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1.
Most of your Social Security taxes go into the Disability Insurance Trust Fund.
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.
2.
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.
3.
A(n) _______ allows your spouse or your children to receive your Social Security benefits if you should die.
Survivor benefit. Survivor benefits let one's spouse and/or children share the money he or she would have gotten.
4.
One possible solution to the Social Security problem is to decrease the retirement age.
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.
5.
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.