AnswersFL-2102373-Personal Finance and Money Management HonorsSocial Security and Medicare — Unit testQuestion 10
10
QuizMultiple Choice

Social Security and Medicare — Unit test

Question 10 • FL-2102373-Personal Finance and Money Management Honors

Bob just turned 66 years old and is considering retirement. His average annual salary over the last 35 years is $50,760. Assuming that he will receive 42% of his average annual salary, what will be his annual Social Security benefit?

Answer
A
$2,131.92
B
$21,319.20
C
$213,192.00
D
$2,131,920.00

Explanation

Multiply Bob’s average annual salary by 42%: $50,760 × 0.42 = $21,319.20. Therefore, his annual Social Security benefit is $21,319.20, choice B.

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