On April 15th: `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 Thursday, April 15th for a Zoom-based session led by a retirement expert.

At 7 p.m., Dr. Jim Flanagan of Bentron Financial Group offers a lively presentation that is being hosted virtually by the Clarendon Hills Public Library. To receive a Zoom link for the program, visit this link on the Clarendon Hills library website.

For more information, please call 630-323-8188.

The session will help people gauge where their unique circumstances fit into the bigger Social Security picture.

Flanagan’s talk 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, Flanagan said, should anticipate living another 30 years.

“People are living so much longer than they ever have before,” said Flanagan. “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, Flanagan 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.”

The presentation is being held in conjunction with Money Smart Week, a public awareness campaign from April 10th to 17th that is designed to help consumers better manage their personal finances. The campaign was launched in 2002 by the Federal Reserve Bank of Chicago; more
information about the week is at http://www.moneysmartweek.org/

A nationally recognized expert on financial issues impacting older adults, Flanagan has built a comprehensive practice that combines professional expertise with vast experience in coming alongside clients as they make crucial decisions with far-reaching impact.

His charitable and volunteer work revolves largely around seniors. Since 2008, he has chaired the Oak Park/River Forest Township Senior Services Committee. 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.

He is also the author of “Packing for Retirement: A Practical Guide to Prepare for Retirement at Any Age.” Published in 2019, the book 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.