Social Security quiz: Are you smarter than the average American?

There is a smarter way to approach social security quiz smarter, and it starts with knowing a few key details. This guide covers them, along with tips you can apply immediately.

Key Takeaways

• They say that knowledge is power.
• That’s certainly true when it comes to your finances.
• So we decided to come up with a quiz of our own.
• Worth noting: you’ll find the answers down below , we trust you not to cheat!

Tips That Make a Difference

According to the newly released 2018 MassMutual Social Security survey, 47% of Americans couldn’t get a passing score on a basic five-question quiz about Social Security upsides. (adsbygoogle = window.adsbygoogle || []).push({}); But here at Clark.com, we believe our readers are smarter than the average American when it comes to money matters. Can you ace the test?

• 10 questions to test your Social Security knowledge Question 1: What is the average monthly Social Security check for retirees? $1,262 $1,404 $1,533 Answer: The average Social Security check is $1,404, according to the latest December 2017 numbers from the Social Security Administration (SSA).
• Question 2: True or False: Your monthly Social Security upside will be reduced if you begin taking upsides at 65… Answer: True.
• More importantly, anytime you claim before your full retirement age, your monthly upside will be reduced.
• Question 3: The maximum monthly check you can receive at your full retirement age is… $2,687 $2,750 $2,788 Answer: In 2017, the maximum that any worker taking upsides at full retirement age could receive was $2,687 a month.

Common Mistakes to Avoid

But for 2018, that cap is being raised so the max monthly upside can be as high as $2,788 a month. (adsbygoogle = window.adsbygoogle || []).push({}); Question 4: Social Security looks at a certain number of your highest-earning years to calculate your monthly upside. What number of years is that?

• Remember that 25 30 35 Answer: Your 35 highest-earnings years are used to calculate your monthly Social Security upside.
• That’s why negotiating a raise or a greater offer at a new employer is a excellent concept.
• So is taking on a second gig like a work-at-home job.
• They’re both genuinely beneficial in the short term and the long run!

Is Social Security Quiz Smarter Worth It?

As a rule, question 5: Social Security statements are still mailed periodically to all workers…True or false? It used to be that your statement , detailing your earnings history and expected upsides at retirement , arrived in your mailbox each five years.

• But that’s no longer the case.
• The SSA no longer mails Social Security statements to anyone under 60 in an effort to cut costs and trees.
• In short, to see your earnings statement, you’ve now got to create a free my Social Security account.
• But before you for your account, here are five aspects you should know first… Question 6: There was a 2% increase in monthly Social Security payments in 2018…True or false?

Where the Real Savings Hide

More than 66 million Social Security and Supplemental Security Income recipients received a 2% boost in upsides compared to last year. That cost-of-living adjustment was the largest such increase since 2012.

• Worth noting: it amounted to roughly a $25 monthly increase for the average beneficiary.
• Question 7: You’re allowed to earn a certain amount of income while in retirement without having your upsides reduced.
• What is the cap on those earnings? $12,500 $16,920 $17,040 Answer: If you pick to retire before your full retirement age, you can consistently opt to work part-time to supplement your income.
• In 2018, you’re allowed to earn up to $17,040/year ($1,420/month) without compromising your Social Security upsides.

A Closer Look at Social Security Quiz Smarter

More importantly, that’s up from $16,920 ($1,410/month) in 2017. (adsbygoogle = window.adsbygoogle || []).push({}); Question 8: Your spouse can receive Social Security retirement upsides, even if he or she has no individual earnings history….True or false? Your spouse can get upsides even if he or she has at no point worked outside of the home.

• For your spouse to claim upsides, you as the income earner must be either receiving or eligible for retirement or disability upsides.
• Your spouse must also be 62.
• Remember that more info about spousal upsides is available at SSA.gov.
• Question 9: If you were born in 1960 or anytime after, your full retirement age is … 65 67 70 Answer: Your full retirement age would be 67 if your were born in or after 1960.

What to Know About Social Security Quiz Smarter

To have that milestone birthday of 65 as your full retirement age, you’d require to have been born in 1937 or earlier! You can see the complete breakdown of birth years and full retirement ages here.

• As a rule, question 10: The earliest you can begin claiming upsides is 62.
• But for each year you wait past 62, your Social Security upside grows by what percent?
• 2% 5% 8% Answer: In the past, it was highly common to retire and take Social Security at 62.
• Yet by delaying retirement, you get an 8% annual increase in upsides for each year you wait past 62.

How Social Security Quiz Smarter Really Works

In short, so if you wait from 62 to 70, the amount that Social Security pays climbs dramatically. Though, upsides no longer increase after age 70.

• So…how did you do?
• Just like in school, provide yourself an A if you get only one or fewer questions wrong.
• Worth noting: got two questions incorrect?
• Congrats, you earned yourself a B.

Frequently Asked Questions

How can I save money on social security quiz smarter?

Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. Can you ace the test?.

Is it worth shopping around for social security quiz smarter?

Usually yes. 10 questions to test your Social Security knowledge Question 1: What is the average monthly Social Security check for retirees? $1,262 $1,404 $1,533 Answer: The average Social Security check is $1,404, according to the l....

What should I check before buying?

Read the terms, confirm any code still works, and factor in shipping or returns. Question 2: True or False: Your monthly Social Security upside will be reduced if you begin taking upsides at 65… Answer: True.

Smart Ways to Save More on Social Security Quiz Smarter

• Check for student, military, or first order offers you may qualify for.
• Time non urgent purchases around major sale events for the deepest cuts.
• Leave items in your cart for a day; some stores send a follow up discount.
• Pair cashback with a coupon so you save twice on the same order.
• Stack a coupon code with an existing sale whenever the store allows it.

Final Thoughts

Put these ideas to work and social security quiz smarter gets a lot less expensive. Bookmark this page, check back for fresh deals, and let the savings do the talking.

Originally published at clark.com.