On June 8th in Westmont: 'Understanding Social Security: A Look at the Bigger Picture'

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, June 8th at the Westmont Park District's Community Center to attend a free session led by a retirement expert.

Starting at 7 p.m., Jim Flanagan of Bentron Financial Group offers a lively presentation at that location, 75 E. Richmond St. The session will help people gauge where their unique circumstances fit into the bigger Social Security picture.

You can register at www.westmontparks.org, call 630-963-5252 or walk in to the park district office.

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One of the biggest reasons for the session is to counteract flawed counsel that is based on an outdated rationale.

"It used to be that people would be wise to wonder how much longer they would live and so they should begin collecting social security as quickly as possible," Flanagan said.

However, that mindset doesn't factor in the population's increasing longevity. If someone has already made it into in their 60s and is in reasonably good health, there's a good chance they will make it into their 90s or even beyond, Flanagan added.

"As opposed to investment accounts, which can fluctuate or even go away entirely, your social security check will remain the same or grow over time," he said. "You won't outlive it, so it's crucial to strategize carefully and secure the biggest check for as long as possible."

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 Flanagan stressed that there is nothing typical about any given individual.

"Blanket strategies for approaching Social Security just don't work," said Flanagan. "Each person's situation is unique and specific, so each person needs to explore this with their own unique circumstances in mind."

It has become an annual ritual to predict the demise of Social Security, but Flanagan is confident that while it will be subject to modifications, it won't ever disappear: "Social Security is here to stay, and we all simply need to stay current with how our lives mesh with it."

A River Forest native and lifelong resident, Flanagan is the founder of Bentron Financial Group, based in Naperville. He has been advising people at or near retirement age for more than 20 years. For the past 15 years his specialties have included counsel on how and when to tap into Social Security benefits.

In 2005, Flanagan joined the Oak Park/River Forest Township Senior Services Committee, for which he has served as chairman since 2008. In 2010, he founded the Celebrating Seniors Coalition, a not-for-profit organization that, among other services, helps seniors with emergency needs and raises public awareness of issues affecting seniors in Oak Park, River Forest and Forest Park.

For more information, visit www.CelebratingSeniors.net. Bentron Financial Group is online at www.bentron.com.