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1.
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 _______.
Choose wisely. There is only one correct answer.
Asset reserves. At that stage, the reserves are being drawn down and may disappear if a solution is not found.
2.
Most of your Social Security taxes go into the Disability Insurance Trust Fund.
Choose wisely. There is only one correct answer.
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.
3.
Children may be able to receive 100 percent of a parent's Social Security benefit amount.
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False. If you are eligible, children may be able to earn up to 75 percent of your current benefits.
4.
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.
5.
Social Security benefits are based on financial need.
Choose wisely. There is only one correct answer.
False. Anyone who pays Social Security taxes can collect Social Security benefits if they have enough credits.