Senior Needs Planning _OH

This course provides a comprehensive study of the financial needs, goals, products, and plans for today’s senior consumers. It is written for insurance professionals and financial practitioners to explain how they can help their senior clients plan for a financially secure and rewarding retirement, supported by appropriate and suitable financial products.

The course explores the various facets of a sound retirement plan: needs and income analyses, qualified savings, Social Security and Medicare, life insurance, long-term care insurance, annuities, estate planning, wealth transfer techniques, and final needs planning. The course explains the unique needs of senior clients and the specific areas that are of concern to them—income planning, healthcare planning, estate distribution, final needs planning—as well as the tools, techniques, and products that can be used to meet these needs. An entire section in this course is devoted to suitability and ethical practice standards that apply when working with seniors.

The course covers the following topics:

  • The New Retiree
  • The Retirement Income Planning Process
  • Retirement Plan Distributions
  • Understanding Social Security Retirement Benefits
  • Using Life Insurance in Retirement
  • Using Annuities in Retirement
  • Meeting Seniors’ Healthcare Needs
  • Estate Planning and Wealth Transitioning
  • Final Needs Planning
Upon conclusion, students will be able to:
  • describe the characteristics typical of today's retirees and the financial challenges they face in retirement
  • explain the goals of retirement income planning and the strategies that can be used to ensure that retirement funds last a lifetime
  • explain how qualified plan participants can access funds during retirement and the required minimum distribution rules that apply to such plans and individual retirement accounts
  • explain the benefits and limitations of Social Security
  • demonstrate an understanding of how life insurance and annuities can be used in retirement to provide supplemental income and lifetime benefits
  • demonstrate an understanding of the role of Medicare, Medicaid, and Medicare supplement insurance in covering the healthcare costs of retirees
  • explain how long-term care insurance can protect against the cost of long-term custodial and nursing home care
  • describe the basic goals of estate planning and understand why an estate plan is necessary to minimize taxes, ensure the intended disposition of assets, and protect the financial future of heirs and beneficiaries
  • cite and explain the various tools that retirees commonly use to make and pre-pay funeral arrangements prior to death
  • demonstrate an understanding of the general ethical duties that apply to financial practitioners and how the concept of suitability applies to the sale of financial products
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