Know Those Basics
Claiming Those Benefits
My Ex Gets What?
Taxes ... Taxes ... Taxes

100

You need this amount of credits to receive FULL benefits

40

100

This is the latest age to delay benefits

70

100

A non-working spouse can claim a benefit based on a working spouses history as long as they have been married one year. What are the two other stipulations?

Non-working spouse must be age 62

Working spouse has to have filed for own benefit

100

Whether my benefit is taxable depends on what type of income?

Provisional

200

3 ages are listed on your SS statement along with the anticipated amounts at those ages. What are the 3?

62, FRA, 70

200

I cant decide whether to take my benefit at 62 or 66. When would likely be my break even age?

Age 77/78

200

I died ... my spouse can relax a little because he/she will get my fully funded benefit ... but you better not get remarried before age? 

60

200

What are the 3 potential tax rates I may pay on my SS benefit?

0, 50%, 85% of benefit

300

Benefits are calculated by summarizing this many of your best earning years.

35

300

The earnings limit prior to my FRA is $17,640. For income earned above this, how much will be benefit be reduced?

For every $2 earned over this limit, $1 in benefits will be withheld

300

As a surviving/widowed spouse with a healthy 18 year old dependent child, I am sitting in what is called the "blackout period." What the heck is that?
After child hits age 16, spouse receives no more benefits until their age 60.

300

As a single individual, what are the income thresholds?

0-25k no tax

25-34k 50% 

34k + 85%

400

Funded through a pay as you go payroll system called FICA. What are the 3 tax components and percentages of FICA

12.4% to wage base

2.9% Medicare on all wages

.9% Medicare Hospital ins. for high income earners (200k/s 250k/m)

400

The earnings limit IN THE YEAR of my FRA is $46,920. For income above this, how much will my benefit be reduced?

For every $3 over, $1 in benefits will be reduced

400

I mysteriously died ... my spouses next love interest also mysteriously died. Which survivor benefit would he/she be allowed to take?

Whoever has the higher one

400

As a married individual, what are the income thresholds?

0-32k 0%

32-44k 50%

44k+ 85%

500

In addition to retirement, survivor, and disability benefits; a spouse or dependent is also entitled to a death benefit of _____?

$255

500

My social security benefit can increase based on?

Consumer Price Index (CPI)

500

My divorced spouse can receive a benefit tied to my work history as long as (3 things)

62, unmarried, we were married at least 10 years

500

Married, I receive the following income this year. What tax will I pay on my SS?

20k - Trad IRA distribution

20k - My SS

20k - Spouse SS

10k - Roth IRA distribution 

50% of my benefit is taxed