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NSSA Exam 2025 | National Social Security
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Define FRA ---------CORRECT ANSWER-----------------the age you can start earning 100% of your earnings (before its reduced, after its increased) What is the PIA? ---------CORRECT ANSWER-----------------Primary Insurance Amount. How much you earn per month at FRA (not early and not delayed, its 100% of your benefits) This is what the reduction or increase is based on. Your PIA calculation is based off of your highest ___ years of earnings --------- CORRECT ANSWER----------------- 35 What is wage indexing? ---------CORRECT ANSWER-----------------EARNINGS ARE INDEXED FOR INFLATION THROUGH AGE 59. After age 60 it's not indexed. The SSA looks at your past wages and adjusts them to today's standards. They do this by looking at the average wage today vs the year they are comparing. Essentially adjusts for COLA. An individuals earnings are always indexed to the average wage level 2 YEARS PRIOR to the year of first eligibility. A person retiring at age 62 in 2022, their
earngins would be indexed to the average wage for 2020. Earnings in 2020 and later would be taken at face value. What is AIME? How do you calculate AIME? ---------CORRECT ANSWER----------------
- Your Average Indexed Monthly Earnings. NOT what you actually earn a month. We have to calculate bend points after this. First take actual earnings and index them into todays dollars. Add together the highest 35 years divide by 35... divide by 12 How many months is a full reduction? If you have the PIA, what do you multiply it by to find the full reduction? ---------CORRECT ANSWER-----------------60 months (if starting benefits at age 62) or 70% of what they would have earned. So multiply PIA by. If you're born on the 9th of the month, when is your benefit paid? --------- CORRECT ANSWER-----------------the 2nd wednesday of the month if you're born on the 15th of the month, when is your benefit paid? --------- CORRECT ANSWER-----------------the 3rd wednesday of the month
Your ex must be drawing benefits What are the rules around an independent divorce? ---------CORRECT ANSWER----- ------------Must be single Both must be aged 62 Married for 10 years must have been divorced for 2 years ex doesn't have to be drawing on benefits Deemed Filing ---------CORRECT ANSWER-----------------Went into effect in 2015. Deemed filing means that when you file for retirement benefits, you are deemed to file for both spousal and worker benefits at the same time. Therefore, you cannot claim benefits on a spouse's record while waiting for your own benefits to increase. The deemed filing rules do not apply to Survivor or Disability benefits. Taking YOUR retirement early will also reduce the spousal benefit At what age can you claim survivor benefits? ---------CORRECT ANSWER--------------- --Age 60 or old, unless you are disabled or have a child under 16
What is the marriage requirement for survivor benefits? ---------CORRECT ANSWER-----------------9 month marriage unless the deceased was in the military or the death was unexpected Can you remarry and still claim survivor benefits ---------CORRECT ANSWER---------- -------if you're under age 60, no. If you're over age 60 you can remarry. Does deemed filing apply to survivor benefits? ---------CORRECT ANSWER------------- ----No, you can take these benefits first and delay yours and get delayed credits What is the Lump Sum Death Benefit? ---------CORRECT ANSWER-----------------You have 2 years to file for it after your spouse passes away. It can be done at any age. It's like $ Family Maximum ---------CORRECT ANSWER-----------------Does not apply to ex spouses 3 people are more drawing from your benefits (worker, spouse, child) Limit varies between 150-180% of your own benefit payment How long can you change your mind on your SS benefits? ---------CORRECT ANSWER-----------------You have 1 year to change your mind. You will have to repay all benefits you received. You can only do this once
Up to what of our earnings are taxed towards SS? ---------CORRECT ANSWER-------- ---------$168,600 (anything you make above that will not get taxed towards SS) What is Claim and Suspend? ---------CORRECT ANSWER-----------------File for your benefits, but suspend payment. You still earn delayed credits but your spouse/children can file off of your application, so THEY can get $. This is no longer available (was done in 2016). What is a Restricted Application? ---------CORRECT ANSWER-----------------Allows you to file for your spousal benefit even if your own benefits would be higher. This allows you to continue to earn Delayed credits (so you can earn the full 32%). MUST HAVE BEEN BORN BY Jan 1954. This will no longer be applicable by the end of 2023 Largest % you can earn in Delayed Retirement Credits ---------CORRECT ANSWER--- --------------32% if you wait until age 70. This depends on your FRA. If your FRA is 67 and you delay until age 70, then you get a 24% increase. If FRA is 66, then it's 32%. It's 8% each year. Age that a child can claim benefits ---------CORRECT ANSWER-----------------Up to age 18 or age 19 if they are a full time studnet.
