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1.
What types of healthcare coverage does Medicare provide in retirement?
Hospitalization, prescription drug coverage and outpatient treatment. Medicare is a comprehensive health insurance plan for retirees, covering hospitalization, prescription drug coverage and outpatient treatment.
2.
Social Security retirement benefits have faced financial challenges due to payroll taxes and interest on bonds being insufficient to cover the payouts on their own. To cope with this issue, Social Security has been redeeming _______.
Asset reserves. At that stage, the reserves are being drawn down and may disappear if a solution is not found.
3.
You may receive full Social Security retirement benefits if you are eligible for early retirement.
False. You are eligible for full retirement benefits only at normal retirement age.
4.
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.
5.
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.