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CRPC Actual Exam 2024 | CRPC Exam Latest Update 2024 Questions and Correct Answers Rated A+
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CRPC Exam Update Latest 2024 | CRPCActual Exam 2024 Questions and Correct
Answers Rated A+
A worker's primary insurance amount (PIA) is the amount they receive
from Social Security -ANSWER-if he or she began payments at full
retirement age.
For a worker whose full retirement age is 66 or later, the annual
delayed retirement credit percentage for the years you delay receipt of
benefits beyond (FRA) is -ANSWER-8
Delaying receipt of benefits (for example until age 70) will result in all
of the following except -ANSWER-permanently reduced benefit
amount.
Ann has reached her full retirement age (FRA) of 66 in 2020. She can
elect to receive $1,000 now, or delay receipt by two years. She
expects to live until age 90. Ignoring outside factors, when should she
begin her benefits? -ANSWER-two years from now
Michael, a 62-year-old single man, is considering beginning his Social
Security benefits to supplement his income of $14,000 per year. How
much will he lose in Social Security benefits due to the earned income
restrictions? -ANSWER-0
If provisional income exceeds all the thresholds given, then a
maximum of ___________ of Social Security benefits are subject to
taxation. -ANSWER-85%
,Brent and Carol are married and file jointly. They have an AGI of
$50,000 and they receive a combined Social Security benefit of
$15,000. They have no tax-exempt income. What is the maximum
percentage of their Social Security benefit that will be subject to
taxation? -ANSWER-85
Spousal retirement benefits can be claimed as early as age ______. -
ANSWER-62
Jeff and Betsy both attained their FRA in time to employ the "restricted
application for spouses" strategy. Jeff's PIA at his FRA was $2,000
and Betsy's was $1,200. If they employ the "restricted application for
spouses" strategy, Betsy will begin receiving $_____ per month. -
ANSWER-1,200
Carla is collecting $600 per month from a government pension and is
also eligible to receive a Social Security spousal benefit of $1,000 per
month. Due to the GPO, her Social Security spousal benefit will be
reduced to ____________. -ANSWER-600
David began receiving Social Security benefits in June 2020. He later
learned that he should have delayed receipt of his benefits until a later
age. He has until _______ to pay back all payments and refile for
increase benefits at a future date. -ANSWER-June 2021
Jerry was born in 1954. What age does Social Security consider to be
his full retirement age (FRA)? -ANSWER-66
Mary is 69 years old. She is receiving $1,800 per month in Social
Security. Her husband Ralph, age 67, who has not worked enough
quarters outside the home to be covered in his own right, receives
50% of what Mary receives each month ($900). Assume that Mary
,dies tomorrow. What will Ralph's Social Security benefit be? Assume
he has reached his survivor FRA. -ANSWER-1,800
Bob and Helen just won the lottery. The benefit this year will be
$50,000, and it will increase over the next 19 years. Bob's monthly
Social Security benefit is $1,800; Helen's monthly Social Security
benefit is $1,200. Bob is age 68, and Helen is age 69. Which one of
the following is a correct statement about Bob and Helen's old-age
Social Security benefits? -ANSWER-Up to 85% of their Social Security
benefit must be included in gross income.
Henry and his wife Etta will both reach their FRAs this month, and
they both plan to begin receiving Social Security benefits next month.
Etta's primary insurance amount (PIA) is $1,900; Henry's PIA is $975.
What will their maximum Social Security benefit be? -ANSWER-They
will both receive their respective PIAs.
Which one of the following is a correct statement about old-age Social
Security benefits? -ANSWER-Old-age Social Security benefits are not
reduced for persons who have attained their Social Security FRA
regardless of the amount of earned income received.
Jill and Mark are celebrating their 20th wedding anniversary, receiving
a 20-year watch from their employer, and reaching FRA all on the
same day with a trip to the beach. Which of the following statements
correctly describe the Social Security benefit Jill is eligible to receive?
-ANSWER-100% of her own benefit
An individual's Social Security payment amount will be adjusted
annually to account for increases in inflation as measured by the
_____________. -ANSWER-CPI-W
, Higher income earners will have an income replacement ratio that is -
ANSWER-lower than low income earners.
On average, Social Security represents ______ of the income of the
elderly. -ANSWER-33
Tom, 59, is a widower and is receiving a widower's benefit on his
deceased spouse's record. Tom is considering getting remarried. As a
planner, you should suggest which one of the following? -ANSWER-
He should wait until age 60 to remarry.
Which one of the following counts as "earnings" for the Social Security
earnings test? -ANSWER-Self-employment net earnings
Carl is going to reach FRA later in the current year. He has begun
Social Security benefits but is still working. His Social Security benefits
will -ANSWER-be reduced $1 for every $3 earned above the earnings
cap.
Social Security payments are -ANSWER-taxable if your provisional
income exceeds the applicable threshold.
Social Security provides individuals with protection against which of
the following risks? -ANSWER-All of these
Social Security began as a program to provide retirement income, but
has been expanded to provide all of the following income except -
ANSWER-survivor benefits to spouse caring for a child under 19.
Gary reached FRA this year (2020) and filed for his Social Security
benefits. His wife, Mary, is 62 and wishes to file for spousal benefits
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