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?

• Over $210,000

• About $102,400

• Less than $55,700

• About $82,000

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

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.

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

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

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

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

• October 2024

• November 2024

• October 2027

• October 2029

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

• 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.

• His earnings do not change during those years.

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

• $661,928

• $688,690

• $671,815

• $638,980

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