RFC Social Security & Medicare Planning 3

Question 1

Under the Government Pension Offset (GPO), a surviving spouse who receives a $900/month non-covered government pension will have their Social Security survivor benefit reduced by:

Accepted Answer

$600

Answer

The GPO reduces Social Security spousal or survivor benefits by two-thirds of the non-covered government pension, so 2/3 × $900 = $600 reduction.

Question 2

A client enrolls in Medicare Part B three months after their Initial Enrollment Period ended without a qualifying Special Enrollment Period. The Part B premium will be increased by what percentage per 12-month delayed period?

Accepted Answer

10%

Answer

The Part B late enrollment penalty is 10% for each full 12-month period the individual was eligible but did not enroll, and this penalty generally applies for life.

Question 3

For Social Security purposes, a divorced spouse can claim benefits on an ex-spouse's record if the marriage lasted at least:

Accepted Answer

10 years

Answer

A divorced spouse must have been married for at least 10 years to be eligible for divorced spousal or survivor benefits on the ex-spouse's Social Security record.

Question 4

Income-Related Monthly Adjustment Amounts (IRMAA) for Medicare Parts B and D are based on modified adjusted gross income from how many years prior?

Accepted Answer

2 years prior

Answer

IRMAA surcharges are calculated using MAGI from two years prior; for 2024 premiums, the SSA uses 2022 tax return data.

Question 5

A client has both Social Security and a pension from employment not covered by Social Security. Which rule may reduce their Social Security retirement benefit?

Accepted Answer

Windfall Elimination Provision (WEP)

Answer

The Windfall Elimination Provision (WEP) reduces the Social Security retirement or disability benefit of workers who also receive a pension from non-covered employment.

(RFC) Registered Financial Consultant Practice Test

(RFC) Registered Financial Consultant Practice Test

RFC Social Security & Medicare Planning 3