35 years.

6. Members of Congress pay into SS?
A. True.
B. False

7. What is the average monthly retirement benefit?
A. $1,182.40
B. $2310.74
C. $625

8. What percentage of beneficiaries are retired workers?
A. 94 percent
B. 82 percent
C. 64 percent

9. What percentage of older people relied on retirement benefits in 2009 for at least 90 percent of their income.
A. 16 percent
B. 22 percent
C. 34 percent

10. What funds SS?
A. Payroll taxes
B. Foreign loans
C. Income taxes

11. To collect benefits on your ex’s work record, how long did the two of you have to be married?
A. 6 months.
B. 10 years.
C. 20 years.

12. SS funds Medicare
A. True
B. False

13. The payroll, (FICA), tax applies to what amount of earned income?
A. Wages up to $106,800
B. Wages up to $250,000
C. Total earnings

14. When was SS started?
A. 1864
B. 1929
C. 1935

15. Who was president at the time?
A. Abraham Lincoln
B. J. Edgar Hoover
C. Franklin D. Roosevelt

16. Can my ex-wife and my current wife collect benefits based on my record?
A. Yes if certain qualifications are met.
B. No.

17. Can children receive survivor benefits?
A. Yes if certain qualifications are met.
B. No

18. SS has enough money to pay 100 percent of benefits to what year?
A. 2014
B. 2036
C. 2050

19. What percentage of beneficiaries are disabled workers?
A. 8 percent
B. 15 percent
C. 30 percent

20. If I keep working while collecting benefits, is my income subject to income tax?
A. Yes
B. No

21. In 2010, what percentage of adults receiving SS benefits were women?
A. 47
B. 56
C. 38

22. Can you collect two full benefits at the same time-spousal benefit and one based on your own record?
A. Yes.
B. No
C. Maybe

23. SS “Master Death File” sometimes includes people who are alive.
A. True
B. False

Answers at the bottom of post – No peeking.










































1. B 2. A or B It’s people born 1943-54. It gradually rises, reaching 67 for people born 1960 or later. 3. A. But the amount is less than it would be at full retirement age. 4. C 5. B. 6. A. Congress and it’s staff joined the SS system in 1984.7. A 8. C. 9. B 10.A. As a pay-go system , SS is funded for today’s retirees by workers taxes, just as retirees funded the previous generation when they were working. 11. B 12. B. Medicare is funded by the premiums paid by users, a Medicare payroll tax and general federal funds. 13. A. 14. C 15. C 16. A 17. A. 18 B. After that year, payroll taxes will provide enough to pay 77 percent of benefits. 19. B. 20. A. 21. B. 22.B. 23.. A. Each year, 14,000 people are listed by mistake and must report, in person, to correct the list.


0-5 Go straight to the principle’s office

6 14 – That’s more like it.

15–19 You rock!

20-23 Move over, SS Commissioner

[chuckinca]

20 Correct



Commissioner Chuck

[VillagesFlorida]

21 correct for me. That was fun and I am a little surprised that I knew so many correct answers. Must be one of the perks of being older!

[Bill-n-Brillo]

16 right, 7 wrong. Guess I'd better start studying!

Bill

[Schaumburger]

2. What is the full, (normal) retirement age you can receive benefits with no penalty?
A. 66.
B. 67.
C. 68.

67 for those born 1960 or after. That's 16 years from now for me. I think I would have better luck in Vegas than I will ever drawing on SS 16 years from now.