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Why Choose HPN Dave Porter Baystate Financial Services “I am the biggest fan of Hoopis Performance Network. It is spot-on as it relates to training, timeliness of updates, powerful presenters, and true take-away value. You cannot beat it for the price and, more importantly, the quality.” Michelle Hubert Farm Bureau Financial Services “Utilizing Hoopis Performance Network to enhance Agent development has been life-changing for our leadership team and for our Agency!! Partnering with HPN is definitely one of the best investments in my Agency I’ve made – I would highly recommend this resource to any sized Agency!” Bill Pienias Fin Fit Financial “We’ve worked with HPN to develop field-tested systems for training, accountability and leadership development. They have provided valuable perspective and resources that are positively shaping our performance at all levels in our company.” Empowering financial advisors with skills and training to create strong client relationships Learn More Helping leaders succeed at every stage of the leadership journey Learn More Designed to educate and empower home office employees and field staff. Learn More Digital Learning & Development Solutions for a New World! For more than a decade, Hoopis Performance Network and FSEdNet have been providing virtual sales and leadership development learning solutions designed to increase productivity and retention. Clients in over twenty-five countries throughout the world leverage us to help them keep pace with the ever-evolving challenges of learning and development in the new normal we are all experiencing. Our digital resources are designed to be scalable and customizable depending on your organization’s virtual learning and development needs. Get Your Solution HPN News Blog Hoopis Performance Network NAIFA and Hoopis Performance Network Partnership We are thrilled to announce an exclusive partnership between Hoopis Performance Network (HPN) and NAIFA, a groundbreaking collaboration... Joey Davenport Joey Davenport Featured on NAIFA’s Advisor Today Podcast Series President and Co-Founder of Hoopis Performance Network, Joey Davenport, was featured on the NAIFA’s Advisor Today Podcast Series. Hoopis Performance Network Creating Consistency and Scalability in Your Learning & Development Programs With the growing cost of distribution and budgets being scrutinized, financial organizations will have to begin identifying... Leadership Tools Building Your Bench / Agency Leader Training / Recruiting & Selection Learn More Sales Effectiveness Sales Effectiveness Program with Proven Results Learn More Digital Learning Digital Learning & Development Solutions for a New World Learn More Empowering financial advisors with skills and training to create strong client relationships Learn More Helping leaders succeed at every stage of the leadership journey Learn More Designed to educate and empower home office employees and field staff. Learn More

Next Item Previous Item Go back to White Papers List Nearly nine out of 10 Americans aged 65 or older currently receive Social Security. The Social Security Administration estimates that 21 percent of married couples and 43 percent of single seniors rely on Social Security for 90 percent or more of their income. Whether you are planning to retire in 20 years or 20 days, it’s crucial to understand Social Security, how to qualify for benefits, taxation of Social Security benefits and how working after retirement might affect your Social Security income. This broad overview of the most important aspects of Social Security will help you make the best decisions for financial security during retirement. Social Security Basics Social Security is the largest U.S. federal insurance program that provides benefits to retirees, those who have disabilities and those who lose a spouse or parent. According to the Social Security Administration (SSA), more than 60 million people received monthly benefits as of 2018; 46 million of those recipients are retirees and their families. The Social Security Act was part of President Franklin Roosevelt’s New Deal, a series of programs his administration instituted to bring prosperity back to Americans during the Great Depression. The Social Security Act passed in 1935. Those who work pay dedicated payroll taxes authorized by the Federal Insurance Contributions Act (FICA), which funds Social Security benefit payments. As of 2019, each dollar you pay in FICA taxes goes into two separate trust funds. One fund receives 85 cents for retirees, their families, surviving spouses and surviving children of workers who passed away. The remaining 15 cents funds those with disabilities and their families. Qualifying for Social Security Retirement Benefits Most people must work 10 years at a job where they pay FICA taxes to receive Social Security retirement benefits. As of 2019, the SSA awards one credit for each $1,360 in earnings, with a maximum of four credits per year. The required earnings normally increase each year. The 10-year, 40-credit rule applies to all workers who were born after 1929; those born before 1929 did not need as many credits. Workers cannot earn credits at all jobs. The following