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Philip, age 4 0 , and Marsha, age 3 8 , are married and have a three - year - old son. Philip is employed
Philip, age and Marsha, age are married and have a threeyearold son. Philip is employed as an accountant and earns $ annually. Marsha is a professor of economics at a large university and earns $ annually. Both are currently and fully insured under the OASDI Social Security program.
You are a financial planner who has been asked to give them advice concerning Social Security and other social insurance programs. Answer each of the following questions based on the scenarios described. Treat each scenario separately.
There is a tragic automobile accident. Philip is killed instantly. To what extent, if any, would the surviving family members be eligible to receive OASDI survivor benefits?
Philip would like to retire at age and still work parttime as an accountant. He has learned that the OASDI earnings test would be relevant in his situation. Explain how the earnings test might affect his decision to work part time after retirement.
A disgruntled student pushed Marsha down a stairwell because she gave him a poor grade. As a
result, Marsha was seriously injured and will be off work for at least a year while she is recovering. To what extent, if any, would existing social insurance provide income during the period of temporary disability?
Marsha suffered a severe allergic reaction to some medication and permanently damaged her vocal cords. As a result, she can no longer lecture. She is offered a research position in her university department. To what extent, if any, would Marsha be eligible to receive OASDI disability benefits?
Philip resigned from his job to find a higherpaying position. Explain whether he would receive unemployment insurance benefits during the period of temporary unemployment before he finds a new job.
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