Quiz: How Much Do You Know About Social Security?

Social Security is the cornerstone of financial security for millions of Americans, and it is a major part of the federal budget. Take our quiz to see how much you know about the program.

1. How many Americans are covered by Social Security?(Required)

20 million

42 million

65 million

84 million

65 million people

Social Security pays benefits to 65 million Americans. The majority of recipients are retired workers, who account for 73 percent of recipients. The program also covers disabled workers and their dependents (14 percent) and survivors of deceased workers (9 percent).

2. Where do most of the funds for Social Security come from?(Required)

Taxation of benefits

Payroll taxes

Interest earnings

State taxes

Payroll taxes

Payroll taxes account for 91 percent of the $1.2 trillion brought in to fund Social Security. You may recognize this as a line of withholding on paystubs for your salary. Interest earnings account for 5 percent of Social Security’s income, and taxation of benefits account for 4 percent.

3. The cost of Social Security has always been greater than the income brought in to sustain the program.(Required)

True

False

Historically, money coming in to Social Security has been similar to or greater than money going out in the form of benefits. However, since 2021, annual costs have exceeded income and that trend is projected to continue. By 2034, it is estimated that costs will be $437 billion more than the program’s income.

4. What are the average annual benefits in 2023 for retired workers?(Required)

$14,086

$21,968

$25,007

$37,308

$21,968

Though amounts differ depending on income level, the average annual benefits for 2023 are $21,968 for retired workers. In 1975, average annual benefits were $13,923.

5. On average, Social Security benefits exceed taxes paid over an individual’s lifetime.(Required)

True

False

True

It is true that, on average, an individual will receive more in benefits than what they pay in taxes over their lifetime. The average worker from the 1980s birth cohort is projected to receive $82,000 more in lifetime benefits than they will pay in taxes on earnings throughout their career.

6. How many workers currently exist for each Social Security beneficiary?(Required)

3.3 workers per beneficiary

3.1 workers per beneficiary

2.8 workers per beneficiary

2.2 workers per beneficiary

2.8 workers per beneficiary

The number of workers for each Social Security beneficiary has been declining for decades, which means that there are fewer workers contributing to Social Security relative to the number of beneficiaries. In 1960, there were 5.1 workers per beneficiary. Reasons for the ratio’s decline are changes in the fertility rate and immigration trends while the population is simultaneously aging.

7. All seniors rely on Social Security benefits as their primary source of retirement income.(Required)

True

False

Lower-income seniors do rely heavily on benefit payments as their main source of income, but that is not the case for higher-income retirees. Social Security benefits account for 81 percent of retirement income for lower-income seniors, compared to just 15 percent for those with higher incomes.

8. Approximately how many Americans are lifted out of poverty every year because of Social Security benefits?(Required)

6 million

18 million

23 million

27 million

Social Security not only helps to bring seniors age 65 and older out of poverty, but also dependents of retired workers and survivors of deceased workers. Social Security benefits helped to lift 27 million Americans out of poverty in 2020.

9. In what year will Social Security’s trust funds become depleted?(Required)

2035

2041

2050

2052

2035

As it stands now, the Social Security trust funds (the combined Old Age and Survivors Insurance and Disability insurance trust funds) will be depleted by 2035. From 2022 to 2035, Social Security will run a cumulative cash deficit of $2.9 trillion.

10. Without legislative action, how much could benefits be cut by in 2035 when the trust funds become depleted?(Required)

5 percent

11 percent

20 percent

30 percent

20 percent

Because funds are expected to be depleted by 2035, combined Social Security benefits could be 20 percent less than their scheduled amount. Legislative action would be required to ensure that beneficiaries continue to receive the full amount of their scheduled benefits.

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$36T

National Debt

$1.8T

FY24 Deficit

Quiz: How Much Do You Know About Social Security?

65 million people

Payroll taxes

False

$21,968

True

2.8 workers per beneficiary

False

27 million

2035

20 percent

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$36T

National Debt

$1.8T

FY24 Deficit

Quiz: How Much Do You Know About Social Security?