Question

Which of the following are true of social security? Select all that apply.

1) Managed by the government
2) Funded by payroll taxes
3) Designed to provide for all of a worker's financial needs in retirement
4) Provides benefits for retirees and disabled workers
5) Provides benefits for survivors of deceased workers

Answer 1

Social Security is a social insurance program managed by the government and funded by payroll taxes. It provides benefits for retirees, disabled workers, and survivors of deceased workers, but it does not fully replace other forms of income in retirement.

Step-by-step explanation:

Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance" (OASDI). It is managed by the government and funded by payroll taxes. Social Security provides benefits for retirees, disabled workers, and survivors of deceased workers. However, it is important to note that Social Security is not designed to provide for all of a worker's financial needs in retirement, as it provides benefits equivalent to a percentage of individuals' previous wages.