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Social Security: More than meets the eye

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Social Security: More than meets the eye

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    1. 1 Social Security: More than meets the eye Hello and welcome to: Social Security: More than meets the eye. My name is <<INTRODUCE YOURSELF>> and I’m a <<title>> with Protective Life. I’d like to thank <<HOST’S NAME>> for inviting me to come here today to speak with you about Social Security. The information presented in this seminar is intended to help educate you about the Social Security program and is not intended to promote any products or services. Following the presentation <<HOST>> will be available to meet with you if you would like to review your retirement options and strategies or discuss possible products or services that might serve your retirement needs. Now, let’s take care of a few housekeeping items. << GO OVER ANY ITEMS OF INTEREST-HOW YOU’LL TAKE QUESTIONS AND WHEN, REFRESHMENT INFORMATION, RESTROOM LOCATIONS, HANDOUTS, ETC. >> Great, now that that’s out of the way, I’d like to share our plan for today’s session. So you may be asking yourself: What’s there to know about Social Security? Well, the short answer is: plenty. When it comes to Social Security, there IS a lot more than meets the eye. <<CLICK>> Hello and welcome to: Social Security: More than meets the eye. My name is <<INTRODUCE YOURSELF>> and I’m a <<title>> with Protective Life. I’d like to thank <<HOST’S NAME>> for inviting me to come here today to speak with you about Social Security. The information presented in this seminar is intended to help educate you about the Social Security program and is not intended to promote any products or services. Following the presentation <<HOST>> will be available to meet with you if you would like to review your retirement options and strategies or discuss possible products or services that might serve your retirement needs. Now, let’s take care of a few housekeeping items. << GO OVER ANY ITEMS OF INTEREST-HOW YOU’LL TAKE QUESTIONS AND WHEN, REFRESHMENT INFORMATION, RESTROOM LOCATIONS, HANDOUTS, ETC. >> Great, now that that’s out of the way, I’d like to share our plan for today’s session. So you may be asking yourself: What’s there to know about Social Security? Well, the short answer is: plenty. When it comes to Social Security, there IS a lot more than meets the eye. <<CLICK>>

    2. 2 Agenda -Introduction; Social Security and You -The Benefits -Sooner or Later? -Working for a Living -Taxes & Social Security -Spousal Benefits -Conclusion You may think of Social Security as a simple thing—you sign a form around your 65th birthday, then sit back and cash the checks. But the truth is, there is a whole spectrum of options and choices to make when it comes to receiving benefits. Those choices can impact the level of income you receive for the rest of your life, and possibly even your spouse’s. During our time together today, we will take a closer look at the Social Security program: its benefits; how those benefits may be impacted by your decision about when to receive them; whether you take them while still working; and the tax consequences. We’ll also focus on spousal benefits and, for that matter, ex-spousal benefits as well. As we do so, feel free to jot notes down in the workbooks we’ve provided. <<HOLD UP WORKBOOK>> These booklets follow the presentation, but also expand the discussion so that, later on -- when you sit down with your advisor -- you’ll be able to work through your specifics together, before making any decisions or elections relative to your Social Security benefits. <<CLICK>> You may think of Social Security as a simple thing—you sign a form around your 65th birthday, then sit back and cash the checks. But the truth is, there is a whole spectrum of options and choices to make when it comes to receiving benefits. Those choices can impact the level of income you receive for the rest of your life, and possibly even your spouse’s. During our time together today, we will take a closer look at the Social Security program: its benefits; how those benefits may be impacted by your decision about when to receive them; whether you take them while still working; and the tax consequences. We’ll also focus on spousal benefits and, for that matter, ex-spousal benefits as well. As we do so, feel free to jot notes down in the workbooks we’ve provided. <<HOLD UP WORKBOOK>> These booklets follow the presentation, but also expand the discussion so that, later on -- when you sit down with your advisor -- you’ll be able to work through your specifics together, before making any decisions or elections relative to your Social Security benefits. <<CLICK>>

