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Indiana Area Codes Available
219, 260, 574
Indiana Area Codes Taken
317, 765, 812
The Garrison Law Firm of Indianapolis is handling all legal cases from this website. Use the form on this page or (317) 572 7717 to contact them.
Social Security Quiz
Quiz
1. If you are an average wage earner, how much of your pre-retirement earnings will Social Security replace?
A For the average wage earner, Social Security replaces about 40 percent of pre-retirement earnings.
2. How many years of earnings will your basic Social Security retirement benefit be based on?
The amount of your retirement benefit is based on your age at retirement and on your earnings averaged over most of your working lifetime.
3. If you don't reitre at your full retirement age, will your eventual benefit be higher because you continued to work?
Your benefit will increase in two ways. First, each additional year you work adds another year of earnings to your Social Security records, and higher lifetime earnings may result in higher benefits when you retire. Secondly, your benefit increases by a certain percentage when you delay retirement. For example, if you were born in 1936, your benefit increases 6 percent each year you delay retirement, up to age 70.
4. Is there a maximum Social Security retirement benefit amount?
The maximum Social Security benefit in January 2006 for a working retiring at full retirement age is $2,053.
5. Once your retire, do you have to pay federal income taxes on Social Security benefit?
Social Security benefits are considered taxable income for beneficiaries are considered taxable income for beneficiaries whose countable income exceeds certain limits. (Countable income includes adjusted gross income, tax-exempt interest income and part of Social Security benefits.)
The amount of Social Security benefits subject to federal income tax is: Up to 50 percent, for individual tax filers with incomes from $25,000 through $34,000 and joint filers with incomes of $32,000 through $44,000; and, Up to 85 percent, for individual tax filers whose incomes exceed $34,000 and joint tax filers whose incomes exceed $44,000.
Georgiann Drake, Social Security Administration Public Affairs Specialist
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