Are the following statements true or false? (a) The Social Security benefit formula works to the...

Are the following statements true or false?

(a) The Social Security benefit formula works to the advantage of low-wage workers.

(b)Compared to those with higher earnings, on average, low-wage workers are more likely to pay thousands of dollars in Social Security taxes and then die before, or soon after, becoming eligible for retirement benefits.

(c) Social Security works to the disadvantage of groups with below average life expectancy.

Expert Solution

(a) The Social Security benefit formula works to the advantage of low-wage workers. False. Social security scheme is income insurance by Fed for unemployed, disable and pensioner.

(b)Compared to those with higher earnings, on average, low-wage workers are more likely to pay thousands of dollars in Social Security taxes and then die before, or soon after, becoming eligible for retirement benefits. True. Low wage workers save to earn retirement benefits whereas higher earnings' people invest.

(c) Social Security works to the disadvantage of groups with below average life expectancy. True. When Fed is taking care of income assistance to such people, they are discouraged to work. They think what is the need to work and earn and save when they are not going to live for long.

Rahul Sunny answered 2 years ago

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