RMA Social Security & Medicare Benefits 1

Question 1

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

Accepted Answer

Age 62

Answer

Age 59½

Answer

Age 65

Answer

Age 67

Question 2

For someone born in 1960 or later, what is the Full Retirement Age (FRA) for Social Security?

Accepted Answer

Age 67

Answer

Age 65

Answer

Age 66

Answer

Age 66 and 10 months

Question 3

By what percentage does a Social Security benefit increase for each year a claimant delays past Full Retirement Age, up to age 70?

Accepted Answer

8%

Answer

4%

Answer

6%

Answer

10%

Question 4

A widow or widower can begin collecting survivor benefits as early as age:

Accepted Answer

60

Answer

55

Answer

62

Answer

65

Question 5

Which of the following best describes the 'break-even' analysis in a Social Security claiming decision?

Accepted Answer

The age at which total cumulative benefits from early claiming equal total cumulative benefits from delayed claiming

Answer

The age at which Medicare Part B premiums equal Social Security income

Answer

The point at which a retiree's portfolio is fully depleted

Answer

The age at which IRMAA surcharges are eliminated

Question 6

Under the Social Security earnings test, if a worker claims benefits before FRA and continues to work, benefits are reduced by $1 for every how many dollars earned above the annual exempt amount?

Accepted Answer

$2 earned above the exempt amount

Answer

$1 earned above the exempt amount

Answer

$3 earned above the exempt amount

Answer

$4 earned above the exempt amount

Question 7

What is the maximum percentage of Social Security benefits that can be subject to federal income tax for higher-income retirees?

Accepted Answer

85%

Answer

50%

Answer

75%

Answer

100%