    3. 3 Social Security and You What are your potential sources of retirement income? Employer pensions? 401(k) plans? IRAs? Annuities? Personal savings? Inheritance? …and Social Security benefits Social Security is one of the largest of the big government programs: according to the Social Security Administration, about 94 percent of all Americans qualify for benefits. Social Security was designed as a safety net. Just how much it matters to your financial well-being will depend on your other retirement income sources. These include: how much you’ve managed to save; whether you’ll receive a pension from your employer, or whether you will have any other sources of income in retirement. Go ahead, take a moment to circle your sources of retirement income on page 3 of the workbook. <<PAUSE>> It will help your advisor later when you develop a plan for retirement. <<CLICK>>Social Security is one of the largest of the big government programs: according to the Social Security Administration, about 94 percent of all Americans qualify for benefits. Social Security was designed as a safety net. Just how much it matters to your financial well-being will depend on your other retirement income sources. These include: how much you’ve managed to save; whether you’ll receive a pension from your employer, or whether you will have any other sources of income in retirement. Go ahead, take a moment to circle your sources of retirement income on page 3 of the workbook. <<PAUSE>> It will help your advisor later when you develop a plan for retirement. <<CLICK>>

    4. 4 You’ve earned it You’ve been “saving” for retirement through the Social Security program for years Whether or not you’ve given much thought to Social Security over the years, you’ve been involved in the program since the first time you had wages withheld for FICA taxes. Those FICA contributions you’ve been making ever since … <<CLICK>>Whether or not you’ve given much thought to Social Security over the years, you’ve been involved in the program since the first time you had wages withheld for FICA taxes. Those FICA contributions you’ve been making ever since … <<CLICK>>

    5. 5 More than meets the eye… The benefits you’ve earned are probably more than you think … will be returned to you in the form of monthly Social Security benefits checks and hospital insurance (better known as Medicare). So as you focus on planning for retirement, you can consider the Social Security benefits you’ve earned as another source of income for your plan -- perhaps even a key part of your retirement income plan. <<CLICK>> … will be returned to you in the form of monthly Social Security benefits checks and hospital insurance (better known as Medicare). So as you focus on planning for retirement, you can consider the Social Security benefits you’ve earned as another source of income for your plan -- perhaps even a key part of your retirement income plan. <<CLICK>>

    6. 6 More than you think They could be critically important; Social Security benefits are generally not inconsequential. In 2009, a higher wage-earner—someone who paid the maximum into Social Security each year and who files for benefits in 2009—would expect to receive in excess of $25,000 for the full year. For a double-income couple, with each spouse entitled to benefits under their own records, annual benefits could add up to a significant amount of income—even before income from savings is considered. In fact, <<PAUSE>> if you think about what it would take to generate $25,000 in investment income from your own investments, … << CALCULATE IN HEAD OR REACH FOR A CALCULATOR AND DIVIDE 25,000 BY .05>> … I estimate you would need roughly $500,000 in savings to generate $25,000 in annual income. That’s a pretty substantial benefit. <<CLICK>> They could be critically important; Social Security benefits are generally not inconsequential. In 2009, a higher wage-earner—someone who paid the maximum into Social Security each year and who files for benefits in 2009—would expect to receive in excess of $25,000 for the full year. For a double-income couple, with each spouse entitled to benefits under their own records, annual benefits could add up to a significant amount of income—even before income from savings is considered. In fact, <<PAUSE>> if you think about what it would take to generate $25,000 in investment income from your own investments, … << CALCULATE IN HEAD OR REACH FOR A CALCULATOR AND DIVIDE 25,000 BY .05>> … I estimate you would need roughly $500,000 in savings to generate $25,000 in annual income. That’s a pretty substantial benefit. <<CLICK>>

