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Fast Track Retirement Planning - Mini CourseCode: 22-FAST2
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Course description and objectives:
We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This mini-course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. Retirement income needs are analyzed; Social Security benefits are determined; and distribution options from IRAs and retirement plans are explored.
After reading the materials, participants will be able to:
1. Summarize the basic guidelines of retirement planning, including the ten misconceptions of retirement, and define retirement based on three key questions.
2. Determine retirement costs and income needs of clients based on their current budget, apply tax savings strategies, and exercise six basic guidelines when purchasing assets to attain financial independence.
3. Explain what workers need to qualify for Social Security retirement benefits and for Social Security disability benefits, calculate clients’ retirement benefits, and distinguish Medicare Part A from Medicare Part B.
4. Classify basic types of qualified corporate plans, and describe other sources of retirement income such as SIMPLE plans and individual retirement accounts.
5. Illustrate the difference between annuity payments and lump-sum distributions, outline key components of rollovers, premature distributions and required distributions, and explain nonqualified deferred compensation.
6. Cite the benefits, uses and types of life insurance, and incorporate into practice three basic estate planning tools.
Presentation Method: Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase