Explore how claiming age changes Social Security benefits: test your skills
Claiming at 62 permanently reduces benefits; waiting past full retirement age increases them up to 70. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Know full retirement age for your birth year
- Compare benefits at 62, 67 and 70
- Check your record at SSA.gov
- Practice
1. Full retirement age for people born in 1960 or later?
- Practice
2. Delayed retirement credits add about…
- Practice
3. Claiming at 62 with FRA 67 gives…
- Key idea
4. Which statement best explains "The choice is permanent"?
- Key idea
5. Which statement best explains "8% a year for waiting"?
- Key idea
6. Which statement best explains "Your record drives the benefit"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
PIA $1,800, FRA 67. What is the monthly benefit at 62 and at 70?
Show the answer
$1,260 at 62; $2,232 at 70
$1,800 × 0.70 = $1,260. $1,800 × 1.24 = $2,232.
Log in to SSA.gov and note your estimated benefit at 62, at FRA and at 70.
More tests in this bootcamp
- Understand your 401(k) and employer match
- Open the idea of an IRA: account first, investments inside
- Compare Roth and Traditional IRAs through the tax timing
- Understand the backdoor Roth IRA and its tax pitfalls
- Understand an HSA’s tax benefits and receipt records
- Explore how claiming age changes Social Security benefits
- Use the 4% rule as a starting point, with its limits
- Plan for required minimum distributions
- Check the costs and commitments of early retirement withdrawals
- Final exam: Retirement accounts