Description
The Advisor’s Guide to Social Security Benefits has been written primarily for financial and insurance advisors to increase their knowledge and comfort zone to be able to assist their clients in navigating the often-complex world of Social Security Benefits. While the rules governing Social Security are complex, this book will equip the advisor with the information and heuristics to make the most of Social Security benefits. Although there is never just one right answer for the questions client may ask about Social Security, it is important to understand the options available in each client’s case.
Learning Objectives
Upon completion, the student will be to:
• Relate to the historical background of the Social Security program:
• Demonstrate an understanding of the Social Security Trust Funds and their future outlook;
• Determine the methods used to calculate Old-Age retirement, Survivor and Disability Insurance (OASDI) benefits;
• Calculate the Primary Insurance Amount;
• Recognize how PIA benefits are reduced due to the Windfall Elimination Provision, the Government Pension Offset, and the Retirement Earnings Test;
• Distinguish when is the best age to elect to claim Old-age retirement benefits, and survivor benefits;
• Identify how coordinating spousal benefits, using switching strategies such as: File and Suspend, Claim Now, Claim More later, and the Combination strategy can maximize married clients benefits;
• Apply the rules that apply to special situations, including widow(er)s, dependents, and divorced spouses to secure the maximum family benefit;
• Know how Social Security benefits are taxed and the affect on retirement tax planning;
• Explain the eligibility rules and benefits of the Social Security Disability Insurance (SSDI) Program and the Supplemental Social Security Income program; and
• List several recommendations to preserve the Social Security program for the future.