Individuals Must Wait Until the Age of 65 to Begin

question 13

True/False

Individuals must wait until the age of 65 to begin receiving social security benefits.

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Definitions:

Income

The financial earnings received by an individual or entity, typically measured over a set period of time, from work (wages) or investments (interests, dividends).

Government Transfer Payments

Money payments made by the government to individuals without any goods or services being exchanged, intended to redistribute income and support welfare.

Wages

Compensation paid to employees for their labor, usually in the form of money, and typically on an hourly, daily, or piecework basis.

Salaries

Fixed regular payments, typically on a monthly or biweekly basis, made by an employer to an employee, excluding overtime or bonuses.