​On October 21st in Forest Park: `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 Tuesday, October 21st for “Understanding Social Security” at the Forest Park Public Library, 7555 Jackson Blvd.

Dr. Jim Flanagan, founder of Bentron Financial Group, leads the session in the Austin Room starting at 7 p.m. He will help people gauge where their unique circumstances fit into the bigger Social Security picture.

To register, visit https://tinyurl.com/UnderstandingSSForestPark; for more information, call the library at 708-366-7171.

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,’” he 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 Flanagan, a financial gerontologist. “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 25 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.

Dr. Flanagan founded Bentron Financial Group in 2001. He 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.

He is the author of Packing for Retirement: A Practical Guide to Prepare for Retirement at Any Age. 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.

Dr. Flanagan also has a series of financial pointers, dubbed My Generation Minute, that air regularly on the radio at 87.7 METV FM in the Chicago area.

Flanagan has also served on the Oak Park/River Forest Township Senior Services Committee since 2008. 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.

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