Get a firm understanding of Social Security retirement benefits and know when it makes sense to delay so you can properly advise your clients.
I believe that social security has been the American workers' greatest investment and has been labeled the third rail of politics, and perhaps rightly so. However, dire predictions have recently been published about the collapse of the system, but are those predictions really warranted? This topic will take you from the beginning of social security to the present day and probable future. From the eligibility requirements and the exact procedure for the determination of benefits of individuals and spouses, to a discussion of taking benefits early or delaying benefits to a later age. The penalties for either the worker or the spouse taking benefits prior to a normal retirement age will be discussed. The government pension offset and the windfall elimination provision will be explained. In making a decision to take social security benefits at a current age or delaying the benefits to a later age, this topic will show you when the break-even of total revenues from current or delayed benefits will occur and the probabilities of surviving to those ages.
Learning Objectives
- You will be able to identify the fundamentals of the Federal Insurance Contribution Act (FICA) of 1935.
- You will be able to recognize the determination of benefits
- You will be able to identify Spousal benefit requirements.
- You will be able to differentiate between the benefits and disadvantages of delaying payment.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Determination of Benefits
- Eligibility
- Benefits
Spousal Benefits
- Nonworking Outside the Home
- Relatively Short Work Career
- Relatively Low Wages
Delayed Benefits
- Is It Worth It to Delay?
- Break-Even
The Future of Social Security
- Some Congressional Proposals
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on March 8, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.5 including Specialized Knowledge 2.5
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.5 hours. Prerequisite: basic knowledge of estate planning. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Robert Muksian, Ph.D.
Robert Muksian
- Professor Emeritus, mathematics department at Bryant University in Smithfield, Rhode Island
- Past consultant to pension consultants for pre and post-retirement planning, attorneys at law and money managers
- Publications include, Zero Risk - Market Returns for the Ultra Conservative Investor, Journal of Financial Planning, Financial Planning Association, January 2009; Calculating Break-even Ages for Delaying Social Security Beyond the Normal Retirement Age, Journal of Financial Planning, Financial Planning Association, March 2006; The Best Day of the Year to Invest, AAII Journal, American Association of Individual Investors, February 2006; The Effect of Retirement under Social Security at Age 62, Journal of Financial Planning, Financial Planning Association, January 2004; Delaying Social Security beyond Normal Retirement, Journal of Financial Planning, Financial Planning Association, March 2006; Social Security Benefits at 65: Delay or Take the Money and Run, AAII Journal, American Association of Individual Investors, August 2000; Financial Mathematics Handbook, Prentice-Hall, 1994; Mathematics of Interest Rates, Insurance, Social Security, and Pensions, Prentice-Hall, October, 2002; and Applied Interest Theory, Cengage Learning, 2016
- Bryant University Distinguished Faculty Award in 2005 and the Bryant Federation Distinguished Faculty Award in 2004
- Certificate of appreciation for establishing the actuarial mathematics major at Bryant University, 1982
- Member of the American Society of Mechanical Engineers; past member Financial Planning Association and American Association of Individual Investors
- B.S.M.E. and M.S. degrees in mechanical engineering; Ph.D. degree in mechanical engineering and applied mechanics, University of Rhode Island
- Can be contacted at 401-203-6900, 401-781-1032 or [email protected]
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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