Retirement SSI

Which of the following statements about Social Security Income (SSI) is true?

• SSI is funded through employer contributions.
• SSI is only available to individuals with disabilities.
• The benefit amount is based on average lifetime earnings and age at retirement.
• SSI benefits are not adjusted for inflation.

What is the primary requirement for qualifying for retirement SSI?

• Having a certain number of credits
• Reaching the age of 62
• Being employed by the government
• Having a defined benefit plan

Which type of pension plan guarantees a specific monthly benefit based on years of service and salary history?

• Defined contribution plan
• 401(k) plan
• Vesting plan
• Defined benefit plan

What does vesting in a pension plan mean?

• Being eligible for retirement benefits
• Contributing to an individual account
• Having a guaranteed income stream
• Completing a certain number of years of service

How is the retirement income in a defined contribution plan determined?

• Based on the investment performance of the account
• Guaranteed by the employer
• Calculated using years of service and salary history
• Adjusted for inflation

Which of the following statements about Social Security Income (SSI) is true?

• SSI is funded through employer contributions.
• SSI is only available to individuals with disabilities.
• The benefit amount is based on average lifetime earnings and age at retirement.
• SSI benefits are not adjusted for inflation.

What is the primary requirement for qualifying for retirement SSI?

• Having a certain number of credits
• Reaching the age of 62
• Being employed by the government
• Having a defined benefit plan

Which type of pension plan guarantees a specific monthly benefit based on years of service and salary history?

• Defined contribution plan
• 401(k) plan
• Vesting plan
• Defined benefit plan

What does vesting in a pension plan mean?

• Being eligible for retirement benefits
• Contributing to an individual account
• Having a guaranteed income stream
• Completing a certain number of years of service

How is the retirement income in a defined contribution plan determined?

• Based on the investment performance of the account
• Guaranteed by the employer
• Calculated using years of service and salary history
• Adjusted for inflation