Social Security and Taxes: Take the Quiz

Social Security and Taxes: Take the Quiz

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While Social Security is nearing a crossroads because of funding concerns, the government program remains a crucial element of retirement security. In fact, it provides the majority of retirement income for half of married couples and for 70% of single retirees, according to the Social Security Administration.

Despite its importance, many people don’t understand the ins and outs of Social Security — how benefits are calculated, when you should collect them and the tax implications of that income.

In the end, any secure retirement requires you to understand how Social Security fits into your overall income plan. So, it’s important to understand the basics. One specific area of Social Security planning that is extremely important is taxes.

Test your knowledge about Social Security and taxes with this 10-question true/false quiz.

Written by Jamie Hopkins, Esq., LLM, MBA, CFP®, RICP®. He serves as Director of Retirement Research at Carson Wealth and is a finance professor of practice at Creighton University's Heider College of Business. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement," details the behavioral finance issues that hold people back from a more financially secure retirement.

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