Chapter 6 Flashcards
Sam’s FRA will be age 67. If he begins receiving SS benefits early, the amount of his monthly SS check will be
a. reduced until he reaches the age of 67
b. reduced until he reaches the age of 72
c. reduced for the rest of his life
d. reduced by the amount of the benefits a taxable base amount.
c. reduced for the rest of his life
The nonworking spouse of a SS recipient is entitled to what percentage of the recipients retirement benefit while the recipient is alive?
a. 0%
b. 50%
c. 75%
d. 100%
b. 50%
Generally, individuals who are eligible to receive SS retirement benefits, but are under full retirement age (depending on their birth date and full retirement age):
a. may incur a reduction in benefits if earned income exceeds specified limits
b. are not subject to the earnings test for SS retirement
c. will have 85% of their employment earnings above the annual limit taxed
d. will have their SS retirement benefit reduced by $2 for every $10 in earnings above the annual earnings limit.
a. may incur a reduction in benefits if earned income exceeds specified limits
