Description
Social Security has become an important component of most retirees' retirement income plan. More than ever, it is critically important that insurance producers and financial advisors understand Social Security benefits and how to optimize those benefits for their clients.
This course covers Social Security, focusing on claiming strategies and how to make the most of the available benefits. Accordingly, the course provides numerous examples to illustrate the more complicated principles and strategies and clarify how the rules can be applied to a client's benefit.
Learning Objectives
Upon completion of this course, students will be able to:
• How to explain how Social Security retirement benefits are calculated
• Demonstrate an understanding of the effect that claiming benefits early, at full retirement age (FRA), and beyond FRA has on the benefit amount
• Explain how Social Security benefits are taxed once income exceeds certain threshold levels
• Describe how Cost of Living (COLAs) and delayed retirement credits (DRCs) are applied
• Explain how a spousal benefit is calculated and interacts with a working spouse's benefit
• Describe the different claiming strategies that married couples and survivors (widow(er)s) can use to maximize their benefits