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Social Security & Medicare Benefits Flashcards

7 cards from real RMA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Social Security & Medicare Benefits flashcards as text

  1. At what age can a worker first claim Social Security retirement benefits with a permanently reduced amount?

    Answer: Age 62

    Age 62 is the earliest eligibility age for Social Security retirement benefits, though claiming early results in a permanently reduced benefit.

  2. For someone born in 1960 or later, what is the Full Retirement Age (FRA) for Social Security?

    Answer: Age 67

    The Full Retirement Age is 67 for individuals born in 1960 or later, as established by the 1983 Social Security Amendments.

  3. By what percentage does a Social Security benefit increase for each year a claimant delays past Full Retirement Age, up to age 70?

    Answer: 8%

    Delayed retirement credits increase the benefit by 8% per year for each year delayed past FRA, up to age 70.

  4. A widow or widower can begin collecting survivor benefits as early as age:

    Answer: 60

    Surviving spouses can claim Social Security survivor benefits as early as age 60 (or 50 if disabled), albeit at a reduced rate.

  5. Which of the following best describes the 'break-even' analysis in a Social Security claiming decision?

    Answer: The age at which total cumulative benefits from early claiming equal total cumulative benefits from delayed claiming

    Break-even analysis calculates the age at which the total lifetime benefits from delaying Social Security claiming equal those from claiming earlier.

  6. Under the Social Security earnings test, if a worker claims benefits before FRA and continues to work, benefits are reduced by $1 for every how many dollars earned above the annual exempt amount?

    Answer: $2 earned above the exempt amount

    Before FRA, Social Security reduces benefits by $1 for every $2 earned above the annual exempt threshold under the earnings test.

  7. What is the maximum percentage of Social Security benefits that can be subject to federal income tax for higher-income retirees?

    Answer: 85%

    Up to 85% of Social Security benefits may be included in taxable income for recipients whose combined income exceeds the upper threshold.