Mountain Views News          Saturday, April 16, 2016

THE GOOD LIFE

10

Mountain Views-News Saturday, April 16, 2016 

SENIOR HAPPENINGS

WHEN DOES IT PAY TO TAKE SOCIAL SECURITY EARLY?


Dear Savvy Senior,

I will turn 62 in a few months and am trying to decide when 
to start taking my Social Security retirement benefits. Almost 
everything I read on this topic tells me it’s better to wait until 
my full retirement age or beyond. Is there ever a good reason 
to start early?

Ready to Retire

Dear Ready,

You’re right! Most financial planners agree that waiting 
to take your Social Security retirement benefits is a smart 
financial move. Why? Because each month you defer, from 
your 62nd birthday to your 70th, your monthly benefits 
grow. That adds up to around 6 to 8 percent higher payments 
for every year you delay.

 Yet despite the financial incentive to wait, most people 
(58 percent of men and 64 percent of women) claim their 
benefits before full retirement age, which is currently 66 for 
those born between 1943 and 1954.

 But speeding up the clock isn’t always a bad idea. Here are 
some scenarios where it may make sense for you to collect 
early. 

 You need the money: If you’re retired and don’t have 
enough savings or a pension to cover your living expenses, 
you’ll probably have to start early. But, if you decide to work, 
be aware of the earnings test. 

 If you claim Social Security benefits before full retirement 
age (and you don’t reach 66 this year), you’ll forfeit $1 for 
every $2 you earn over the earnings limit of $15,720 in 2016. 
It usually doesn’t make sense to take benefits early if you’re 
working, unless your income is below the earnings limit. 

 You have poor health: Having a serious medical problem 
that is likely to shorten your life is another reason to start 
your benefits sooner rather than later. 

 Consider the “breakeven point” – the age you need to 
reach to come out ahead by waiting to claim Social Security 
– is 78 for someone who claims at 62 versus waiting to 66. 
If you don’t anticipate making it to 78, go ahead and claim 
early.

 However, if you are married or have other dependents at 
home that depend on your benefit, you may want to hold off 
because starting early will reduce their survivor’s benefits. 

 You’re a lower-earning spouse: If you’re married and 
your lifetime earnings are much lower than your spouse’s, 
you could take your benefit early but your higher-earning 
spouse should delay. This lets you increase your household 
income now, while the higher-earning spouse’s benefit 
grows, therefore increasing the survivor benefit.

 This strategy is best suited when a lower-earning wife 
is three to six years younger than her husband and her 
earnings are 30 to 40 percent of his. She should claim at 62 
and he should claim at full retirement age, or better yet wait 
to age 69 or 70. Because the husband is likely to die earlier, 
the wife’s reduced benefit will be temporary and she will 
then qualify for the higher survivor benefit.

 Skeptical of Social Security: Many people take their 
retirement benefits early because they fear Social Security 
will go bankrupt, but this not a good reason to start collecting 
early. 

 While it is true that the Social Security trust fund will 
become insolvent around 2033 – 17 years from now – if 
no changes are made, that doesn’t mean there will be no 
more money for benefits. It means that the fund is no longer 
taking in enough money to cover all promised benefits. Thus 
payment checks are likely to end up shrinking by about 25 
percent. 

 But, if the thought of losing out on your benefits keeps 
you up at night, then it may be better to start claiming early 
instead of holding off for more later. 

 To see how much your benefits will be affected 
by your claiming age, use the Consumer Financial 
Protection Bureau’s new Planning for Retirement tool at 
consumerfinance.gov/retirement/before-you-claim.

 

 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.


HAPPY BIRTHDAY! …April Birthdays

Howard Rubin, Hattie Harris, Mary Harley, Bette White, Dorothy White, Doris 
Behrens, Freda Bernard, Beth Copti, Terri Cummings, Marilyn Diaz, Virginia 
Elliott, Elma Flores, Julia Gottesman, Betty Jo Gregg, Barbara Lampman, Betty 
Mackie, Elizabeth Rassmusen, Maria Reyes, Marian DeMars, Anne Schryver, 
Chrisine Bachwansky, Colleen McKernan, Sandy Swanson, Hank Landsberg, Ken Anhalt, Shannon 
Vandevelde

* To add your name to this distinguished list, please call the paper at 626.355.2737. YEAR of birth 
not required but you must be over 60.

