Social Security/Medicare/Behavioral Impact

Question 1

hyperbolic discounting

Answer 1

human tendency to believe we an better use our funds now for more pressing/important matters than for future issues such as retirement because we believe it is so far in the future

Question 2

savings attitude

Answer 2

allows individual to set aside time and money to plan for future

Question 3

future orientation

Answer 3

bypasses hyperbolic discounting, allows person to focus on future issues

Question 4

financial literacy

Answer 4

knowledge of how to handle $ and set self up for success in the future

Question 5

Materialism

Answer 5

the human desire to build up assets that limit that individual from saving for the future

Question 6

social security tax perent of salary (EE and ER pay)

Answer 6

7.65

Question 7

a self employed individual pays what percentage of salary to social security?

Answer 7

15.3%

Question 8

benefits provided from social security (5)

Answer 8

retirement
survivors
disability
medicare
supplemental

Question 9

to be considered fully insured you must have

Answer 9

40 credits of work

Question 10

1 credit = __ $

Answer 10

1,510

Question 11

to be considered currently insured you need to be

Answer 11

disabled or a survivor

Question 12

maximum income tax for social security is

Answer 12

147,000 (2022)
160,000 (2023)

Question 13

limitation on earnings in retirement before age 67

Answer 13

for every 2$ of earnings you recieve $1 less in S.S

Question 14

limitation on earnings in retirement after age 67

Answer 14

for every 3$ of earnings you recieve $1 less in S.S

Question 15

Medicare part a

Answer 15

hospital care

Question 16

medicare part b

Answer 16

medical ins

Question 17

medicare part c

Answer 17

combo of a and b, but more flexible

Question 18

medicare part d

Answer 18

prescription drug