Comp 8 Review Flashcards
1
Q
SS provides ___ of income to the elderly
A
1/3
2
Q
50% of married couples and 70% of unmarried couples get _____ of income from SS.
A
50%+
3
Q
21% of married and 45% of unmarried people receive ____ of income from SS.
A
90%
4
Q
Max benefit files at age 70
A
$45,480
5
Q
Max benefits files at FRA
A
$36,132
6
Q
Max benefit for files at 62
A
$27,180
7
Q
Life time benefits at $3,000 per month equals ____ lifetime income
A
$720,000
8
Q
FICA tax single payer formula
A
(.062 x $137,700) + (.0145 x Income) +(.009 x difference of 200k)
9
Q
$40,000 income SS replaces
A
40%
10
Q
$100,000 income SS replaces
A
29%
11
Q
$180,000 income SS replaces
A
20%
12
Q
PIA for those who turn 62 in 2020 90%
A
$up to $960
13
Q
PIA for those who turn 62 in 2020 32%
A
$960-$5785 +15% AIME over $5,785
14
Q
FRA Age 1943-1954
A
66
15
Q
1955 to 1959
A
+2months each year
