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Economics

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Nov 24, 2024

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This year, your 63 year old client had $17,025 of earned income and $30,000 of investment income. He was also drawing SS benefits. Which one of the following correctly describes the impact on his SS benefits? - ANSWER- There is no reduction to his benefits. The client's earnings (earned income) are below the allowable limit for the current year ($19,560 for 2022). Remember that according to the work penalty rule, only earned income is counted toward the "allowable limit". Which one of the following is a correct statement about the amount of SS retirement benefits available when a fully insured worker's retirement benefit begins at full retirement age (FRA)? - ANSWER- If the spouse is at or above his or her full retirement age when commencing SS benefits, the spouse will receive at least 50% of the worker's PIA Which one of the following is correct regarding most types of tax exempt interest and taxation of Social Security benefits? - ANSWER- All of the tax-exempt interest is included in the computation of the taxation of SS benefits However, tax-free Roth distributions are not counted when determining provisional income. A maximum of 85% of the SS benefits are subject to taxation Susan has reached FRA. She is trying to decide between starting SS benefits of $1,000 per month now, or delaying receipt for 3 years and using her savings to provide current income. by delaying three years her benefit would increase to $1,240 per month. Ignoring the time value of money and COLAs, use the break-even calculation to determine how much longer Susan will need to live in order for delaying to "pay off". - ANSWER- She should delay only if she expects to live beyond the next 15 and a half years of so. Forfeiting $1,000 x 36 or $36,000 in benefits. She would then gain $240 per month going forward; $36,000/$240 = 150 months, or 12.5 years, from three years from now. Sam, age 62, begins receiving his SS income. His PIA is $1,500 per month. Because he has filed at age 62, his payment will be reduced by 25% to $1,125. His wife Linda, age 67, would like to begin her spousal benefits. Her monthly income would be - ANSWER- $750.00 Because Linda has attained FRA, she would be eligible for 50% of Sam's full PIA of $1,500 Unsystematic risk - ANSWER- can be effectively eliminated

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