Given all the debate about reforming Social Security, you may already know more about this social insurance program than other generations did at your age. Test your knowledge with this short quiz.

What is the youngest age to be eligible to collect Social Security retirement benefits?

1. 59 1/2
2. 60 and 2 months
3. 62
4. 65 and 10 months

A worker born in 1945 becomes eligible for full retirement benefits at a younger age than someone born in 1965.

1. True
2. False

In 2007, the maximum monthly benefit for someone retiring at full retirement age is ________, although the average benefit for all retired workers is ________.

1. $2,116 / $1,044
2. $3,115 / $1,144
3. $4,115 / $1,555
4. $1,115 / $944

In 1945, there were ____ workers for every Social Security beneficiary. By 2031, there will be _____ workers for every Social Security beneficiary.

1. 10 / 2.1
2. 20 / 5.4
3. 42 / 2.2
4. 50 / 1.5

In 2007, a Social Security recipient who has not yet reached full retirement age and continues to work while collecting Social Security benefits will lose $1 in benefits for every $2 earned over ________.

1. $9,600
2. $12,960
3. $91,260
4. $129,600

Answers:

1. c. Americans who are eligible for Social Security may begin collecting partial benefits at age 62, although postponing benefits past age 62 will result in a permanently higher monthly benefit amount.
2. True. “Full retirement age” is the age when a worker becomes eligible for full Social Security benefits. For someone born in 1945, full retirement age is 66. For someone born in 1965, full retirement age is 67.
3. a. $2,116 is the maximum benefit and $1,044 is the average. Your actual benefit amount will depend on how long you worked, how much you earned, the age at which you retired, and other variables.
4. c. 42 and 2.2. Some observers point to the dwindling worker-to-beneficiary ratio as one reason why Social Security may be heading for trouble.
5. b. $12,960. There is no reduction in benefits for income earned after reaching full retirement age.
   
   
   
   
   

Never Too Young to Learn About Social Security