#1
What is the primary goal of Social Security benefits?
To provide income security during retirement, disability, or death
ExplanationIncome security for retirement, disability, or death
#2
Who is eligible for Social Security benefits?
Individuals who have paid into the system through payroll taxes
ExplanationThose who contributed via payroll taxes
#3
Which of the following is NOT a type of Social Security benefit?
Unemployment benefits
ExplanationExcludes unemployment benefits
#4
What does SSDI stand for in the context of Social Security benefits?
Social Security Disability Insurance
ExplanationSocial Security Disability Insurance
#5
Which of the following is NOT a factor considered when calculating Social Security retirement benefits?
Number of children
ExplanationExcludes consideration of number of children
#6
What is the Supplemental Security Income (SSI) program?
A program providing cash assistance to elderly, blind, and disabled individuals with limited income and resources
ExplanationCash assistance for elderly, blind, and disabled
#7
How are Social Security benefits affected if an individual chooses to retire before reaching full retirement age?
Benefits are decreased
ExplanationBenefits decrease if retiring before full age
#8
What does the term 'FICA' stand for in the context of Social Security benefits?
Federal Insurance Contributions Act
ExplanationFederal Insurance Contributions Act
#9
At what age can individuals start receiving Social Security retirement benefits?
62
ExplanationStart at 62 years old
#10
What is the full retirement age for Social Security benefits for individuals born in 1960 or later?
67
ExplanationFull retirement age: 67
#11
How are Social Security benefits adjusted for inflation?
Benefits are increased with inflation
ExplanationBenefits increase with inflation
#12
What is the purpose of Social Security survivors benefits?
To provide financial assistance to the spouse and children of a deceased worker
ExplanationAssist spouse and children of deceased worker
#13
How is the taxable portion of Social Security benefits determined?
It depends on the beneficiary's total income
ExplanationTaxable portion varies with total income
#14
What is the purpose of the Social Security Administration's 'earnings test'?
To reduce benefits for individuals who continue working while receiving Social Security benefits before full retirement age
ExplanationReduces benefits for early retirees who keep working
#15
What is the maximum number of credits one can earn per year toward Social Security benefits?
12
ExplanationMaximum: 12 credits per year
#16
What is the maximum percentage of one's pre-retirement earnings that Social Security benefits replace?
75%
ExplanationMax: 75% of pre-retirement earnings
#17
Which of the following statements about Social Security spousal benefits is true?
Spousal benefits are available even if the spouse is divorced, as long as the marriage lasted at least 5 years
ExplanationAvailable even after divorce if marriage lasted 5+ years
#18
What is the Windfall Elimination Provision (WEP) in Social Security?
A provision that reduces the Social Security benefits of individuals who also receive a pension from work not covered by Social Security
ExplanationReduces benefits for those with non-Social Security pensions
#19
What is the difference between Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)?
SSDI is funded by payroll taxes, while SSI is funded by general tax revenues
ExplanationSSDI from payroll taxes, SSI from general taxes
#20
What is the significance of the 'deeming provision' in Social Security rules?
It reduces benefits for individuals who receive pensions from work not covered by Social Security
ExplanationReduces benefits for non-Social Security pensions