    7. 7 The benefits Benefit amounts are not inconsequential Benefit adjust for inflation Benefit lasts your lifetime Benefit can also last your spouse’s lifetime Better still, Social Security benefits are adjusted annually for inflation and are designed to last your lifetime. Your benefits can even continue throughout your spouse’s lifetime if he/she outlives you. Once you understand these benefits, it becomes clear that Social Security is an income stream that can play a key role in funding your retirement. <<CLICK>> Better still, Social Security benefits are adjusted annually for inflation and are designed to last your lifetime. Your benefits can even continue throughout your spouse’s lifetime if he/she outlives you. Once you understand these benefits, it becomes clear that Social Security is an income stream that can play a key role in funding your retirement. <<CLICK>>

    8. 8 How much will I receive? Receive statements annually Reflects earnings record to-date Review for accuracy each year Recognize one of these? <<POINT TO STATEMENT IMAGE ON SLIDE>> Estimating how much you can expect to receive in benefits is pretty easy — the Social Security Administration sends you an estimate based on your earnings history every year, a few months before your birthday. Make sure you review this each year -- to make sure that the earnings match up with what you actually earned. If there are any errors, let Social Security know immediately so you can make certain the errors do not affect your benefits. And be sure to share your statement with your advisor. Having a full understanding of all of your retirement income sources -- including Social Security -- is very important to the overall planning process, and to evaluating your retirement income strategy. <<CLICK>> Recognize one of these? <<POINT TO STATEMENT IMAGE ON SLIDE>> Estimating how much you can expect to receive in benefits is pretty easy — the Social Security Administration sends you an estimate based on your earnings history every year, a few months before your birthday. Make sure you review this each year -- to make sure that the earnings match up with what you actually earned. If there are any errors, let Social Security know immediately so you can make certain the errors do not affect your benefits. And be sure to share your statement with your advisor. Having a full understanding of all of your retirement income sources -- including Social Security -- is very important to the overall planning process, and to evaluating your retirement income strategy. <<CLICK>>

    9. 9 When will I receive it? 67 is the new 65 for many Baby Boomers Sounds good, right? So when can you sign up? With a few exceptions, the earliest date for filing for benefits is age 61 years 9 months. While the benefit payments won’t commence until age 62, it takes a few months for the paperwork to be processed and for benefit payments to begin. But the actual age at which you qualify for full retirement benefits is somewhere between ages 65 and 67, depending on your birth date. The chart on the slide is reprinted in your workbook on page 5 -- to make it easier for you can determine your own “retirement age” according to Social Security. <<PAUSE FOR PAGE FLIPPING>> While benefits can begin at age 62, they’ll be seriously discounted from what they would be if you waited until your age of full retirement to claim them—something we’ll discuss further in a few moments. And while we all may think of 65 as the retirement age, as you can see from the chart that’s a thing of the past. For those born after 1937, the full retirement age rises until it reaches 67 for those born after 1959. For instance, if we have anyone here today who was born between 1943 and 1957, then 66 is going to be the magic number for you! <<CLICK>> Sounds good, right? So when can you sign up? With a few exceptions, the earliest date for filing for benefits is age 61 years 9 months. While the benefit payments won’t commence until age 62, it takes a few months for the paperwork to be processed and for benefit payments to begin. But the actual age at which you qualify for full retirement benefits is somewhere between ages 65 and 67, depending on your birth date. The chart on the slide is reprinted in your workbook on page 5 -- to make it easier for you can determine your own “retirement age” according to Social Security. <<PAUSE FOR PAGE FLIPPING>> While benefits can begin at age 62, they’ll be seriously discounted from what they would be if you waited until your age of full retirement to claim them—something we’ll discuss further in a few moments. And while we all may think of 65 as the retirement age, as you can see from the chart that’s a thing of the past. For those born after 1937, the full retirement age rises until it reaches 67 for those born after 1959. For instance, if we have anyone here today who was born between 1943 and 1957, then 66 is going to be the magic number for you! <<CLICK>>

