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RMI 3011- chapter 11 RMI 3011 Florida State University -Questions with complete solution

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RMI 3011- chapter 11 RMI 3011 Florida State University -Questions with complete solution when was the social security system signed into law? - correct answer august 14, 1935 by franklin d Roosevelt two primary issues with the social security program - correct answer -number of workers pay...

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  • November 30, 2024
  • 8
  • 2024/2025
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RMI 3011- chapter 11 Questions with
complete solution
when was the social security system signed into law? - correct answer
✔august 14, 1935 by franklin d roosevelt


two primary issues with the social security program - correct answer ✔-
number of workers paying into the system relative to the number of retirees
and other beneficiaries
-the significant increase in the life expectancy of our current and future
population


what % of income of the elderly is represented by social security? - correct
answer ✔33%


low wage earners receive social security retirement benefits averaging___ of
pre retirement income - correct answer ✔60%


average wage earners receive an average of ____ of pre retirement income
from social secuirty - correct answer ✔42%`


high wage earners receive an average of ___ of pre retirement income -
correct answer ✔26%


benefits administered by the social security administration - correct answer
✔retirement benefits
disability benefits
family benefits
survivors' benefits

, medicare
supplemental security income benefits


retirement benefit - correct answer ✔most well known benefit from social
security


when can reduced benefits be received? - correct answer ✔age early as age
62 to anyone who has obtained a minimum amount of 40 quarters of social
security credits


disability benefit - correct answer ✔payable at any age to workers who have
sufficient credits under the social security system to qualify. recipients must
have a severe physical or mental impairment that is expected to prevent them
from performing substantial work at least a year or result in their death


family benefit - correct answer ✔provided to certain family members of
workers eligible fore retirement, or disability benefits. such family members
include spouses age 62 or older, spouses under age 62 but caring for a child
under age 16, unmarried children under 18, unmarried children under age 19
and full time students and unmarried children of any age who were disabled
before age 22


survivor's benefits - correct answer ✔apply to certain members of the
deceased workers family if the worker earned sufficient social security credits.
family members entitled to survivors' benefits include those listed for family
benefits and may also include the worker's dependent parents if the worker
was their primary means of support


medicare - correct answer ✔provides hospital and medical insurance. those
who have attained age 65 or those who receive disability benefits for at least
two years automatically qualify. others must file an application to become
qualified

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