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Description
Module Overview of Topics Covered
This module begins with a detailed description of the most recent Social Security rule changes included in the Bipartisan Budget Act of 2015. This legislation included changes to Section 831 of the Social Security program by phasing out two couples' claiming strategies. We will describe the remaining strategy still available, which age group is affected, and the phase-out timing for the rule.
The Social Security income claiming decision is often more complex for retirees who have special situations such as minor children, a dependent parent, a disabled adult child, or a pension from non-covered employment. This module covers family maximum benefits, factors that make the benefit claiming decision so important for women, and the two pension related rules, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Chapter 3 of this module focuses on Social Security income taxation - the history of benefit taxation, the method of determining if and how much of a retiree's Social Security income will be taxed, and case studies illustrating the need for education and retirement planning to include and manage this taxation.
Chapter 4 addresses Social Security disability, including the general rules, eligibility criteria, application and determination details, and family disability benefits. The module concludes with a discussion of the future of the Social Security program.
Some of the topics covered in this module may not so frequently be encountered, but must be understood to provide accurate, in-depth advice when offering Social Security and retirement income planning services to a broad base of clients and prospects.
Learning Objectives
Learning Objectives
Upon successful completion of Module II, participants will be able to:
Recall the two major Social Security claiming strategies that are being phased out due to changes made in the Bipartisan Budget Act of 2015.
Recognize possible future adjustments to the Social Security program that will help the trust fund to remain solvent.
Determine the monetary impact of the Windfall Elimination Provision and Government Pension Offset provisions on retirees Social Security benefits given specific case information.
Specify which family members are eligible to collect Social Security benefits based on a worker's earnings when given the family's information.
Calculate how much individual family members may collect in Social Security benefits based on the Family Maximum Benefit rules.
Estimate the Family Maximum Benefit for a given case example.
Identify the factors that support the need for women especially to fully understand their Social Security benefits and claiming choices.
Choose the correct definition of combined (provisional) income.
Recall the two different combined income thresholds for single and married taxpayers and the portion of their Social Security income than may be subject to taxation.
Define the two eligibility requirements for Social Security disability insurance.
Name the five steps in the process used to determine a worker's eligibility to receive disability benefits.
Specify which family members are eligible to collect Social Security disability auxiliary benefits based on a disabled worker's earnings when given the family's information.
Select the two amounts of Social Security benefits subject to taxation and the years those laws were enacted.