Test Yourself Social Security Claiming Strategies

True or False: Test Yourself on Social Security Claiming Strategies

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Many Americans have nothing saved for retirement and instead rely heavily on their Social Security benefits. In fact, Social Security is the primary source of income for about 60% of retirees and is the only source of income for about one-third of retirees. Furthermore, Social Security can be complex, with more than 6,000 claiming scenarios for single filers and more than 9,000 for those who are married.

Unfortunately, research shows that many people do not understand Social Security well. For instance, a report from The American College of Financial Services showed that only about 25% of those ages 60 to 75 could pass a retirement income literacy quiz, including questions about Social Security.

A secure retirement plan requires you to make decisions about when to claim Social Security benefits, and with so many different claiming options, it is important to understand some of the basic claiming strategies.

Test out your own Social Security claiming strategy literacy with this 10-question true/false quiz.

Written by Jamie Hopkins, a professor at The American College and Director of the New York Life Center for Retirement Income. Hopkins is a well-recognized writer, speaker and thought leader in the area of retirement income planning. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement," details the behavioral finance issues that hold people back from a more financially secure retirement.

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