Social Security Benefits Quiz
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Questions and Answers

Which of the following is NOT a benefit provided by Social Security (OASDI)?

  • Disability benefit
  • Survivor benefit
  • Retirement benefit
  • Healthcare benefit (correct)

    • What percentage of an employee's wages is set aside for Social Security payroll taxes?

  • 3.1%
  • 6.2% (correct)
  • 9.3%
  • 12.4%

    • At what age can you retire early and take a reduced benefit?

  • 62 (correct)
  • 67
  • 70
  • 65

    • Which of the following is true about taking an early Social Security benefit and continuing to work?

    <p>You might have to pay back some of your Social Security to the government</p> Signup and view all the answers

    What was the cost-of-living adjustment for Social Security in 2021?

    <p>5.9%</p> Signup and view all the answers

    How does the spousal benefit work?

    <p>The spouse can claim a benefit equal to half of the other spouse's benefit</p> Signup and view all the answers

    Which of the following is true about the Social Security benefit calculation?

    <p>The benefit is larger for lower earners compared to higher earners.</p> Signup and view all the answers

    What is the full retirement age for individuals born in 1960 or later?

    <p>67</p> Signup and view all the answers

    What percentage of an employee's wages is set aside for Social Security payroll taxes?

    <p>12.4%</p> Signup and view all the answers

    Which of the following is true about the cost-of-living adjustments for Social Security?

    <p>The cost-of-living adjustment for 2021 was 5.9%</p> Signup and view all the answers

    What is the spousal benefit rule for Social Security?

    <p>If the spouse's benefit is lower than the other spouse's, they can claim a spousal benefit equal to half of the lower benefit</p> Signup and view all the answers

    What happens to the spousal benefit if one spouse dies?

    <p>The surviving spouse receives the full benefit of the deceased spouse</p> Signup and view all the answers

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