Understanding and making a smart Social Security election is a cornerstone decision for women's retirement plans. Not fully understanding the special financial barriers and issues women face in retirement can cost retirees hundreds of thousands of dollars.
Join Martha Shedden as she reviews most recent Social Security rule changes made in the Bipartisan Budget Act of 2015. She'll cover why Social Security planning is so critical for women and how this election decision can have a multiplier effect on their retirement standard of living. Through illustrative examples, you'll discover how to avoid an incorrect Social Security election that can result in 'money left on the table.'
Upon successful completion of this course, participants will be able to:
- Identify life span expectancies, median earnings, and the age at which an individual can collect full retirement benefits
- Note the funding mechanisms of Social Security, including the taxability of benefits and maximum taxable earnings amounts
- Recognize the special financial situations and economic factors that impact women and their Social Security benefits
- Identify the most commonly used Social Security terms and acronyms
- Recognize the information needed to calculate social security benefits, noting how to calculate AIME and PIA
- Recognize important Social Security program historical facts, noting the components of the Bipartisan Budget Act of 2015
- Specify the rules and requirements for spousal benefits, divorced couples, and survivors
- Identify the most important concepts to know about social security benefit elections, noting the factors that contribute to making these areas so critical to success
- Identify ways to maximize and optimize the Social Security election, noting the importance of aligning the Social Security election decision with management and withdrawal of other retirement assets
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