Insurance Medicare, Medigap & Social Security Benefits 5

Question 1

For a person born in 1960 or later, what is the full retirement age for Social Security?

Accepted Answer

67

Answer

Full retirement age is 67 for anyone born in 1960 or later.

Question 2

For each year a worker delays Social Security past full retirement age, up to age 70, retirement benefits increase by:

Accepted Answer

8%

Answer

Delayed retirement credits raise benefits by 8% per year (2/3 of 1% per month) until age 70.

Question 3

How many Social Security credits does a worker generally need to qualify for retirement benefits?

Accepted Answer

40 credits

Answer

Retirement benefits require 40 credits, roughly 10 years of work, with up to 4 credits earned per year.

Question 4

At full retirement age, a spouse can receive a spousal benefit of up to what percentage of the worker's primary insurance amount?

Accepted Answer

50%

Answer

The spousal benefit is up to 50% of the worker's PIA if claimed at the spouse's full retirement age.

Question 5

After becoming disabled, how many full months must a worker wait before Social Security Disability Insurance benefits begin?

Accepted Answer

5 months

Answer

SSDI has a 5-full-month waiting period before cash benefits start.

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