PURPOSE: To verify that you know how different types of benefits are calculated.
Jack, a high-earning lawyer, born in 1948, spent 20 years in the Army JAG Corps, followed by 20 years in private practice, and is ready to retire. Jack was married to Christine for 12 years. Christine was born in 1959, but has not worked since 1985, when their child, Pat, was born. Pat was born prematurely and has extensive disabilities. Pat has never worked and will never be able to work. Jack’s current spouse, Lyn, was born in 1962, and currently works full-time. They have a child, Jordan, born in 2004. Lyn would like to retire as soon as possible. Jack’s mother, born in 1929, relies on Jack for more than half of her support.
- In a one-to-two page paper discuss the following:
- Identify all of the possible benefits available and all of the factors that will be relevant to the calculation of benefits.