CFG Social Security & Government Benefits for Older Adults 3

Question 1

The Social Security 'earnings test' applies to beneficiaries who claim benefits before full retirement age. What happens to the withheld benefits?

Accepted Answer

They are credited back and increase the monthly benefit at full retirement age

Answer

They are permanently forfeited

Answer

They are redistributed to the Social Security Trust Fund

Answer

They are paid as a lump sum at age 70

Question 2

What is the Social Security combined income threshold above which up to 85% of benefits may be subject to federal income tax for a single filer?

Accepted Answer

$34,000

Answer

$25,000

Answer

$32,000

Answer

$44,000

Question 3

Which government program specifically provides federal health insurance coverage to individuals with disabilities who have received Social Security Disability Insurance (SSDI) for 24 months?

Accepted Answer

Medicare

Answer

Medicaid

Answer

CHIP

Answer

TRICARE

Question 4

When a divorced individual claims Social Security spousal benefits based on an ex-spouse's record, which condition must be met?

Accepted Answer

The marriage must have lasted at least 10 years

Answer

The divorce must have occurred after age 60

Answer

The ex-spouse must have already claimed benefits

Answer

The claimant must have no work history of their own

Question 5

The 'file and suspend' Social Security strategy was largely eliminated by the Bipartisan Budget Act of 2015. What restriction did this act impose?

Accepted Answer

A spouse cannot claim benefits on a suspended worker's record

Answer

Spouses can no longer claim benefits on a living worker's record

Answer

Divorced spouses lost all derivative benefit rights

Answer

Delayed retirement credits were capped at age 68

Question 6

In the context of Social Security planning for older clients, what does the concept of 'break-even age' refer to?

Accepted Answer

The age at which total lifetime benefits from delaying equal total benefits from claiming early

Answer

The age at which the Social Security Trust Fund is projected to be depleted

Answer

The age at which Medicare costs equal Social Security income

Answer

The age at which RMDs begin to exceed Social Security income

Question 7

Which of the following best describes the 'Special Enrollment Period' (SEP) for Medicare Part B?

Accepted Answer

An 8-month window to enroll after employer group health coverage ends

Answer

A period available to anyone who missed their Initial Enrollment Period

Answer

A 60-day period after moving to a new state

Answer

An annual window in November and December each year