Looking at the report PIA Calculations in the Appendix, what is not true about Pete's earnings for the years 2026 through 2030?

His earnings do not change during those years.

His indexed earnings during those years are higher than those in the previous three years.

His earnings in those years will increase his PIA.

His indexed earnings increase during those years.

In the Longevity Comparison chart for all four options, what claiming option and life expectancy does Pete collect the lowest lifetime amount?

Maximum Option with life expectancy of 75

Option C with life expectancy of 75

Option A with life expectancy of 75

Option B with life expectancy of 75

What is the benefit, in Maria's case, of filing for survivor benefits early and waiting to file for retirement benefits until age 70?

Because the larger of her two benefits, retirement, can continue to grow by an 8% increase each year after FRA.

Maria will be eligible for Medicare sooner, if she has filed for a Social Security benefit.

Survivor benefits do not increase by delaying, so she can collect that amount for more years by filing early.

There is no benefit to filing early.

What are the qualifications for ex-spousal benefits?

Divorced spouses are eligible to collect if they were married at least 10 years, are at least 62 years old, are currently single, and are considered independently entitled if divorced for more than 2 years.

Divorced spouses are eligible to collect if they were married at least 5 years, are at least 60 years old.

Divorced spouses are eligible only if they are females, and were the primary homemaker.

Divorced spouses are eligible to collect if they were married at least 15 years, are at least 60 years old, have not remarried, and have been divorced for more than 5 years.

What assumptions have been made to produce the survivor benefits displayed in this report?

Her ex-husband will file for benefits at 70 and last year of earnings in 2026.

No assumptions are made, all benefits shown are calculated based on her entitlement.

Her ex-husband will continue to work and pass away before collecting benefits.

Her ex-husband will continue working and increasing his primary insurance amount until age 70.

Which piece of information on the Client Information Form is not needed for this analysis?

Whether David has a non-covered pension

David's expected future earnings

Which of the following is true about WEP and GPO?

The WEP formula used to modify a worker’s PIA only applies to the portion of AIME up to the first bend point.

If WEP applies to you there is a chance you will not receive any of your Social Security benefit.

If you are entitled to a spousal or ex-spousal benefit and are also collecting a pension, the GPO rule will reduce your spousal, or ex-spousal benefit by an amount equal to 50% of your pension.

If WEP applies to you, your spouse is still able to receive up to 50% of your unadjusted PIA.

Which of the following statements is true about Jake's case?

If Jake continues to work in a job where his earnings are taxed for Social Security, his benefit amount may increase.

Jake's retirement benefit is reduced by 60%, regardless of when he begins collecting Social Security benefits.

Cases that involve retirees, or one of a retiree couple, that are eligible for non-covered pensions and also Social Security benefits, are rare.

It is easy to look at Jake's past covered earnings and determine exactly how many years of substantial earnings he has.

For clients who have some of the more complex family filing options, which of the following is not true?

Having the clients set up a personal meeting with staff at the local Social Security Administration office should be the first step when working with these complex cases.

It is difficult to predict the best Social Security claiming ages for maximizing family benefits when more than one person is entitled to benefits based on a retiree’s earnings history.

A couple with a large age difference and minor children will most likely be subject to the Family Maximum Benefit rule.

Many families are not aware of the benefit details that may pertain to them

Which of the following statements is true about Social Security benefits for an disabled adult child?

A 35-year old adult who was disabled in an accident at age 21 is eligible to receive an adult disabled child benefit when one of his/her parents start receiving retirement benefits.

A child must be disabled prior to age 18 to qualify for these benefits.

An adult disabled child is eligible to receive 50% of a parent’s PIA when the parent reaches FRA.

If the parent of an adult disabled child starts receiving retirement benefits at age 62, the child’s benefit will be reduced from 50% of the parent’s PIA similar to how spousal benefits are reduced.

What is the amount of a dependent child or adult disabled child's benefit?

50% of the higher of the two PIAs, if they have both filed.

50% of the parent's combined PIAs, if they have both filed.

75% of the higher of the two PIAs, if they have both filed.

50% of the higher of the two PIAs, even if only one has filed.

