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Social Security Case Study. Your client turned 22 years old today and expects to start working today. Your client expects to be paid once a year, at the end of each year. Your client expects to be paid $50,000 at the end of the first year and for this amount to grow each year by five percent. Your client expects Your client's pays a Social Security tax of 6.2% on all income at or below the Social Security taxable income limit. If your client's income is above the threshold then your client's tax is capped, i.e., your client would pay 6.2% of the threshold. The current Social Security taxable income limit is $160,200 and this threshold is expected to grow by 4% each year forever. Your client can either retire at 62,65 , or 70 years. Once your client retires, this individual expects to receive Social Security disbursements 62 , the first Social Security disbursement would be at 63 . Today, Social Security paid $13,236 to individuals that retired at 62 years of age, $16,809.72 to individuals that retired at 65 years of age. and $23,427.72 to individuals that retired at 70 years of age. In one year, these disbursements will be $13,765.44 to individuals that retired After one year, these disbursements are expected retired at 65 years of age, and $24,364.83 to individuals that retired at 70 years of age. You should assume that your client receipes a salo continue to grow each year by four percent forever. retirement date. Question 10 0/1 Assume your client plans to retire at age 70 and receives social security payments from age 71 through age 77. If you discounted these disbursements using the eight percent annual rate of return, what would be the value of these disbursements when your client is 70 ? Incorrect Less than $1 million Assuming your client will retire at or before turning 70, will your client's salary ever be above the maximum taxable income threshold prior to retiring? Incorrect Yes No Assume your client plans to retire at age 70 and receives social security payments from age 71 through age 77. What is the average disbursement your client will receive over the seven years of retirement? Incorrect Less than $155,000 More than $175,000