Social Security and Medicare Benefits Quiz

What is the estimated percentage of Social Security benefits that can be covered after the next 11 years?

• 50%

• 75%

• 83%

• 100%

Which former president promised not to cut Social Security or Medicare benefits?

• Donald Trump

• George W. Bush

• Joe Biden

• Barack Obama

What is one of the main roles of the Federal Reserve in relation to the economy?

• Controlling inflation

• Setting tax rates

• Managing Social Security

• Overseeing Medicare

At what age does Medicare eligibility generally start?

• 65

• 70

• 60

• 55

What percentage of wages do employees and employers each contribute to Social Security under FICA?

• 7.2%

• 6.2%

• 5.2%

• 4.2%

What is the payroll tax rate for Medicare from both employees and employers?

• 2.45%

• 1.45%

• 3.45%

• 0.45%

What is a key factor in ensuring the long-term viability of Social Security and Medicare benefits?

• Reducing payroll taxes

• Cutting Medicare benefits

• Increasing income limits for payroll taxes

• Eliminating Social Security

What is a recommended strategy to prepare for potential changes in Social Security benefits?

• Ignore political discussions

• Invest in a diversified retirement plan

• Rely solely on Social Security

• Avoid saving for healthcare

What is one way to manage future medical costs according to the video?

• Ignore medical expenses

• Avoid healthcare savings

• Rely only on Medicare

• Stay healthy and have a supplemental health plan

What tool does the Social Security Administration offer to help estimate future benefits?

• Retirement age calculator

• Tax calculator

• Benefit estimation tools

• Earnings estimator