    10. 10 Sooner or later? When sooner may be better: Health issues Financial issues Non-adult children at home While some may find that filing early makes the most sense for them—for instance, those with health or financial issues or young children at home may find greater benefits in early filing—others may find that filing early for discounted benefits could be unnecessarily expensive. That’s because benefits claimed before the age of full retirement are discounted from what would be paid at full retirement age. How much of a discount is there for those who opt to file for Social Security benefits early? Benefits are discounted roughly 25% for those taking their benefits at age 62 when their full retirement age is 66. Where the full retirement age is 67 the discount for taking benefits at 62 rises to 30%. Now consider if you spend 30 years in retirement, how costly that reduced income flow could be—especially after taking inflation into account. Assume your annual benefits would be $20,000 at full retirement. Discounting that by 25% means … <<PAUSE TO MAKE CALCULATION>> … forgoing $5,000 a year in income … <<PAUSE AGAIN FOR CALCULATION>>……so that, over 30 years, that’s $150,000 [less income] before even considering inflation. That is quite a bit of money to leave on the table. <<CLICK>> While some may find that filing early makes the most sense for them—for instance, those with health or financial issues or young children at home may find greater benefits in early filing—others may find that filing early for discounted benefits could be unnecessarily expensive. That’s because benefits claimed before the age of full retirement are discounted from what would be paid at full retirement age. How much of a discount is there for those who opt to file for Social Security benefits early? Benefits are discounted roughly 25% for those taking their benefits at age 62 when their full retirement age is 66. Where the full retirement age is 67 the discount for taking benefits at 62 rises to 30%. Now consider if you spend 30 years in retirement, how costly that reduced income flow could be—especially after taking inflation into account. Assume your annual benefits would be $20,000 at full retirement. Discounting that by 25% means … <<PAUSE TO MAKE CALCULATION>> … forgoing $5,000 a year in income … <<PAUSE AGAIN FOR CALCULATION>>……so that, over 30 years, that’s $150,000 [less income] before even considering inflation. That is quite a bit of money to leave on the table. <<CLICK>>

    11. 11 Many more candles You may be wondering why you should worry about the effect of the discount over 30 years. After all, that seems like a really long time — almost as much time as you spent working. But when you consider that the average life expectancy of women who reach the age of 65 is 20 more years — and that men who live to age 65 will, on average, live an additional 17 years — spending 30 years in retirement doesn’t seem so unlikely. Remember, these are averages. About 50 percent will live longer! In fact, the population of Americans in their 90s and 100s is expected to boom in coming decades, making planning for a LONG retirement even more important. <<CLICK>> You may be wondering why you should worry about the effect of the discount over 30 years. After all, that seems like a really long time — almost as much time as you spent working. But when you consider that the average life expectancy of women who reach the age of 65 is 20 more years — and that men who live to age 65 will, on average, live an additional 17 years — spending 30 years in retirement doesn’t seem so unlikely. Remember, these are averages. About 50 percent will live longer! In fact, the population of Americans in their 90s and 100s is expected to boom in coming decades, making planning for a LONG retirement even more important. <<CLICK>>

    12. 12 Working for a living How does this work if you are still working when you elect to start receiving your benefits -- before your full retirement age? In this case, you not only need to consider the discount for taking benefits early, but also the fact that earnings limit reductions can reduce your benefit even more. That’s because … <<CLICK>> How does this work if you are still working when you elect to start receiving your benefits -- before your full retirement age? In this case, you not only need to consider the discount for taking benefits early, but also the fact that earnings limit reductions can reduce your benefit even more. That’s because … <<CLICK>>

