Social Security Basics

Description: Social Security Basics Quiz
Number of Questions: 15
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Tags: social security retirement benefits
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What is the full name of the Social Security program?

  1. Social Security Administration

  2. Social Security System

  3. Social Security Trust Fund

  4. Social Security Act


Correct Option: D
Explanation:

The Social Security Act is the law that created the Social Security program in 1935.

Who is eligible for Social Security benefits?

  1. People who have worked and paid Social Security taxes

  2. People who are disabled

  3. People who are retired

  4. All of the above


Correct Option: D
Explanation:

Social Security benefits are available to people who have worked and paid Social Security taxes, people who are disabled, and people who are retired.

What is the full retirement age for Social Security benefits?

  1. 62

  2. 65

  3. 67

  4. 70


Correct Option: C
Explanation:

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

What is the earliest age at which you can start receiving Social Security benefits?

  1. 62

  2. 65

  3. 67

  4. 70


Correct Option: A
Explanation:

You can start receiving Social Security benefits as early as age 62, but your benefits will be reduced if you do so.

What is the maximum amount of Social Security benefits that you can receive?

  1. $2,000 per month

  2. $3,000 per month

  3. $4,000 per month

  4. $5,000 per month


Correct Option: C
Explanation:

The maximum amount of Social Security benefits that you can receive is $4,000 per month.

How are Social Security benefits calculated?

  1. Based on your earnings history

  2. Based on your age

  3. Based on your marital status

  4. All of the above


Correct Option: D
Explanation:

Social Security benefits are calculated based on your earnings history, your age, and your marital status.

What is the Social Security tax rate?

  1. 6.2%

  2. 12.4%

  3. 18.6%

  4. 24.8%


Correct Option: B
Explanation:

The Social Security tax rate is 12.4%.

Who pays Social Security taxes?

  1. Employees

  2. Employers

  3. Both employees and employers

  4. None of the above


Correct Option: C
Explanation:

Both employees and employers pay Social Security taxes.

What is the Social Security Trust Fund?

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

  2. A fund that pays Social Security benefits

  3. Both of the above

  4. None of the above


Correct Option: C
Explanation:

The Social Security Trust Fund is a fund that holds the money that is collected from Social Security taxes and pays Social Security benefits.

What is the projected date of Social Security insolvency?

  1. 2033

  2. 2035

  3. 2037

  4. 2039


Correct Option: A
Explanation:

The projected date of Social Security insolvency is 2033.

What are some of the proposed solutions to the Social Security insolvency problem?

  1. Raising the Social Security tax rate

  2. Increasing the full retirement age

  3. Reducing Social Security benefits

  4. All of the above


Correct Option: D
Explanation:

Some of the proposed solutions to the Social Security insolvency problem include raising the Social Security tax rate, increasing the full retirement age, and reducing Social Security benefits.

What is the Social Security Disability Insurance (SSDI) program?

  1. A program that provides benefits to people who are disabled

  2. A program that provides benefits to people who are retired

  3. A program that provides benefits to people who are unemployed

  4. None of the above


Correct Option: A
Explanation:

The Social Security Disability Insurance (SSDI) program is a program that provides benefits to people who are disabled.

Who is eligible for SSDI benefits?

  1. People who have worked and paid Social Security taxes

  2. People who are disabled

  3. People who are retired

  4. All of the above


Correct Option: D
Explanation:

SSDI benefits are available to people who have worked and paid Social Security taxes, people who are disabled, and people who are retired.

What is the maximum amount of SSDI benefits that you can receive?

  1. $2,000 per month

  2. $3,000 per month

  3. $4,000 per month

  4. $5,000 per month


Correct Option: B
Explanation:

The maximum amount of SSDI benefits that you can receive is $3,000 per month.

How are SSDI benefits calculated?

  1. Based on your earnings history

  2. Based on your age

  3. Based on your disability

  4. All of the above


Correct Option: D
Explanation:

SSDI benefits are calculated based on your earnings history, your age, and your disability.

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