Strategy Beginner: Social Security, Medicare and Retirement

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1.
Possible solutions for saving Social Security include _______.
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All of the above. All of these (and more) have been proposed as solutions.
2.
A(n) _______ allows your spouse or your children to receive your Social Security benefits if you should die.
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Survivor benefit. Survivor benefits let one's spouse and/or children share the money he or she would have gotten.
3.
Most of your Social Security taxes go into the Disability Insurance Trust Fund.
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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.
Social Security is designed to cover most of a person's retirement income needs.
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False. Social Security is designed to provide part of a person's retirement income needs, along with retirement savings and a company pension.
5.
Your Social Security benefit will be less if you retire before full retirement age.
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True. If you choose to retire before your full retirement age, your benefits will be reduced.