Final answer:
The true statement is that Social Security benefits may be reduced if the recipient is under age 55 and still gainfully employed. Social Security provides supports through retirement, disability, and survivors' benefits based on workers' contributions and lifetime earnings, not exclusively to self-employed or military personnel.
Step-by-step explanation:
The correct statement regarding Social Security benefits is: Social Security benefits may be reduced if the recipient is under age 55 and still gainfully employed. Social Security is a program intended to provide financial support in the form of retirement, disability, and survivors' benefits. It serves as a crucial safety net for millions of Americans, preventing many elderly citizens from falling into poverty. To qualify for retirement benefits, workers contribute a percentage of their income to Social Security and must complete a minimum number of years of work. The amount received is based on one's lifetime earnings, and full benefits are available at the retirement age, which varies depending on the year of birth.
Contrary to some misconceptions, Social Security is not exclusive to military personnel or the self-employed; it encompasses most American workers. Moreover, benefits do not match a full percentage of income before retirement; rather, they replace approximately 42% of an average wage earner's income. To receive benefits, individuals must participate in the program for enough quarters, typically understood as having worked and contributed to the system for a certain number of years.
Concerns about the sustainability of Social Security have led to various changes over time, including adjustments to the retirement age and payroll taxes. Despite these concerns, Social Security remains an indispensable part of the United States' social insurance landscape.