Social Security is all but:
A. financed through working individuals and employers.
B. a government benefit paid to elderly and disabled.
C. a specific savings plan to which individuals contribute and from which they benefit.
Is the Answer C ?
Yes.
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To determine the correct answer, let's analyze each option:
A. financed through working individuals and employers.
This statement is true. Social Security is funded through payroll taxes, which are paid by both employees and employers. These taxes are used to finance the Social Security program.
B. a government benefit paid to elderly and disabled.
This statement is also true. Social Security provides benefits to elderly individuals, as well as disabled individuals who meet certain criteria. It is a government-administered program that aims to provide financial support to those who are unable to work or have retired.
C. a specific savings plan to which individuals contribute and from which they benefit.
This statement is not entirely accurate. While individuals do contribute to Social Security through payroll taxes, it is not a savings plan in the traditional sense. Social Security is a pay-as-you-go system, meaning that the taxes paid by current workers are used to fund benefits for current retirees. The current workforce pays for the benefits of the retirees. Individual contributions do not accumulate in personal savings accounts for future use.
Based on this analysis, the correct answer is B.