Advanced Social Security Tactics

Study Level: Advanced
Delivery Method: Online self-study
Provider of Record: WebCE
Field of Study: Specialized Knowledge

This is an advanced course and it is highly recommended that you have completed Social Security: Indispensable Basics  prior to talking this course.  It is meant for participants who have a thorough understanding of the basic Social Security terms, rules and strategies, but desire further understanding of the advanced topics that apply to a broader base of their clients and prospects.

Course Description:

For Baby Boomers, the effect of an educated, well-timed Social Security income election decision can lead to an increase in retirement standard of living and longevity of portfolios.

Often clients may have special situations such as, working while collecting Social Security, a pension from non-covered employment, or a disabled child that make the Social Security decision more complex.

This course will provide you with detailed knowledge about the Advanced Social Security topics that are not so frequently encountered, but must be understood to provide accurate, in-depth advice when offering Social Security and retirement income planning services to a broad base of clients and prospects.

Topics covered include:

  1. Who is affected by the Windfall Elimination Provision, WEP
  2. How WEP is calculated and how it affects the claimant's Social Security income
  3. Who is affected by the Government Pension Offset, GPO
  4. How GPO is calculated and its impact on the claimant's Social Security income
  5. When the Earnings Test rule applies to retirees and the specific threshold earnings amounts to watch for
  6. The truth about a common misunderstanding of the Earnings Test rule
  7. What the Family Maximum Benefit, FMB,  is and who it applies to
  8. Examples of the FMB related to dependent and disabled children, ex-spouses, parents and survivorship benefits
  9. The basics about how Social Security applies to Domestic Partners, including a sample case study
  10. Resources, further education
  11. Conclusion

Learning Objectives:

Upon completing this course participants will be able to:

  • Identify how the WEP calculation affects a worker's Primary Insurance Amount
  • Differentiate between those people affected by the WEP and GPO rules
  • Pin point key factors effecting the Earnings Test and calculate withheld benefits
  • Use the Family Maximum Benefit (FMB) to calculate entitlement amounts
  • Estimate the FMB for a given case example
  • Calculate the effect the GPO will have on a claimant's Social Security income
  • Calculate the WEP PIA and the resulting Social Security benefit for a sample case
  • Identify the optimal Social Security claiming decision between two given sets of circumstances
  • Recall the factors that determine whether Domestic Partners are eligible for Social Security benefits
  • Pin point the factors that determine eligibility for domestic partners to collect Social Security under the spousal rules and strategies
Date Filmed: January 2016
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