Q:

What do you learn at Social Security workshops?

A:

Quick Answer

Social Security workshops typically cover topics such as when to file, how benefits are calculated, how tax penalties may affect benefits and how to maximize benefit payout. Workshops are often presented by financial advisers trained in maximizing retirement income.

Continue Reading

Full Answer

The amount of benefits a retiree receives changes with retirement age. As of 2016, the Social Security Administration defines the full retirement age at 66; however workers can retire sooner or later. Social Security workshops cover the benefits of delaying retirement and the consequences of retiring early.

The Social Security Administration calculates benefits using data from the 35 years the worker made the most money. The amount is adjusted for changes in average wages since the actual year the wages were earned. A formula calculates the amount of benefits due at full retirement age. Workshop facilitators teach the percentages that benefits are decreased for early retirement and increased for delayed retirement.

Social Security tax penalties apply when a retiree's income is higher than a maximum threshold figure. Depending on the retiree's total amount income, up to 85 percent of Social Security benefits become taxable once income is above the threshold. Social Security workshops help people estimate potential tax penalties and offer strategies to reduce or eliminate them.

Social Security workshops help clients plan to maximize their benefits. During a workshop, users typically complete an estimate on their benefits and apply scenarios that increase or reduce the amount. Workshops demonstrate the different filing options for couples and provide tips to increase payout.

Learn more about Social Services

Related Questions

Explore