The Benefits of Social Security More than 80% of workers expect Social Security to provide some portion of their retirement incomes.1 Yet many people don’t know important details such as their own full retirement ages. Take this quiz to assess how much you know about Social Security. 1. “Full retirement age,” the age at which you are eligible for your full Social Security benefit, is determined by: Your health A complicated formula that you probably can’t understand The year you were born Your lifetime earnings 2. You are eligible to begin receiving “early retirement” benefits at age ____. However, if you start receiving benefits early, they are reduced by a fraction of a percent for each month before your full retirement age. 55 59½ 62 65 3. What was the average monthly Social Security benefit for a retired worker in 2009?2 $1,153 $2,323 $3,232 $5,131 4. People who return to work after they start receiving Social Security benefits may be able to receive a higher benefit based on those earnings. True False 5. The longer you wait after reaching age 62 to begin collecting benefits, the higher your monthly benefit will be, until you reach age ____. 69 70 71 72 1) 2009 Retirement Confidence Survey, Employee Benefit Research Institute 2) SocialSecurity.gov, 2009 Answers: c. The year you were born. Visit ssa.gov to determine your full retirement age. c. 62. a. $1,153. The maximum amount for a person retiring in 2009 at full retirement age (66) was $2,323. a. True. Social Security automatically recalculates the benefit amount after the additional earnings are credited to the individual’s earnings record. b. 70. The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2010 Emerald.

All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.
 
EFS Financial Resources, LLC is a Registered Investment Adviser.  Investment Adviser Representatives of EFS Financial Resources, LLC may transact advisory business in a particular state only if first registered, excluded or exempted from investment Adviser Representative requirements.  In addition, follow-up conversations or meetings with individuals in a particular state that involve either the effecting or attempting to effect transactions in the rendering of personalized investment advice for compensation, will not be made absent compliance with state Investment Adviser Representative registration requirements, or an applicable exemption or exclusion.  Securities licensed associates of EFS Financial Resources, LLC, are Registered Representatives offering securities through NATIONAL PLANNING CORP. (NPC), NPC of America in FL & NY, Member FINRA/SIPC.  EFS Financial Resources, LLC and NPC are separate and unrelated companies.

 When you link to any of the web sites provided herewith, you are leaving this site.  EFS and NPC make no representations as to the completeness or accuracy of the information provided at these sites.  Nor are the companies liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third party technology, sites, information and programs made available through this site.  By clicking on the link you will leave our website and assume total responsibility and risk for your use of the site.