AARP recently ran a pop-quiz on Social Security facts in one of their newsletters. My husband and I didn’t fare too well with the answers. Here is a shortened version of a few questions asked. See how you do. 1. How many Americans currently receive Social Security benefits? 14 million; 55 million; 121 million.
2. True or False: Members of Congress pay into Social Security?
3. What’s the basis for calculating benefits? Your total assets; Your final annual pay; your top 35 years of pay.
4. What is the average monthly retirement benefit? $1,182.40; $2,310.74; $625.00.
5. What percentage of people relied on retirement benefits in 2009 for at least 90 percent of the income? 16 percent; 22 percent; 34 percent.
6. To collect benefits on your ex’s work record, how long did the two of you have to be married? Six months; 10 years; 15 years?
7. When was Social Security started, and who was President at that time? Year: 1864; 1929; 1935. President: Abraham Lincoln; J. Edgar Hoover; Franklin D. Roosevelt.
8. Social Security has enough money to pay 100 percent of benefits until what year? 2014; 2036; 2042; 2050.
9. What percentage of beneficiaries are disabled workers? eight percent; 10 percent; 15 percent; 30 percent?
10. In 2010, what percentage of adults receiving Social Security were women? 45; 50; 57; 38.
ANSWERS
1. 55 Million. 2. True. Members of Congress and its staffs joined the Social Security system in 1984. 3. Your top 35 years of pay. 4. $1,182.40. 5. 22 percent. 6. 10 years. 7. Social Security originated in 1935, when Franklin D. Roosevelt signed the bill into law. 8. year 2036. After that, payroll taxes will provide enough to pay only 77 percent. 9. 15 percent. 10. 56 percent.
I hope you did pretty good. AARP suggested that for a complete guide for Social Security, you can visit them on the Web at aarp.org/SocialSecurity. For answers to common Social Security questions, go to aarp.org/ssmailbox.