6) Which of the following statements concerning the Social Security system is (a

Question

6) Which of the following statements concerning the Social Security system is (are) correct

1.Workers entitled to retirement benefits can currently take early retirement benefits as early as age 55 if they are separated from service.

2. A worker who takes early retirement benefits will receive a reduced benefit because he or she is expected to receive more monthly benefit payments, as payments commence earlier than if the worker had waited and retired at full retirement age.

Question 6 options:

a) Neither 1 nor 2

b) Both 1 and 2

c) 2 Only

d) 1 Only

7)Which of the following statements concerning the reduction of Social Security benefits is (are) correct?

1. Besides early retirement, there are two other situations in which beneficiaries can have their benefits reduced: through the retirement earnings limitations test and through the taxation of benefits.

2. A person who has not reached full retirement age generally can continue to work even though he or she is considered “retired” under Social Security; however, those earnings for a person under normal retirement age must not exceed certain dollar limitations without an impact to their benefits.

Question 7 options:

a) Only

b) 2 Only

c) Both 1 and 2

d) Neither 1 nor 2

8) A person, age 78, is confined to a custodial nursing home. Which of the following programs is/ are likely to pay benefits towards the cost of the nursing home?

1.Medicare may pay for up to 100 days of care after a 20-day deductible.

2.Long-term care insurance may pay part if coverage of the facility type is broad enough.

3.Private medical insurance may pay part if it is a comprehensive major medical policy.

4.Medicaid may pay if the client has income and assets below state thresholds.

Question 8 options:

a) 4 Only

b) 1 and 3 Only

c) 2 and 4 Only

d) 1,2, and 3

9) Chris died suddenly at the age of 42, leaving behind his wife, Robin (age 44) and their six-year-old son, Myles. Chris and Robin had been married for 15 years. All of the following statements concerning Social Security benefits available to the family are correct, EXCEPT:

Question 9 options:

a) Myles will be able to collect Social Security benefits on Chris’ account until he reaches age 18.

b) Robin will be able to collect Social Security benefits on Chris’ account until Myles reaches the age of 18.

c) Robin will receive a death benefit of $255.

d) When Robin reaches age 60, assuming she does not remarry, she will be entitled to collect Social Security retirement benefits on Chris’ account.

10) Wally's PIA for determining Social Security Retirement Benefits is $2,200. What is the approximate maximum family benefit that Wally's family can recieve?

Question 10 options:

a) $4,400

b) $3,850

c) $3,100

d) $2,200

a) Neither 1 nor 2

b) Both 1 and 2

c) 2 Only

d) 1 Only

Explanation / Answer

Q6 – The correct answer is c.

A worker who takes early retirement benefits will receive a reduced benefit because he or she is expected to receive more monthly benefit payments, as payments commence earlier than if the worker had waited and retired at full retirement age.

62 is the normal age for retirement and not 55 however exceptions are made for widows and widower. A worker who has taken early retirement, in that case the benefits is reduced by 5/9 of 1% for the first 36 months of early retirement and 5/12 of 1% for any additional months of early retirement up to 24 months.

For the remaining questions, please post it separately so that it can be answered.

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