Social Security Payment Schedule and Updates Quiz

Why is it important to understand the Social Security payment schedule?

• To avoid penalties

• To apply for new benefits

• To plan finances effectively

• To ensure timely payment of taxes

What is one potential impact of the proposed government spending cuts on Social Security?

• Staffing shortages

• Faster application processing

• Increased benefits for all

• More frequent payments

If your birthday is on February 15th, when will you receive your Social Security payment in February 2025?

• February 3rd

• February 12th

• February 19th

• February 26th

What does the Social Security Fairness Act repeal?

• Earnings test limits

• Medicare Part B premiums

• Windfall elimination provision and government pension offset

• Cost of living adjustments

How will the Social Security Fairness Act affect eligible retirees?

• Elimination of benefits

• Increase in monthly benefits and retroactive adjustments

• No change in benefits

• Decrease in monthly benefits

What is the cost of living adjustment (COLA) for 2025?

• 1.5%

• 3.0%

• 2.0%

• 2.5%

What is the new maximum monthly benefit for those at full retirement age in 2025?

• $3,000

• $2,500

• $4,180

• $1,976

What happens if you earn more than $23,400 in 2025 before reaching full retirement age?

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

• SSA increases your benefits

• No impact on benefits

• SSA withholds $1 for every $3 earned above the limit

What should you do if your Social Security payment doesn't arrive as expected?

• File a complaint with the government

• Wait three business days before contacting SSA

• Contact SSA immediately

• Ignore the issue

What is a recommended financial planning step mentioned in the video?

• Ignoring financial changes

• Taking out a loan

• Tracking spending and cutting back on non-essentials

• Investing in stocks