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

Social Security Quiz

ARCHIVES

It's been a while since I've tested your knowledge in this column, so I thought it might be fun to put together a quiz on Social Security benefits and how they fit into planning for your future.

After you take the quiz, click here for the answers.

1. What was the amount of the average monthly Social Security check for a retired worker in 2011?

a. $583
b. $3,426
c. $1,181
d. $6,745

2. Sandy and her husband, Tom, are both 66. Sandy began receiving a Social Security retirement benefit of $500 a month at 62. Tom is retiring this year and will receive $1,800 a month. How much will Sandy receive when Tom retires?

a. $500
b. $900
c. $750

3. How much can you earn at age 62 without reducing your Social Security benefit?

a. $40,340
b. $14,640
c. $5,600
d. $75,000
4. You can receive Social Security from your former spouse if:

a. You were married for 10 years or more
b. You are not currently remarried
c. You are not receiving a pension from work not covered by Social Security
d. All the above

5. Among elderly Social Security beneficiaries, what percentage of unmarried persons rely on Social Security for more than 90 percent of their income?

a. 43 percent
b. 22 percent
c. 54 percent
d. 73 percent

6. What is the full Social Security retirement age?

a. 65
b. 66
c. 70
d. Between 65 and 67, depending on your year of birth

7. Which of the following will increase your Social Security check?

a. Delay receiving payment until you are 70
b. Claim a benefit on your spouse's work record
c. Continue working past 62
d. Any of the above

8. You can do all the following on the Social Security website except:

a. Estimate your future benefit
b. Find the most popular baby names
c. Find out if someone is alive or dead
d. Calculate the distance to the moon
9. How long is the average retirement?

a. 18 years
b. 30 years
c. 20 years
d. It depends on many different factors

10. Understanding the limitations of Social Security, how should you plan your retirement?

a. Learn to live on less now
b. Make saving mandatory and automatic
c. Plan for being single, even if you're not
d. Be realistic about when you can afford to retire
e. All of the above

Ready for the answers? Click here.

Correction: In the initial version of this column, the answer to question No. 2 was listed as $675, which was incorrect. The column has been updated to relect the correct amount.

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.

For more retirement planning help, tune in to "For Your Benefit," presented by the National Institute of Transition Planning Inc. live on Mondays at 10 a.m. EDT on federalnewsradio.com, or on WFED AM 1500 in the Washington-metro area.

 

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 www.tammyflanagan.com 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 NITPInc.com.

FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
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.

    Download
  • 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.

    Download
  • 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.

    Download
  • 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.

    Download
  • 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.

    Download
  • 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.

    Download
  • 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

    Download
  • 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.

    Download
  • 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.

    Download
  • Sponsored by Cloudera

    Government Forum Content Library

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

    Download

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