What are some things you can do on SSA.gov ---------CORRECT ANSWER-------------- ---Check your benefit Check earnings record Request SS charge Change direct deposit Change address/phone number How many credits do you need? How many years is that? How many can you earn a year? And how much $ do you have to earn? ---------CORRECT ANSWER------------- ----40 credits, about 10 years, 4 credits a year. 1 credit=$1730 or $6,920 a year. You have to be alive for the full year to earn each credit. But you can earn all of the money in one day of the year. What is the earliest age/month you can collect benefits? ---------CORRECT ANSWER-----------------The month you obtain age 62. Meaning you have to be age 62 for the whole month to start benefits. If you're born on May 19th, you will start benefits in June. If you are born on May 2nd or 1st, you can college in May. Benefits are reduced if you start collecting at age 62 When do you obtain your age? ---------CORRECT ANSWER-----------------The day BEFORE your birthday If you turn age 62 on May 19th, you will "obtain" age 62 on May 18th
What CPI index might they move to in the future? ---------CORRECT ANSWER-------- ---------CPI-E (elderly). It's still experimental How far back can you get backpay? ---------CORRECT ANSWER----------------- 6 months How many credits can you earn a year? How much do you have to earn to earn 1 credit? Does it matter what time of the year you earned the money? --------- CORRECT ANSWER-----------------4 credits. $1730=1 credit Doesn't mater when you earned the money, you just have to be alive at the start of the quarter to earn the credit. If you're born on the 2nd of the month you get a ___ month reduction --------- CORRECT ANSWER-----------------48 month If you're birthday starts any day but the 2nd, what day do your benefits start? ----- ----CORRECT ANSWER-----------------On the first of the following month Do you have to apply to SS or do you automatically start receiving it? --------- CORRECT ANSWER-----------------You have to apply
If you are born on the 1-10th of the month when are you paid? ---------CORRECT ANSWER-----------------On the 2nd Wed of the month If you are born on the 11-20th of the month when are you paid? ---------CORRECT ANSWER-----------------On the 3rd Wed of the month If you are born on the 20th-end of the month when are you paid? ---------CORRECT ANSWER-----------------4th Wed each year you delay taking SS past retirement age, your benefit goes up by ____. When do you see the increase reflected? ---------CORRECT ANSWER----------------- 8%, it is reflected in the following year, unless you've reached age 70 then the increase begins immediately. What age is the breakeven point between early and waiting? ---------CORRECT ANSWER----------------- 78 Are survivor benefits affected by the worker delaying or selecting early withdrawals? ---------CORRECT ANSWER-----------------yes
How many months can you apply beforehand? ---------CORRECT ANSWER------------ -----4 months beforehand If you earn $25k on January 1st and you die on January 3rd, how many credits did you earn? What if you die on July 1st? Dec 15? ---------CORRECT ANSWER------------ -----1 credit, 3 credits, 4 credits FRA age for folks born between 1943- 1954 ---------CORRECT ANSWER----------------- age 66 FRA for folks born after 1960 ---------CORRECT ANSWER----------------- 67 FRA for folks born before 1937 ---------CORRECT ANSWER----------------- 65 Robert turns 62 on April 22nd. When is he eligible to start receiving benefits? When would he receive his first check? If he started then, what would be his reduction, how many months? ---------CORRECT ANSWER-----------------May 1st. Checks are a month behind so the 4th wednesday in June. 47 month reduction because he would start in May which would mean he is 62 and one month
What day do you have to be born on to take a full 48 month reduction? --------- CORRECT ANSWER-----------------the 2nd of the month is the ONLY day Mary turns age 62 on June 2nd. When can you start taking benefits? When would she receive her first payment? How much reduction would she take? --------- CORRECT ANSWER-----------------June becuase she obtained age 62 on June 1st. She would be paid on the 2nd Wed of July (one month behind). She would have the FULL 48 month reduction John turns 62 on January 1st. When will he start benefits? When will his first check come? What will his reduction be? 47 or 48 months? ---------CORRECT ANSWER-----------------(obtains age 62 on Dec 31st) January 1st. 2nd Wed of February. 47 month reduction What type of earnings are included in the earnings test? ---------CORRECT ANSWER-----------------Only EARNED income, so SS wages, W-2, self employment. What type of earnings are NOT counted in the earnings test? ---------CORRECT ANSWER-----------------rental properties, IRA distributions, Investments, 401ks, lottery winnings If you are under FRA, how much income can you earn before your SS check is effected? ---------CORRECT ANSWER-----------------$22,320. Anything you earn
