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.
Learning 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
Major Topics
- 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
