Social Security Challenges and Solutions

The video discusses the current state and future of Social Security, highlighting its importance for retirees and families. It explains how the program is funded through payroll taxes and the challenges it faces due to an aging population. The video explores potential solutions, such as adjusting tax caps and retirement age, to ensure the program's sustainability.

What is a common perception among Millennials regarding Social Security?

• They think it is a reliable source of income.

• They doubt they will receive any benefits.

• They believe it will fully support their retirement.

• They are well-informed about its workings.

What are the three main components of the Social Security program?

• Retirement, Disability, and Healthcare

• Retirement, Healthcare, and Education

• Old Age, Survivors, and Disability Insurance

• Pension, Disability, and Unemployment

How is the Social Security payroll tax structured?

• Employees pay 6.2% and employers match it.

• There is no cap on taxable income.

• Employers pay 12.4% of wages.

• Only employees pay 12.4% of wages.

What demographic change is causing financial challenges for Social Security?

• Aging Baby Boomer population

• Decrease in the number of retirees

• Increase in the number of children

• Increase in the number of Millennials

What is the predicted year when the Social Security surplus will run out?

• 2040

• 2025

• 2033

• 2050

Which of the following is a proposed solution to address the Social Security shortfall?

• Lowering the retirement age

• Increasing the payroll tax cap

• Eliminating Social Security benefits

• Reducing the number of beneficiaries

What is a potential consequence if Congress does nothing about Social Security by 2033?

• The program will be abolished.

• Benefits will automatically increase.

• Benefits will automatically decrease.

• The retirement age will be lowered.

What is a common reaction to raising the full retirement age?

• It is considered a benefit cut.

• It is seen as a benefit increase.

• It is widely accepted.

• It is ignored by the public.

What is the main reason for the Social Security program's importance?

• It supports only the wealthy.

• It funds educational programs.

• It is a compact between generations.

• It provides healthcare benefits.

What is the collective responsibility mentioned in the conclusion regarding Social Security?

• To privatize the benefits

• To maintain and support it

• To reduce its funding

• To abolish the program