Social Security Medicare & Prescription Drug Retirement Benefits [SSRB Anc]

Full Description

Social Security, Medicare and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know Now

July 11, 2012

Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, AK 99503

$295 Member Fee
$445 Non Member Fee

Social Security seems poised for changes in benefits and eligibility age. As the baby boomer generation approaches retirement, financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement 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 it.

Major Topics:
Legislative developments
A full chapter devoted to determining the best new planning options for maximizing joint Social Security benefits
Retirement benefits: What the amount of benefits is in various circumstances; how the amounts are distributed within the family unit
Qualification: Has the client retired
How business entities may be used for Social Security advantage
Income taxation of Social Security: avoidance tactics
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
Hiring the spouse: When is it effective
Disability benefits
Going on Social Security: advantages and disadvantages at ages 62, 66, and 70
Coordinating benefits: should you take Social Security first and higher-balance IRA distributions later, or take IRA balance first and enhanced Social Security benefits later
Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits
IRAs: Is it time to convert to a Roth
Medicare and Part D prescription drugs: what the retiree needs to know

Learning Objectives:
Identify who is entitled to retirement benefits and in what amounts
Be aware of what factors must be considered in determining when to take benefits
Understand the taxation of Social Security benefits and how this impacts other income tax planning
Be aware of Medicare and prescription drugs
Who Will Benefit:
Practitioners who have baby boomer clients with significant wages or earned income.
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
CFP: Yes
Credits: 8
Field of Study: Taxes
Acronym: SSRB
Discussion Leader: Arthur Auerbach, CPA, is a tax consultant for Goodman and Company of McLean, VA, specializing in tax consulting and estate and financial planning for individuals and closely held businesses. He is chairman of the Tax Committee of the Virginia Society of Certified Public Accountants, and a member of the Greater Washington Society of Certified Public Accountants. He is currently a member of the AICPA Individual Tax Resource Panel, the tax commissioner liaison committee member of the Virginia Society of Certified Public Accountants, and also serves as a member of the Advisory Board for the District of Columbia Office of Tax and Revenue.
Over the course of 40-plus years, Mr. Auerbach has managed a tax department, and has taught intermediate and cost accounting at Pace University as an adjunct professor. He was an editor for the Tax Research Institute of America. He has also authored several articles for trade association periodicals and he has appeared on CSPAN and the CBS Evening News, answering various tax questions. In addition, he is a nationally known lecturer on a variety of income tax and employee benefit topics for the continuing education requirements for CPAs.
Mr. Auerbach holds a Bachelor of Business Administration degree in accounting from Pace University in New York.

Print Page back to list