1. 1
UnderstandingSocial Security Benefits
Your Name
Registered Social Security Analyst

2. Hello!
NARSSA’s Professional
Education
Courses Approved by:
What is an RSSA?
Registered Social Security Analyst
(RSSA)
• Completed the 5-module trainingprogram and passed
the National RSSA Competency Exam to earn the
RSSA® certificate credential.
• The RSSA® credential demonstrates that accredited
financial professionals have been educated in a
foundation of Social Security advanced concepts and
trained to use analytical software to provide specific
Social Security claimingoptions for clients, resulting in
financiallybeneficial retirement strategies.

3. Social Security is an ImportantProgram
It provides the majority
of retirement income.
• Average person receives $300,000+
• Some couples will receive $2 Million+

4. • When should I claim?
• What if I’m self-employed?
• Is Social Security going bankrupt?
• When should my spouse claim?
• Can my children get benefits?
• Can I get benefits from my ex?
• What about dependents with
disabilities?
• How will my pension impact me?
Social Security Can Be Confusing
Common Questions

5. What You Don’t Know Can Hurt You
Avoid making incorrect claiming decisions
Pay special attention if you’re…
• Married
• Married Multiple Times
• Divorced
• Widowed
• A Woman
• An Immigrant
• A Parent with Young Children
• Havea Disability
• Havea Pension
• Self-Employed

6. “Americans are woefully under-
educated about Social Security”
—AARP
• The Social Security Administration (SSA)
is the main source of information.
• The SSA is not allowed by law
to provide advice.
• Information provided by the SSA
is often inaccurate.
Social Security Knowledge is Needed
$111K
lost by average
American
household
96%
of people
get less than
they should

7. Your Full Retirement Age (FRA)
BirthYear* Full RetirementAge
1943-54 66
1955 66, 2 months
1956 66, 4 months
1957 66, 6 months
1958 66, 8 months
1959 66, 10 months
1960 &higher 67
*If birthday is on the 1st, assumeborn the prior month.
If birthday is January 1st
, refer to previous year.

8. Calculating Your RetirementBenefit
Qualification
40 Quarters of Coverage (2022 credit = $1,510)
Average Indexed Monthly Earnings
All covered annualearningsare indexed.
The highest 35 years are used to determine the
average indexed monthly earnings.

9. Social Security Reductions & Credits
ClaimingAge Monthly Benefits % of PIA
62 $1,885 70
Benefit is
Reduced
63 $2,020 75
64 $2,154 80
65 $2,334 87
66 $2,513 93
67 (FRA) $2,693* 100 PIA Amount
68 $2,908 108
Benefit
is Increased
69 $3,124 116
70 $3,339 124

10. Collecting Benefits While Working
10
*Exempt amounts for 2022
Earnings Limits:
• BeforeFRA Year, Social Security will reduce
benefits $1 for every $2 earned above $19,560*
• During the FRA Year, Social Security will reduce
benefits $1 for every $3 you earn above $51,960*
• After FRA Year, thereare No earnings limits
Additional items to know:
• First Year Rule
• Overpayments!
• Recalculation of Benefit at FRA

11. Already Collecting Benefits? Can you stop them?
Withdraw Application
• Within 12 months of filing
• Pay back benefits received
Voluntary Suspension
• At or after FRA
• Benefits increase again
• Reinstate after FRA, up to 70
• Can be done once
Return to work
• Earn more than the minimum
Disability benefits
• Becomes retirement benefit at FRA
• Voluntary suspension available
11

12. Spousal Benefits
Claiming Age % of PIA
62 32.5
Benefit is
Reduced
63 35
64 37.5
65 41.66
66 45.83
67 (FRA) 50
Maximum Spousal
Benefit
A Spousal Benefit calculation
begins with ½ of the other
spouse’s PIA.
• Maximumat FRA
• Reduced before FRA
• Marriedat least 12 mo.
• Other spouse must be
collecting retirementbenefit

13. Covered vs. Non-Covered Pensions
Covered Pensions Non-Covered Pensions
Payroll contributionsto
Social Security
Not subject to Social
Security reductions
Work at private or public
companies
No payroll contributionsto
Social Security
Subject to Social Security
reductions
Work at federal, state, or
local agencies

