100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CRPC 3 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified $13.48   Add to cart

Exam (elaborations)

CRPC 3 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified

 2 views  0 purchase
  • Course
  • Top Academic Resources 2024/2025
  • Institution
  • Top Academic Resources 2024/2025

CRPC 3 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified

Preview 4 out of 46  pages

  • August 22, 2024
  • 46
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Top Academic Resources 2024/2025
  • Top Academic Resources 2024/2025
avatar-seller
oneclass
CRPC 3 Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified


A worker's primary insurance amount (PIA) is the amount they receive from Social Security - if he or she
began payments at full retirement age.



For a worker whose full retirement age is 66 or later, the annual delayed retirement credit percentage
for the years you delay receipt of benefits beyond (FRA) is - 8



Delaying receipt of benefits (for example until age 70) will result in all of the following except -
permanently reduced benefit amount.



Ann has reached her full retirement age (FRA) of 66 in 2020. She can elect to receive $1,000 now, or
delay receipt by two years. She expects to live until age 90. Ignoring outside factors, when should she
begin her benefits? - two years from now



Michael, a 62-year-old single man, is considering beginning his Social Security benefits to supplement his
income of $14,000 per year. How much will he lose in Social Security benefits due to the earned income
restrictions? - 0



If provisional income exceeds all the thresholds given, then a maximum of ___________ of Social
Security benefits are subject to taxation. - 85%



Brent and Carol are married and file jointly. They have an AGI of $50,000 and they receive a combined
Social Security benefit of $15,000. They have no tax-exempt income. What is the maximum percentage
of their Social Security benefit that will be subject to taxation? - 85



Spousal retirement benefits can be claimed as early as age ______. - 62



Jeff and Betsy both attained their FRA in time to employ the "restricted application for spouses"
strategy. Jeff's PIA at his FRA was $2,000 and Betsy's was $1,200. If they employ the "restricted
application for spouses" strategy, Betsy will begin receiving $_____ per month. - 1,200

,Carla is collecting $600 per month from a government pension and is also eligible to receive a Social
Security spousal benefit of $1,000 per month. Due to the GPO, her Social Security spousal benefit will be
reduced to ____________. - 600



David began receiving Social Security benefits in June 2020. He later learned that he should have
delayed receipt of his benefits until a later age. He has until _______ to pay back all payments and refile
for increase benefits at a future date. - June 2021



Jerry was born in 1954. What age does Social Security consider to be his full retirement age (FRA)? - 66



Mary is 69 years old. She is receiving $1,800 per month in Social Security. Her husband Ralph, age 67,
who has not worked enough quarters outside the home to be covered in his own right, receives 50% of
what Mary receives each month ($900). Assume that Mary dies tomorrow. What will Ralph's Social
Security benefit be? Assume he has reached his survivor FRA. - 1,800



Bob and Helen just won the lottery. The benefit this year will be $50,000, and it will increase over the
next 19 years. Bob's monthly Social Security benefit is $1,800; Helen's monthly Social Security benefit is
$1,200. Bob is age 68, and Helen is age 69. Which one of the following is a correct statement about Bob
and Helen's old-age Social Security benefits? - Up to 85% of their Social Security benefit must be
included in gross income.



Henry and his wife Etta will both reach their FRAs this month, and they both plan to begin receiving
Social Security benefits next month. Etta's primary insurance amount (PIA) is $1,900; Henry's PIA is
$975. What will their maximum Social Security benefit be? - They will both receive their respective PIAs.



Which one of the following is a correct statement about old-age Social Security benefits? - Old-age
Social Security benefits are not reduced for persons who have attained their Social Security FRA
regardless of the amount of earned income received.



Jill and Mark are celebrating their 20th wedding anniversary, receiving a 20-year watch from their
employer, and reaching FRA all on the same day with a trip to the beach. Which of the following
statements correctly describe the Social Security benefit Jill is eligible to receive? - 100% of her own
benefit

,An individual's Social Security payment amount will be adjusted annually to account for increases in
inflation as measured by the _____________. - CPI-W



Higher income earners will have an income replacement ratio that is - lower than low income earners.



On average, Social Security represents ______ of the income of the elderly. - 33



Tom, 59, is a widower and is receiving a widower's benefit on his deceased spouse's record. Tom is
considering getting remarried. As a planner, you should suggest which one of the following? - He should
wait until age 60 to remarry.



Which one of the following counts as "earnings" for the Social Security earnings test? - Self-employment
net earnings



Carl is going to reach FRA later in the current year. He has begun Social Security benefits but is still
working. His Social Security benefits will - be reduced $1 for every $3 earned above the earnings cap.



Social Security payments are - taxable if your provisional income exceeds the applicable threshold.



Social Security provides individuals with protection against which of the following risks? - All of these



Social Security began as a program to provide retirement income, but has been expanded to provide all
of the following income except - survivor benefits to spouse caring for a child under 19.



Gary reached FRA this year (2020) and filed for his Social Security benefits. His wife, Mary, is 62 and
wishes to file for spousal benefits when she turns 63 later in 2020. If Gary's full benefit is $2,000, what
will Mary's benefit be? - 725



Tammy doesn't begin her Social Security benefit at FRA (age 66), instead opting to delay while collecting
delayed retirement credits. When she reaches age 68, however, she encounters financial difficulty and
must file for her benefits. How much will her payment have increased? - 16

, It is January 15, 2020. Bill and Mary both attained age 66 in 2019. They want to employ the restricted
application strategy. Bill is the higher income earner. What can be said about their options? - Bill should
file a restricted application for spousal benefits because he is the higher income earner.



Margaret is confused about her options and takes a friend's advice to file and begin collecting benefits
at age 62. Two years later, she attends one of your seminars on Social Security and realizes that this was
a mistake, as she has sufficient personal assets to get her through until at least age 70 and her life
expectancy is nearly 100. What can you suggest to her? - She can voluntarily suspend payments, keep
the benefits she has received, and resume payments later at an increased rate.



Which one of the following is not an objective of an investment policy? - To select individual securities



Which one of the following is not an appropriate element of an investment policy? - The portfolio should
maximize return and minimize risk.



Which one of the following is not one of the steps in the asset allocation process? - Establish guidelines
for reaching goals



An investor has a 6%, 10,000 par value bond that matures in 15 years. The yield to maturity on similar
bonds currently is 5.5%. What is the price of this bond? - $10,506.23



The Sharpe ratio measures - total risk as measured by standard deviation.



Growth stocks are characterized by - high P/E ratios.



Which one of the following is not a strategy associated with the practice of tactical asset allocation? -
Buying and holding an S&P 500 Index fund



Assume the standard deviation for a stock is 10 and its mean return is 14%. What is the range of returns
you would expect 68% of the time? - 4% and 24%

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79650 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.48
  • (0)
  Add to cart