CFG Social Security & Government Benefits for Older Adults

Question 1

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

Accepted Answer

62

Answer

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?

Accepted Answer

30%

Answer

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?

Accepted Answer

Supplemental Security Income (SSI)

Answer

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?

Accepted Answer

60

Answer

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?

Accepted Answer

8%

Answer

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.

(CFG) Certified Financial Gerontologist Practice Test

(CFG) Certified Financial Gerontologist Practice Test

CFG Social Security & Government Benefits for Older Adults