Comp 8 Review Flashcards
SS provides ___ of income to the elderly
1/3
50% of married couples and 70% of unmarried couples get _____ of income from SS.
50%+
21% of married and 45% of unmarried people receive ____ of income from SS.
90%
Max benefit files at age 70
$45,480
Max benefits files at FRA
$36,132
Max benefit for files at 62
$27,180
Life time benefits at $3,000 per month equals ____ lifetime income
$720,000
FICA tax single payer formula
(.062 x $137,700) + (.0145 x Income) +(.009 x difference of 200k)
$40,000 income SS replaces
40%
$100,000 income SS replaces
29%
$180,000 income SS replaces
20%
PIA for those who turn 62 in 2020 90%
$up to $960
PIA for those who turn 62 in 2020 32%
$960-$5785 +15% AIME over $5,785
FRA Age 1943-1954
66
1955 to 1959
+2months each year
1960 or later
67
Increase factor
(2/3 x Months beyond)
= PIA x 1+%
Does the earnings test apply to all types of social security benefits?
Yes
Once a worker has CLAIMED benefits, a spouse is entitled to ____ % of Spouses PIA at FRA.
50%
Does the spousal benefit increase if a worker defers benefits?
No
Divorced spouses must be married for how long to be eligible for benefits?
10 Years
True of Fals: Divosrces spousal retirment benefits can begin as early as age 62 even if the former spouse has not cliamed benfits.
True
- As long as worker is eliegible for retirment benefits
- Couple has been divorced for over 2 years
Government offset provision
2/3 of government pension reduces spousal benefits dollar for dollar.
Provisional Income
1/2 SS + AGI + muni interest
