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Retirement Beginner: Social Security, Medicare and Retirement

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1.
If you wait several years past the earliest date to collect Social Security, your benefit will _______.
Choose wisely. There is only one correct answer.
Increase. The longer you wait to collect Social Security benefits, the higher the monthly benefit will be.
2.
One possible solution to the Social Security problem is to decrease the retirement age.
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False. One possible solution is to increase the retirement age so that more Social Security tax money can be collected and less can be paid out.
3.
Most of your Social Security taxes go into the Disability Insurance Trust Fund.
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False. Most of your Social Security taxes (6.2 of the total 7.65 percent) go to the Old Age and Survivors Insurance Trust Fund.
4.
Your Social Security benefit will be less if you retire before full retirement age.
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True. If you choose to retire before your full retirement age, your benefits will be reduced.
5.
A(n) _______ allows your spouse or your children to receive your Social Security benefits if you should die.
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Survivor benefit. Survivor benefits let one's spouse and/or children share the money he or she would have gotten.