Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know Now (SMTX36)

Friday, July 14, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce

Description

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 all the other myriad of related retirement planning issues.

Objectives

  • Identify who is entitled to retirement benefits and in what amounts
  • Identify what factors must be considered in determining when to take benefits
  • Discuss the 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 and estate benefits by changing the "who" and "when" of the receipt of Social Security benefit payments.
  • Explain Medicare and the prescription drug provision and describe the basic supplementary insurance plans that are available to fill-in the gaps in basic Medicare coverage.

Cost

Early Bird Registration: $289 SCACPA Members (by 6/23/2017)
Standard Registration: $314 SCACPA Members, $414 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Major Topics

  • Legislative developments
  • A full chapter devoted to determining the best new planning options for maximizing joint Social Security benefits
  • Retirement benefits: What the amount of benefits is 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?
  • Hiring the spouse: When is it effective?
  • Disability benefits
  • Social Security advantages and disadvantages at ages 62, 66, and 70
  • Coordinating benefits: should you take Social Security first and higher-balance IRA distributions later, or take IRA balance 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 and Part D prescription drugs: what retirees need to know

DETAILS

Course Code:
SMTX36

Credits:
8.00 Taxation

Field of Study:
Taxation

Vendor:
Surgent McCoy CPE, LLC

Course Type:
Seminars

Level:
Basic

Prerequisite:
None

Advanced Preparation:
None

Location

1300 12th Street, Suite D, Cayce, SC, 29033

 

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