Social Security

Description: This quiz covers various aspects of Social Security, including its history, benefits, and eligibility requirements.
Number of Questions: 14
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Tags: social security retirement disability survivors
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When was the Social Security Act signed into law?

  1. 1935

  2. 1940

  3. 1950

  4. 1960


Correct Option: A
Explanation:

The Social Security Act was signed into law by President Franklin D. Roosevelt on August 14, 1935.

What are the three main types of Social Security benefits?

  1. Retirement benefits, disability benefits, and survivors benefits

  2. Retirement benefits, unemployment benefits, and health insurance benefits

  3. Retirement benefits, disability benefits, and health insurance benefits

  4. Retirement benefits, unemployment benefits, and survivors benefits


Correct Option: A
Explanation:

The three main types of Social Security benefits are retirement benefits, disability benefits, and survivors benefits.

What is the full retirement age for Social Security?

  1. 65

  2. 66

  3. 67

  4. 68


Correct Option: C
Explanation:

The full retirement age for Social Security is 67 for people born in 1960 or later.

What is the minimum age for claiming Social Security retirement benefits?

  1. 60

  2. 62

  3. 64

  4. 66


Correct Option: B
Explanation:

The minimum age for claiming Social Security retirement benefits is 62, but benefits are reduced if claimed before full retirement age.

What is the Social Security earnings limit for people who are receiving retirement benefits?

  1. $15,000

  2. $18,000

  3. $21,000

  4. $24,000


Correct Option: B
Explanation:

The Social Security earnings limit for people who are receiving retirement benefits is $18,000 in 2023.

What is the Social Security disability benefit amount?

  1. $1,000 per month

  2. $1,500 per month

  3. $2,000 per month

  4. $2,500 per month


Correct Option: B
Explanation:

The Social Security disability benefit amount is $1,500 per month in 2023.

What is the Social Security survivors benefit amount?

  1. $1,000 per month

  2. $1,500 per month

  3. $2,000 per month

  4. $2,500 per month


Correct Option: C
Explanation:

The Social Security survivors benefit amount is $2,000 per month in 2023.

What is the Social Security tax rate?

  1. 6.2%

  2. 7.65%

  3. 8.95%

  4. 10.25%


Correct Option: A
Explanation:

The Social Security tax rate is 6.2% in 2023.

What is the Social Security wage base?

  1. $128,400

  2. $132,900

  3. $137,700

  4. $142,800


Correct Option:
Explanation:

The Social Security wage base is $147,000 in 2023.

What is the Social Security Trust Fund?

  1. A fund that holds the money collected from Social Security taxes

  2. A fund that holds the money paid out in Social Security benefits

  3. A fund that holds the money collected from Social Security taxes and the money paid out in Social Security benefits

  4. A fund that holds the money collected from Social Security taxes and the money invested in Social Security bonds


Correct Option: C
Explanation:

The Social Security Trust Fund holds the money collected from Social Security taxes and the money paid out in Social Security benefits.

What is the projected depletion date of the Social Security Trust Fund?

  1. 2033

  2. 2035

  3. 2037

  4. 2039


Correct Option: A
Explanation:

The projected depletion date of the Social Security Trust Fund is 2033.

What are some of the proposed solutions to the Social Security Trust Fund's projected depletion?

  1. Raising the Social Security tax rate

  2. Increasing the Social Security wage base

  3. Raising the full retirement age

  4. All of the above


Correct Option: D
Explanation:

Some of the proposed solutions to the Social Security Trust Fund's projected depletion include raising the Social Security tax rate, increasing the Social Security wage base, and raising the full retirement age.

What is the Social Security Administration?

  1. The federal agency that administers the Social Security program

  2. The federal agency that administers the Medicare program

  3. The federal agency that administers the Medicaid program

  4. The federal agency that administers the Supplemental Security Income program


Correct Option: A
Explanation:

The Social Security Administration is the federal agency that administers the Social Security program.

What is the Social Security website?


Correct Option: A
Explanation:

The Social Security website is www.ssa.gov.

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