    13. 13 Earnings Limit Estimater …those who claim benefits prior to their full retirement age, while still earning wages, are subject to an earnings limit test. The formula can be found on page 7 of the workbook. The earnings limit can have a significant impact on the amount of your benefits, and this is another important issue you’ll want to consider if you plan to take your benefits before your full retirement age. Fortunately, there are strategies that <<HOST’S NAME>> can discuss with you -- to help you manage both taxes and earnings more effectively. If you are considering working in retirement and/or taking your Social Security benefits early, make sure you talk with <<HOST'S NAME>> about these decisions, and how to best implement them into your larger retirement income strategy. The next several slides discuss tax concepts as they relate to your retirement. This information is for educational purposes only. Please note that neither Protective Life nor its representatives offer legal or tax advice. You should consult with yoru leagl or tax advisor regarding your individual situation before making any tax-related decisions. <<CLICK>>…those who claim benefits prior to their full retirement age, while still earning wages, are subject to an earnings limit test. The formula can be found on page 7 of the workbook. The earnings limit can have a significant impact on the amount of your benefits, and this is another important issue you’ll want to consider if you plan to take your benefits before your full retirement age. Fortunately, there are strategies that <<HOST’S NAME>> can discuss with you -- to help you manage both taxes and earnings more effectively. If you are considering working in retirement and/or taking your Social Security benefits early, make sure you talk with <<HOST'S NAME>> about these decisions, and how to best implement them into your larger retirement income strategy. The next several slides discuss tax concepts as they relate to your retirement. This information is for educational purposes only. Please note that neither Protective Life nor its representatives offer legal or tax advice. You should consult with yoru leagl or tax advisor regarding your individual situation before making any tax-related decisions. <<CLICK>>

    14. 14 Taxes and Social Security Wages taxed throughout earnings years Payments from Social Security system taxable throughout benefit years While the Social Security Administration reports that less than a third of its recipients pay taxes on their retirement benefits, it’s likely that many of you in this room will. If you will be receiving full benefits from two wage-earners’ records or will be receiving additional retirement income from other sources, it’s possible that your benefits will be taxable. <<CLICK>> While the Social Security Administration reports that less than a third of its recipients pay taxes on their retirement benefits, it’s likely that many of you in this room will. If you will be receiving full benefits from two wage-earners’ records or will be receiving additional retirement income from other sources, it’s possible that your benefits will be taxable. <<CLICK>>

    15. 15 How much is taxable? “Provisional income” is: all income from wages Just how much of your benefits are taxable depends on your other sources of income. The calculation to determine whether you need to pay taxes on your benefits -- using ther formula on this slide <<POINT TO FORMULA>> and in your workbook on page 8 -- will need to be determined each year when your tax return is prepared. However, your advisor can help you estimate the amount of potential taxes, and to see if there are any strategic moves you can make to lessen the tax liability. <<CLICK>> Just how much of your benefits are taxable depends on your other sources of income. The calculation to determine whether you need to pay taxes on your benefits -- using ther formula on this slide <<POINT TO FORMULA>> and in your workbook on page 8 -- will need to be determined each year when your tax return is prepared. However, your advisor can help you estimate the amount of potential taxes, and to see if there are any strategic moves you can make to lessen the tax liability. <<CLICK>>

    16. 16 How much is taxable? If provisional income is $32,000 or less for joint filers ($25,000 for single filers), Social Security benefits are free of Federal taxation, although state taxes may still apply. If provisional income is between $32,000 and $44,000 ($25,000 and $34,000 for single filers), up to 50% of Social Security benefits must be reported on Form 1040. If provisional income is greater than $44,000 ($34,000 for single filers), up to 85% of the benefits will be taxed as ordinary income. Based on this <<POINT TO SLIDE>> it’s likely that most of you will pay taxes on at least some of your benefits. But the good news is that the maximum amount of benefits subject to taxes is 85%. Make sure to work with your advisor to help estimate your provisional income, and to better understand the effect taxes may have on your retirement income. <<CLICK>> Based on this <<POINT TO SLIDE>> it’s likely that most of you will pay taxes on at least some of your benefits. But the good news is that the maximum amount of benefits subject to taxes is 85%. Make sure to work with your advisor to help estimate your provisional income, and to better understand the effect taxes may have on your retirement income. <<CLICK>>

