Answer: Case 1:
1. If Ben continues working until he reaches age 64, he would be able to claim Social Security benefits. At age 64, he would be able to receive 93.3% of his full benefit.
2. If Ben passes away before retiring and claiming his benefit, his wife may be eligible to receive survivor benefits. She can receive a survivor benefit as early as age 60, but the benefit amount will depend on Ben's Social Security earnings record.
3. A defined benefit pension plan guarantees a specific amount of retirement income to employees based on a formula that considers factors such as salary history and years of service. In contrast, a defined contribution program sets aside a portion of the employee's salary into an account that can be invested in stocks, bonds, or other assets.
Case 2:
1. Amelia does not qualify for Medicare yet. She will be eligible for Medicare at age 65, which is the age when most Americans become eligible for Medicare.
2. Medicare Part A and Part B would likely be the best options for Amelia, as they cover hospital and medical services. She may also consider a Medicare Advantage plan if she wants additional coverage.
3. There are several programs available to help Amelia pay for her Medicare plan if her income is too low. The Medicare Savings Program (MSP) and Extra Help program can help with premiums, deductibles, and copayments. Additionally, Medicaid may be available to help cover health care costs for those with low income and limited resources.
Explanation: wow that was alot