OK, class. You’ve been reading my column for a number of years now. It’s time to see how much you’ve learned. So put on your thinking caps, get out your No. 2 pencils, and good luck with this short pop…
QUESTION 1: How many years of earnings are used to compute a Social Security retirement benefit? And are your actual earnings used, or a variation of those earnings?
QUESTION 8: Tom is 62 and still working and he and his wife are covered by his employer’s health insurance plan. His wife is 65 and retired from her own job that did not offer health insurance. She is about to apply for Social Security and Medicare. Should she take both Parts A and B of Medicare?ANSWER TO QUESTION 1: Thirty-five years of inflation-adjusted earnings are used.
ANSWER TO QUESTION 4: False . In the past, many people were able to jump through a loophole that allowed them to do that. That loophole is closed for anyone who was not age 66 by Jan. 2, 2020. However, widows or widowers can take reduced benefits on one record at 62 and later switch to full benefits on the other record.
ANSWER TO QUESTION 7: Hank won’t get a nickel. He can’t get widower’s benefits because his own retirement benefits are higher. And he won’t even get the measly little $255 death benefit. In Question 5, I pointed out that Wilma never worked. The death benefit is paid only on the account of someone who worked and paid Social Security taxes.
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