    17. 17 Spousal benefits Spousal benefit is the higher of: Their own work benefit OR 50% of their living spouse’s benefit (100% of their deceased spouse’s benefit) Now that we’ve covered some of the basics surrounding your own benefits -- and you understand that it may be reduced by taxes and an earnings limit — let’s take a few minutes to explore the spousal benefits available through Social Security. These may lead to increased benefits for your household. <<SCAN ROOM LOOKING AT HANDS>> I’m seeing a lot of wedding rings out there. Whether or not your spouse has earned the right to Social Security benefits on their own work record, they are eligible for a spousal benefit under your Social Security record. That spousal benefit equals 50% of the your full benefits. It is also adjusted for inflation each year. Spouses who have their own earnings record have a choice -- to receive either 50% of their husband’s or wife’s benefits, or to receive the benefits they earned on their own, whichever is greater. When one spouse dies before the other, the survivor has another choice to make. If they’ve been receiving benefits on their own earnings record and their deceased spouse had a higher benefit, they can “upgrade” to the higher benefit as the survivor. Understanding how spousal benefits are paid is crucial to making the most out of your Social Security benefits. Make sure to work with your advisor to help determine which spousal options make the most sense in your situation. <<CLICK>> Now that we’ve covered some of the basics surrounding your own benefits -- and you understand that it may be reduced by taxes and an earnings limit — let’s take a few minutes to explore the spousal benefits available through Social Security. These may lead to increased benefits for your household. <<SCAN ROOM LOOKING AT HANDS>> I’m seeing a lot of wedding rings out there. Whether or not your spouse has earned the right to Social Security benefits on their own work record, they are eligible for a spousal benefit under your Social Security record. That spousal benefit equals 50% of the your full benefits. It is also adjusted for inflation each year. Spouses who have their own earnings record have a choice -- to receive either 50% of their husband’s or wife’s benefits, or to receive the benefits they earned on their own, whichever is greater. When one spouse dies before the other, the survivor has another choice to make. If they’ve been receiving benefits on their own earnings record and their deceased spouse had a higher benefit, they can “upgrade” to the higher benefit as the survivor. Understanding how spousal benefits are paid is crucial to making the most out of your Social Security benefits. Make sure to work with your advisor to help determine which spousal options make the most sense in your situation. <<CLICK>>

    18. 18 Benefits for the divorced The marriage last at least 10 years The divorce has lasted at least two years The former spouse is entitled to benefits The claiming ex-spouse is unmarried The claiming ex-spouse is at least 62 The claiming ex-spouse cannot qualify for a higher benefit on their own earnings record If you were married previously, you may still be able to apply for spousal benefits… or your ex may be able to fill for half of yours if: <<POINT TO EACH BULLET ON SLIDE AS YOU REPEAT IT>> Your previous marriage lasted at least 10 years Your divorce has lasted at least two years Your former spouse is entitled to benefits The claiming ex-spouse is unmarried The claiming ex-spouse is at least 62 The claiming ex-spouse cannot qualify for a higher benefit on their own earnings record By the way, <<PAUSE>> filing for benefits under your ex-spouse’s record does not impact the amount they will receive when they file, nor will it impact their current spouse’s ability to receive benefits if a remarriage is involved. The former spouse does not even have to file for benefits first; he or she just needs to be at least 62. <<CLICK>> If you were married previously, you may still be able to apply for spousal benefits… or your ex may be able to fill for half of yours if: <<POINT TO EACH BULLET ON SLIDE AS YOU REPEAT IT>> Your previous marriage lasted at least 10 years Your divorce has lasted at least two years Your former spouse is entitled to benefits The claiming ex-spouse is unmarried The claiming ex-spouse is at least 62 The claiming ex-spouse cannot qualify for a higher benefit on their own earnings record By the way, <<PAUSE>> filing for benefits under your ex-spouse’s record does not impact the amount they will receive when they file, nor will it impact their current spouse’s ability to receive benefits if a remarriage is involved. The former spouse does not even have to file for benefits first; he or she just needs to be at least 62. <<CLICK>>

