Social Security: Overview and Strategies

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Designed For: This program is intended for practitioners who have baby boomer clients.

Product Code: SSOOL

About the Author: Terry L. Seaton, CPA, PFS, CFP™
Seaton Financial Advisors, LLC
St. Augustine, FL
terryseaton@bellsouth.net

Vendor: Florida Institute of CPAs

Format: **Online**

Price: $35.00 members, $45.00 non-members

CPE Credit: 2 Technical Business

NASBA Field of Study: Administrative Practice

Level: Intermediate

Prerequisite: Experience with advising and providing clients on social security scenarios

Advance Preparation: None

Learning Objectives:

After viewing this presentation, participants will be able to: 

  • Describe the scope and size of the SS programs. 
  • Explain how to obtain wage history and estimated benefits from the SS Administration
  • Explain the two eligibility requirements for a worker to receive retirement benefits.
  • Describe how a worker's Primary Insurance Amount is calculated.
  • Discuss the major factors a client should consider when deciding when to begin receiving SS benefits.
  • Discuss the pros and cons of delaying receipt of SS benefits past the full retirement age (FRA).
  • Explain and quantify the impact that continuing to work after beginning SS retirement benefits will have on those benefits.
  • Explain and quantify how SS benefits are taxed.
  • Explain the retirement and survivor benefits available to a worker's family members including eligibility requirements.
  • Describe how the Family Maximum Benefit is calculated and applied to each family member.
  • Explain how a worker's SS benefits may be reduced if they also receive a government pension.
  • Explain and quantify the financial impact of each of the 3 major strategies married couples may take for beginning SS benefits: Yours now and mine later, File and Suspend, File and Restrict.

Description: This online course will help you educate and advise your clients about the Social Security system and the financial impacts of their withdrawal options. You can take this course at your own pace. Spend just a few minutes a night working on it, or complete the course in one sitting. Once you finish and pass the exam, you receive your certificate of completion.

Social Security has always been an important source of income for retirees. That importance has recently escalated due to reductions in home equity, declines in 401k/IRA account balances, historically low interest rates paid to savers and future stock market returns projected to be lower than historical averages. As the baby boomer generation reaches retirement age (about 10,000 per day), it is very important that CPA financial advisors provide timely and accurate advice to their clients regarding how the Social Security system works and the strategies available to maximize lifetime benefits.

You will receive 2 emails after registering for this course.  One email will contain the receipt for your course purchase, the other from support@courselaunch1.com providing you with instructions on how to log onto the course.