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Deciding at what level you will accumulate Social Safety advantages might be one of many greatest selections you will make in retirement.

But many people who find themselves at or close to the age when they’re confronted with that selection could have to brush up on this system’s guidelines earlier than doing so.

MassMutual not too long ago gave a 13-question true/false quiz to 1,500 people aged 55 to 65.

The outcome was that 65% of the individuals both failed or bought a D grade. In the meantime, 18% of the respondents earned a C, whereas 12% earned a B and 6% an A. Just one% of respondents obtained an ideal rating.

Extra from the FA Playbook:

This is a have a look at different tales affecting the monetary advisor enterprise.

In keeping with monetary planning advisor and Social Safety skilled David Freitag of MassMutual, claiming Social Safety advantages is one in all two huge time-sensitive selections individuals nearing retirement should make. The second is how they are going to acquire medical insurance protection.

“There are particular guidelines, sure deadlines and sure dates that should be met,” Freitag stated. “Or you will discover out after the truth that that inspection was too costly in case you’re not cautious.”

One factor to contemplate is the quantity of advantages you get primarily based in your age. For most individuals now approaching retirement, age 67 is when they are going to obtain their full advantages, primarily based on their earnings historical past. In the event that they delay till age 70, their month-to-month checks will probably be even bigger.

There are different concerns relying in your private scenario, particularly when you have a partner or youngsters who could profit out of your declare resolution.

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

If you happen to discover it’s good to brush up on Social Safety’s guidelines, the company’s web site is a superb place to start out, Freitag stated. MassMutual additionally has extra data that can assist you kind your choices.

proper or fallacious?

  1. Generally, if I take advantages earlier than my full retirement age, they are going to be diminished for early submitting.
  2. If I’m receiving advantages earlier than my full retirement age and proceed to work, my advantages could also be diminished primarily based on the quantity of advantages I make.
  3. If I’ve a partner, he can obtain advantages from my information, even when he has no private earnings historical past.
  4. If I’ve a partner and dies, I’ll get each my full profit and my deceased partner’s full profit.
  5. Usually, if I am in a same-sex marriage, there are totally different eligibility necessities in relation to Social Safety retirement advantages.
  6. The cash that goes out of my paycheck for Social Safety goes into a particular account for me and continues to earn curiosity till I begin receiving Social Safety advantages.
  7. Underneath present regulation, Social Safety advantages for all might be diminished by 20% or extra by 2035.
  8. If I file for retirement advantages and have dependent youngsters who’re 18 or youthful, they might additionally qualify for Social Safety advantages.
  9. If I get divorced, I could possibly accumulate Social Safety advantages primarily based on my ex-spouse’s Social Safety revenue historical past.
  10. Underneath present Social Safety regulation, the total retirement age is 65, no matter the place you had been born.
  11. If I delay taking Social Safety advantages after age 70, I’ll proceed to obtain a ready delayed retirement credit score improve annually.
  12. Social Safety retirement advantages are topic to revenue tax identical to withdrawals from a standard particular person retirement account.
  13. I should be a US citizen to obtain Social Safety retirement advantages.


  1. True (89% of the respondents answered it accurately)
  2. true (82%)
  3. true (72%)
  4. fallacious (68%)
  5. fallacious (65%)
  6. fallacious (62%)
  7. True (60%)
  8. true (58%)
  9. true (57%)
  10. fallacious (56%)
  11. fallacious (49%)
  12. fallacious (42%)
  13. fallacious (24%)

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