Join expert, Theodore Sarenski, CPA/PFS, CFP, AEP, as he walks you through how Social Security came to be legislated and of the many changes it has undergone through its 80 year history. Following the history we will review the legislation introduced in congress or the Senate over the last four years which will give you an idea of where Social Security is headed in the future. Lastly, we will cover the basic benefits and rules in the Social Security system.
Publication Date: May 2019
Designed For
Any professional who is advising individual clients should attend this session as well as all of the series of the Social Security sessions to properly advise your clients on Social Security, the backbone of each person’s retirement.
Topics Covered
- Precursor to Social Security
- Social Security History
- Who is This?
- Current legislation
- A current Senate Bill and House Bill
- The Social Security Expansion Act
- The Social Security Reform Act of 2016
- Social Security Basics
- Annual Report of the Board of Trustees — April 25, 2019
- Trustees Suggestion —How Does it Translate?
- Social Security Statistics
- Why Does Social Security Matter?
- When Do You Advise To Begin Taking Social Security Benefits?
- Difference in Monthly Benefit — No Time Value or COLA
- Breakeven Point
- Qualifying for Benefits
- Suspend Anytime
- Other Factors to Consider when Advising Clients as to When to Begin SS Benefits
- Changes in Amounts for 2019
- Social Security Facts — From 2019
- Who Does Not Get Social Security
Learning Objectives
- Identify the evolution of this important social program and the years advancements were made
- Recognize how to discuss the future of Social Security with your clients to assure them of its importance
- Identify the basics of Social Security needed before the other courses in this series
- Describe the changes made to Social Security in 1961
- Differentiate which Congressional Acts were introduced By Senator Bernie Sanders in 2015
- Identify a proposed amendment from the Social Security Reform Act of 2016
- Differentiate correct statements with respect to the 2019 Annual Report of the Board of Trustees
- Identify a change to Social Security in 2019
- Recognize which provisions were added to Social Security in 1965
- Describe the percent Social Security represents what percent of income of all elderly individuals
- Recognize how many quarters of coverage are needed to receive full Social Security Retirement benefits
- Identify what percentage of the workforce has no private pension coverage, based on 2019 statistics
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Specialized Knowledge and Applications (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Theodore Sarenski
Ted, CPA/PFS, CFP, AEP, is recognized locally and nationally as an expert providing financial planning advice. He currently appears on WSTM-3, Syracuse’s NBC affiliate, taking viewers’ calls and offering planning concepts to viewers. Ted appeared on the PBS affiliate in Syracuse as a permanent guest host of the program “Financial Fitness” which aired live for one-half hour every Thursday at 8 PM EST.
Ted received the 2013 Distinguished Service Award by the American Institute of Certified Public Accountants (AICPA) Personal Financial Planning Division for contributions to further financial planning within the CPA community, industry-related publications and speaking engagements across the country. He received the Sidney Kess Award for Excellence in Continuing Education from the American Institute of Certified Public Accountants (AICPA) at the ENGAGE conference in June 2018.
Ted has presented to regional Estate Planning Councils from Seattle to Syracuse on financial planning topics and Social Security. He has been interviewed by hundreds of radio stations across the U.S. on tax and financial planning topics since 2005. Ted also speaks on financial planning topics at major professional national conferences for organizations such as the American Institute of Certified Public Accountants and the Financial Planning Association, and for private groups.
Ted authored articles on financial planning that have appeared in The Journal of Accountancy, The CPA Journal, The Journal of Taxation and the AICPA Wealth Management Insider. He authored a CPAs Guide to Social Security for the American Institute of CPAs in 2011, and is responsible for its update annually. He has been interviewed and quoted in many publications including: USA Today, The Wall Street Journal, Consumer Reports, The Christian Science Monitor, Investment News, Kiplinger Personal Finance Report, Financial Planning Magazine (cover photo February 2013), Accounting Today and The Practical Accountant.