Social Security & Government Benefits for Older Adults Flashcards

At what age can a worker first claim reduced Social Security retirement benefits?

Answer: 62

Workers can begin claiming Social Security retirement benefits as early as age 62, but benefits are permanently reduced for early claiming.

What is the maximum percentage by which Social Security benefits are reduced if claimed at age 62 for someone with a full retirement age of 67?

Answer: 30%

Benefits are reduced by 30% when claimed at 62 if full retirement age is 67, reflecting the five-year early claiming period.

Which program provides cash assistance to low-income elderly and disabled individuals who have limited Social Security work history?

Answer: Supplemental Security Income (SSI)

SSI is a needs-based federal program providing monthly cash payments to aged, blind, or disabled individuals with limited income and resources.

A widow or widower can receive survivor benefits from Social Security as early as what age?

Answer: 60

Surviving spouses can begin claiming reduced survivor benefits as early as age 60, or age 50 if disabled.

How much do delayed Social Security retirement credits increase benefits for each year claimed beyond full retirement age, up to age 70?

Answer: 8%

For those born after 1943, delayed retirement credits increase benefits by 8% per year (2/3 of 1% per month) for each year past full retirement age up to age 70.

Which of the following best describes the Social Security spousal benefit?

Answer: Up to 50% of the worker's primary insurance amount

A spouse who qualifies is entitled to up to 50% of the worker's primary insurance amount at the spouse's full retirement age.

The Social Security full retirement age for individuals born in 1960 or later is:

Answer: 67

The full retirement age is 67 for individuals born in 1960 or later, as phased in by the 1983 Social Security Amendments.