12 Questions
Which of the following is NOT a benefit provided by Social Security (OASDI)?
Healthcare benefit
What percentage of an employee's wages is set aside for Social Security payroll taxes?
6.2%
At what age can you retire early and take a reduced benefit?
62
Which of the following is true about taking an early Social Security benefit and continuing to work?
You might have to pay back some of your Social Security to the government
What was the cost-of-living adjustment for Social Security in 2021?
5.9%
How does the spousal benefit work?
The spouse can claim a benefit equal to half of the other spouse's benefit
Which of the following is true about the Social Security benefit calculation?
The benefit is larger for lower earners compared to higher earners.
What is the full retirement age for individuals born in 1960 or later?
67
What percentage of an employee's wages is set aside for Social Security payroll taxes?
12.4%
Which of the following is true about the cost-of-living adjustments for Social Security?
The cost-of-living adjustment for 2021 was 5.9%
What is the spousal benefit rule for Social Security?
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
What happens to the spousal benefit if one spouse dies?
The surviving spouse receives the full benefit of the deceased spouse
Test your knowledge on social security benefits related to retirement with this quiz. Learn about government social insurance programs, payroll taxes, and the different types of benefits provided by Social Security (OASDI) such as old age retirement benefits, survivor benefits, and disability benefits.
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