Social Security Fairness Act Quiz

What is the main purpose of the Social Security Fairness Act?

• To introduce new retirement age requirements

• To reduce Social Security benefits for all

• To increase taxes for public sector workers

• To eliminate unfair provisions affecting retirees

Which two provisions are eliminated by the Social Security Fairness Act?

• Windfall Elimination Provision and Government Pension Offset

• Retirement Age Adjustment and Pension Reduction

• Social Security Tax Increase and Benefit Cap

• Public Sector Pension Reduction and Benefit Freeze

How did the Windfall Elimination Provision affect retirees?

• It eliminated spousal benefits

• It increased their monthly benefits

• It reduced benefits for those with non-Social Security jobs

• It provided a lump sum payment

What change can retirees expect starting January 2024?

• Increased retirement age

• No change in benefits

• Higher monthly payments and possible lump sum

• Lower monthly payments

What is the first step to understanding how the changes affect your benefits?

• Contacting your employer

• Consulting a lawyer

• Applying for a new Social Security number

• Checking your earnings record

What role does the full retirement age play in determining benefits?

• It sets the age for mandatory retirement

• It affects the amount of monthly payments

• It determines eligibility for Medicare

• It has no impact on benefits

What are cost of living adjustments (COLA)?

• Adjustments for healthcare costs

• Reductions in benefits

• One-time bonus payments

• Annual increases based on inflation

What should retirees do in light of the new changes?

• Ignore the changes

• Reassess their financial goals

• Retire immediately

• Cancel their Social Security benefits

What does the legislation represent beyond financial changes?

• A new tax policy

• A recognition of public servants' contributions

• A reduction in government spending

• An increase in retirement age

Who are the primary beneficiaries of the Social Security Fairness Act?

• Private sector employees

• Public sector retirees

• Young professionals

• Unemployed individuals