Description

As Americans live longer and increasingly move away from traditional pensions, Social Security has become the main source of retirement income for many clients. Meanwhile, concerns about solvency and a lack of understanding of key rules have led to confusion and sometimes misguided decisions. This program offers tax practitioners the knowledge they need to help clients make informed choices about Social Security and retirement income.

Instructor: Heather Schreiber, RICP®

Target Audience

Tax practitioners who anticipate advising clients on any aspect of the Social Security system, especially regarding when a client can or should initiate Social Security income benefits

Course Objectives

Evaluate client eligibility for various benefits

Explain how deemed filing and dual entitlement impact benefit selections and amounts

Analyze key factors that influence optimal claiming decisions

Advise married clients regarding their options with respect to maximizing Social Security benefits for the couple and for a surviving spouse

Assess how earned income and taxation may impact benefits and Medicare premiums

Apply planning concepts to help clients make more informed and strategic decisions

Subjects

Eligibility rules for retirement, spousal, divorced spouse, survivor, and family benefits

Understanding the new age of deemed filing

How dual entitlement is calculated and how it affects benefit outcomes

Key factors in deciding when to claim Social Security benefits

Coordinating work and benefits, including the earnings test and its effect on income

Managing Social Security to maximize after-tax cash flow, avoid higher Medicare premiums, and protect the survivor

Updates related to recent legislation, including the SSFA and the OBBBA

Prerequisites

Basic knowledge of individual income taxation