RICP Competency 8 Quiz with complete solutions
graded A+ updated
1. Joe was born July 1,1962. If Joe waits to
age 70 to claim Social Security retirement 6. Janice, a widow
benefits, he will be eligible to receive: in excellent
health, is age
60. She is
entitled to a
widow's
benefit at full
retirement age
of $1,800 a
2. A key retirement risk that is addressed by month and a
defer- ring Social Security benefits is workers
risk. benefit of
3. George was born January 15, 1960. (would
make him 64) His Social Security full
retirement age is
.
4. Eligibility for Social Security retirement
benefits requires 40 credits, which will
require a minimum of years of covered
work.
5. What is the total FICA tax Paul (a single
taxpayer) pays if he is a full-time employee
of State Univer- sity earning $100,000 in
2023 when the taxable wage base is
$160,200?
1/
16
,RICP Competency 8 Quiz with complete solutions
graded A+ updated
124% of his PIA
Explanation:
Joe's full retirement age is 67, so Joe is claiming benefits 36 months
after full retirement age so he is eligible for a 24% in-
crease in benefits (2/3 x 36= 24). (LO 8-2-2)
Longevity
67
10
As 4 coverage credits can be earned each year, 40 credits can be
earned in 10 years of work. (LO 8-1-4)
$7,650
The tax is calculated as follows: (.062 x $100,000) + (.0145 x
$100,000). (LO 8-1-3)
Claim her widow's benefit at full retirement and her workers ben- efit
at age 70.
2/
16
, RICP Competency 8 Quiz with complete solutions
graded A+ updated
$2,200 a month. She is planning to continue to
work full-time until age 70. Which of the following Since Janice is planning
to work
is the best strategy for Janice to maximize full-time until age 70, the
her benefits? earn- ings test will stop her
from claim- ing prior to full
retirement age. At that time
she can take advantage of
receiving the $1,800
widow's benefit and let her
$2,200 work- ers benefit
7. After retired workers, the next largest earn deferral credits to age
group of Social Security beneficiaries 70. (LO 8-3-2)
are
Disabled workers
There are 7.8 million
disabled workers receiving
benefits. (LO 8-1-1)
8. Setting up a "My Social Security" account is done at the Social Security
website and requires
providing a Social Security
number.
9. Deferring Social Security can be looked Higher
as "pur- chasing" a larger annuity in
exchange for the benefits given up. The The payout rate will be sub-
annuity payout for the in- creased benefit stantially higher than with cur-
for a single female deferring So-
cial Security from age 62 to age 70 is than rent commercial annuities be-
the payout rates available by purchasing a similar cause the interest
3/
16
graded A+ updated
1. Joe was born July 1,1962. If Joe waits to
age 70 to claim Social Security retirement 6. Janice, a widow
benefits, he will be eligible to receive: in excellent
health, is age
60. She is
entitled to a
widow's
benefit at full
retirement age
of $1,800 a
2. A key retirement risk that is addressed by month and a
defer- ring Social Security benefits is workers
risk. benefit of
3. George was born January 15, 1960. (would
make him 64) His Social Security full
retirement age is
.
4. Eligibility for Social Security retirement
benefits requires 40 credits, which will
require a minimum of years of covered
work.
5. What is the total FICA tax Paul (a single
taxpayer) pays if he is a full-time employee
of State Univer- sity earning $100,000 in
2023 when the taxable wage base is
$160,200?
1/
16
,RICP Competency 8 Quiz with complete solutions
graded A+ updated
124% of his PIA
Explanation:
Joe's full retirement age is 67, so Joe is claiming benefits 36 months
after full retirement age so he is eligible for a 24% in-
crease in benefits (2/3 x 36= 24). (LO 8-2-2)
Longevity
67
10
As 4 coverage credits can be earned each year, 40 credits can be
earned in 10 years of work. (LO 8-1-4)
$7,650
The tax is calculated as follows: (.062 x $100,000) + (.0145 x
$100,000). (LO 8-1-3)
Claim her widow's benefit at full retirement and her workers ben- efit
at age 70.
2/
16
, RICP Competency 8 Quiz with complete solutions
graded A+ updated
$2,200 a month. She is planning to continue to
work full-time until age 70. Which of the following Since Janice is planning
to work
is the best strategy for Janice to maximize full-time until age 70, the
her benefits? earn- ings test will stop her
from claim- ing prior to full
retirement age. At that time
she can take advantage of
receiving the $1,800
widow's benefit and let her
$2,200 work- ers benefit
7. After retired workers, the next largest earn deferral credits to age
group of Social Security beneficiaries 70. (LO 8-3-2)
are
Disabled workers
There are 7.8 million
disabled workers receiving
benefits. (LO 8-1-1)
8. Setting up a "My Social Security" account is done at the Social Security
website and requires
providing a Social Security
number.
9. Deferring Social Security can be looked Higher
as "pur- chasing" a larger annuity in
exchange for the benefits given up. The The payout rate will be sub-
annuity payout for the in- creased benefit stantially higher than with cur-
for a single female deferring So-
cial Security from age 62 to age 70 is than rent commercial annuities be-
the payout rates available by purchasing a similar cause the interest
3/
16
