Strategy 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.
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.
3.
What types of healthcare coverage does Medicare provide in retirement?
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Hospitalization, prescription drug coverage and outpatient treatment. Medicare is a comprehensive health insurance plan for retirees, covering hospitalization, prescription drug coverage and outpatient treatment.
4.
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.
5.
Social Security benefits are based on financial need.
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False. Anyone who pays Social Security taxes can collect Social Security benefits if they have enough credits.