CRPC CHARTERED RETIREMENT PLANNING
COUNSELOR EXAM BANK 2026 | 2 ACCURATE
REAL EXAM VERSIONS WITH REAL QUESTIONS
AND ANSWERS EACH WITH A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS |
LATEST UPDATE
Which one of the following is a correct statement about the
amount of Social Security retirement benefits available when a
fully insured worker's retirement benefit begins at full retirement
age (FRA)?
A)
A 63-year-old spouse of the retired worker will receive at least
50% of the worker's PIA.
B)
If the spouse of the worker has attained FRA and is entitled to
benefits on their earning record, the benefit is the lesser of 100%
of the spouse's own PIA or 50% of the worker's PIA.
C)
If the spouse is at or above their full retirement age when
commencing Social Security benefits, the spouse will receive at
least 50% of the worker's PIA.
D)
,The worker will receive 80% of their primary insurance amount
(PIA). Correct Answer C)
If the spouse is at or above their full retirement age when
commencing Social Security benefits, the spouse will receive at
least 50% of the worker's PIA.
The spouse who starts receiving benefits at their Social Security
full retirement age will receive 50% of the worker's PIA unless the
spouse's Social Security benefit is higher based on their own
earnings. (Note: The FRA began increasing for those workers
who reached age 62 in the year 2000.) At full retirement age the
worker will receive 100% of PIA. The 50% of PIA is reduced for
each month the spouse is under full retirement age when benefits
begin. A spouse who is at FRA and entitled to benefits on their
own working record would receive the higher of 100% of their own
PIA or 50% of the spouse's PIA.
Which one of the following is correct regarding most types of muni
bond interest and the taxation of Social Security benefits?
A)
All of the tax-exempt muni bond interest is included in the
computation of the taxation of Social Security benefits.
B)
50% of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits.
C)
,None of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits.
D)
85% of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits. Correct Answer A)
All of the tax-exempt muni bond interest is included in the
computation of the taxation of Social Security benefits.
All tax-exempt interest income is included in computing the
portion of Social Security benefits that are subject to taxation.
However, tax-free Roth distributions are not counted when
determining provisional income. A maximum of 85% of the Social
Security benefits are subject to taxation.
Susan has reached full retirement age (FRA). She is trying to
decide between starting Social Security benefits of $1,000 per
month now, or delaying receipt for three years and using her
savings to provide current income. By delaying three years her
benefit would increase to $1,240 per month. Ignoring the time
value of money and cost-of-living adjustments, use the break-
even calculation to determine how much longer Susan will need
to live in order for delaying to "pay off."
A)
She should delay only if she expects to live beyond the next 15½
years or so.
B)
, She should delay beyond FRA regardless of her life expectancy in
order to maximize her lifetime benefit.
C)
She should begin her benefits at FRA regardless of her life
expectancy in order to maximize her lifetime benefit.
D)
She should begin at FRA if she expects to live beyond the next
three years. Correct Answer A)
She should delay only if she expects to live beyond the next 15½
years or so.
By delaying three years, Susan is forfeiting $1,000 X 36 payments
or $36,000 of benefits. She would then gain $240 per month
going forward: $36,000/$240 = 150 months, or 12.5 years, from
three years from now. If she thinks she is going to live beyond
15.5 years from now, it would pay to delay benefits by three
years.
Sam, age 62, begins receiving his Social Security income. His PIA
is $1,500 per month. Because he has filed at age 62, his payment
will be reduced by 25% to $1,125. His wife Linda, age 67, would
like to begin spousal benefits. Her monthly income would be
A)
$562.50.
B)
COUNSELOR EXAM BANK 2026 | 2 ACCURATE
REAL EXAM VERSIONS WITH REAL QUESTIONS
AND ANSWERS EACH WITH A STUDY GUIDE |
EXPERT VERIFIED FOR GUARANTEED PASS |
LATEST UPDATE
Which one of the following is a correct statement about the
amount of Social Security retirement benefits available when a
fully insured worker's retirement benefit begins at full retirement
age (FRA)?
A)
A 63-year-old spouse of the retired worker will receive at least
50% of the worker's PIA.
B)
If the spouse of the worker has attained FRA and is entitled to
benefits on their earning record, the benefit is the lesser of 100%
of the spouse's own PIA or 50% of the worker's PIA.
C)
If the spouse is at or above their full retirement age when
commencing Social Security benefits, the spouse will receive at
least 50% of the worker's PIA.
D)
,The worker will receive 80% of their primary insurance amount
(PIA). Correct Answer C)
If the spouse is at or above their full retirement age when
commencing Social Security benefits, the spouse will receive at
least 50% of the worker's PIA.
The spouse who starts receiving benefits at their Social Security
full retirement age will receive 50% of the worker's PIA unless the
spouse's Social Security benefit is higher based on their own
earnings. (Note: The FRA began increasing for those workers
who reached age 62 in the year 2000.) At full retirement age the
worker will receive 100% of PIA. The 50% of PIA is reduced for
each month the spouse is under full retirement age when benefits
begin. A spouse who is at FRA and entitled to benefits on their
own working record would receive the higher of 100% of their own
PIA or 50% of the spouse's PIA.
Which one of the following is correct regarding most types of muni
bond interest and the taxation of Social Security benefits?
A)
All of the tax-exempt muni bond interest is included in the
computation of the taxation of Social Security benefits.
B)
50% of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits.
C)
,None of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits.
D)
85% of the tax-exempt interest is included in the computation of
the taxation of Social Security benefits. Correct Answer A)
All of the tax-exempt muni bond interest is included in the
computation of the taxation of Social Security benefits.
All tax-exempt interest income is included in computing the
portion of Social Security benefits that are subject to taxation.
However, tax-free Roth distributions are not counted when
determining provisional income. A maximum of 85% of the Social
Security benefits are subject to taxation.
Susan has reached full retirement age (FRA). She is trying to
decide between starting Social Security benefits of $1,000 per
month now, or delaying receipt for three years and using her
savings to provide current income. By delaying three years her
benefit would increase to $1,240 per month. Ignoring the time
value of money and cost-of-living adjustments, use the break-
even calculation to determine how much longer Susan will need
to live in order for delaying to "pay off."
A)
She should delay only if she expects to live beyond the next 15½
years or so.
B)
, She should delay beyond FRA regardless of her life expectancy in
order to maximize her lifetime benefit.
C)
She should begin her benefits at FRA regardless of her life
expectancy in order to maximize her lifetime benefit.
D)
She should begin at FRA if she expects to live beyond the next
three years. Correct Answer A)
She should delay only if she expects to live beyond the next 15½
years or so.
By delaying three years, Susan is forfeiting $1,000 X 36 payments
or $36,000 of benefits. She would then gain $240 per month
going forward: $36,000/$240 = 150 months, or 12.5 years, from
three years from now. If she thinks she is going to live beyond
15.5 years from now, it would pay to delay benefits by three
years.
Sam, age 62, begins receiving his Social Security income. His PIA
is $1,500 per month. Because he has filed at age 62, his payment
will be reduced by 25% to $1,125. His wife Linda, age 67, would
like to begin spousal benefits. Her monthly income would be
A)
$562.50.
B)
