The Social Security 101 Challenge - Council for Retirement Security

Created on February 18, 2021

The Social Security 101 Challenge

Do YOU consider yourself a Social Security genius? You may THINK you know everything there is to know about how Social Security works, but this little test might just give you a run for your money.

We want to see just how much our friends really know about Social Security, so we designed this little Social Security test. In this quiz, we're asking some basic questions every beneficiary should know the answer to (along with a few that perhaps only a TRUE Social Security expert might be able to best...).

This is all in good fun, so no worries if you trip up on a question here or there--some of these a real toughies. But if you DO get every question right, make sure you let us know on social media so we can give you a well-deserved virtual high-five!

Good luck!

1 / 20

A divorced retiree may be eligible to collect a Social Security benefit based on the earnings record of their ex-spouse.

True

False

2 / 20

Benefit amounts are determined based on the amount of money you've contributed to Social Security through payroll taxes while working.

True

False

3 / 20

Members of Congress do NOT pay into Social Security.

True

False

4 / 20

A beneficiary's dependents may be eligible for Social Security benefits.

True

False

5 / 20

A beneficiary's Primary Insurance Amount (or PIA, the base amount of a person's monthly Social Security benefit) is the amount they would receive retiring at their earliest retirement age.

True

False

6 / 20

Which President signed the Social Security Act into law?

Woodrow Wilson

Theodore Roosevelt

Calvin Coolidge

Herbert Hoover

Franklin D. Roosevelt

7 / 20

A surviving spouse can claim both their full Social Security benefit AND the their deceased spouse's full benefit.

True

False

8 / 20

Only a United States citizen can receive Social Security benefits.

True

False

9 / 20

What is the earliest age at which someone can apply for Social Security retirement benefits?

60

62

65

The earliest age at which you can file for benefits will vary depending on when you were born.

None of the above are correct.

10 / 20

This well-dressed lady is often called the "Mother of Social Security." Along with being the very first woman to hold a U.S. Cabinet position, the longest serving Secretary of Labor, AND the first known LGBT Cabinet member, she is responsible for drafting the legislation that would become the Social Security Act.

What is her name?

Hattie Wyatt Caraway

Shirley Chisholm

Frances Perkins

Patricia Roberts Harris

Jeannette Rankin

11 / 20

Speaking of important women in Social Security history, here's another name you might know: Ida M. Fuller of Ludlow, Vermont. In 1940, she became the very first Social Security beneficiary. She received the very first Social Security benefit of $22.54 (equivalent to over $400 today). Throughout her life, she received a total of $22,888.92 in benefits.

But Ida only contributed to Social Security for just under three years. How much did she contribute IN TOTAL during those three years to Social Security before receiving her $22,888.92 in lifetime benefits?

$24.75

$56.50

$98.62

$150.50

$267.10

12 / 20

Although the Social Security Administration was established after the Social Security Act was made law, it didn't have the offices or manpower right away to issue Social Security numbers or cards. What federal organization was responsible for issuing Social Security numbers to the public prior to the SSA?

The Department of Labor

The Post Office

The Census Bureau

The Department of the Interior

The Treasury Department

13 / 20

Which President signed automatic Social Security Cost-of-Living Adjustments (COLAs) into law?

Franklin D. Roosevelt

Harry S. Truman

Richard Nixon

Lyndon B. Johnson

Gerald Ford

14 / 20

Where does the federal government keep all of the surplus payroll taxes it collects to fund Social Security?

In a dedicated Social Security reserve account.

It's invested in stocks.

In individual accounts for each person who contributes to Social Security.

It's invested in bonds.

What "surplus" money? They spent it!

15 / 20

Once locked in at retirement, a person's Social Security benefit is guaranteed and therefore can't be reduced or eliminated by the federal government.

True

False

16 / 20

What do the first three numbers of a person's Social Security number indicate?

A range of years including your birth year.

The order in which an application was made for your Social Security number within a group of applicants.

The Social Security area code assigned to the state that issued your Social Security number.

The state where you were born.

None of these are correct.

17 / 20

What is the maximum monthly benefit a retiree can receive at full retirement age in 2021?

$3,011

$2,861

$3,790

$2,788

$3,895

18 / 20

Are there any limits to a wealthy or extremely high income-earning retiree's ability to claim Social Security benefits?

Yes. Retirees having $5 million or more in income or savings forfeit their benefits.

Yes. Retirees having $10 million or more in income or savings forfeit their benefits.

No. The amount of your benefits and your eligibility for them is not affected by your earnings.

Income has no impact on your ability to claim Social Security benefits, but the amount of your benefits may be affected by the amount of your earnings.

The amount a high income retiree can claim is not affected as long as they've contributed a certain amount to Social Security while working.

19 / 20

How much are your Social Security benefits reduced if you work after you've reached full retirement age?

They are reduced by the exact amount that you earn at your job.

They are reduced by 10% of your earnings.

Your benefit is not reduced if you earn income after your full retirement age.

You can't receive Social Security while you're earning income.

Your benefits will be slightly reduced after reaching the maximum income earning limit.

20 / 20

Upon the passing of a spouse, surviving spouses may be eligible to claim which of the following benefits?

The higher benefit between your own benefit OR your spouse's benefit.

Both yours AND your spouse's full benefits.

ONLY your own full benefit.

Your full benefit AND a portion of your spouse's benefit.

Your full benefit AND your spouse's full benefit for up to two years.

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