    19. 19 Your advisor can help Shed light on options Develop strategies to maximize benefits Help you understand whether sooner may be better than later In our time here today, we’ve only hit the high points. With a program like Social Security, which has so many moving parts and options for you to choose from, you will want to sit down with an advisor, like <<HOST’S NAME>>, who can help shed light on how each of your options will impact your total financial plan. It’s something you’ll want to do before you submit your decisions to the Social Security Administration. To assist these conversations, we’ve included a checklist <<HOLD UP WORKBOOK AND POINT TO PAGE 12>> for the information it's helpful to have ready when you evaluate your options on page 12. As you can see, when it comes to Social Security, there really is more than meets the eye. What we’ve presented here is really just the beginning. But, <<HOST’S NAME>> here can help you right through to the end—by helping you review your options, and by advising you regarding the decisions you need to make and the strategies available to maximize your benefits. The goal is to make sure that Social Security is properly factored into your larger retirement strategy. <<CLICK>> In our time here today, we’ve only hit the high points. With a program like Social Security, which has so many moving parts and options for you to choose from, you will want to sit down with an advisor, like <<HOST’S NAME>>, who can help shed light on how each of your options will impact your total financial plan. It’s something you’ll want to do before you submit your decisions to the Social Security Administration. To assist these conversations, we’ve included a checklist <<HOLD UP WORKBOOK AND POINT TO PAGE 12>> for the information it's helpful to have ready when you evaluate your options on page 12. As you can see, when it comes to Social Security, there really is more than meets the eye. What we’ve presented here is really just the beginning. But, <<HOST’S NAME>> here can help you right through to the end—by helping you review your options, and by advising you regarding the decisions you need to make and the strategies available to maximize your benefits. The goal is to make sure that Social Security is properly factored into your larger retirement strategy. <<CLICK>>

    20. 20 Before we close, please take a moment to note that this seminar and the Preparing for Your Retirement Income with Individual Strategies and Methods (PRISM) program are offered by Protective Life Insurance Company in all states except New York and in New York by Protective Life & Annuity Insurance Company. Both companies are located in Birmingham, Alabama. These materials include information regarding the availability of, and details surrounding, the Social Security and Medicare programs. These statements represent only our current understanding of Social Security and Medicare in general, and should not be considered legal or tax advice by consumers. Details of the Social Security and Medicare programs are subject to change at any time. Neither Protective Life not its representatives offer legal or tax advice. Consumers should consult with their legal or tax adviser regarding their individual situations before making any tax-related decisions. <<CLICK>> Before we close, please take a moment to note that this seminar and the Preparing for Your Retirement Income with Individual Strategies and Methods (PRISM) program are offered by Protective Life Insurance Company in all states except New York and in New York by Protective Life & Annuity Insurance Company. Both companies are located in Birmingham, Alabama. These materials include information regarding the availability of, and details surrounding, the Social Security and Medicare programs. These statements represent only our current understanding of Social Security and Medicare in general, and should not be considered legal or tax advice by consumers. Details of the Social Security and Medicare programs are subject to change at any time. Neither Protective Life not its representatives offer legal or tax advice. Consumers should consult with their legal or tax adviser regarding their individual situations before making any tax-related decisions. <<CLICK>>

    21. 21 Questions & answers To gain a clearer view of the range of options and benefits you are entitled to under Social Security, please contact your advisor for a no-obligation consultation. In the meantime, you can visit the Website SocialSecurity.gov for additional details. Thank you for having me, today. Now, let’s open up this meeting for questions. To gain a clearer view of the range of options and benefits you are entitled to under Social Security, please contact your advisor for a no-obligation consultation. In the meantime, you can visit the Website SocialSecurity.gov for additional details. Thank you for having me, today. Now, let’s open up this meeting for questions.

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