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Test questions CRPC Module 3 Exam 2024/2025 Questions With Completed & Verified Solutions.
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Test questions CRPC Module 3 Exam 2024/2025 Questions With Completed & Verified Solutions.
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Test questions CRPC Module 3A worker's primary insurance amount (PIA) is the amount they receive from Social
Security - ANS If he or she began payments at full retirement age
Delaying receipt of benefits will result in - ANS Higher annual cost-of-living adjustments
Receipt of delayed retirement credits
Larger survivor benefits for the surviving spouse
For a worker who is full retirement age is 66 or later the annual delayed retirement
credit percentage for the years you delay receipt of benefits beyond FRA is - ANS 8%,
for those who is full retirement age is 66 they will receive an 8% raise for each year they
delay filing after FRA up until a maximum age of 70. This equals to a total increase of
32% above their primary insurance amount POA
If earned income is below the earnings cap for singles one will not be impacted by the
earned income benefit reduction - ANS $17,640
If provisional income exceeds the stated threshold a maximum of ——-of the excess
amount is taxable as ordinary income - ANS 85%
Spousal retirement benefits can begin as early as age ________assuming that the
worker spouse has filed to collect his or her own benefit - ANS 62
If you begin to receive Social Security benefits and later decide you should have
delayed receipt of benefits how long do you have to pay back all payments and re-file
for increased benefits at a future date - ANS 12 months from the date they filed their
original claim
Person is born in 1943 to 1954 would have an FRA of what age - ANS 66
Regarding old age security benefits received, there is no reduction to Social Security
retirement benefits do you two aren't income for people who - ANS Have attained their
Social Security FRA
An individuals Social Security payment amount will be adjusted annually to account for
increases in inflation as measured by the - ANS CPI, consumer price index
, Higher income earners will have an income replacement ratio that is - ANS Lower than
low income earners
Who do replacement rates favor - ANS Replacement rates or the amount of one's
paycheck that is replaced by Social Security favor lower honors by replacing about 90%
of their earnings. Higher owners will see only a 26% replacement
On average Social Security represents how much of the income of the elderly - ANS
33%
What does Social Security consider earnings - ANS Earned income is defined as wages
and net earnings from self employment,
. Investment income, pensions, capital gains, inheritances, alimony or not
Compensation for work received in their year are you obtain FRA will do what - ANS Be
reduced one dollar for every three dollars and above the earnings Until the first of the
month in which you obtain your FRA
Are Social Security payments taxable - ANS Social Security payments are taxable if
your provisional income exceeds the applicable threshold. This is the case regardless of
your age or if you are still employed
What happens if a widow were remarries - ANS If you remarry before the age of 60 your
widowers benefit will be terminated. If you are over the age of 60 when you remarry
your marriage will not affect your Social Security widowers benefit
Social Security provides individuals with protection against which risks - ANS Inflation
risk, market risk, longevity risk
Social Security began as a program to provide retirement income, but has been
expanded to provide all of the following - ANS Disability, survivor benefits to children
under the age of 19, survivor benefits to spouses at age 60-61
Each year you delay retirement credits you will receive an increase of how much - ANS
Each year you will accrue an 8% payment increase
If you collect benefits from Social Security and then realize you should have waited
what can you do if it's been after one year - ANS You can suspend payments keep the
benefits you received and resume payments later at an increased rate. You only have
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