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 62 is the earliest eligibility age for Social Security retirement benefits, though claiming early results in a permanently reduced benefit.

Question 2

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

Accepted Answer

Age 67

Answer

The Full Retirement Age is 67 for individuals born in 1960 or later, as established by the 1983 Social Security Amendments.

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

Delayed retirement credits increase the benefit by 8% per year for each year delayed past FRA, up to age 70.

Question 4

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

Accepted Answer

60

Answer

Surviving spouses can claim Social Security survivor benefits as early as age 60 (or 50 if disabled), albeit at a reduced rate.

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

Break-even analysis calculates the age at which the total lifetime benefits from delaying Social Security claiming equal those from claiming earlier.

RMA Practice Test