Retirement Planning Retirement PlanningRetirement Planning
Advice on how to prepare for life after government.

Annual Retirement Quiz

In 2006, I devoted my final column of the year to testing your retirement knowledge. This year, I thought it would be fun to revisit that tradition. I'm betting that many of you will do quite well on the quiz. As for the others…well, New Year's resolution time is right around the corner. It might be time to work on raising your retirement IQ.
  1. The Civil Service Retirement Act established a pension system for federal employees in the executive branch of government in _______.
    a. 1881
    b. 1920
    c. 1935
    d. 1984
  2. The Social Security Amendments of _______ required all federal employees hired after that year to participate in Social Security. The amendments also required all members of Congress to participate in Social Security after that date, regardless of when they first entered Congress.
    a. 1920
    b. 1987
    c. 2007
    d. 1983
  3. Over the next two decades, nearly _______ million Americans will become eligible for Social Security benefits -- more than 10,000 per day.
    a. 10
    b. 20
    c. 40
    d. 80
  4. In 2007, almost _______ million Americans will receive a total of more than $585 billion in Social Security benefits.
    a. 35
    b. 80
    c. 50
    d. 10
  5. Unless changes are made, for those reaching age 60 in 2040, Social Security benefits could be cut by _______ percent and could continue to be reduced every year thereafter.
    a. 50
    b. 10
    c. 26
    d. 72
  6. The current employee rate for basic coverage under the Federal Employee's Group Life Insurance program is 15 cents per $1,000 on a biweekly basis. When FEGLI started in 1954, the employee share of the premium was _______ cents per $1,000.
    a. 5
    b. 10
    c. 25
    d. 50
  7. Federal retirees currently make up _______ percent of enrollees in the Federal Employees Health Benefits Program.
    a. 0
    b. 7.5
    c. 80
    d. 40
  8. The Thrift Savings Plan's common stock (C) fund tracks the S&P 500 Index Fund. This index includes 500 companies in leading industries of the U.S. economy. As of Sept. 30, 2007, more than 10 percent of the weight of this fund was held by which four U.S. corporations?
    a. Wal-Mart Stores, Target, Home Depot, Google
    b. Exxon Mobil, General Electric, AT&T, Microsoft
    c. Citigroup, Johnson & Johnson, Cisco Systems, Home Depot
    d. Bank of America, Wal-Mart Stores, IBM, Google
  9. The TSP's life-cycle funds (L 2040, L 2030, L 2020 and L 2010), are aimed at participants with retirement dates that roughly correspond to the dates in the fund names. When a fund reaches its time horizon, it will roll into the L_______ Fund, and a new fund will be added with a more distant time horizon.
    a. 2010
    b. 2050
    c. Income
    d. 2040
  10. If the 2007 FEHBP open season is similar to previous years, _______ percent of current enrollees will have switched health plans.
    a. 75
    b. 25
    c. 5
    d. 50

Are you ready for the answers? Then click here. (If that doesn't work, try clicking here).

Tammy Flanagan is the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits.


Tammy Flanagan has spent 30 years helping federal employees take charge of their retirement by understanding their benefits. She runs her own consulting business at and provides individual counseling as well as online training for the National Active and Retired Federal Employees Association, Plan Your Federal Retirement as well as the Federal Long Term Care insurance Program. She also serves as the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars.

For more retirement planning help, tune in to "For Your Benefit," presented by the National Institute of Transition Planning Inc. live on Federal News Radio on Mondays at 10 a.m. ET on WFED AM 1500 in the Washington-metro area. Archived shows are available on

Close [ x ] More from GovExec

Thank you for subscribing to newsletters from
We think these reports might interest you:

  • Sponsored by Brocade

    Best of 2016 Federal Forum eBook

    Earlier this summer, Federal and tech industry leaders convened to talk security, machine learning, network modernization, DevOps, and much more at the 2016 Federal Forum. This eBook includes a useful summary highlighting the best content shared at the 2016 Federal Forum to help agencies modernize their network infrastructure.

  • Sponsored by CDW-G

    GBC Flash Poll Series: Merger & Acquisitions

    Download this GBC Flash Poll to learn more about federal perspectives on the impact of industry consolidation.

  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

  • Sponsored by Aquilent

    A DevOps Roadmap for the Federal Government

    This GBC Report discusses how DevOps is steadily gaining traction among some of government's leading IT developers and agencies.

  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

  • Sponsored by CDW-G

    Joint Enterprise Licensing Agreements

    Read this eBook to learn how defense agencies can achieve savings and efficiencies with an Enterprise Software Agreement.

  • Sponsored by Cloudera

    Government Forum Content Library

    Get all the essential resources needed for effective technology strategies in the federal landscape.


When you download a report, your information may be shared with the underwriters of that document.