November is the only month he is over so that is the only month his payment will be affected. Late he will have 1 credit month which will later help reduce is reduction (make his benefit go back up!) Mary turns 66 on Sep 16th but has been collecting SSB since age 62. On Sept 14th she earned $250k. Does this affect her benefit? ---------CORRECT ANSWER----------- ------NO, once you hit your FRA month, the AET (annual earnings test) no longer counts Mary turns 66 on Sep 1st but has been collecting SSB since age 62. On Aug 14th she earned $250k. Does this affect her benefit? ---------CORRECT ANSWER----------- ------No, she obtained FRA on Aug 31st, so earnings in August technically fall in her FRA month Mary beings SSB at age 68. Her FRA is 66. How much is her delayed retirement credits? ---------CORRECT ANSWER-----------------16% increase Sue begins receiving benefits on her own work record at age 62 and collects $ (PIA = $1000). Sue becomes eligible for a spousal boost at FRA when her husband starts collecting. How much is Sue's total benefit? Husbands PIA is $ If Sue started collecting before FRA what would happen? ---------CORRECT ANSWER-----------------2500/2=
- Sues PIA which is $1000 = $250 (the boost), gets added to what she was already collecting. $750+$250=$ So she gets less than 1/2 the PIA because she started her own benefits early If she started collecting spousal benefits before she is FRA, the boost is also reduced Alice's husband passed away when alice was 52. At what age can she collect survivor benefits? ---------CORRECT ANSWER-----------------Age 60 Bob passed away at age 67 and his PIA was $2100. How much will his wife receive if she starts collecting spousal benefits at FRA ---------CORRECT ANSWER-------------- ---$ Is there a earnings test of survivoring spousal benefits? ---------CORRECT ANSWER- ----------------Yes, if you're collecting benefits before FRA, you'll still be subject to the AET even if you are doing survivors benefits How long must you be married to collect survivors benefits? ---------CORRECT ANSWER-----------------9 months unless they passed away from an accident or military survice
Can a surviving spouse file for survivor benefits at age 60 then switch to their own benefits as early as age 62? ---------CORRECT ANSWER-----------------Yes; deemed filing does not apply for spousal benefits How does the "Do Over" provision work ---------CORRECT ANSWER----------------- Must file to cancel SS within 1 year of starting. Must payback everything Can only do this once Voluntary Suspension ---------CORRECT ANSWER-----------------Can suspend pmts at FRA Will start to earn Delayed Retirement Credits Anyone collecting on your record will also be suspended pmts. How early can you apply for SS? ---------CORRECT ANSWER-----------------4 months How much backpay can you get through SS? ---------CORRECT ANSWER--------------- --6 months of backpay paid as a lump sum.
Can you receive SS checks in the mail? ---------CORRECT ANSWER-----------------no it has to be direct deposit Which benefits can you not file for online? (you must speak to someone at the SS office) ---------CORRECT ANSWER-----------------children and surviving spouse benefits At what point can you file a restricted application? ---------CORRECT ANSWER------- ----------at FRA Can both spouses utilizing the restricted application? ---------CORRECT ANSWER---- -------------No, only one because the other must be receiving payment What is the Windfall Elimination Provision? ---------CORRECT ANSWER----------------- WEP - If you have 40 SS credits AND a pension. You still qualify for SS but your first bend point will be adjusted. The lowest the bend point can go is 40% and that will depend on your years of substantial earnings (the more years of earnings, the more your benefit will be). The most SS will reduce your check by (for WEP) by NO MORE than ____ of your Gov pension ---------CORRECT ANSWER-----------------50%
