On March 15th in Harwood Heights: `Understanding Social Security’

Are you or is someone you know ready to begin receiving Social Security? If you are going to collect Social Security benefits in the next 10 years, invest an hour on Wednesday, March 15th for a session led by a retirement expert.

Starting at 7 p.m., Bentron Financial Group founder Dr. Jim Flanagan offers a lively presentation, "Understanding Social Security: A Look at the Bigger Picture" at Eisenhower Public Library, 4613 N. Oketo Ave. in Harwood Heights.

To register, visit https://tinyurl.com/UnderstandingSSMarch15. You can also register by contacting the library at 708-867-7828. The session will help people gauge where their unique circumstances fit into the bigger Social Security picture.

The program covers a range of topics, including the benefits of taking Social Security, when to begin taking them to maximize your return, how the benefits are affected when you work while receiving them, taxation of Social Security benefits, and spousal/widow benefits.

The session is for those who have not yet begun receiving Social Security benefits. Whether you are 10 years shy of eligibility or are eligible already and mulling when to begin the process, the interactive meeting will span a range of relevant issues.

One of the biggest reasons for the session, said Flanagan, is to correct flawed counsel that has permeated the industry for years: “The thinking used to be, `Who knows how long you’re going to live? Get the money as quick as you can,’” Flanagan noted.

But that strategy flies in the face of the population’s increasing longevity. Those in their 60s, he said, should anticipate living another 30 years.

“People are living so much longer than they ever have before,” he added. “And unlike your investment accounts, your social security check stays the same or goes up over time. It’s a check that you can never outlive and it’s vital that you look hard at your best strategy to get the biggest check for the longest period of time.”

Currently, the earliest age you can collect Social Security is 62. However, your benefit is reduced by 30 percent if you begin taking Social Security that early—and by the time you are 72 to 75, the advantage of early benefits has evaporated.

The normal age for beginning to receive benefits is 67 and the latest you can defer is 70. A typical monthly Social Security check is now climbing toward $1,500, though there is nothing typical about any given individual, Kurinec emphasized.

“These blanket strategies for approaching Social Security simply don’t work,” he said. “Everyone’s situation is so unique and specific.”

To anyone who is skeptical that Social Security will remain intact in the coming years, Flanagan has a firm message: “I believe strongly that Social Security will be around for future generations. We need to believe that, and we need to demand that.”

Flanagan, who formed Bentron Financial Group in 2001, has served on the Oak Park/River Forest Township Senior Services Committee since 2008. In 2010, he founded the Celebrating Seniors Coalition, a not-for-profit organization that provides seniors with emergency services and raises public awareness of issues affecting seniors in Oak Park, River Forest and Forest Park.

Flanagan is the author of Packing For Retirement: A Practical Guide to Prepare for Retirement at Any Age, which offers a comprehensive overview of the myriad facets of retirement planning. In addition, he has attained certification as a Master Registered Financial Consultant, a distinction that reflects integrity and transparency in business and is achieved by fewer than one percent of financial professionals.

Bentron Financial Group is online at www.bentron.com.