Quiz: Do You Understand Social Security?

Test your knowledge of the entitlement program

Posted: June 16, 2009

Do you know how much Social Security you'll receive once you retire? Or what will happen after the trust fund runs out in 2037? Test your knowledge of Social Security trivia:

On average, how much do retired Social Security beneficiaries receive each month?
1. $872
2. $1,158
3. $1,600
4. $2,100
When the trust fund runs out of money in 2037, what will happen?
1. Retirees will stop receiving Social Security benefits.
2. Beneficiaries will continue receiving the same amount of money but it will come from current workers, not the trust fund.
3. Beneficiaries will receive about three-quarters of what they are scheduled to receive.
4. Taxes will go up to compensate for the difference and no one will notice a change.
Which of the following allows workers to increase the amount of benefits they will receive once they retire?
1. Opt to pay a greater amount into the trust fund from each paycheck.
2. Work in a public sector job that guarantees higher Social Security payouts.
3. Take time out of the workforce.
4. Delay retirement until age 70.
Which group is least likely to receive as much money as they put in?
1. High-paid workers who work nonstop for 40 years.
2. Parents who opt to temporarily leave the workforce to raise children.
3. Employees who become disabled and are forced to stop working.
4. Baby boomers who are about to retire.
Which of the following is NOT straining the Social Security system?
1. Young people are working in more professional jobs that lack pensions.
2. Changing demographics mean that there are a great proportion of retirees to workers.
3. Wages are not growing as quickly as they have in the past.
4. The recession has increased the unemployment rate, which means fewer people are paying Social Security taxes.

What to check to score 5

1 B
2 C
3 D
4 A
5 A

Larry Lorenzoni of CA @ Jun 19, 2009 16:19:17 PM

Lies

the entire article is a lie.
First there are no trust funds. All SS revenue goes into general revenue in exchange for treasury bonds that are repaid with general revenue funds. Do the algebra.
Second, the article states: "It was designed to provide extra income to lower-income groups at the expense of those with higher incomes" This is a bold faced lie as taxable income is capped so high incomes do not pay SS tax on income above the cap.
Recommend the author be confined to a nursing home for dementia.

Gary Taube of OH @ Jun 17, 2009 09:55:59 AM