Social Security seems poised for changes in benefits and eligibility age. This course provides tax and financial planning professionals with the background information on the Social Security system, strategies clients will need in dealing with Social Security and myriad other 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
- Identify factors to consider in determining when to take benefits
- Discuss 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 and tactics that can enhance overall retirement
- Explain Medicare and the prescription drug provision; describe the basic supplementary insurance plans that are available to fill in the gaps in basic Medicare coverage
HIGHLIGHTS
- Legislative developments
- A full chapter devoted to determining the best planning options for maximizing joint Social Security benefits
- Retirement benefits: Amount of benefits in various circumstances; how the amounts are distributed within the family unit
- Qualification: Has the client retired? How business entities may be used for Social Security advantage
- Income taxation of Social Security: avoidance tactics
- 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?
- When can hiring the spouse increase overall benefits? Why should both spouses qualify for survivor benefits?
- Disability benefits
- When to start Social Security benefits: Advantages and disadvantages at age 62, full retirement age and age 70
- Coordinating benefits: Should you take Social Security first and higher-balance IRA distributions later, or take IRA balances first and enhanced Social Security benefits later?
- Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits
- IRAs: Is it time to convert to a Roth?
- Medicare and Part D prescription drugs: what retirees need to know
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES