Decide when to start collecting his social security benefits

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Reference no: EM132004034

1. Quentin is trying to decide when to start collecting his Social Security benefits. Quentin's full retirement age is 66 and his fully monthly retirement benefit will be $2000. Which of the following statements is true?

If Quentin retires at age 62, his monthly benefit will be $1625.60.

If Quentin retires at 70, his monthly benefit will be $2,640.

If Quentin waits until age 75 to collect Social Security, he will maximize his monthly benefits.

If Quentin retires at age 67, his monthly benefit will receive his full monthly retirement benefit.

2. Ryan can save $3,000 per year towards his goal of buying a new car. If he can earn a 4% return, how much will he have saved after 5 years?

A - 12,930

B - 15,600

C - 16,249

D - 18,000

Reference no: EM132004034

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