are some examples of jobs where workers do not qualify for Social Security retirement benefits: The majority of federal employees hired prior to 1984 Railroad employees who have more than 10 years of service Some employees of state and local governments who have chosen not to participate in the Social Security programs Social Security Retirement Benefit Amounts The amount you receive for Social Security retirement benefits depends on your age and the amount of your lifetime earnings. As you earn more, your benefit amount increases. You can begin to receive your retirement income anytime from age 62 to age 70. The retirement benefit program is designed to pay out the same amount of lifetime benefits, no matter when you choose to file your claim. Of course, how long you live is the factor that has the most impact on total lifetime benefits. The SSA will reduce your retirement payment if you take it early. The longer you wait to collect benefits, the greater the monthly benefit amount will be. The principle behind this is really quite simple. If you start to receive your monthly retirement benefits early, you will receive more payments over your lifetime. If you begin taking them later, you will receive fewer payments, but the payments will be larger. There are many factors to consider when making this decision. But before you can even think about this, you need to know if, how and when you can receive benefits. So, let’s talk about the full retirement age. The full retirement age (FRA) is the age you must attain to be entitled to your full, unreduced Social Security retirement benefit. The FRA for those born between 1943 and 1954 is exactly age 66. For those born between 1954 and 1959, their FRA will increase by two months each year. For example, the FRA for those born in 1955 will be 66 years and 2 months. The FRA for those born in 1956 is 66 and 4 months, and so on. The FRA for those born in 1960 or later is exactly 67. So, to receive an unreduced retirement benefit, which is referred to in Social Security jargon as the “Primary Insurance Amount” (PIA), you must wait until you reach your full retirement age. If a retiring worker with an FRA of 66 and a PIA of $1,000 chose to receive his retirement benefit at age 62, his benefit would be reduced by 25 percent, or $750 (75 percent of his $1,000 Primary Insurance Amount). If they wait until he reaches his FRA, he will receive his full PIA benefit of $1,000. The terms the Social Security Administration uses to describe your benefit can be confusing. For example, the word “full” in the term “full retirement age” does not mean the maximum benefit. The maximum benefit occurs at age 70, which is always later than full retirement age, regardless of when you were born. Now let’s talk about what happens if you wait beyond full retirement age to claim your benefits. For each year you wait beyond full retirement age to receive your benefit, you receive what’s called a “delayed retirement credit.” This is set in law, so it does not fluctuate with interest rates or the equity markets. It’s 8 percent simple interest per year, based on your primary insurance amount for each year beyond your full retirement age. Another way to look at this is that your benefit will be 76 percent higher at age 70, compared with age 62, regardless of the PIA. That is, you will receive a monthly retirement benefit from Social Security that is 76 percent higher every month for the rest of your life if you wait until age 70 to receive it. This happens automatically. All you have to do to get your maximum benefit is wait until you reach age 70. No forms, no calls — just wait. If you want a better idea of what your benefits might be at different ages, visit the SSA website and look up your Social Security statement, or use some of their calculators. Income Taxes and Social Security Some people who collect Social Security retirement benefits must pay income tax on a portion of their benefits. The government will tax a portion of their benefits if their total combined income (combined income = total amount of income, including any taxexempt interest, plus half of one’s Social Security benefits) exceeds Social Security’s set base amount. Keep in mind that your “total income” includes more than just your work income. The SSA will tax 50 percent of your Social Security benefits if either of the following statements is true: Your combined income amount is between $25,000 and $34,000 and you are single. Your combined income amount is between $32,000 and $44,000 and you are married. The SSA will tax 85 percent of your Social Security benefits if either of the following statements is true: Your combined income is greater than $34,000 and you are single. Your combined income is greater than $44,000 and you are married. Working After Retirement To maintain a comfortable lifestyle into retirement, Social Security retirement benefits plus savings and other investments are often not enough. This means that many individuals must keep working for a while, even after claiming an early Social Security retirement benefit. Others keep working just remain active and engaged. At your full retirement age, there is no limit on the amount of money you can earn and still receive your