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1.
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.
2.
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.
3.
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.
4.
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.
5.
Social Security trust funds invest in _______.
Government bonds. Trust money not used to pay benefits is invested in special US government bonds.