Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1)Which of the following statements concerning the reduction of Social Security benefits is (are) correct? Besides early retirement, there are two other situations in which

1)Which of the following statements concerning the reduction of Social Security benefits is (are) correct?

Besides early retirement, there are two other situations in which beneficiaries can have their benefits reduced: through the retirement earnings limitations test and through taxation of benefits.

A person generally can continue to work even though he or she is considered retired under Social Security; however, those earnings for a person under normal retirement age must not exceed certain limitations.

a)1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

2. A client, age 78, is receiving only custodial care in a nursing home. Which of the following programs are likely to pay benefits towards the cost of the nursing home?

Medicare will pay for up to 100 days of care.

Long-term care insurance.

Private medical insurance may pay part.

Medicaid may pay if the client has income and assets below state thresholds.

a 1 and 3
b 2 and 4
c. 1, 2, and 3
d. 1, 2, and 4

3. Quinton is fed up with his supervisor, Wally Binghampton, and decides his health would improve if he retires early. Quinton is 63 years old, and his normal Social Security retirement age is 66. If he retires today, and his normal age retirement PIA is $1,500, how much can Quinton expect to receive as a monthly retirement benefit?

a. $1,000.
b. $1,125.
c. $1,200.
d. $1,500.

4 Bruce is single, retired, and received Social Security benefits of $18,000 this year. His other income consists of $15,000 from his former employers pension plan; $10,000 in tax-exempt municipal bond interest; and $1,000 in dividends. How much of Bruces Social Security Benefit will be subject to income tax?

a $0.
b $5,350.
c $9,000.
d $15,300.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Routledge Handbook Of State Owned Enterprises

Authors: Luc Bernier, Massimo Florio, Philippe Bance

1st Edition

1138487694, 978-1138487697

More Books

Students also viewed these Finance questions

Question

Describe the job youd like to be doing five years from now.

Answered: 1 week ago

Question

So what disadvantages have you witnessed? (specific)

Answered: 1 week ago