As the baby boomer generation approaches retirement, financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement 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 it.

Major Topics:

  • Retirement benefits: What the amount of benefits is in various circumstances
  • 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?
  • Claiming on Social Security: advantages and disadvantages at ages 62, 66, and 70
  • Planning: What clients approaching retirement age should consider now with respect to benefits for them, their spouses, and their children
  • Coordinating benefits: Should you take Social Security first and higher-balance IRA distributions later, or take IRA balance first and enhanced Social Security benefits later?

Learning Objectives:

  • Identify who is entitled to retirement benefits and in what amounts
  • Be aware of what factors must be considered in determining when to take benefits
  • Understand the impact of reductions or enhancements to the benefits on planning

Designed For: Practitioners who have baby boomer clients with significant wages or earned income
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 4