How much do you really know about Social Security? Here’s your chance to find out.
The Social Security system plays a major role in the lives of most Americans. Ninety percent of people 65 and older collect Social Security benefits, according to the Social Security Administration. For 22% of older married couples and 47% of older unmarried persons, Social Security accounts for a whopping 90% or more of income.
The system’s importance is more than matched by its complexity. Claiming formulas, obscure terminology, and numerous guidelines all make it a challenge to navigate. And just when you think you have it down, anything can change: As part of a bipartisan budget deal, Congress is preparing to alter Social Security rules in a way that could cost dual-income high-earning couples tens of thousands of dollars in benefits.
To help you understand what you’re due, we’ve put together a quiz based on a survey conducted by AARP and the Financial Planning Association. In that survey, only 9% of people believed they were very knowledgeable about Social Security. Let’s see if you’re one of them.