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. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Susan Smith, Surgent McCoy CPE, LLC

Leader Bios

Susan Smith, Surgent McCoy CPE, LLC

Susan Smith, CPA Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master’s taxation program. Her ratings have consistently exceeded 4.8 on a scale of 5.0. Smith is a four-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015, 2016, and 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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