Social Security Quiz

What are the taxes that the author pays on their biweekly paycheck?

• Federal income tax, New Jersey state income tax, New York state income tax, New York City income tax, Medicare tax, and Social Security tax

• Federal income tax, New Jersey state income tax, New York state income tax, New York City income tax, Medicare tax, and Social Security tax

• Federal income tax, New Jersey state income tax, and Medicare tax

• Federal income tax, New Jersey state income tax, New York state income tax, and New York City income tax

When is Social Security projected to be bankrupt?

• 2028

• 2035

• 2023

• 2030

What percentage of Americans believe that Social Security will be able to pay them a benefit when they retire?

• Less than half

• Almost all

• More than half

• About a quarter

What is the main source of income for most retirees?

• Social Security

• 401(k)s

• IRAs

• Pension plans

What is the average monthly Social Security benefit for retired workers?

• $1,500

• $1,000

• $2,000

• $2,500

What is the full retirement age to receive the full benefit amount?

• 62

• 65

• 70

• 66 years and 8 months

What is the estimated year when the Social Security trust fund could run out?

• 2028

• 2030

• 2035

• 2025

What are the options for solving the Social Security shortfall?

• Raising taxes, reducing benefits, and increasing the retirement age

• Raising taxes and reducing benefits

• Increasing the retirement age and investing in the stock market

• Investing in the stock market and reducing benefits

What is President-elect Joe Biden's plan to address the Social Security shortfall?

• Higher taxes on the wealthy

• Privatizing the Social Security system

• Reducing benefits for low-income individuals

• Lower taxes on the wealthy

What is the main source of funding for Social Security?

• Corporate taxes

• Payroll taxes

• Sales taxes

• Income taxes