Social Security Administration Changes Quiz

What is the primary focus of the new leadership at the Social Security Administration?

• Improving benefits

• Increasing taxes

• Managing changes under Frank Bano

• Reducing the number of beneficiaries

How is Social Security primarily funded?

• Corporate donations

• Federal grants

• Payroll taxes and trust funds

• State taxes

What is a major challenge facing Social Security's trust funds?

• Overfunding

• Depletion by 2035

• Lack of public support

• Excessive interest rates

What is Frank Bano known for in his professional career?

• Leading a $22 billion merger

• Developing new technology

• Writing a bestselling book

• Running a non-profit organization

What concern do critics have about a corporate approach to Social Security?

• Increased bureaucracy

• Prioritizing cost-cutting over well-being

• Too much focus on technology

• Lack of innovation

What issue has caused controversy regarding Social Security payments?

• Underpayments

• Overpayment demands

• Delayed payments

• Excessive fees

What recent improvement has the SSA made?

• Expanded eligibility

• Reduced taxes

• Simplified SSI application process

• Increased benefits

What potential change could affect retirees' taxes on Social Security income?

• Increased tax rates

• Elimination of taxes on benefits

• Reduction in tax deductions

• Introduction of new tax credits

What is a key area where Frank Bano's financial expertise will be tested?

• Reducing the number of beneficiaries

• Managing the program's deficit

• Developing new technology

• Expanding benefits

What is a major concern for the future of Social Security?

• Eliminating online services

• Increasing the number of beneficiaries

• Ensuring the trust funds last

• Reducing the number of field offices