Retirement Planning & Social Security Quiz

Which of the following can result in a penalty from the government?

• Retiring after age 70

• Withdrawing retirement funds before age 59½

• Not having a 401(k)

• Working part-time after age 65

Retirement is the point at which you stop working and rely on passive income.

• True

• False

Which of the following factors does not affect your retirement lifestyle?

• Life expectancy

• Cost of living

• Age you start working

• Personal preferences

What helped develop our modern concept of retirement?

• Decrease in life expectancy

• Elimination of taxes

• Growth of pension plans and Social Security

• Increase in work hours

Social Security benefits are available only to the retired worker and not their family.

• True

• False

What year was the Social Security Act signed into law?

• 1929

• 1935

• 1945

• 1956

You must stop working completely at age 62 to start receiving Social Security.

• True

• False

Which U.S. President signed the Social Security Act?

• John F. Kennedy

• Herbert Hoover

• Franklin D. Roosevelt

• Dwight D. Eisenhower

Which of the following was not added to Social Security in later years?

• Disability Insurance

• Survivors Insurance

• Long-term Care Insurance

• Supplemental Security Income

Delaying your Social Security benefits can result in a higher payout later in life.

• True

• False