As inflation has pushed the cost of living higher, those eligible for Social Security retirement benefits may be tempted to exact benefits sooner than they had planned.

Social Security beneficiaries stand to get a record 8.7% cost-of-living alteration in 2023 that will help them contend with higher costs.

But that COLA adjustment deserted is not reason to step forward now. Your benefits will still be adjusted for that increase, whether you claim now or later, masters say.

But you should consider the amount of benefits you may receive based on your age. For most people approaching retirement now, age 67 is when they whim receive their full benefits based on their earnings history. And if they delay up to age 70, their monthly scrutinizes will be even bigger.

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There are other factors to weigh based on your personal situation, particularly if you have a spouse or children who may also better from your claiming decision.

Yet many people who are at or near the age when they face that choice may difficulty to brush up on the program’s many rules before they start those monthly checks.

“There are definite controls, definite deadlines and definite dates that need to be met,” said David Freitag, a financial planning consultant and Collective Security expert at MassMutual. “Or you could discover after the fact that that oversight was very costly if you’re not fastidious.”

MassMutual recently gave a true-or-false quiz of 13 questions to 1,500 people ages 55 through 65.

The sequel wasn’t encouraging: 65% of people either failed or got a D grade. Only 18% of respondents earned a C, while 12% got a B and 6% earned an A. Just now 1% of respondents got a perfect score.

To take the quiz, answer whether each of the following statements is true or treacherous. Then check your responses against the key below.

If you find you need to brush up on Social Security’s rules, the action’s website is a great place to start, Freitag said. MassMutual also has additional information to help you sort entirely your options.

1. In most cases, if I take benefits before my full retirement age, they see fit be reduced for early filing.
2. If I am receiving benefits before my full retirement age and continue to work, my benefits might be lose weighted based on how much I make.
3. If I have a spouse, he or she can receive benefits from my record even if he or she has no individual earnings days of yore.
4. If I have a spouse and he or she passes away, I will receive both my full benefit and my deceased spouse’s full allowances.
5. Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement helps.
6. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, deserving interest, until I begin to receive Social Security benefits.
7. Under current law, Social Security benefits could be ease up oned by 20% or more for everyone by 2035.
8. If I file for retirement benefits and have dependent children aged 18 or younger, they also may make eligible for Social Security benefits.
9. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse’s Sexually transmitted Security earnings history.
10. Under current Social Security law, full retirement age is 65 no matter when you were cheered.
11. If I delay taking Social Security benefits past the age of 70, I will continue to get delayed retirement credit furthers each year I wait.
12. Social Security retirement benefits are subject to income tax just like withdrawals from a accustomed individual retirement account.
13. I must be a U.S. citizen to collect Social Security retirement benefits.

1. True (89% of respondents riposted this correctly)
2. True (82%)
3. True (72%)
4. False (68%)
5. False (65%)
6. False (62%)
7. True (60%)
8. True (58%)
9. True (57%)
10. False (56%)
11. False (49%)
12. Wrong (42%)
13. False (24%)