Tax Cluster: Maximizing Your Social Security Benefits - A Virtual Event
Overview
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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 age 62, full retirement age and age 70
- Planning: What clients approaching retirement age should consider now with respect to benefits for themselves, their spouses and their children
- Coordinating benefits: Should your clients 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
- Identify who is entitled to retirement benefits and in what amounts
- Learn 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
Preparation
None
Leader(s):
Leader Bios
Gregory Carnes, University of North Alabama
Gregory Carnes is Raburn Eminent Scholar of Accounting at the University of North Alabama and also serves as MBA Program Director. He currently serves as Chair of the Education Committee of the ASCPA and as President of the North Alabama ASCPA chapter. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. Dr. Carnes previously served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers, and The CPA Journal. He is a contributing author on Federal Taxation and Corporate, Partnership, and Estate & Gift Taxation (Thomson Publishing), popular textbooks used in undergraduate and graduate taxation courses. His primary teaching interests are in Partnership Taxation and Taxation of Compensation and Benefits. He also authors material for CPA Excel, one of the nation’s leading CPA Review courses. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs, and the American Taxation Association. He has also provided tax training for national accounting firms and the AICPA.
Non-Member Price $195.00
Member Price $165.00