Do You Really Understand Social Security?

By Mary Kane, Associate Editor | Kiplinger’s Retirement Report
April 18, 2018

Gaining a better understanding of how Social Security works is one of the most important things you can do to prepare for retirement. After all, on average, Social Security benefits will replace about 40% of your preretirement income, according to the Social Security Administration. But there is a lot more to Social Security than simply filing a claim and collecting your monthly checks. To make the most of your retirement benefits, it’s helpful to become familiar with Social Security’s unique acronyms and terms. Think you already know the difference between your FICA and your COLA? How about spousal benefits versus survivor benefits? Take our Social Security lingo quiz to prove it.