On August 17th: '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 Tuesday, August 17th for a Zoom-based session led by a retirement expert.

Starting at 6:30 p.m., Jigar Doshi of Bentron Financial Group offers a lively presentation hosted online by the Cook Memorial Public Library District.

Registration is required, and can be done by going to https://cooklib.libnet.info/event/5165761

For more information, please contact Valentina Cotini, the library's adult services programmer, at vcotini@cooklib.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 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 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 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, 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 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 over 30 years. In that time, he has become a nationally recognized expert on financial issues impacting older adults and late-life transitions.

Doshi has been providing clarity and vision to successful people for nearly 15 years, using his expertise to maximize returns and improve the client experience. His service includes investment advising, estate planning, risk management and watching out for clients' overall financial well-being.

He and his wife, Kosha, have two children and are members of the Vernon Hills Indian Association.

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