Which of the following is true of Social Security benefits?
A)Social Security benefits are retirement benefits extended only to self-employed people.
B)A retiree can avail Social Security benefits once he or she attains age 75.
C)Social Security benefits are available to military personnel only.
D)Social Security benefits may be reduced if the recipient is under age 55 and still gainfully employed.
E)Workers who elect to retire at age 62 will receive reduced Social Security benefits.

Question

Quizplus · Accepted Answer

Workers who elect to retire at age 62 will receive reduced Social Security benefits. This is because the amount of benefits received is calculated based on the retiree's full retirement age, which is typically between ages 66 and 67 depending on the year the individual was born. Choosing to retire at age 62 means the individual is electing to receive benefits early, resulting in a reduction in the amount of monthly payments.

Which of the Following Is True of Social Security Benefits