Social Security seems poised for changes in benefits and eligibility age. 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 provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.
Practitioners who have clients contemplating receipt of Social Security.
- 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
- Legislative developments
- Maximizing joint Social Security benefits
- Retirement benefits: What the amount of benefits is in various circumstances; how the amounts are distributed within the family unit
- How business entities may be used for Social Security advantage
- Income taxation of Social Security: avoidance tactics
- Spousal benefits
- Hiring the spouse: When is it effective?
- Disability benefits
- Going on Social Security: advantages and disadvantages at ages 62, 66 and 70
- Pensions distribution strategies
- IRAs: Is it time to convert to a Roth?
- Medicare and Part D prescription drugs
- This seminar qualifies for CFP credit.