Social Security Flashcards
How is SS funded
By payroll taxes
Determines the full amount of retirement benefits for an eligible person
PIA Primary Insurance Amount
How much is the survivors lump sum benefit
$225
At what age is a surviving spouse without dependent children eligible for benefits
60
How much PIA is available to an underage child of a deceased worker
%75
What is the waiting period before disability benefits are paid
5 mos
Disability benefits are only available prior to the age of
65
How long must the disability be expected to last
12 months or end in death
How long must an individual have been employed
40 quarters
How long must an individual have paid FICA taxes
10 years
If a worker retires at 62 how much will they receive
80%
Covers hospital insurance
Medicare Part A
Covers supplementary medical insurance
Medicare Part B
Medicare advantage
Medicare Part C
Covers the prescription drug plan
Medicare part D
