Social Security Payments and Updates Quiz

Why is it important to know the exact date of your Social Security payment?

• To avoid paying taxes

• To ensure financial planning and budgeting

• To receive extra benefits

• To plan vacations

What is one of the proposed changes to Social Security discussed in the video?

• Introducing a new tax for retirees

• Eliminating Social Security benefits

• Increasing the income cap on payroll taxes

• Reducing the retirement age to 60

If your birthday falls between the 1st and the 10th of any month, when will your Social Security payment be deposited in March?

• March 26th

• March 12th

• March 1st

• March 19th

What significant change does the Social Security Fairness Act bring for public sector retirees?

• Introduces new taxes for public sector workers

• Increases the retirement age

• Reduces monthly benefits

• Eliminates penalties from WEP and GPO

What was the percentage increase in the cost of living adjustment (COLA) for 2025?

• 2.0%

• 2.5%

• 1.5%

• 3.0%

What is the earnings limit for 2025 for those under full retirement age?

• $20,000

• $40,000

• $23,400

• $30,000

What happens if you earn above the earnings limit while collecting Social Security?

• The SSA withholds $1 for every $2 earned above the limit

• You are exempt from taxes

• You receive a bonus

• Your benefits are doubled

What should you do if you receive a suspicious call claiming to be from the Social Security Administration?

• Provide your bank details immediately

• Ignore the call and do nothing

• Hang up and contact the SSA directly using their official number

• Send money to the caller

What is a common scam tactic targeting Social Security recipients?

• Offering investment opportunities

• Providing free healthcare

• Demanding immediate payment or personal details

• Offering free vacations

What is a recommended action to maintain financial stability according to the video?

• Ignore your budget

• Spend more on luxury items

• Avoid checking your bank account

• Track expenses and update direct deposit information