Tuesday Nov 11 2008
Your Social Security
Test your Social Security knowledge
By: Angelo Bottoni
Social Security is a vital program that touches the lives of almost everyone in the country. Test your knowledge by answering the following questions. Check your accuracy by visiting our Web site using the links provided. 1. If you are an average wage earner, how much of your pre-retirement earnings will Social Security replace? www.socialsecurity.gov/pubs/10035.html a. About 20 percent b. About 40 percent c. About 70 percent 2. In 1940, a 65 year-old male could expect to live another 12 years, but today it is: www.socialsecurity.gov/pubs/background.htm a. 10 years b. 12 years c. 16 years d. 25 years 3. How many years of earnings will your basic Social Security retirement benefit be based on? www.socialsecurity.gov/-OACT/COLA/Benefits.html a. Your last 10 years of earnings b. Your highest 3 years of earnings c. Your highest 35 years of earnings 4. How much is the average Social Security benefit? www.socialsecurity.gov/pressoffice/factsheets/colafacts2008.htm a. About $507 b. About $1079 c. About $1201 d. About $2024 5. If you don't retire at your full retirement age, will your eventual benefit be higher? www.socialsecurity.gov/retire2/-delayret.htm a. Yes, your benefit will increase. b. No, your benefit amount is final once you reach your full retirement age. 6. How many baby boomers are expected to reach retirement age over the next 20 years? www.socialsecurity.gov/pressoffice/pr/babyboomerfiles-pr.htm a. About 20 million b. About 50 million c. About 80 million How did you do? Go to end of the article to find out. But remember this: you don't have to answer all the questions right to be a winner. Just go to www.socialsecurity.gov where the prize is an informative and easy-to-use Web site. Each stage of life: youth, middle age, retirement, comes with its own set of financial concerns. Luckily, just by having a better understanding of the Social Security program you should be able to calm some of those concerns. If you would like more information about Social Security programs you can visit our Web site at www.socialsecurity.gov. ANSWER KEY: 1.B; 2.C; 3.C; 4.B; 5.A; 6.C – Angelo Bottoni is the manager of the Social Security office in Roseville.