Tony is 48 years old.He earned the maximum taxable wage base under Social Security annually between the time when he was 26 and when he was 40.At age 40,he dropped out of the workforce to care for children as his wife had a high-paying job.Which statement is true regarding Tony's insured status under Social Security?

Question

Quizplus · Accepted Answer

To be fully insured under Social Security, a person needs to earn at least 40 quarters of coverage which is equivalent to 10 years of work. Since Tony earned the maximum taxable wage base annually between age 26 and 40, he would have earned more than enough quarters to be fully insured. However, to be currently insured, a person needs to have earned at least six quarters of coverage in the past 13-quarter period. Since Tony dropped out of the workforce at age 40 and has not worked since then, he would not have earned enough quarters to be currently insured. Therefore, the correct answer is B – Tony is fully insured but not currently insured.

Tony Is 48 Years Old