The Ultimate Social Security Quiz
by Staff
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?

  • monthly
  • yearly
  • 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?

  • government bonds
  • stock investments
  • money market accounts

How much of Social Security benefits are distributed as disability benefits?

  • 15 percent
  • 17 percent
  • 25 percent

How much of Social Security benefits are distributed as survivor benefits?

  • 10 percent
  • 14 percent
  • 20 percent

Do most retirees live solely on Social Security benefits?

  • yes
  • 20 percent do
  • 50 percent do

At what age may you start collecting benefits?

  • 52
  • 62
  • 72

If you were born during 1945, at what age may you receive full Social Security benefits?

  • 65
  • 66
  • 67

Taking early retirement reduces your benefits by how much?

  • 10 percent
  • 20 percent
  • 30 percent

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?

  • personal savings
  • retirement funds
  • both answers

What type of disability is covered by Social Security disability benefits?

  • continuous mental or physical disability for 12 months
  • unable to work
  • both answers

Are alcohol and drug problems considered a disability?

  • alcohol only
  • drug only
  • neither

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?

  • check
  • automatic deposit
  • both answers

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?

  • raise taxes
  • lower payments
  • both answers

When did Social Security become law?

  • 1925
  • 1935
  • 1945

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?

  • $25,000 fine
  • up to five years in prison
  • both answers