Test Your Knowledge of Social Security Terms(Updated: 06/03/2019)
There are a variety of terms unique to social security benefits. Having a solid grasp of these terms will help you understand the potential social security benefits that may apply to you or a family member.
All of the following are true statements about social security benefits, except:
Although FRA is defined as full retirement age, your actual FRA will vary depending on your year of birth. To find your FRA, refer to the table below. Keep in mind that social security benefits claimed prior to your FRA may be reduced.
Here are some other common social security terms for reference.
For additional information on social security benefits, please visit https://www.ssa.gov. For a glossary of terms, visit https://www.ssa.gov/agency/glossary/.
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We understand that it can be tricky navigating the world of personal finance. Everyone seems to have an opinion, and it can be hard to know what to believe. We created this series as a way to present and debunk some of the most common financial myths.
Fiction: The cost of Medicare is the same for everyone.
Fact: The premium cost for Medicare (except for Part A) is means tested. When you first enroll, your modified adjusted gross income (MAGI) from two years prior to enrollment will determine your premium cost. If you were to enroll in 2019, your premiums would be based on your 2017 MAGI. There is a standard premium cost and, where applicable, an income-related monthly adjustment amount. Your cost is evaluated annually, so it may change from year to year based on your referenced MAGI.