Choose wisely. There is only one correct answer to each question.
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1.
Possible solutions for saving Social Security include _______.
All of the above. All of these (and more) have been proposed as solutions.
2.
Self-employed individuals must pay all their Social Security taxes themselves.
True. If you are self-employed, you must pay all Social Security taxes yourself, including the portion that an employer would otherwise pay on your behalf.
3.
Social Security benefits are based on the best 10 years of your lifetime earnings.
False. Social Security retirement benefits are based upon your lifetime earnings recorded with the Social Security Administration.
4.
If you wait several years past the earliest date to collect Social Security, your benefit will _______.
Increase. The longer you wait to collect Social Security benefits, the higher the monthly benefit will be.
5.
Children may be able to receive 100 percent of a parent's Social Security benefit amount.
False. If you are eligible, children may be able to earn up to 75 percent of your current benefits.