14. Windfall Elimination Provision(WEP)
Important Considerations:
• Cannot zero out the retirement benefit
• Dependent benefits are also reduced
• Cannot reduce the benefit amount by more than half of the pension amount
WEP modifies the PIA calculation
Applies if collecting both:
1. A non-covered pension
2. Retirement or disability benefits

15. Government Pension Offset (GPO)
GPO reduces benefits by 2/3 of the pension
Applies if collecting both:
1. A non-covered pension
2. Spousal or survivor benefits
Important Considerations:
• Can eliminate the benefit
• If pension is taken as lump-sum, GPO is calculated as if taken monthly

16. Minor Children
Qualifications:
1. Child under age 18 (or 19 if still in high school)
2. Parent collecting retirement or disability
BenefitAmount:
1. Up to 50% of parent’s PIA
2. Limited by family maximum benefit &
combined family maximum benefit
3. Subject to earnings test

17. Child-in-Care Spousal Benefit
Qualifications:
1. Caring for child who qualifies for benefits
BenefitAmount:
1. Up to 50% of spouse’s PIA
2. Limited by family maximum benefit
3. Subject to earnings test

18. Disabled Children
18
Qualifications:
1. Child disabled before age 22
2. Child unmarried
3. Child must not have substantial income
4. Parent collecting retirement or disability
BenefitAmount:
1. Up to 50% of parent’s PIA
2. Limited by family maximum benefit
3. Subject to earnings test

19. Life Expectancy (LE) is a Consideration
Probability of Living to a Certain Age If You
Are 65

20. Women & Social Security
Women have longer life expectancies
• More years out of workforce caregiving
• Historically lower lifetime earnings
• Often marry older men
• Likely the survivor
• Making the right claiming decision is essential

21. Survivor Benefits
21
Married Requirements
• Married for 9 months or more
Divorced Requirements
• Married for 10 or more years
• Not re-married before age 60
Filing Age
Survivor Benefit
Reduction %
60 71.50
61 75.58
62 79.65
63 83.72
64 87.79
65 91.86
66 95.93
67 (FRA) 100
68 100
69 100
70 100

22. Survivor Benefits: Dependents
Child-in-CareWidow(er)
• Caring for child under 16
• Caring for disabled child
if disabled before age 22​
75% of PIA
Children
• Under 18 (19 if in high school)
• Disabled child
if disabled before age 22
Parents
• Relied on child for
majority of income

23. Strategy for Couples & Divorcees Born in 1953 or Before
File a Restricted Application
Couples – one or both born 1953
or earlier
• One spouse collects retirement,
other collects spousal benefit
• Other later switches to higher
retirement benefit
• Divorced spouses may also qualify
• Increases lifetime benefits

24. Securing Your Retirement
Maximize net after-tax income
• Up to 85% of Social Security may be Taxed
• Income, assets, expenses
• Tax liability, medical, other insurance,
legal, legacy planning
• Lifestyle, goals, expectations,
essential vs. discretionary

25. Retirement Stability Pyramid
Life Insurance, Annuities
Personal Savings, Investments
Individual Retirement Plans, IRAs
Employer Retirement Plans, 401k & 457
Social Security, Pensions, Reliable Income

26. Terri, 61 LE: 90 FRA: 66 PIA: $2,300
Ted, 61 LE: 85 FRA: 66 PIA: $1,900
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
BothClaim at 62
$1,179,701
BothClaim at 70
$1,496,406
Millions
Lifetime Value of
Benefits
Additional Monthly Benefit $316,705
Example: Two-Income Couple

27. Working with an RSSA
Consultation
I will answer your questions and collect the
information needed to begin
Analysis
With sophisticated software, I will analyze all
possible claiming strategies
Maximization
I will provide you with a detailed report with your
claiming options and most optimal strategy

29. Get Everything You Deserve. Most don’t!
A Dr. and his wife in California missed out on 23
Months of Benefits worth $27,000.
• They were waiting until 70 for the Spousal
Benefit to increase.
• Spousal Benefit does not increase after FRA
Carolyn in Texas received a letter from the SSA
that because she took a lump sum payment
from her pension, she had to repay $18k in
benefits.
• A non-covered pension will likely reduce your
benefits and it’s not listed on your Social
Security Statement.
Social Security provided Kathy in Texas with
incorrect information.
• The SSA rep told Kathy that her benefit would
not increase by waiting to file.
• A Retirement Benefit increases until age 70
and Kathy earned $750 more each month.