full Social Security retirement benefit. However, if you decide to begin to receive your benefit early and continue to work, be sure to understand how this extra income might impact your Social Security benefits. Social Security will reduce $1 of benefit for every $2 you earn over a set limit. In 2019, this limit on earned income is $17,640 ($1,470 per month), and this limit will go up each year. This continues until you reach full retirement age. Reduced, but Maybe Not Lost Forever The amount of reduced benefits lost due to income earnings that exceed the limits are not necessarily lost forever. Once you reach your full retirement age, Social Security will automatically recalculate a new retirement benefit amount, taking into account any of the lost benefits due to the earned income rule. This calculation will eventually pay out the lost benefit amount, a little bit each year. It normally takes up to 15 years to fully recoup the lost benefit. Social Security and Retirement

Next Item Previous Item Go back to White Papers List Advances in computer technology have been dizzying — from fixed desktop websites to responsive design desktop sites, mobile web sites and now apps (applications). In 2017, according to training and development firm Vantage Path, sales of tablets will be greater than those of computers and laptops combined, a worrisome trend for the traditional web, set in motion, ironically, by the successful inclusion of the Internet on mobiles. The traditional web is constantly losing ground to apps. It gets worse — the surge in the use of apps has resulted in a showdown of many mobile websites. Even many web companies are confessing their preference for mobile app users over web users. Still, some organizations, including many insurance and financial services companies, continue to view the use of mobile websites and applications as merely a supplement to traditional web-based e-commerce. Big mistake! The companies that embrace a complete shift to mobile devices and apps gain a competitive advantage because they can satisfy their customers’ needs and desires anywhere, any time, on any mobile device. Also, they can act more quickly on the information they learn from their customers as they make financial decisions. Use of IT is efficient only when it is distributed adequately to those who need the technology at the right moments. Apps further enhance such accessibility at a time when more and more of the world’s population has access to smartphones. Shifting to Mobile Has a Big Impact on B2C Communication Early in the short history of mobile devices, the thought was that people would use them only for going to social websites — and maybe for checking email and conducting online searches. That was then. Now consumers also use applications to shop, scoping out companies to educate themselves before buying any products or using services. This includes products and services offered by the insurance and financial services industry. Customers use mobile apps to learn all about a given company or firm, including such information as how products work, educating themselves on their potential need and seeking educational opportunities. To do this effectively, consumers must check up on a company regularly and constantly keep in touch. Likewise, today’s financial professionals seek information, resources and training on a 24/7 basis, with only a few clicks of their fingertips. For financial professionals who are both mobile and constantly on the go, these requirements are as basic as the old rate book (remember them?) of only a few decades ago. Adoption of mobile technology and the use of business-to-consumer (B2C) apps are led chiefly by company executives and firm field leadership. They’ve done this to validate the need for the digitization of organizational assets, to show that mobile app content can serve everyone’s needs on a 24/7 basis and to demonstrate that apps eliminate the restrictions that regular business hours place on an organization’s operations. With apps, customers and their financial professionals can complete transactions at any time of the day and from any location. The apps also provide a digital copy of the transaction, which those in the firm can access at any time. This improves company record keeping and eliminates the cumbersome, space-wasting process of keeping physical company transaction records. Benefits of Apps Here are just some of the powerful benefits apps provide. Increased user engagement — All mobile apps operate in what can be called their own interface environment. Mobile users tend to be immersed in the personal experience of using these apps. A company icon — the shortcut to the app — is constantly featured on the home screen of the user’s device, making the app not only readily accessible but also strongly integrated with the owner’s mobile device behavior. Apps are task focused, so as users continue to visit an enterprise app, associating the company with the success of the task, the company’s products get increasingly promoted. The brand’s values and nature are only strengthened in terms of users’ perception. In addition, there is ever-improving interaction, often daily, between the consumer or the financial professional and