CRC CRC Social Security & Medicare Benefits

Question 1

At what age can a U.S. worker first claim reduced Social Security retirement benefits?

Accepted Answer

62

Answer

59½

Answer

60

Answer

65

Question 2

What is the Full Retirement Age (FRA) for someone born in 1960 or later under Social Security rules?

Accepted Answer

67

Answer

65

Answer

66

Answer

66 and 10 months

Question 3

How much does a Social Security benefit increase for each year a worker delays claiming beyond Full Retirement Age, up to age 70?

Accepted Answer

8%

Answer

3%

Answer

5%

Answer

10%

Question 4

A married individual's Social Security spousal benefit is worth up to what percentage of the worker's primary insurance amount?

Accepted Answer

50%

Answer

25%

Answer

33%

Answer

75%

Question 5

What is the Social Security 'earnings test' and who is subject to it?

Accepted Answer

A reduction in benefits for beneficiaries under FRA who earn above an annual limit

Answer

A test to determine benefit eligibility based on work history

Answer

An income means test that reduces benefits for high earners

Answer

An annual review of disability status

Question 6

Which Social Security filing strategy allows a divorced spouse to claim benefits based on an ex-spouse's record?

Accepted Answer

A divorced spouse can claim if the marriage lasted at least 10 years and they are currently unmarried

Answer

The marriage must still be active to claim on an ex-spouse's record

Answer

A divorced spouse must wait until the ex-spouse claims first

Answer

Benefits based on an ex-spouse's record are no longer available