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:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    Download
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    Download
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    Download
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    Download
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    Download
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    Download
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    Download

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