Social Security Payment Schedule and COLA Notice Quiz

Why is it particularly important to stay organized with finances in December 2024?

• Because taxes are due in December.

• Because it's a month with no holidays.

• Due to the arrival of Social Security payments.

• Because of holiday preparations and planning for the new year.

What does the COLA notice inform Social Security beneficiaries about?

• Their new benefit amount for 2025.

• Their eligibility for additional benefits.

• The exact date of their retirement.

• The amount of taxes they owe.

How is the COLA calculated?

• Based on the stock market performance.

• Using the Consumer Price Index for urban wage earners and clerical workers.

• By the average income of all beneficiaries.

• Through a random selection process.

When will beneficiaries who started receiving Social Security before May 1997 receive their December 2024 payment?

• December 18th

• December 3rd

• December 11th

• December 25th

What should beneficiaries do if their payment does not arrive on the expected date?

• Contact the SSA immediately.

• Wait three business days before reaching out to the SSA.

• File a complaint with the local bank.

• Ignore the delay as it will resolve itself.

What should beneficiaries check for in their COLA notice?

• The weather forecast for the next year.

• Their updated monthly benefit amount and any deductions.

• The names of other beneficiaries.

• Their credit score.

Why is it beneficial to have a My Social Security account?

• To receive physical mail faster.

• To get discounts on groceries.

• To have instant access to benefit information and manage personal details.

• To apply for a new Social Security number.

What is a key financial strategy mentioned for 2025?

• Setting aside a portion of the COLA increase for unexpected costs.

• Spending all the benefits immediately.

• Ignoring any financial planning.

• Investing all funds in the stock market.

What should beneficiaries be cautious of during the holiday season?

• Increased taxes.

• Scams asking for personal information or money.

• Mandatory donations.

• Unexpected travel expenses.

What is the purpose of the COLA notice beyond stating the new benefit amount?

• To announce new Social Security offices.

• To provide a list of local events.

• To offer free financial advice.

• To help beneficiaries plan and adjust their budget for the new year.