Strategy Beginner: Social Security, Medicare and Retirement

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

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1.
A(n) _______ allows your spouse or your children to receive your Social Security benefits if you should die.
Choose wisely. There is only one correct answer.
Survivor benefit. Survivor benefits let one's spouse and/or children share the money he or she would have gotten.
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.
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.
4.
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.
5.
What types of healthcare coverage does Medicare provide in retirement?
Choose wisely. There is only one correct answer.
Hospitalization, prescription drug coverage and outpatient treatment. Medicare is a comprehensive health insurance plan for retirees, covering hospitalization, prescription drug coverage and outpatient treatment.