'Understanding Social Security: A Look at the Bigger Picture' March 21 in Lombard
Are you 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 21, in Lombard for a free session led by a retirement expert.
Starting at 6:30 p.m., retirement expert Greg Kurinec of Bentron Financial Group offers a lively presentation at the Lombard Park District's Sunset Knoll Recreation Center, 820 S. Finley Road. The session will help people gauge where their unique circumstances fit into the bigger Social Security picture.
To preregister for this program, call (630) 620-7322 or visit www.lombardparks.com.
Kurinec'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 Kurinec, 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,'" Kurinec 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," said Kurinec. "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, Kurinec 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."
Kurinec began with Bentron, based in Downers Grove, in 2004. He has helped people at or near retirement through investment advising, estate planning, risk management and watching out for their overall financial well-being.
A lifelong resident of Orland Park, he is a graduate of Purdue University's College of Consumer and Family Sciences, having earned degrees in Financial Planning and Counseling, as well as Selling and Sales Management.
In addition to his "Go to Greg" column, which has appeared in the Naperville Patch, Kurinec has served as an expert source and been quoted in publications ranging from Consumer Affairs and Insure.com to FINS Finance and MySuburbanLife.com.
In 2012, after his mother, Jeanne, lost her life to cancer, Greg and his two siblings founded "Jeanne's Journey for Hope" to help other families battle the disease in its many forms. Since then, the foundation has raised more than $75,000 to help families pay hospital and medical bills or as income replacement if the disease has resulted in a loss of employment.
Bentron Financial Group is online at www.bentron.com.