Understanding and Optimizing Your Social Security Benefits

Description

1. Welcome & Objectives (5 minutes) - Overview of session goals - Importance of Social Security in retirement planning - CE credit logistics and requirements 2. Social Security Basics (20 minutes) - History and structure of the Social Security system - Key terminology: FICA, FRA, PIA, COLA - Eligibility criteria and how benefits are calculated. 3. Claiming Strategies (25 minutes) - Claiming at age 62 vs. FRA vs. age 70 - Impact of delayed retirement credits - Spousal and survivor benefits - Divorce-related benefits - Case studies comparing strategies 4. Taxation & Coordination (20 minutes) - How Social Security is taxed - Interplay with other retirement income: pensions, IRAs, Roth accounts - Managing provisional income to reduce taxation - Medicare considerations and timing 5. Advanced Optimization Tactics (20 minutes) - Longevity and breakeven analysis - Strategies for high net worth individuals - Impact of working while receiving benefits - Legislative updates and reform watch 6. Real-World Application & Tools (15 minutes) - Software and calculators for scenario analysis - How to communicate strategies to clients - Ethical considerations and compliance - Best practices for documentation 7. Q&A and Case Study Discussion (15 minutes) - Participant engagement with live scenarios - Open forum for questions and clarification

Learning Objectives

- Explain the foundational rules and structure of Social Security benefits, including eligibility criteria, calculation methodology, and the impact of claiming age on monthly payments. - Evaluate various claiming strategies, such as early vs. delayed filing, and the use of spousal, survivor, and divorce-related benefits, to optimize retirement income for diverse client scenarios. - Apply advanced planning techniques to integrate Social Security with broader financial plans—addressing taxation, coordination with other income sources, and longevity risk mitigation.