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Should I Tap My IRA or Social Security First?

  • AFSP
  • CPA (US)
  • EA
  • Oregon Tax Preparer
  • CPA/PFS
  • CTEC
  • CSA
  • Maryland Tax Preparer
Should I Tap My IRA or Social Security First?

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00612-21-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CPD credit (Verifiable) for CPA/PFS

1 CE credit of Federal Tax for Oregon Tax Preparers

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit for Certified Senior Advisor (CSA)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

It is a retirement dilemma.

When planning for retirement cash flow, should a client start Social Security as early as age 62, letting individual retirement account money continue to grow, tax-deferred? Or should that client tap the IRA and wait for a larger Social Security benefit?

Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their IRA.

Around 34 percent of beneficiaries who claim their Social Security before 66 — the current full retirement age for most people — have enough money in an IRA to finance the equivalent of at least two years of Social Security benefits, the researchers found. A quarter of them had enough to finance at least four years.

That’s the finding from a recently published study in the Journal of Pension Economics & Finance.

“It seems like there is a significant portion of the population claiming early even though they have the potential to finance a delay,”

The conventional wisdom says that you should wait to claim benefits as long as possible, to maximize your payments. But one size doesn’t fit all, and people’s circumstances are often different than the standard assumptions about expected lifespan and career plans.

Many retirees decide to take Social Security early so as to earn more money investing their IRAs in stocks and other high-yield securities. This online CE course will examine this decision from the perspective of finance, tax implications, and, most important, the impact on Social Security benefits of waiting to collect. 

Major Topics covered in this Tax CE webinar:

  • Which Accounts You Should Draw Down First in Retirement?
  • Who’s Making IRA Withdrawals?
  • Who takes social security first?
  • What are the key finding from the IRA study?
  • When an IRA Withdrawal Can Be Wise?

Learning Objectives

  • To discuss the trade-off between taking Social Security or taking Retirement Account withdrawals first. 
  • To determine how to risk-adjust risky returns on retirement account investments. 
  • To determine the payoff to patience in taking Social Security. 

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Preparer
  • Young CPA

Testimonial

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(
    [average] => 3.8720
    [no_of_record] => 125
)
 

3.9

(125)
34%
30%
27%
7%
2%

AB

Great course!

LP

Excellent!! Would love to see more on this topic, speaker was phenomenal. If I had an economics teacher like that a million years ago maybe I would not be an accountant hahaha

JS

I had a very hard time keeping up with this instructor, he started to tell something, never finished the statement and would start talking about something else.

HL

Very insightful. Would recommend this program to my Colleagues.

RB

Great topic

MG

well spoken, basic idea presentation.