Understand how Social Security benefits are calculated and how to get the maximum amounts available.
Social Security benefits vary significantly based on work and compensation history and marital status; understanding how benefits are calculated will help you and your clients get the most they can from Social Security. Learn how Social Security benefits are calculated so that you and your client can maximize these benefits. For many U.S. workers, Social Security taxes are the largest single investment they will make in their retirement security, and Social Security benefits are the largest source of retirement income they will have. Moreover, individuals with large 401(k) or other pension income in retirement will typically have relatively high Social Security benefits that will greatly add to their financial security in retirement. Yet many Americans do not understand how their Social Security benefits are calculated, when they are eligible for them, or the best time to claim them. In addition, many Americans are not aware of Social Security's survivor and disability benefits or how Social Security applies after a divorce. This topic will attempt to lay a basic foundation of understanding about these subjects, with particular emphasis on the determination and maximizing of Social Security retirement benefits.
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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
Overview of Social Security and Medicare
- History, Purpose, and Solvency Concerns
- Social Security vs. Medicare vs. Supplemental Security Income (SSI)
- Social Security Administration
- Social Security Totalization Agreements With Foreign Countries
FICA and SEI Taxes
- OASDI vs. HI
- OASDI Maximum Wage Base
- Self-Employment Income
- Medicare Surtax
- Exclusion for Some State and Local Government Workers; Section 218 Agreements
Calculation of Social Security Retirement Benefits
- Individual Earnings History
- Eligibility Threshold (10 Years With at Least Minimal Earnings)
- Importance of Social Security Retirement Age (SSRA)
- Determination of Average Indexed Monthly Earnings (AIME) and Primary Insurance Amount (PIA)
- Replacement Rate 'Bend Points'
- Social Security Retirement Age (SSRA)
- Reduced Benefits for Retirement Before SSRA; Increased Benefits for Retirement After SSRA
- Benefit Reductions for Substantial Earnings While Receiving Benefits Before SSRA
- Windfall Elimination Provision (WEP) for Some State and Local Government Workers
- Basic Calculation of Spousal Benefit
- Divorced Spouses
- Dual Eligibility
- Government Pension Offset (GPO)
Social Security Survivor Benefits
- Different Types of Survivor Benefits
- Eligible Family Members, Family Maximum
Social Security Disability Benefits
- Qualification, Amount, Eligible Recipients
Brief Overview of Medicare
- Parts A, B, C, and D
- Qualification Dependent on Social Security Eligibility but Separate Claiming
- To Claim or Not to Claim If Working Past Age 65 and Still Eligible for Employer-Sponsored Plan
- Medicare Secondary Payer Rules
Social Security Retirement Benefit Claiming Strategies Involving File and Suspend and File and Restrict
- What They Were
- Effect of the Bipartisan Budget Act of 2015
Taxation of Social Security Benefits
- Basic Calculation, Planning Strategies
Interfacing With SSA
- Office Visits and Telephonic Interaction
- Obtaining Your Social Security Earnings Records and Benefit Estimate
- Using the SSA Website to Answer Complex Benefit Questions
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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 revised on August 31, 2023.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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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
Luke D. Bailey
Clark Hill PLC
- Senior Counsel in the Collin County, TX office of Clark Hill PLC
- Practices in all aspects of employee benefits and executive compensation
- Conducts regular seminars and workshops on numerous employee benefits and executive compensation issues
- Author of numerous articles related to the areas of employee benefits and executive compensation
- J.D. degree, Order of the Coif, University of California at Berkeley (Boalt Hall); A.B. degree, cum laude, Occidental College
- Can be contacted at 214-651-4572 or [email protected]
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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.
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