6.) TRUE or FALSE? If I file for retirement benefits and have minor dependent children, they also may qualify for Social Security benefits.
Answer: True. When you file for Social Security retirement benefits, your children may also qualify to receive benefits based on your record. An eligible child can be your biological child, adopted child or stepchild. A dependent grandchild may also qualify. Normally, benefits stop when children reach age 18 unless they are disabled. However, if the child is still a full-time student at a secondary school at age 18, benefits will continue until the child graduates or until two months after the child becomes age 19, whichever is first.
Source: Social Security Administration, Retirement Planner: Benefits for Your Children; http://www.socialsecurity.gov/retire2/yourchildren.htm;
7.) TRUE or FALSE? As a divorced person, I can collect Social Security retirement benefits based on my ex-spouse’s earnings history.
Answer: True. You may be eligible to receive retirement benefits based on your ex-spouse’s earnings record, provided that:
- Your marriage lasted at least 10 years;
- You are currently unmarried;
- You are at least 62 years old; and
- The benefit you would receive based on your personal earnings history is less than the benefit amount you would receive if you filed for benefits based on your ex-spouse’s earnings record.
If your ex-spouse has not yet applied for retirement benefits, but qualifies for them, you can collect benefits based on his or her record provided that you have been divorced for at least two years.
Source: Social Security Administration, Retirement Planner: Benefits for Your Divorced Spouse; http:// www.socialsecurity.gov/retire2/yourdivspouse.htm
8.) TRUE or FALSE? Once I start collecting Social Security, my benefit payments will never change.
Answer: False. The Social Security Act of 1973 included a provision for cost-of-living adjustments (COLAs) to help Social Security benefits account for inflation. Each year, the Social Security Administration uses specific indexes and formulas mandated by this legislation to determine whether a COLA will apply to benefits paid in the coming year and if so, how much the increase will be. For more detailed information on how COLAs are calculated, visit the Social Security Administration website indicated below.
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