Title: Examine the fundamental workings of the Social Security system and the system’s effects on retirement planning.
Course: Personal Finance (19262-II) > Section: Demonstrating Knowledge of Personal Financial Planning

Examination should include

- the purpose of Social Security
- factors affecting benefits (e.g., the amount of the contributions made to the system, age of recipient)
- types of benefits (disability, survivor, retirement, hospital, and medical).

Examination should consider Social Security’s effects on retirement planning, to include a determination of

- which jobs provide Social Security benefits, which jobs require payment into the system when income tax is paid, and which jobs do not have Social Security benefits
- when retirement will occur and whether there is an interim period that is not covered by Social Security
- what potential benefits may be received and whether the recipient’s lifestyle will require a supplemental retirement plan.