Social Security and Medicare: Planning for You and Your Clients

Overview

Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.

Objectives

Identify who is entitled to retirement benefits and in what amounts

Identify factors to consider in determining when to take benefits

Discuss taxation of Social Security benefits and how this impacts other income tax planning

Identify and describe the potential effects of retirement and estate planning strategies and tactics that can enhance overall retirement

Explain Medicare and the prescription drug provision; describe the basic supplementary insurance plans that are available to fill in the gaps in basic Medicare coverage

Highlights

Legislative developments

A full chapter devoted to determining the best planning options for maximizing joint Social Security benefits

Retirement benefits: Amount of benefits in various circumstances; how the amounts are distributed within the family unit

Qualification: Has the client retired? How business entities may be used for Social Security advantage

Income taxation of Social Security: avoidance tactics

Spousal benefits: Should a spouse return to work? What benefits does a spouse have and when and how do they relate to benefits decisions by the client?

When can hiring the spouse increase overall benefits? Why should both spouses qualify for survivor benefits?

Disability benefits

When to start Social Security benefits: Advantages and disadvantages at ages 62, full retirement age, and 70

Coordinating benefits: Should you take Social Security first and higher-balance IRA distributions later, or take IRA balances first and enhanced Social Security benefits later?

Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits

IRAs: Is it time to convert to a Roth?

Medicare, Part D prescription drugs: what retirees need to know

Designed For

Practitioners who have clients contemplating receipt of Social Security

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Specialized Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Dennis Riley

Leader Bios

Dennis Riley

Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses. He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Riley’s experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.

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