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Determining Social Security Benefit Amounts: A Financial Planning Perspective - Webinar

  • ID: 4227701
  • Webinar
  • June 2017
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
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Understand how Social Security benefits are calculated and how to help your clients get the maximum amounts available to them.

Understand how Social Security benefits are calculated and how to maximize these retirement benefits for your clients. For many U.S. workers, Social Security taxes are the largest single investment they will make in their own retirement security and Social Security benefits are the largest source of retirement income they will have. Moreover, individuals with large 401(k) or other pension income in retirement will typically have relatively high Social Security benefits that will greatly add to their financial security in retirement.

Yet many Americans do not understand how their Social Security retirement benefits are calculated, when they are eligible for them, or the best time to claim them. In addition, many Americans are not aware of Social Security’s survivor and disability benefits, or how Medicare applies to them. This topic will attempt to lay a basic foundation of understanding about these subjects, with particular emphasis on the determination and maximizing of Social Security retirement benefits.

Learning Objectives
  • You will be able to describe how Social Security retirement benefits are calculated using a taxpayer’s lifetime earnings record.
  • You will be able to discuss the role of Social Security in retirement and insurance planning.
  • You will be able to explain how Social Security retirement benefits may be affected by a taxpayer’s age when at retirement and the impact of any post-retirement earnings on benefits.
  • You will be able to identify potential Social Security survivor and disability benefits for survivors and divorced spouses.
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Overview of Social Security and Medicare
- History, Purpose, Solvency Concerns
- Social Security vs. Medicare vs. Supplemental Security Income (SSI)
- Social Security Administration
- Social Security Totalization Agreements With Foreign Countries

Fica and Sei Taxes
- OASDI vs. HI
- OASDI Maximum Wage Base
- Medicare Surtax
- Exclusion for Some State and Local Government Workers; Section 218 Agreements

Calculation of Social Security Retirement Benefits for Workers
- Individual Earnings History
- Eligibility Threshold (10 Years With at Least Minimal Earnings)
- Importance of Social Security Retirement Age (SSRA)
- Determination of Average Indexed Monthly Earnings (AIME) and Primary Insurance Amount (PIA)
- Replacement Rate Bend Points
- Reduced Benefits for Pre-SSRA Retirement; Increased Benefits for Retirement After SSRA
- Windfall Elimination Provision (WEP) for Some State and Local Government Workers
- Benefit Reductions for Substantial Earnings Before SSRA

Spousal Retirement Benefits
- Basic Calculation of Spousal Benefit
- Divorced Spouses
- Dual Eligibility
- Government Pension Offset (GPO)

Social Security Survivor Benefits
- Different Types of Survivor Benefits
- Eligible Family Members, Family Maximum

Social Security Disability Benefits
- Qualification, Amount, Eligible Recipients

Brief Overview of Medicare
- Parts A, B, C, and D
- Qualification Dependent on Social Security Eligibility, but Separate Claiming
- To Claim or Not to Claim If Working Past Age 65 and Still Eligible for Employer-Sponsored Plan
- Medicare Secondary Payer Rules

Social Security Retirement Benefit Claiming Strategies Involving File and Suspend and File and Restrict
- What They Were
- Effect of Bipartisan Budget Act of 2015
- What's Left and for How Long

Taxation of Social Security Benefits
- Basic Calculation, Planning Strategies

Interfacing With SSA
- Office Visits and Telephonic Interaction
- Obtaining Your Social Security Earnings Records and Benefit Estimate
- Using the SSA Website to Answer Complex Benefit Questions
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Luke D. Bailey, Strasburger & Price, LLP
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This webinar is designed for wealth managers, investment brokers, financial planners, stock brokers, estate planners, attorneys, presidents, vice presidents, CPAs, CFPs, and other financial executives.
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