CFG Social Security & Government Benefits for Older Adults 1 — Questions and Answers
Question 1: At what age can a worker first claim reduced Social Security retirement benefits?
- 59½
- 62 (Correct answer)
- 65
- 67
Correct answer: 62
Workers can begin claiming Social Security retirement benefits as early as age 62, but benefits are permanently reduced for early claiming.
Question 2: 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?
- 20%
- 25%
- 30% (Correct answer)
- 35%
Correct answer: 30%
Benefits are reduced by 30% when claimed at 62 if full retirement age is 67, reflecting the five-year early claiming period.
Question 3: Which program provides cash assistance to low-income elderly and disabled individuals who have limited Social Security work history?
- Medicare Part B
- Supplemental Security Income (SSI) (Correct answer)
- Social Security Disability Insurance (SSDI)
- SNAP
Correct 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.
Question 4: A widow or widower can receive survivor benefits from Social Security as early as what age?
- 55
- 60 (Correct answer)
- 62
- 65
Correct answer: 60
Surviving spouses can begin claiming reduced survivor benefits as early as age 60, or age 50 if disabled.
Question 5: How much do delayed Social Security retirement credits increase benefits for each year claimed beyond full retirement age, up to age 70?
- 5%
- 6%
- 7%
- 8% (Correct answer)
Correct 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.
Question 6: Which of the following best describes the Social Security spousal benefit?
- Up to 100% of the worker's primary insurance amount
- Up to 50% of the worker's primary insurance amount (Correct answer)
- Up to 75% of the worker's primary insurance amount
- Up to 33% of the worker's primary insurance amount
Correct 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.
Question 7: The Social Security full retirement age for individuals born in 1960 or later is:
- 65
- 66
- 66 and 10 months
- 67 (Correct answer)
Correct answer: 67
The full retirement age is 67 for individuals born in 1960 or later, as phased in by the 1983 Social Security Amendments.
CFG Social Security & Government Benefits for Older Adults 1
At what age can a worker first claim reduced Social Security retirement benefits?