CRC Social Security & Medicare Benefits Flashcards
6 cards from real CRC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CRC Social Security & Medicare Benefits flashcards as text
At what age can a U.S. worker first claim reduced Social Security retirement benefits?
Answer: 62
Workers can begin claiming Social Security retirement benefits as early as age 62, but doing so results in a permanently reduced benefit compared to waiting until full retirement age.
What is the Full Retirement Age (FRA) for someone born in 1960 or later under Social Security rules?
Answer: 67
For individuals born in 1960 or later, the Social Security Full Retirement Age is 67, at which point they receive 100% of their calculated primary insurance amount.
How much does a Social Security benefit increase for each year a worker delays claiming beyond Full Retirement Age, up to age 70?
Answer: 8%
Delayed retirement credits increase Social Security benefits by 8% per year (or 2/3% per month) for each year benefits are deferred beyond FRA, up to age 70.
A married individual's Social Security spousal benefit is worth up to what percentage of the worker's primary insurance amount?
Answer: 50%
A spouse who has not worked or has a lower benefit is entitled to up to 50% of the working spouse's primary insurance amount at the spouse's full retirement age.
What is the Social Security 'earnings test' and who is subject to it?
Answer: A reduction in benefits for beneficiaries under FRA who earn above an annual limit
The earnings test reduces Social Security benefits for recipients who claim before FRA and continue working, with $1 withheld for every $2 earned above the annual threshold.
Which Social Security filing strategy allows a divorced spouse to claim benefits based on an ex-spouse's record?
Answer: A divorced spouse can claim if the marriage lasted at least 10 years and they are currently unmarried
A divorced spouse can claim Social Security benefits on their ex-spouse's record if the marriage lasted at least 10 years, they are currently unmarried, and they are at least age 62.