Your clients may be aware of the effect of an educated, well-timed Social Security income election decision. However, that decision is just the foundation of a well-designed, optimized retirement income plan. Social Security: Bridging for Retirement Planning will provide you with a detailed understanding of how Social Security income taxation plays a large part in the final net after-tax funds available to retirees as they reach age 70 1/2. You will learn about the 'stealth tax' nature of Social Security income, how it is taxed, and the interplay of Social Security with other income streams. Goal-setting strategies of a diversified retirement plan and withdrawal sequences from retirement accounts, including IRA required minimum distributions will also be covered. Understanding these best practices will boost your clients' retirement income and increase the longevity of their portfolios.
This course also includes a summary of the most recent Social Security rule changes made in the Bipartisan Budget Act of 2015 and signed into law on November 2, 2015. For a detailed discussion of the BBA 2015 please see our course, Social Security Income: Indispensable Information for Financial Professionals.
Upon successful completion of this course, participants will be able to:
- Specify Social Security rule changes contained in the Bipartisan Budget Act of 2015, noting the purpose for the legislation and the timing of its passage 1, 2, 3
- Recognize the difference between optimization and maximization of Social Security benefits, identifying the demographics where optimization is key 4, 5
- Identify the information needed to set goals for a retirement financial plan, noting important items to understand and discuss with clients and the role of various individuals in planning
- Recognize the elements of Social Security taxation, noting the mechanics of the stealth tax, the combined income formula, combined income brackets and thresholds, and the three-part test that determines the amount of Social Security income subject to taxation
- Determine the optimal retirement results and benefits of retirement planning by examining example case studies that review the process of calculating tax on Social Security income
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