Social Security and Medicare: Planning for You and Your Clients

Identify who is entitled to retirement benefits and in what amounts, as well as what factors to consider in determining when to take benefits. Discuss taxation of Social Security benefits and how this affects other income tax planning. Get familiar with Medicare, its prescription drug provision, and basic supplementary insurance plans that are available to fill in the gaps in coverage.
Highlights

• Legislative developments
• Determining the best planning options for maximizing joint Social Security benefits
• Retirement benefits: amount of benefits in various circumstances and how the amounts are distributed within the family unit
• Qualifications
• 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?
• Disability benefits
• 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 balances first and enhanced Social Security benefits later?
• Pensions: distribution strategies and how to use the minimum distribution rules in concert with Social Security benefits
• IRAs: is it time to convert to a Roth?
• Medicare Part D prescription drugs