Social Security Basics and Strategies for Maximizing Benefits 2024

Overview

Though many clients see Social Security as a government benefit, it is a covered worker’s investment asset to be managed like any other asset. Examine issues like how Social Security benefits are calculated, identifying benefit-claiming strategies, and what spouses can do now to maximize benefits at retirement. You’ll learn how Social Security works and explore common planning situations-including workers with and without spouses, sandwich-generation families with dependent parents and minor children, and surviving and/or divorced spouses-and techniques to maximize your clients’ benefits.

Highlights

• Social Security planning, benefit calculation, and beneficiaries
• Recent changes to "file and suspend" and "restricted application" strategies
• Increasing benefits for self-employed individuals
• Planning for surviving spouses
• Integrating retirement plan distribution strategies with Social Security claiming strategies
• Coordinating drawing Social Security benefits with the start of Medicare benefits, including a discussion of IRMAA

Prerequisites

None

Designed For

CPAs, financial advisers, attorneys, insurance and other professionals.

Objectives

• Determine how Social Security works, how benefits are calculated, who are beneficiaries, and techniques to maximize your clients' benefits
• Recognize the language and forms of the Social Security Administration
• Outline the earnings test and other drawbacks to drawing benefits early and how to plan around them
• Determine which planning products to use to calculate the best strategy for your clients

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).