This Social Security quiz can help test how much you know about benefits before you claim

As inflation has pushed the price of dwelling increased, these eligible for Social Security retirement benefits could also be tempted to claim benefits sooner than they had planned.

Social Security beneficiaries stand to get a record 8.7% cost-of-living adjustment in 2023 that may help them take care of increased prices.

But that COLA adjustment alone just isn’t purpose to step ahead now. Your benefits will nonetheless be adjusted for that improve, whether or not you claim now or later, experts say.

But you ought to contemplate the quantity of benefits you might obtain primarily based in your age. For most individuals approaching retirement now, age 67 is when they are going to obtain their full benefits primarily based on their earnings historical past. And in the event that they delay as much as age 70, their month-to-month checks might be even greater.

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There are different components to weigh primarily based in your private state of affairs, notably if you have a partner or kids who may profit out of your claiming choice.

Yet many people who find themselves at or close to the age once they face that alternative might must brush up on this system’s many guidelines before they begin these month-to-month checks.

“There are definite rules, definite deadlines and definite dates that need to be met,” mentioned David Freitag, a monetary planning advisor and Social Security skilled at MassMutual. “Or you could discover after the fact that that oversight was very costly if you’re not careful.”

MassMutual lately gave a true-or-false quiz of 13 inquiries to 1,500 individuals ages 55 by means of 65.

The outcome wasn’t encouraging: 65% of individuals both failed or obtained a D grade. Only 18% of respondents earned a C, whereas 12% obtained a B and 6% earned an A. Just 1% of respondents obtained an ideal rating.

To take the quiz, reply whether or not every of the next statements is true or false. Then verify your responses towards the important thing beneath.

If you discover you must brush up on Social Security’s guidelines, the agency’s website is a good place to begin, Freitag mentioned. MassMutual additionally has additional information to help you kind by means of your choices.

1. In most instances, if I take benefits before my full retirement age, they are going to be lowered for early submitting.
2. If I’m receiving benefits before my full retirement age and proceed to work, my benefits may be lowered primarily based on how much I make.
3. If I’ve a partner, she or he can obtain benefits from my report 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. Generally, if I’m in a same-sex marriage, there are totally different eligibility necessities in terms of Social Security retirement benefits.
6. The cash that comes out of my paycheck for Social Security goes into a particular account for me and stays there, incomes curiosity, till I start to obtain Social Security benefits.
7. Under present legislation, Social Security benefits could possibly be lowered by 20% or extra for everybody by 2035.
8. If I file for retirement benefits and have dependent kids aged 18 or youthful, additionally they might qualify for Social Security benefits.
9. If I get divorced, I’d be capable to gather Social Security benefits primarily based on my ex-spouse’s Social Security earnings historical past.
10. Under present Social Security legislation, full retirement age is 65 irrespective of when you have been born.
11. If I delay taking Social Security benefits previous the age of 70, I’ll proceed to get delayed retirement credit score will increase every year I wait.
12. Social Security retirement benefits are subject to income tax identical to withdrawals from a conventional particular person retirement account.
13. I have to be a U.S. citizen to gather Social Security retirement benefits.

1. True (89% of respondents answered this appropriately)
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%)