Home > Retirement > Beginner
Retirement Beginner: Social Security, Medicare and Retirement

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
You may receive full Social Security retirement benefits if you are eligible for early retirement.
Choose wisely. There is only one correct answer.
False. You are eligible for full retirement benefits only at normal retirement age.
2.
Social Security is designed to cover most of a person's retirement income needs.
Choose wisely. There is only one correct answer.
False. Social Security is designed to provide part of a person's retirement income needs, along with retirement savings and a company pension.
3.
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.
4.
One possible solution to the Social Security problem is to decrease the retirement age.
Choose wisely. There is only one correct answer.
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.
Social Security benefits are based on the best 10 years of your lifetime earnings.
Choose wisely. There is only one correct answer.
False. Social Security retirement benefits are based upon your lifetime earnings recorded with the Social Security Administration.