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Description
This first module will provide you with detailed basic Social Security information that pertains to all retirees, including a history of the Social Security program, how funding works and how benefits are calculated, descriptions of benefits available for married, single, divorced and widowed retirees, and critical information to consider when evaluating the election claiming decision. Case examples will be used to illustrate the most commonly used rules and strategies needed to optimize Social Security benefits through the comparison of best versus worst claiming decisions.
Learning Objectives
Upon successful completion of Module I, participants will be able to:
Choose the most commonly used terms and acronyms using the Social Security definitions learned in the course.
Identify the effect of life expectancy on lifetime Social Security income amounts and survivor benefits using a given couples' case example.
Recognize important Social Security program historical facts and changes to the program.
Recall the funding mechanisms of Social Security, including the maximum taxable earnings amounts.
Specify the steps used to calculate a retiree's PIA.
Calculate a client's PIA given their AIME.
Choose the full retirement age (FRA) for a retiree given their birth year.
Select the correct amount of annual decrease or increase in Social Security benefits for retirees who claim prior to their FRA or after that date.
Identify the current year earnings test income limits and the amount of Social Security benefits to be withheld given a retiree's age and earnings.
Recognize the rules and requirements for retirees to collect spousal and survivor benefits.
Specify the factors that determine eligibility for domestic partners to collect Social Security under the spousal rules.
Recall how quarters of coverage are calculated and the number required to qualify for Social Security benefits.