Choose the FALSE statement regarding Social Security.

Question

Quizplus · Accepted Answer

Social Security is a public pension plan sponsored by the federal government and paid for by payroll taxes equally split between employers and employees. In addition to funding the retirement part of the plan, Social Security payroll taxes pay for Medicare insurance, disability insurance, and survivors benefits for the families of those who die prematurely. Social Security has traditionally been a pay-as-you-go program, with current payroll taxes going out to pay current retiree benefits. In the beginning, there were 17 workers for every retiree receiving benefits, but there are currently fewer than 4 workers per beneficiary. It is likely that the current system will be revised to help it balance.

Choose the FALSE Statement Regarding Social Security