Question

 

24) Tom was born in year 1944, whose full age is 66. He decides to retire at age 62.5 (i.e. 6 months after the 62^nd s birthday ), and his primary insurance Amount (PIA) is $3000 permonth. How much is his initial monthly social security retirement benefit for retiring at age 62.5?

A) $2300

B)$2325

C) $2475

D) None of the above is correct

25) Based on tables please answer this question. Jack was born in year 1974. If jack decide to retire at age 71, and his primary insurance amount ( PIA) is $3500 per month how much is this monthly SS retirement benefit for retiring at age 71?

A) $4762

b) $4409

c) $4340

d) $4620

28) which of the following statement about social security disability insurance is Incorrect?

A) Disability must last under social security is based on “any occupation disability “ definition

b) The disability must last or be expected to last for at least one year or to result in death

c) social security disability insurance pays for both total disability and partial disability

d) The minimum credits needed to qualify for social security disability insurance benefit depends in the age that the individual becomes disabled

29) Worlers’ compensation medical benefits do not have deductible or coinsurance and are unlimited regarding the total benefits amount and the benefit period   

A) True

b) false

Answer 1

24) Tom was born in year 1944, whose full age is 66.

He decides to retire at age 62.5 (i.e. 6 months after the 62^nd birthday).

His primary insurance Amount (PIA) is $3000 per month.

How much is his initial monthly social security retirement benefit for retiring at age 62.5 years?

If someone claims his retirement benefit prior to full retirement age, it will be reduced from his primary insurance amount by ⁵/₉ of 1% for each month (up to 36 months) prior to full retirement age.

For each month in excess of 36 months, the reduction is ⁵/₁₂ of 1%.

Monthly social security retirement benefit for retiring at age 62.5 years is $2,325.

25) Jack was born in year 1974. His full age is 67 years.

Jack decides to retire at age 71.

His primary insurance amount (PIA) is $3500 per month.

How much is his monthly SS retirement benefit for retiring at age 71?

If someone waits until after full retirement age to claim his retirement benefit, the amount he receives will be greater than his primary insurance amount. The increase is ²/₃ of 1% for each month he waits beyond full retirement age (up to age 70).

Monthly social security retirement benefit for retiring at age 71 is $4,340.

28) The following statement about social security disability insurance is Incorrect:

Disability must last under social security is based on “any occupation disability “ definition.

The following statements are correct:

The disability must last or be expected to last for at least one year or to result in death

Social security disability insurance pays for both total disability and partial disability

The minimum credits needed to qualify for social security disability insurance benefit depends in the age that the individual becomes disabled

29) Workers’ compensation medical benefits do not have deductible or coinsurance and are unlimited regarding the total benefits amount and the benefit period   

B) False

The workers compensation benefits are not unlimited.