You need this amount of credits to receive FULL benefits
This is the latest age to delay benefits
70
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
Whether my benefit is taxable depends on what type of income?
Provisional
3 ages are listed on your SS statement along with the anticipated amounts at those ages. What are the 3?
62, FRA, 70
I cant decide whether to take my benefit at 62 or 66. When would likely be my break even age?
Age 77/78
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
What are the 3 potential tax rates I may pay on my SS benefit?
0, 50%, 85% of benefit
Benefits are calculated by summarizing this many of your best earning years.
35
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
As a single individual, what are the income thresholds?
0-25k no tax
25-34k 50%
34k + 85%
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)
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
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
As a married individual, what are the income thresholds?
0-32k 0%
32-44k 50%
44k+ 85%
In addition to retirement, survivor, and disability benefits; a spouse or dependent is also entitled to a death benefit of _____?
$255
My social security benefit can increase based on?
Consumer Price Index (CPI)
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
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