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.
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.
3.
Children may be able to receive 100 percent of a parent's Social Security benefit amount.
Choose wisely. There is only one correct answer.
False. If you are eligible, children may be able to earn up to 75 percent of your current benefits.
4.
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.
5.
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.