Objective
- Identify who is entitled to retirement benefits and in what amounts
- Summarize the factors one must consider in determining when to take benefits
- Discuss the taxation of Social Security benefits and how this impacts other income tax planning
- Identify and describe the potential effects of retirement and estate planning strategies
Highlights
- 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 Social Security: Advantages and disadvantages at ages 62, full retirement age, 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 balances first and enhanced Social Security benefits later?
- Looking forward: Are changes ahead?
Designed For
Practitioners who have clients contemplating receipt of Social SecurityPrerequisite
Basic knowledge of retirement planningAdvanced Preparation
None