This course provides tax and financial planning professionals with background information on the Social Security system, strategies clients will need in dealing with Social Security and the myriad related retirement-related planning issues.
DESIGNED FOR
Practitioners who have clients contemplating receipt of Social Security
BENEFITS
- Identify who is entitled to retirement benefits and in what amounts
- Learn the factors one must consider in determining when to take benefits
- Discuss the taxation of Social Security benefits and how this impacts other income tax planning
- Identify and describe the potential effects of retirement and estate planning strategies
HIGHLIGHTS
The leading edge of the Baby Boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course will cover the following topics:
- Retirement benefits: What the amount of benefits is in various circumstances
- Spousal benefits: Should a spouse return to work? What benefits does a spouse have and when and how do they relate to benefits decisions by the client?
- Claiming Social Security: Advantages and disadvantages at age 62, full retirement age and age 70
- Planning: What clients approaching retirement age should consider now with respect to benefits for themselves, their spouses and their children
- Coordinating benefits: Should your clients take Social Security first and higher-balance IRA distributions later, or take IRA balances first and enhanced Social Security benefits later?
COURSE LEVEL
Basic
PREREQUISITES
Basic knowledge of retirement planning
ADVANCE PREPARATION
None