Answers to the 2020 Social Security IQ Text

October 28, 2020 — Thank you for taking our 2020 Social Security IQ Test. We hope you found it useful. (If you haven’t taken it yet, here is the link). Please find below a detailed summary of all the questions and answers, along with an explanation of each correct response to this Social Security text. So far 500 people have taken the latest version; over 10,000 people have taken previous versions. We hope even more take it to advance their Social Security education.

Note: most of the links provided in these explanations about Social Security questions go to excellent advice on the SSA.gov website. The correct answer in each case is indicated in bold either by a ? or a check mark.

Conclusions – Underestimation most frequent kind of incorrect Social Security answer

Of the 500 people taking the Social Security IQ test so far the average score is 64% (we set 60% as the passing score). There were 3 questions that 80% or more folks got right: Full Retirement Age (#1), collecting on the benefits of a divorced spouse (#10), and withdrawing your application within 12 months (#11). There were 4 questions which most people could not answer correctly. Unfortunately, these were mostly questions that are important for Social Security recipients to know.

Underestimating your Social Security benefits will cost you money

The Social Security questions that most people missed had to do with:

-How many years are used to calculate your benefit

-How much your benefit will increase if you wait to claim past your Full Retirement Age (FRA) and the difference between claiming at age 62 vs. 70

-And when a spouse can collect their full spousal benefit.

Unfortunately, underestimating how much they could get by delaying their benefits instead of taking them at the first opportunity could cost them and their spouses a lot of money down the road.

1. Assuming you were born in 1960 or later, what is considered your Full Retirement Age for Social Security benefit purposes? (The rest of the questions in this quiz assume you were born in 1960 or later, unless otherwise specified).

•  62
•  65
•  66
•  67?

Comment: “Full Retirement Age” is when you are eligible for your full Social Security benefits without penalty. For those born between 1943 and and 1954, it was age 66. For those born in 1955 and later the FRE increased 2 months per year, until for those born in 1960 and later, it became age 67. But you can actually qualify for “more than full” and get a larger benefit at any age up to 70. (See Full Retirement Age Chart). 80% got this correct.