Social Security Income: Indispensable Information for Financial Professionals (Currently Unavailable)

Author: Martha B Shedden, Frank Horath

CPE Credit:  2 hours for CPAs

This self-study course will cover the basics of the Social Security program starting with a brief history of Social Security as well as how the program has changed and what future adjustments may be needed for the trust fund to remain solvent.

The terminology, acronyms and concepts needed to understand how to optimize the claiming of Social Security benefits will be discussed. Required client "vital" information for calculating Social Security benefits will be presented.

The most commonly used rules and strategies will be explained and used in case study examples of single, married, divorced and widowed clients. The case studies will be presented in ways that show a 'best' vs. 'worst' claiming decisions based on total cumulative lifetime Social Security income.

Various investment rates (rates of return) and inflation rates will be examined to show the effects of these on the total and future value of Social Security benefits.

Commonly used Social Security software will be discussed in terms of ease of input, thoroughness of case scenarios, user friendliness and graphic display, reporting of output, and general understanding by a "lay person".
The need of incorporation of Social Security income planning in the context of a complete retirement financial plan with other

Publication Date: October 2014

Designed For
Participants who have a general familiarity with Social Security, but little or no understanding of the rules and strategies or details needed to file a claim for benefits. Financial Professionals** wishing to learn more about the Social Security rules and strategies in order to help optimize the claiming decision for a client's particular set of circumstances; Financial Professionals** who want to educate themselves on the Social Security rules and strategies for the purpose of answering clients' questions and referring clients to an appropriate professional specializing in Social Security optimization; Consumers who want to educate themselves on the Social Security rules and strategies available for their particular situation; Anyone who wants to understand Social Security better.

Topics Covered

  • History of Social Security and long-term solvency of trust fund
  • Social Security terms and acronyms
  • How the Social Security benefit is calculated
  • An overview of life expectancy and statistics for men vs. women
  • Becoming educated to avoid making an incorrect decision (get it right the first time)
  • The effects of electing to claim Social Security too early — and a possible 'fix'
  • Spousal and survivor benefits, the rules and strategies you need to understand
  • Single, divorced, and widowed benefits
  • Taking advantage of the 'cash reserve' strategy
  • Computing the optimal benefit, a look at some case studies
  • Aligning your Social Security election decision with other retirement assets
  • Resources, software, further education

Learning Objectives

  • Define the most commonly used terms and acronyms using the Social Security definitions learned in the course.
  • Identify the Social Security 'vitals' information needed using the example case information given.
  • Calculate the maximum amount of expected lifetime Social Security income for a given couples' Social Security case example using the rules and strategies learned in the course.
  • Distinguish between Social Security income amounts for a client electing to start at the earliest and latest ages using the knowledge gained about reduced benefits and delayed retirement credits.
  • Recall important dates and facts about the history of Social Security as presented in the course.
  • Differentiate between the present value and future value of Social Security income amounts when given case examples.
  • Recognize why Social Security income planning should be incorporated into the "big picture" of retirement planning based on the discussion of this topic in the class.
  • Identify the effect of life expectancy on overall Social Security income amounts and survivor benefits using a given couples' case example.
  • Recognize if and how the Social Security ex-spousal benefit would apply, after examining a divorced case example.

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Administrative Practice (2 hours)

Program Prerequisites
None

Advance Preparation
None

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