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Retirement Beginner: Social Security, Medicare and Retirement

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1.
You may receive full Social Security retirement benefits if you are eligible for early retirement.
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False. You are eligible for full retirement benefits only at normal retirement age.
2.
If you wait several years past the earliest date to collect Social Security, your benefit will _______.
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Increase. The longer you wait to collect Social Security benefits, the higher the monthly benefit will be.
3.
One possible solution to the Social Security problem is to decrease the retirement age.
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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.
Social Security benefits are based on the best 10 years of your lifetime earnings.
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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.
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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.