What is the lowest of the top 35 indexed earnings amount Brad has, and why could this matter?

$113,511. This the amount he would have to earn more than, if he hopes to increase his benefit with future earnings.

$113,511. The amount is representative of how much he can expect from Social Security over 5 years of payments.

$15,344. This is used in his PIA calculation.

$2,545. This will be his monthly payment amount.

In the Monthly, Annual and Lifetime Benefits charts for Brad and Carrie Meadows why are some numbers marked as not applicable?

The Meadows both turned 62 last year, in 2022, and can no longer file for benefits at age 62.

The Meadows are not interested in those amounts.

In which year(s) will Anna Chen be subject to earnings deductions if she began collecting benefits at age 62?

She would never be subject to deduction

In Option A, whose PIA is Chris Meadows' benefit based on?

Based on both Carrie and Brad's PIAs

Switches in the year 2045 from Brad's to Carrie's benefit

Does Brad Meadows expect his PIA to increase in future years, and why?

Yes, because cost of living adjustments will be applied every January.

Yes, because he has future earnings which will replace the lowest years in his top 35 years of indexed earnings.

No, because he is no longer earning enough to replace years in his top 35 years of indexed earnings

No, because he will not qualify for cost of living adjustments.

In the PIA Calculations section of the report, why are Linda Wilson's earnings from the year 1983 included in her Highest 35 years of Indexed Earnings but her earnings from 2010 are not included?

The Index factor used for 1983 is significantly higher than the Index factor used for 2010

The Index factor used for 1983 is lower than the Index factor used for 2010

The Index factor used for 1983 is the same as the Index factor used for 2010

The Index factor does not effect the earnings

Social Security Module 5 Exam

Authored by Kirk Anderson

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Professional Development

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95 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using the Lifetime Benefits chart for the Wilsons, what is the difference between the Maximum Benefit amount and if they were both to claim at their FRA's?

Over $210,000

About $102,400

Less than $55,700

About $82,000

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using the PIA Calculations section of your software report, what are Linda’s earnings in 2003 of $18,900 after indexing?

$18,900

$92,306

$898

$33,608

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assuming Linda is the survivor, based on the life expectancy estimates they selected, what is the difference between the Maximum Option and Option A for her Net Annual Benefits during the years she is a widow?

About $1,500 per year more if using Option A.

About $11,400 less per year if using the Maximum claiming option.

About $16,200 per year more if using the Maximum claiming option.

About $8,600 per year less if using Option A.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Wilson's Lifetime Benefits chart, what is the Maximum Benefit amount shown in the orange box?

$1,448,240

$1,453,643

$1,534,344

$1,302,203

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Looking at Appendix chart Option B, both filing at FRA, how much does Linda receive in survivor benefits at age 92?

$9,312

$29,892

$39,204

$8,632

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a factor for a single person with no dependents deciding when to begin collecting Social Security benefits?

How long they plan to work

Their maximum life expectancy

The survivor benefit

Other available financial resources

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first month Pete is eligible for retirement benefits?

October 2024

November 2024

October 2027

October 2029

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Social Security Module 5 Exam

Using the Lifetime Benefits chart for the Wilsons, what is the difference between the Maximum Benefit amount and if they were both to claim at their FRA's?

Using the PIA Calculations section of your software report, what are Linda’s earnings in 2003 of $18,900 after indexing?

Assuming Linda is the survivor, based on the life expectancy estimates they selected, what is the difference between the Maximum Option and Option A for her Net Annual Benefits during the years she is a widow?

In the Wilson's Lifetime Benefits chart, what is the Maximum Benefit amount shown in the orange box?

Looking at Appendix chart Option B, both filing at FRA, how much does Linda receive in survivor benefits at age 92?

Which of the following is not a factor for a single person with no dependents deciding when to begin collecting Social Security benefits?

What is the first month Pete is eligible for retirement benefits?

Looking at the report PIA Calculations in the Appendix, what is not true about Pete's earnings for the years 2026 through 2030?

In Pete's Lifetime Benefits chart, what is the Maximum Benefit amount shown in the orange box?

In the Longevity Comparison chart for all four options, what claiming option and life expectancy does Pete collect the lowest lifetime amount?

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