Utah Contractor Practice Exam

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Prepare for the Utah Contractor Exam with comprehensive quizzes and study resources. Gain confidence by accessing multiple-choice questions designed to enhance your knowledge and skills for the licensing exam.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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At what age do benefits under the federal Insurance Contribution Act become available?

The age of 62
The age of 65
The age of 67
The age of 69

The correct answer is: The age of 62

The correct answer is the age of 62, as this is when individuals can begin receiving Social Security retirement benefits under the Federal Insurance Contributions Act (FICA). FICA is primarily associated with funding Social Security and Medicare, and while workers can start drawing Social Security benefits at 62, it is important to note that doing so does come with a reduction in the monthly benefit amount compared to the full retirement age. Full retirement age varies based on the year of birth, which can lead to some confusion; for individuals born in 1960 or later, the full retirement age is 67. However, the option to start receiving benefits at 62 is a significant aspect of Social Security retirement planning, providing early access to benefits for those who may need or choose to retire early. The other age options listed—65, 67, and 69—reflect milestones in retirement planning but do not represent the earliest age at which individuals can access these benefits.