Social Security Benefits Depend on

question 63

Multiple Choice

Social security benefits depend on

• A)need.
• B)how long people have worked and how much they have earned.
• C)the state the retiree lives in.
• D)the amount of medical coverage the retiree has.

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Definitions:

IRAs

Individual Retirement Accounts, which are tax-advantaged investing tools for individuals to earmark funds for retirement savings.

401(k) Plans

Retirement savings plans sponsored by an employer that allow employees to save and invest a portion of their paycheck before taxes are taken out.

Hourly Wage

The amount of money paid for each hour of work.

Nonexempt Employees

Workers who are entitled to receive overtime pay under the Fair Labor Standards Act (FLSA) for hours worked beyond the standard workweek.