Maximising Your Social Security Benefits
Overview
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.
Highlights
- Retirement benefits: What the amount of benefits is in various circumstances.
- 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?
- Claiming Social Security: Advantages and disadvantages at ages 62, full retirement age, and 70.
- Planning: What clients approaching retirement age should consider now with respect to benefits for them, their spouses, and their children.
- 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?
Prerequisites
Basic knowledge of retirement planning
Designed For
Practitioners who have clients contemplating receipt of Social Security
Objectives
After attending this course you will be able to:
- Identify who is entitled to retirement benefits and in what amounts.
- Summarize the factors one must consider 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.
Leader(s):
Leader Bios
Pamela Davis-Vaughn, Surgent McCoy Self Study
Pamela J. Davis-Vaughn, CPA, is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controller’s Roundtable, a sponsored event for controllers of automobile dealerships in Texas. In addition to her accounting practice, Pam and her husband are owners of One Main Place Farms, an organic farming operation located in upstate New York. Pam has over 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry. Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.
Non-Member Price $210.00
Member Price $185.00