Streamwood library offers program on 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, Aug. 12, for a session led by a retirement expert.
Starting at 7 p.m., Jigar Doshi of Bentron Financial Group offers a presentation at Poplar Creek Public Library District, 1405 S. Park Ave. in Streamwood.
Registration is required; space is limited with social distancing measures in place. Masks are optional for those who are fully vaccinated.
To register, visit pclib.org or go directly to the event registration page at tinyurl.com/UnderstandingSSPoplar.
Patrons are also welcome to contact Paulette Harding with questions at (630) 483-4940 or pharding@pclib.org.
The session will help people gauge where their unique circumstances fit into the bigger Social Security picture.
Doshi'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 topics covered will span a range of relevant issues.
One of the biggest reasons for the session, said Doshi, 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," Doshi said.
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 Doshi. "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% 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, Doshi 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, Doshi 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," Doshi said.
Doshi has an undergraduate degree in chemical engineering from the University of Mumbai-India and a master's degree in Financial Markets from the Stuart School of Business-IIT Chicago.
Bentron Financial Group was founded in 2001 by Dr. Jim Flanagan, who has provided financial guidance to people at or near retirement age for more than 30 years. In that time, he has become a nationally recognized expert on financial issues impacting older adults and late-life transitions.
Bentron Financial Group is online at www.bentron.com.
• Submit 'Your News' at www.dailyherald.com/share.