Description
How retirees incorporate Social Security benefits into their retirement strategy is one of the most important decisions they make. This presentation provides an overview of Social Security — the system itself, some demographics and potential future changes. The presentation continues by exploring Social Security benefits for primary workers by quantifying the benefit election process through the lens of breakeven point. Further, both spousal and Survivor elections and strategies are discussed along with the impacts of benefit taxation and earnings test. Finally, we discuss the role Social Security plays in a retirement strategy as a guaranteed income source.
Learning Objectives
• Explore how age demographics are affecting the system and understand potential future changes
• Learn how to the concept of benefit breakeven point and how it can help guide benefit decisions
• Quantify the effect of earnings test and taxation on a participant benefit
• Master the understanding of Spousal and Survivor benefits and the strategies that optimize benefits
• Understanding Social Securities critical role of a guaranteed lifetime income stream in a retirement plan