Take an online Social Security quiz. Only 5% of those who took the quiz answered all the questions correctly but I bet that most readers of this blog can ace the test!
By the way, yes, I know that technically some of the answers don't really fit into the True-False dichotomy used in the quiz but let's not get too technical here.
By the way, yes, I know that technically some of the answers don't really fit into the True-False dichotomy used in the quiz but let's not get too technical here.
I got them all right, but I did not know about the option to suspend benefits mentioned in one of the answers.
ReplyDeleteAlso, the article has this quote from chief investment officer of the company giving the quiz:
“The government is giving you a 6% to 8% guaranteed real return” for every year you delay claiming, “which is vastly higher than the return rates we see in the economy today” for investments with a comparable low risk, he says.
End quote
I don't agree with this. You get 6-8% more per check, but you get it for one less year. If your life expectancy is 16-20 years, then losing a year is 5-6% fewer checks, accounting for most of the 6-8% more per check. So the I think the real return is much lower than 6-8%.
There were at least two questions that could have been answered differently and been correct. The one about a spouse getting benefits (I think question 2) if the NH dies. There is an age requirement that should have made the answer false. In the answer, they say true with a "but". At least 2 were poorly worded like that.
ReplyDeleteYou got 8 out of 8 correct!
ReplyDeleteIt looks like you know a lot about Social Security, but there’s always more to learn. Take a look at our resources to help make the most of your Social Security benefits.
Want to see how you compare to our recent Social Security claiming study?
chart