Chapter 3_RF - determine benefits A section on maximum...

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Chapter 3 S OCIAL S ECURITY READING FOCUS: A. Have an understanding of Social Security eligibility B. Know the significance of being fully insured or currently insured for Social Security C. Have a basic understanding of Social Security (OASDI) benefits D. Understand how to determine Social Security benefits E. Have a basic understanding of how Social Security benefits are taxed REVIEW: This chapter is about Social Security. The chapter begins with a discussion of eligibility requirements. Next, fully insured and currently insured status is covered. Following this, various benefits are identified, including retirement benefits, disability benefits, spousal benefits, and survivor benefits (mother’s or father’s, children’s, and widow or widower’s). The next section covers computing benefits and works through the various steps to
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Unformatted text preview: determine benefits. A section on maximum family benefits is followed by cost-of-living increases and delayed retirement credit. This is followed by a discussion of working after retirement. Finally, the income taxation of social security benefits is covered. CFP® CERTIFICATION EXAMINATION TOPIC: Topic 60: Social Security [Old Age, Survivor, and Disability Insurance (OASDI)] A. Paying into the system B. Eligibility and benefit C. How benefits are calculated D. Working after retirement E. Taxation of Social Security KEY WORDS: Social Security, quarters of coverage, fully insured, currently insured, normal retirement age, spouse’s benefit, survivor benefits, Primary Insurance Amount (PIA), wage indexing, Average Indexed Monthly Earnings (AIME), delayed retirement credit...
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