How many correct answers can you answer?
Donald Trump defends social security on his 90th anniversary
President Trump celebrated the 90th anniversary of Social Security and has pledged to protect and expand the interests of seniors.
If you are resigning or resigning, you may know that some people are advocating for Social Security benefits. You may also feel how the program works. You pay your entire career for it, and when you get older, you start collecting checks for the rest of your life.
However, the finer points of the program are often vague. A recent AARP survey revealed a risky knowledge gap that allows some people to make inadequate decisions about when or none. Fixing these misconceptions, including the five listed below, is important if you want to make the most of your program.
1. What is the earliest age where you can claim profits?
Only 40% of those surveyed knew who knew who could claim Social Security was 62 years old. You must be 62 years old for the entire month to qualify, and in the eyes of the Social Security Administration, your birth month will only count if you were born first or second. Otherwise, you will not be eligible until the month following your birth month.
It is also important to note that a 62-year-old claim is considered an early claim as you are exposed to a full retirement age (FRA). More details are below. This means you may face early claims of up to 30% benefits for signing up. However, if there is no other way to cover your living expenses or if you have a short life expectancy, it may still be the right option.
2. What age does it take to maximize your monthly profit?
Even fewer people know how long they have to wait to maximize their monthly benefits claim. Only a quarter of respondents correctly selected 70 years of age as the age at which they qualify for the largest monthly benefit.
Most people assumed they were younger than this. This is dangerous. Because you may shorten yourself by making your previous claims.
Considering that you have to wait past 70 to qualify for the biggest check can be even more costly. Once you reach 70 your profits won’t grow any further, so you definitely need to sign up with the latest by then. Otherwise, you’re just spending money on yourself.
3. What is your full retirement age (FRA)?
Your FRA is the age where you are eligible for your full Social Security interest based on your work history. If you charge in the month you reach your FRA, you will not face early claim penalties and will not earn you late retirement credits that will boost your profits.
Over a third of survey respondents believed the FRA was 65 years old, but said they didn’t know about another quarter. 65 speculations don’t come out of nowhere. FRA was 65 years old for many years. However, in the 1980s, the government made changes to the program to avoid bankruptcy, including raising FRAs for young adults.
If you were born after 1960, your FRA is 67 years old. However, some older adults have slightly younger FRAs.
4. Can I request Social Security benefits from my former partner’s work records?
When asked whether divorced people could claim Social Security benefits on their original work records after 10 years of marriage, half of respondents either responded incorrectly or didn’t know. The truth is you can do it, but 10 years of marriage is important.
Those who divorced before they crossed the 10-year mark are not eligible to claim benefits on their original work records. Also, if you remarry, you are not entitled to do this. However, in this scenario, you can qualify based on the work records of your new spouse. If your spouse is remarried, but you do not, this will not affect the eligibility of the ex-spouse’s interests. Claiming your original work record doesn’t prevent your new spouse from receiving the check either.
5. Will you recover the money you lost in the Social Security Revenue Test?
Social Security Revenue Tests apply to those who claim a check before the FRA while they are still working. If you’re under the FRA in all 2025, you’ll lose $1 for every two dollars above $23,400. If you reach the FRA this year, earning this before your birthday will result in you losing $1 for every 3 dollars you make over $62,160.
Few survey respondents understood that this loss is potentially problematic in the short term, but not eternal. Once you reach your FRA, the Social Security Administration will increase your check and make up for the amount it previously held.
If any of the above answers surprised you, it may be time to reconsider your social security claims strategy. For example, you may prefer to charge at a different time to get more money or avoid income tests. If you have any questions about how the above rules apply to a particular situation, you can always contact the Social Security Agency for further details.
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