Social Security

What is the maximum amount of earnings subject to the Social Security tax?

• $128,400

• $137,700

• $142,800

• $150,000

Which of the following factors can affect the amount of Social Security benefits you receive?

• Your earnings history

• The age at which you start receiving benefits

• Cost-of-living adjustments

• All of the above

What role do government social programs play in Economic Security?

• They decrease the need for personal savings

• They eliminate the risk of unemployment

• They provide a safety net for individuals during periods of economic instability

• They guarantee everyone will have a high income

What is the purpose of Social Security retirement benefits?

• To replace your salary after retirement

• To be your sole income after retirement

• To supplement your retirement income

• To provide financial assistance during your working years

Who qualifies for Social Security retirement benefits?

• Anyone who has worked for 10 years or more

• Only those who have paid Social Security taxes

• Only those who have reached the age of 62

• Only those who have become disabled before the age of 62

When can you start collecting Social Security retirement benefits?

• At the age of 62

• At the age of 70

• After working for 10 years

• After reaching the maximum monthly benefit

What happens if you wait until the age of 70 to collect Social Security retirement benefits?

• You will receive your maximum monthly benefit

• You will not be eligible for any benefits

• You will receive a reduced monthly benefit

• You will receive a lump sum payment

What is the primary source of funding for Social Security programs?

• A) Income taxes

• B) Payroll taxes

• C) Sales taxes

• D) Property taxes

Which of the following is NOT a type of Social Security benefit?

• A) Retirement benefits

• B) Disability benefits

• C) Unemployment benefits

• D) Survivors benefits

What is the Social Security Administration (SSA) responsible for?

• A) Managing the federal budget

• B) Administering Social Security programs

• C) Setting interest rates

• D) Regulating the stock market