the company. Enhanced customer care — Whether the day-to-day focus is on management, sales, marketing, advertising or social media, mobile devices can help you gain a competitive advantage in both financial advising and customer relations. In the financial services sector, in particular, consumers mostly judge a company through the customer care they receive. Poor customer care leads to a reduction in the number of customers and eventually to a total decline in profitability. Apps are like supplements to an organization’s customer care. Improved customer service — The information provided within apps and their ability to enhance business-to-consumer (B2C) communication, at the convenience of the customer, automatically improves customer service. Training and education — Apps can be powerful platforms for training financial professionals and staff members. According to a 2015 LIMRA study, it is much more effective for companies to recruit quality candidates and give them the training and support they need than to hire large numbers of people, hoping some will succeed. Prior LIMRA research shows that reduced spending in areas such as training and management support may increase companies’ long-term expenses. Companies that recruit many candidates, accepting the fact that only a few will survive, risk creating a poor work environment among those they hire, which may lead potentially successful candidates to choose other firms. Strong security — This is a feature that most websites still lack. Apps can integrate with an electronic device’s existing security system. This improves the level of security a company can provide for its information, as well as for its field force and customers. The mobile device’s management software enables information on the app to be deployed or retracted, and apps provide a platform for information that is more secure than what can be found on the mobile websites. Potential workforce reduction — The use of mobile apps can change an organization’s structure and redefine required skill sets for financial professionals and other employees. And, because most processes and transactions will be automated, apps will greatly reduce the size of the workforce needed. Fewer workers will be required. Those who remain will provide tech support to ensure that the applications and related devices are maintained adequately so that no one will encounter errors. Increased productivity — Because mobile apps enable organizations to minimize waste, complete tasks efficiently and reduce costs, they lead to increased productivity. It’s important to stay on top of this technology with fast, flexible and effective organizational structure within your organization’s apps. The development of an app is never a done deal; it should constantly be adapted to ever-changing needs, desires and preferences of customers and financial professionals. It’s the only way a company can maintain a competitive advantage. Within their apps, companies should also attempt an ever-increasing level of product differentiation. Companies that don’t embrace applications are losing out. They may perceive the move to apps as too costly. As with any new technology, there are indeed costs to app development and maintenance. But the longterm benefits of using apps can greatly outweigh the costs incurred to develop and implement them. Hoopis Performance Network Can Develop Your Customized Educational App Today, how financial professionals can access their training and educational resources is just as important as the material itself. We know from LIMRA that 24/7 access is of key importance, not only for millennials but for women and veteran associates alike. Benefits of Mobile Apps vs. Websites

We are thrilled to announce an exclusive partnership between Hoopis Performance Network (HPN) and NAIFA, a groundbreaking collaboration that introduces HPN and LIMRA’s flagship Trustworthy Selling SkillSet program to NAIFA members. This marks a pivotal shift in the financial services industry, as the program—previously available only to large enterprises—will now empower individual advisors within NAIFA to elevate their client relationships, boost productivity, and uphold the highest ethical standards. With over 30,000 graduates and a proven 25% productivity increase, Trustworthy Selling SkillSet is a transformative tool for advisors looking to grow their practices and meet evolving client needs. Through this partnership, we aim to equip NAIFA members with the skills to build trust, enhance client engagement, and achieve long-term success, reinforcing our commitment to enhancing advisor capabilities across the financial services landscape. We are excited about the positive impact this partnership will have on NAIFA professionals and look forward to supporting their continued growth and success. About Hoopis Performance Network (HPN) For more than a decade, Hoopis Performance Network has been a global leader in providing digital sales and leadership development learning solutions. HPN’s digital resources are designed to increase productivity and retention. In addition, they are scalable and customizable, depending on your organization’s virtual learning and development needs. Visit HPN at www.hoopis.com .

