True-or-False Quiz: How Well Do You Know Social Security?

Since 2003, full retirement age (FRA) — the age at which you qualify for 100 percent of the monthly retirement benefit calculated from your lifetime earnings history — has been rising in steps from 65 to 67, based on year of birth.  FRA is 66 and 6 months for people born in 1957, 66 and 8 months for people born in 1958, and will settle at 67 for people born in 1960 and thereafter.

More on Social Security’s full retirement age

You must have worked and paid Social Security taxes for at least 10 years to qualify for retirement benefits. That’s how long it takes to compile the required 40 Social Security credits. You can earn up to four credits per calendar year, based on your Social Security–taxed earnings. (In 2026, you get one credit for each $1,890 in earnings and the maximum of four if you make at least $7,560.)  The 10 years need not be consecutive.

More on qualifying for Social Security

As long as you were living and working in the U.S. legally  and have earned the requisite 40 Social Security credits, you will be eligible for retirement benefits. Noncitizens can also qualify for spousal or survivor benefits under certain circumstances.

More on noncitizens and Social Security

You become eligible to collect 100 percent of the benefit calculated from your earnings history at full retirement age. But if you wait longer, Social Security rewards you by increasing your benefit amount — you receive an extra 8 percent for each full year you delay, up to age 70.

More on getting your maximum retirement benefit

COLAs are based on inflation. If there is no inflation in a given year, there will be no cost-of-living increase and benefits will be the same as in the previous year. This is rare, but it has happened a handful of times since the COLA was introduced in 1975.

More on the history of the Social Security COLA