Ready for a quiz: Social Security, how much do you know?
- Do you know how much Social Security you stand to receive over your lifetime? *This is the timeframe from when you start claiming SSA benefits, say age 70 until death.
- Do you know how your Social Security benefit will be affected if you stop working before Full Retirement Age, FRA? *You may want to check out the SSA Retirement Estimator.
- Do you know the current rules for Social Security spousal benefits? *There have been changes over the years that you may not be aware of and these changes could benefit the lower earning spouse.
- Do you know how much Social Security your spouse stands to receive if you pass way? *If you wait until 70 to start receiving SSA, this could benefit the surviving spouse.
- Are you a widow? Do you know how much your Social Security survivor benefit will be or when you should claim it? *Knowing when to claim these benefits is critical to maximize benefits and asking an SSA agent may not be the best way to get the answers you need.
- Are you divorced? Do you know the rules for divorced-spouse benefits? *Yes, you may be eligible for benefits if you were married over 10 years and are not currently married.
Now that you have taken the quiz, how do you rate your knowledge of Social Security benefits? Are you left with more questions? Well, we can help with that. You can contact our office through email, a phone call, or text and we will be happy to set some time aside to discuss your questions.
David S. Dixon, CFP®