Abstract
Help your clients maximize their Social Security & Medicare benefits! Social Security & Medicare Facts is a one-stop guide for attorneys, CPAs, and retirement and financial planning professionals for advising on tax and policy changes affecting Social Security and Medicare. Organized in a unique and convenient question and answer format, this book helps professionals find exactly what they're looking for quickly and easily to solve clients' important planning issues in a timely manner. Fundamentals of Writing a Financial Plan, Second Edition provides a totally revised and unique approach to helping aspiring financial planners write a comprehensive financial plan. The book outlines how the CFP Board of Standards, Inc. 7-step planning process can be applied when writing a comprehensive financial plan for an individual or family. The book not only highlights various elements involved in comprehensive financial planning, including estate, tax, cash flow, education planning, and much more-but also introduces important behavioral perspectives and communication techniques. As a way to synthesize these pieces and learn how the plan writing process unfolds, students follow a running case-the Hubble family. Details Section: * Updated numbers for 2024 * Updated discussion of Social Security Trust Fund Solvency * Added information about qualified aliens eligible for Social Security * Greater coverage of Special Minimum benefit * Updated retirement and survivor benefits * Expanded coverage of state rules of Medicaid * Updated costs and coverages * A thorough review of the new 7-step systematic financial planning process. * A description of the regulatory environment in which every financial planner operates. * An in-depth discussion of client communication and counseling techniques. * Financial planning approaches that can be applied to a variety of clients and client circumstances. * A chapter-by-chapter focus on analytical tools and techniques that can be used to evaluate client data. * An example of a complete written financial plan with explanations about how analyses lead to the recommendations. * Chapter-based learning aids, including access to a fully integrated Financial Planning Analysis Excel package and other online support materials, including video examples of client communication and counseling strategies. * Instructions on how to do calculations essential to creating a financial plan. * Numerous self-test questions to test comprehension of material. New in the 2024 Edition: SOCIAL SECURITY GENERALLY * Updated discussion of Social Security Trust Fund Solvency * Added information about qualified aliens eligible for Social Security * COVID-19 updates * Update of special monthly payment * Update of earnings for Trial Work Period * Updated Compassionate Allowance COVERAGE * Updates to achieving quarters of coverage. * Update to becoming fully insured. * Proof required to file for benefits expanded. * Right to appeal process expanded * Expanded coverage of Social Security hearing process and rights BENEFIT COMPUTATION * Greater coverage of Special Minimum benefit * Changes in calculation of AIME * Update to determining Primary Insurance Amount * Changes to maximum family benefits * Expansion of coverage of beneficiaries affected by GPO and WEP * Update to Retirement Test * Addition of questions regarding Grace Year/Non-Service * Expansion of who must file annual report of earnings/who does not. * New checklist of what events can lead to loss of benefits by type of beneficiary. * Retired, Disabled, Spouse, Divorced Spouse, Child Under 18, Child 18 or 19 in school, Disabled Child, Widow/Widower, Disabled Widow/Widower, Surviving Divorced Spouse, Mother or Father, Surviving Divorced Mother or Father, Parent TAXATION * Update on changes of state taxation of Social Security benefits * Payroll tax amount updates * Taxation of wages changes * Update to coverage on "de minimus" * Non-Cash tips as wages * Current plans to increase payroll taxes for Social Security * Planned modification of COLA calculations * Explanation of how R-CPI-E works * Plans to change PIA. * Plans to increase special minimum benefits for lower wage individuals. RAILROAD RETIREMENT * Updated retirement and survivor benefits * End of Continued Assistance to Rail Workers Act * How Military or Reserve service can count as creditable service. * Expansion of definition of war/national emergency regarding creditable service * Effect of Merchant Marine duty * Changes in Tier I and Tier II benefits * Expanded comparison of Railroad Retirement vs. Social Security * New Section - Unemployment and Sickness benefits * Update of RR retirement taxes * Update coverage of taxation of benefit BENEFITS TO SERVICE MEMBERS AND VETERANS * Update to Thrift Savings Plan * Update in military salaries * Addition of Appeal process and correction of records * Elimination of Special Survivor Indemnity Allowance * New coverage of VA Healthcare including basic VA service * Addition of PACT Act * Updated Disability Benefits * Changes to SGLI * Changes to Veterans Insurance rates FEDERAL EMPLOYEES * Update to COLA * Discussion of Equal COLA Act and Fair COLA For Seniors Act * Update of CSRS and FERS benefits * Updated AD&D coverage * Changes to Section 218 Agreements MEDICARE * Updates costs and coverages * Expanded coverages of Part B * Changes made to Part D and elimination of 5% copay. * Changes/modification to Telemedicine coverage * Costs of Part A * Costs of Part B * Costs of Part D * Updated coverage of assistance under QMB, QDWI * Updated deductible amounts. * Expanded coverage of Medicare Advantage * Addition of new coverage of Mental Health benefits * Expansion of organ transplant * Coverages under Part B-ID * New coverage of Part B Only * Expanded coverage of ESRD * Changes in MOOP * Coverage of Part D Drug price negotiations * Addition of expanded supplementary benefits until Medicare Advantage * Updated costs and coverage of Medigap MEDICAID * Expanded coverage of state rules of Medicaid * Expanded coverage of PACE program * New coverage of Medicare Part E programs OTHER * All appendices updated. Key Topics * Retirement and disability * Same sex marriage * Spousal benefits/ children's benefits * Parental benefits * Widower benefits * Lump sum death benefits * Railroad retirement * Service member and veteran benefits * Government employees * Medicare and MedicaidCFP Board's 7-step financial planning process. * Step-by-step guide to formulating a financial plan and presenting it to a client. * Guides for different types of financial planning such as life insurance planning, long-term care insurance planning, and retirement planning. * Comprehensive Hubble case.