Social Security Basics and Strategies for Maximizing Benefits 25-26

Overview

Though many clients see Social Security as a government benefit, it is a covered worker’s investment asset to be managed like any other asset. Examine issues like how Social Security benefits are calculated, identifying benefit-claiming strategies, and what spouses can do now to maximize benefits at retirement. You’ll learn how Social Security works and explore common planning situations?including workers with and without spouses, sandwich-generation families with dependent parents and minor children, and surviving and/or divorced spouses?and techniques to maximize your clients’ benefits.

Highlights

• Social Security planning, benefit calculation, and beneficiaries
• Recent changes to "file and suspend" and "restricted application" strategies
• Increasing benefits for self-employed individuals
• Planning for surviving spouses
• Integrating retirement plan distribution strategies with Social Security claiming strategies
• Coordinating drawing Social Security benefits with the start of Medicare benefits, including a discussion of IRMAA

Prerequisites

None

Designed For

CPAs, financial advisers, attorneys, insurance and other professionals.

Objectives

• Determine how Social Security works, how benefits are calculated, who are beneficiaries, and techniques to maximize your clients' benefits
• Recognize the language and forms of the Social Security Administration
• Outline the earnings test and other drawbacks to drawing benefits early and how to plan around them
• Determine which planning products to use to calculate the best strategy for your clients

Preparation

None