Social Security: Indispensable Information for Financial Professionals

Course Description

This course discusses the basics of the Social Security program, including a review of the most recent rule changes made in the Bipartisan Budget Act of 2015.

Along with background information on the Social Security program history, funding and how benefits are calculated, descriptions of benefits available for married, single, divorced and widowed retirees are given.

Case study examples explain the most commonly used rules and strategies needed to optimize Social Security benefits through the comparison of best vs. worst claiming decisions.

The importance of determining optimal Social Security income claiming strategies is explained for its importance when examining portfolio withdrawal strategies to create a reliable retirement financial plan for your clients. 

Required client information, terminology, acronyms, and concepts needed to understand how to optimize benefits are presented.

Instructor

Martha Shedden

Martha is passionate and enthusiastic about educating financial professionals and retirees on the details of Social Security. Over 10,000 Baby Boomers are retiring every day and they need accurate, detailed information to make the very best individual Social Security income election decision. Social Security planning is also the foundation and first step to creating a financially secure retirement plan.

In addition to certification as a Chartered Retirement Planning Counselor (CRPC), through the College of Financial Planning, Martha is also a National Social Security Advisor (NSSA).

Learning Objectives

Upon successful completion of this course, participants will be able to:

• Recognize important Social Security program historical facts, changes to the program, and possible future adjustments for the trust fund to remain solvent
• Identify the components of the Bipartisan Budget Act of 2015, noting its late passage, phase out of claiming strategies, options, and age deadlines
• Recognize the most commonly used Social Security terms and acronyms
• Note the funding mechanisms of Social Security, including maximum taxable earnings amounts
• Recognize the elements of calculating social security benefits, including how to calculate AIME and PIA
• Note the age at which full retirement benefits can be collected, time windows to fix an incorrect income election
• Describe the importance of considering life expectancy when determining when to claim Social Security benefits