Social Security Benefits and Lifetime Retirement Income Planning

General Description:

Participants will be given a perspective of the viability of Social Security and how benefits are calculated for recipients. The course then transitions into material which will build on the Retirement Income Distribution: Four Methods seminar. The participant will dive deeper into the sequence of return risk and how to compensate for it, the utilization of less common approaches, and coordinating techniques in order to leverage the efficiencies of a multiple strategy approach. Participants will observe the impact of sequence of return using several retirement start dates and withdrawal levels. Research will be provided regarding use of the reverse mortgage as a volatility buffer. Prior attendance at Retirement Income Distribution: Four Methods is recommended.

Learning Objective:

After completing this course the participant will be able to:

• Explain the vitality and sustainability of Social Security with specific dates.
• Calculate the PIA (Primary Insurance Amount) using AIME (Average Indexed Monthly Earnings).
• Calculate the taxation on Social Security Benefits.
• Describe the advantages and disadvantages of five retirement income distribution methods.
• Identify the five tasks of any retirement plan.
• Outline three problems with a Monte Carlo simulation.
• Describe and illustrate the sequence of return risk.
• Advise a client on the two common methods for utilizing a volatility buffer.
• Calculate the lost opportunity cost of an investment management fee.
• Summarize the advantages and disadvantages of pooling assets and partial annuitization.
• Compare asset allocation to product allocation.
• Apply the benefits of asset spend down.
• Evaluate the problems and costs associated with self insuring and the benefits of asset replacement protection.

Instructors:

Daniel C. Flanscha is president of Longs Peak Education and has more than 25 years experience in the financial services industry, including working for a Fortune 500 company as one of its top 100 managers. He earned a bachelor's degree from Iowa State University and is a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), and Certified Financial Planner (CFP).

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