Social Security tax takes big bite out of your paycheck. Knowing about Social Security benefits may give you needed payments in the event of death, disability or retirement. Test your knowledge to see how much you know about Social Security benefits and deductions.
How often are Social Security statements issued?
every two years
How is Social Security funded?
payroll tax of 6.2%
payroll tax of 12.4%
payroll tax after $90,000 in wages
Where does the government keep all the Social Security funds?
money market accounts
How much of Social Security benefits are distributed as disability benefits?
How much of Social Security benefits are distributed as survivor benefits?
Do most retirees live solely on Social Security benefits?
20 percent do
50 percent do
At what age may you start collecting benefits?
If you were born during 1945, at what age may you receive full Social Security benefits?
Taking early retirement reduces your benefits by how much?
What about inflation?
increased by cost-of-living adjustment
automatic 2 percent increase every year
automatic 5 percent increase every year
How should you fund the portion of your living expenses that Social Security benefits won't cover?
What type of disability is covered by Social Security disability benefits?
continuous mental or physical disability for 12 months
unable to work
Are alcohol and drug problems considered a disability?
Do Social Security benefits apply automatically?
You must apply for benefits with the Social Security Administration.
You must apply for benefits with the Internal Revenue Service.
You must apply for benefits at your local Department of Motor Vehicles.
How do I receive my benefits?
Are Social Security benefits guaranteed?
The system is solid.
The system is vulnerable.
The system will not be able to meet short-term obligations.
What may be the fix for Social Security funding problems?
When did Social Security become law?
To help Social Security, what did then-president George W. Bush propose?
invest Social Security payment is stocks
raise Social Security taxes
lower Social Security payments
What happens if you use someone's Social Security card?