On October 21st in New Lenox: `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 New Lenox Public Library,

Jigar Doshi of Bentron Financial Group leads the session starting at 6 p.m. in Meeting Room B. He will help people gauge where their unique circumstances fit into the bigger Social Security picture.

To register, visit https://tinyurl.com/USSNewLenox. For more information, contact Kelli Cunningham at 815-655-2679, extension 134 or kcunningham@newlenoxlibrary.org.

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 interactive meeting 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,’” 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 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 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.

A Chartered Retirement Planning Counselor (CRPC), 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.

He has been providing clarity and vision to successful people for nearly 20 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 active members of the Vernon Hills Indian Association.

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

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