Soc sec

Which of the following individuals would NOT be subject to the Social Security earnings test?

A retired worker collecting retirement benefits at age 68

Currently insured status requires as little as six quarters of coverage during the full 13-quarter period ending with the calendar year in which the worker dies, or most recently becomes entitled to disability benefits or retirement benefits.

True

Generally, the easiest way to apply for Social Security benefits is online.

True

Persons who are collecting Social Security benefits before Full Retirement Age (FRA) are subject to an annual earnings test.

True

Retirement benefits are available to all of the following EXCEPT:

Unmarried children under the age 21 if in college

Assume a worker decides to take early retirement and in the year of his Full Retirement Age works in a job earning $54,880, which is in excess of the $44,880 earnings test limit. Based upon this information, how much will be lost in Social Security benefits?

$3,333

Assume a worker decides to take early retirement at age 62 and continues to work in a job earning $26,920, which is in excess of the $16,920 earnings test limit. Based upon this information, how much will be lost in Social Security benefits?

$5,000

Retirement benefits are designed to provide a retired worker with approximately ________ of a worker's retirement needs with the balance being provided by employer sponsored retirement plans (pension plan, 401k) and/or the worker's personal retirement savings (IRA, investments).

1/3

A worker that qualifies for Social Security disability is eligible for:

100% of PIA

Individual family beneficiaries receive a percentage of a worker's PIA - usually in the range of 50 to 100 percent each. However, there is a limit to the amount of money that can be paid to a family. This limit varies by family but is generally equal to about:

150 to 180 percent of the worker's PIA

To qualify for fully insured status, a worker must have accumulated at least:

40 quarters of coverage

Under survivor benefits, a child under the age of 18 (19 if in secondary school) of a deceased worker is eligible for:

75% of PIA

Approximately what percent of Americans receive Social Security retirement?

90%

Depending upon the age of the worker and the number of quarters of coverage earned at the time of death, disability or retirement, a worker is categorized as:

All of the above

Individuals may file for Social Security retirement, survivor or disability benefits by any of the following means:

All of the above

Annual adjustment added to social security benefits. The automatic increase is determined by increases in the Consumer Price Index for All Urban Wage Earners and Clerical Workers prepared by the Department of Labor.

Cost of Living (COL) Adjustment

Credits provided to a worker who delays retirement past full retirement age. Delayed Retirement Credits add a guaranteed 8% per year to the worker's PIA. DRCs are applied up to age 70.

Delayed Retirement Credits (DRC)

Filing for various Social Security benefits requires minimal documentation.

False

Full Retirement Age for Social Security retirement benefits is age 65 for all retirees.

False

Retired workers may receive other sources of income without it affecting their Social Security benefits.

False

The Cost of Living Adjustment (COLA) is uniformly the same percent in each year of retirement.

False

Payment of the Social Security payroll tax by the employee and the employer is mandated under:

Federal Insurance Contributions Act

Under Social Security, earnings for self-employed individuals are determined as:

Gross earnings minus business expenses

The Average Indexed Monthly Earnings (AIME) uses the worker's:

Highest 35 years of earnings in computing AIME

Which of the following best describes how the Primary Insurance Amount (PIA) is determined?

It includes three separate percentages of the Average Indexed Monthly Earning of the worker

If a beneficiary is eligible for more than one benefit at the same time, the beneficiary:

May receive the higher of the two benefits, but not both

ASDI includes all of the following types of benefits EXCEPT:

Medical benefits

A request for withdrawal of Social Security benefits is subject to all of the following conditions EXCEPT:

Multiple requests are permitted in a lifetime

Coverage for Social Security benefits is based upon:

Quarters of coverage

Which of the following best describes how Social Security is funded?

Shared contribution by both the employee and employer

What federal agency is responsible for administrating the OASDI program?

Social Security Administration

_________ are payable to an eligible spouse and/or dependents of a deceased worker. Survivor benefits require either fully insured status (broadest array of survivor benefits) or currently insured status (a more limiting array of survivor benefits).

Survivor Benefits

All of the following are common reasons to utilize the delay retirement strategy EXCEPT:

The worker is dependent on others for support

To ensure that benefits will begin when anticipated, individuals should apply for retirement benefits of:

Three months prior to retirement

Insured status may be classified in the any of the following categories EXCEPT:

Totally insured

A retired beneficiary's excess earnings, on the other hand, are chargeable against a dependent's benefits, as those benefits are based on the retired beneficiary's Social Security account.

True

Benefits that are overpaid to individuals can be recovered by the Social Security Administration.

True