Quiz Detail

Q1 . Section 831 of the Bipartisan Budget Act of 2015 addresses which of the following?

A How someone’s full retirement benefit is calculated based on his/her earnings history

B The Department of Defense spending budget

C Phase out the file-and-suspend and restricted application Social Security claiming strategies

D Section 831 helps wealthy people get more Social Security income

Q2 . Section 831 of the BBA 2015 phases out which of the following over time?

A Use of the restricted application to obtain spousal income while delaying own retirement benefit

B Application of the file-and-suspend strategy

C Strategies for couples and divorced retirees to potentially get more Social Security income

D All of the above are correct

Q3 . How many, and which years of earnings, are used to calculate the Social Security Benefit?

A 35 years of your most recent earnings

B 30 years of your highest earnings

C 35 years of your highest earnings

D 30 years of your most recent earnings

Q4 . If you file for Social Security and start collecting benefits, but then feel you have made a mistake, how long do you have to withdraw your application and pay the benefits back?

A 2 years

B 5 years

C 1 year

D 3 years

Q5 . If divorced, what is the minimum amount of years you must have been married to collect an ex-spousal benefit?

A 5 years

B 2 years

C 10 years

D 12 years

Q6 . When were Social Security income benefits first taxed and by how much?

A 1994, up to 85% could be taxed

B 1983, up to 50% could be taxed

C 1983, up to 85% could be taxed

D 1994, up to 50% could be taxed

Q7 . Which of the following are not impacted by Section 831 of the BBA 2015?

A Phase out the file-and-suspend strategy

B Phase out the restricted application (for spousal benefit)

C Widow(er) benefits and claiming strategies

D Divorced benefits and claiming strategies

Q8 . With respect to the BBA 2015, which of the following are correct age(s) and dates for phase-out triggers of the two Social Security claiming techniques?

A Age 66 by April 29, 2016 for file-and-suspend benefits

B Age 62 by end of December 2015 for use of restricted application for spousal benefit

C Age 62 by April 29, 2016 for use of restricted application for spousal benefit

D Both A and B

Q9 . Which of the following phrases best mirrors President Obama's 2015 budget proposal reason for including and passing Section 831 within the BBA 2015?

A To prevent duplicative or excessive Social Security benefit payments

B To provide more Americans with the opportunity to get more Social Security payments

C To provide non-wage earning spouses ways to get more Security payments

D To reduce excessive payments on widows(ers) benefits

How Well Do You Understand Social Security And The 2015 Income Claiming Rule Changes?