Recently Paul Feldman, the Publisher of InsuranceNewsNet Magazine sat down with Harry Hoopis, COE of the Hoopis Performance Network and recent recipient of the John Newton Russell Memorial Award, for a one-on-one interview about his illustrious journey through the insurance industry and how to train for greatness. “When trust is at the highest point, that’s when the sale is made, You don’t have to ask for it. They’ll ask you, ‘Who do I make this check out to?’” — Harry Hoopis As technology and artificial intelligence continue to replace workers to increase efficiency, Using the power of AI, organizations can re-invigorate their learning and development experience, make relevant content accessible anytime and anywhere, accelerate talent and career movement, and make skills the universal language of growth and success. “We’re thrilled to be partnered with HPN,an expert financial services content provider” said Andrea Sennett, Cornerstone Principal Partner Manager. “Many of our customers are looking for modern and engaging content specifically in the financial services space. This partnership provides a great additional resource for Cornerstone Content Anytime customers.” HPN’s initial offering within Cornerstone’s Content Hub will feature financial wellness content for employees as well as Spanish and investment planning content for financial professionals. There are currently 70 modules that are live with another 130 planned for this quarter. HPN is dedicated to producing a large library of content and has up to 500 modules in the works for this year. “We’re very excited to be recognized and selected to distribute our digital content through Cornerstone On Demand,” said Harry Hoopis, CEO of HPN. “Strategically partnering with the largest learning management system provider in the business provides a great opportunity for us to scale our distribution and make a bigger impact in the world.” HPN is one of the premier digital content providers to insurance and financial services organizations – serving clients in over 30 countries worldwide. HPN is one of fifty-four digital content providers featured today in the Cornerstone OnDemand Content Hub and only one of five from the financial services content space. HPN partners with the top experts and practitioners in financial services to provide learning content for financial advisors, leaders/managers, home office employees and financial wellness for consumers. About Hoopis Performance Network For more than a decade, Hoopis Performance Network has been a global leader in providing digital sales and leadership development learning solutions. HPN’s digital resources are designed to increase productivity and retention. In addition, they are scalable and customizable, depending on your organization’s virtual learning and development needs. Visit us at: www.hoopis.com. About Harry P. Hoopis Industry icon Harry Hoopis is a renowned entrepreneur, leader, speaker and industry icon who has built one of the largest and most successful financial services firms in the world. Harry is the author of the best-selling book, The Road to the Bountiful Life and donates all proceeds to the GAMA Foundation. Learn More About Harry.

Harry Hoopis, CEO of the Hoopis Performance Network has been selected as a featured speaker at the 2022 Virtual Latin American Conference, hosted by LIMRA. Harry will address the “SEA Change” (Selection, Education and Activity) that is needed for the financial services industry to survive and thrive in the world we live in. Better selection, more education and higher activity! Harry will also discuss the formula for success in agency building and how to get the most out of the people in the organization you run. Finally, he will share his 10 Key Beliefs which form the basis of building a Mega Firm in the 21st Century. “I am thrilled to have the opportunity to contribute to the success of the LIMRA LATAM Conference. The work that the Hoopis Performance Network and Limra are doing in Latam is extremely important. This is why we are partnered to create even more success in the region. The best is yet to come”, said Harry Hoopis. Harry Hoopis is the CEO of the Hoopis Performance Network and is a renowned entrepreneur, leader, speaker, and industry icon. In his 40-year career, he built one of the world’s largest and most successful financial services firms in Chicago, Illinois. During his illustrious career, Harry has received the Master Agency Award every year since his inception, the Robert Templin Award for his many contributions to management development, and the Leadership in Life Award from NAIFA Chicago. Harry was inducted into the GAMA International Management Hall of Fame. He served on the GAMA International Foundation Board of Directors and is past president of GAMA International, as well as the Northwestern Mutual General Agents Management Association. He is still an active member of two of the most select study groups in the industry, the LIMRA Group of Research Agencies and the General Agents Symposium. Harry is also the lead author of The Essentials of Management Development , the creator of the Firm Foundations seminar series, and has developed a management system called the Fixed Activity Commitment System. Harry is the author of the bestselling book The Road to the Bountiful Life: Achieving Success in Financial Services and donates all proceeds to the GAMA Foundation. About Hoopis Performance Network For more than a decade, Hoopis Performance Network has been a global leader in providing digital sales and leadership development learning solutions. HPN’s digital resources are designed to increase productivity and retention. In addition, they are scalable and customizable, depending on your organization’s virtual learning and development needs. Visit us at: www.hoopis.com. About LIMRA Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.