Social Security has rules and laws that rival the rules on taxation in its complexity. Join expert, Theodore Sarenski, CPA/PFS, CFP, AEP, as he talks about some of the lesser known sections of the Social Security law to advise clients who are not the norm.
Publication Date: June 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
- The Windfall Eliminations Provision (WEP) and the Government Pension Offset (GPO); who is affected and how
- Marriage and Divorce; how this complicates projecting future benefits and relationships
- Repay and Reapply
- Garnishment of Social Security benefits
- Representative Payee
- Railroad Retirement
- Military Retirement
- 2009 No Social Security Benefits for Prisoners Act
- The "Think Twice" Social Security Clause
- Living outside the United States
- Totalization Agreements
- Totalization Agreement with Canada
Learning Objectives
- Recognize how to advise clients who have worked in jobs where they paid into the Social Security system and who also worked in jobs where they did not pay into the Social Security System
- Describe how to expand your practice into advising on marriage and divorce from a financial perspective
- Recognize how to be confident you have the knowledge to advise clients in areas not often known by most professionals
- Describe the Windfall Elimination Provision (WEP) and how it applies
- Identify a reason for social security garnishment
- Differentiate correct statements with respect to the railroad retirement
- Recognize how many consecutive days you would have to be away if are you considered living outside of the United States
Level
Advanced
Instructional Method
Self-Study
NASBA Field of Study
Specialized Knowledge and Applications (1 hour)
Program Prerequisites
Basic understanding of Social Security and how it applies to clients.
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.