THE REVERE ADVOCATE – FRIDAY, DECEMBER 10, 2021 Page 15 Pats Basketball Captains Named Social Security Calculators That Can Help You Decide When to Claim Dear Savvy Senior, Can you recommend some good resources that can help my wife and me determine the best claiming ages for maximizing our Social Security retirement benefi ts? Just Turned 62 Dear 62, Deciding when to start collecting your Social Security benefi ts is one of the most complicated and consequential decisions in retirement. The diff erence between a good decision and a poor one could cost you and your wife tens of thousands of dollars over your retirement, so doing your due diligence now is a very smart move. Factors to Consider As you may already know, you can claim Social Security any time between the ages of 62 and 70, but each year you wait increases your benefi ts between 5 and 8 percent. However, there are other factors you need to take into account to help you make a good decision, like your health and family longevity, whether you plan to work in retirement, along with spousal and survivor benefi ts. To help you weigh your claiming strategies, you need to know that Social Security Administration claims specialists are not trained or authorized to give you personal advice on when you should start drawing your benefi ts. They can only provide you information on how the system works under diff erent circumstances. To get advice you’ll need to turn to other sources. Online Tools Your fi rst step in getting Social Security claiming strategy advice is to go to SSA.gov/ myaccount to get your personalized statement that estimates what your retirement benefi ts will be at ages 62 through 70. These estimates are based on your yearly earnings that are also listed on your report. Once you get your estimates for both you and your wife, there are a number online Social Security strategy calculators you can turn to that can compare your options so you can make an informed decision. The best one that’s completely free to use is Open Social Security (OpenSocialSecurity.com), which runs the math for each possible claiming age (or, if you’re married, each possible combination of claiming ages) and reports back, telling you which strategy is expected to provide the most total spendable dollars over your lifetime. But if you want a more thorough analysis consider feebased calculators like Maximize My Social Security (MaximizeMySocialSecurity.com) or Social Security Solutions (SocialSecuritySolutions.com). Both of these tools, which are particularly helpful to married couples as well as divorced or widowed persons, will run what-if scenarios based on your circumstances and show how diff erent fi ling strategies aff ect the total payout over the same time frame. Maximize My Social Security’s web-based service costs $40 per year for a household, while Social Security Solutions off ers several levels of web-based and personalized phone advice ranging from $20 to $250. In-Person Advice You may also be able to get help through a fi nancial planner. Look for someone who is a fee-only certified financial planner (CFP) that charges on an hourly basis and has experience in Social Security analysis. To fi nd someone, use the National Association of Personal Financial Advisors online directory at NAPFA.org, or try the Garrett Planning Network (GarrettPlanningNetwork.com), which is a network of fee-only advisers that charge between $150 and $300 per hour. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior. org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. TEAM LEADERS: The RHS Patriots Basketball team has voted seniors Jack D’Ambrosio, James Clauto and Ihssan Mourouane as the team’s Tri-Captains for the 2021-2022 season. (Courtesy of Coach David Leary/Twitter) ONLINE | FROM Page 14 ating for a short time could raise red fl ags. • Do an internet search with the company name and the word “scam.” This might locate other complaints about the site. • Scrutinize reviews: Scammers frequently post positive reviews on their websites, either copied from honest sites or created by scammers. One trusted resource to check reviews is at BBB.org. Be aware: Some review websites claim to be independent but are funded by scammers. Look at the bad reviews fi rst. These are more likely to be real and can help identify scams. • Search for contact information: Use caution if the site does not have a U.S. or Canadian phone number, or it uses a Gmail or Yahoo business email address. MEETING | FROM Page 9 environmentally minded and local supporting retailer. This year’s event will also feature sale of holiday wreaths for $40 each. These handmade wreaths feature fresh woodland evergreens, pinecones • Keep a record of what you ordered: Make a note of the website where you ordered goods. Take a screenshot of the item ordered, in case the website disappears or you receive an item that diff ers from what was advertised. • Pay by credit card: Credit cards often provide more protection against fraud than other payment methods. • Report online shopping fraud to: Better Business Bureau – fi le a complaint at BBB.org or report a scam at BBB.org/scamtracker. Federal Trade Commission (FTC) – fi le a complaint at reportfraud. ftc.gov or call 877-FTC-Help. National Intellectual Property Rights Coordination Center – report intellectual property and counterfeiting violations to iprcenter. gov/referral/view. Internet Crime Complaint enter (IC3) – fi le a complaint at ic3.gov/complaint. Canaand other decorative elements. Order online today and pick them up at the annual meeting. We will also be having silent auctions, raffl es (including a kayak) and a 50/50. All proceeds will benefit the Council’s environmental education, SRWC scholarship and river resdian Anti-Fraud Centre – fi le a report at antifraudcentre-centreantifraude.ca or call 1-888-495-8501. • Facebook – report ads that violate Facebooks policies by clicking the *** next to an ad to go to facebook.com/business/help. • Instagram – report copyright infringement or other policy violations at help.instagram.com. • Amazon – report suspicious activities and webpages at amazon.com. • Google – report scams at google.com. • PayPal – call (888) 221-1161 to speak with a live person instead of using its automated system if you receive an item that is not as advertised. • Your credit card company – call the phone number on the back of the credit card to report the fraud and request your money back. toration programs. The Saugus River Watershed Council is a 501 (c) 3 nonprofi t organization founded in 1991 to protect and restore the natural resources of the Saugus River watershed. Contact: marylester@saugusriver.org, 781-2335048.
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