...................................................................

ACTIVITIES: Unless listed differently, all activities are at the 
Hart Park House (Senior Center) 222 W. Sierra Madre Blvd., Sierra Madre

 

 

 YWCA San Gabriel Valley - Intervale Senior Cafe 

Seniors 60 years of age and up can participate in the YWCA Intervale daily lunch program held 
at the Hart Park House Senior Center. Meals are served Monday through Friday at 12:00 pm 
and participants are encouraged to arrive by 11:45 am. Meals are a suggested donation of $3.00 
for seniors 60 and over or $5.00 for non-senior guests. Daily reservations are necessary, space is 
limited. Please reserve your lunch by calling 626-355-0256.

Tech Talk: Held on Monday, January 25th from 1:30-2:30pm. Learn how to use your new 
technology devises. Please reserve your space with the Hart Park House by calling 626-355-7394. 

 

Hawaiian and Polynesian Dance Class: Every Tuesday morning from 10am to 11am. Join 
instructor Barbara Dempsey as she instructs you in the art of hula. 

 

Bingo: Every Tuesday beginning at 1:00pm. Cards are only $0.25 each! Everyone is welcome to 
join. May be canceled if less than 5 people. 

 

Free Blood Pressure Testing: 2nd Tuesday of the month from 11am to 12pm. No appt. is 
necessary. 

 

Brain Games: Thursday, January 21st, 10:30am - 11:30am, improve your memory and strengthen 
your brain. Activities facilitated by Hugo, Community Liaison for New Wave Home care of 
Pasadena. 

 

Free Legal Consultation: Wednesday, January 27th from 10:30am to Noon. Attorney Lem 
Makupson is available for legal consultation. He specializes in Family Law, Wills, Trusts, Estates, 
and Injury. Appointment are required by calling 626-355-7394. 

Balance Class: No Balance Class due to Martin Luther King Holiday. 

 

Chair Yoga: Mondays and Wednesdays from 11:00 to 11:45 am. A suggested donation of $5 at one 
of the classes is requested, but is not required. 

 

Case Management: Meets the 2nd Thursday of the month. Case Management services are 
provided by the YWCA and provide assistance in a variety of areas. Appointments are required 
and can be scheduled by calling the HPH Office at 626-355-7394. 

 

Birthday Celebrations: Every second Thursday of the month at the Hart Park House. The free 
birthday cake is provided by the Sierra Madre Civic Club. 

 

Game Day: Every Thursday starting at 12:00pm. (Please note the time change.) A regular group of 
seniors play poker. Other games available for use. 

 

Free Strength Training Class: Every Friday from 12:45pm to 1:30pm with Lisa Brandley. The 
class utilizes light weights for low impact resistance training. All materials for the class are 
provided. 

 

Senior Club: Every Saturday at the Hart Park House Senior Center. Brown bag lunch at 11:30am. 
Club meeting at noon. Bingo 12:30-3:30pm. Annual Membership is only $10.00. 


MUSICAL LECTURE, FAMOUS FEMALE SINGERS 
FROM THE PAST

Arcadia Senior Services is presenting a musical 
history lecture on Tuesday, May 3, 2016 from 
1:15 to 2:30pm. It will take place at the Arcadia 
Community Center, 365 Campus Drive. May is 
the month that honors women. Musical historian 
Larry Maurer from Timeless Melodies Foundation 
for Education will discuss famous female singers 
from the past; Ethel Waters, Rosemary Clooney, 
Peggy Lee, Alice Faye, and many more. Cost to 
attended this event is $3.00 and is for individuals 
50 years of age and older. If interested in attending 
or for additional information please call Arcadia 
Senior Services at 626.574.5130.

About the City of Arcadia

Nestled in the foothills of the San Gabriel 
Mountains, Arcadia is an 11.38 square mile 
community with a population of just over 56,000. 
Located approximately 20 miles east of downtown 
Los Angeles, Arcadia is known for combining 
small-town charm with the conveniences and 
amenities of a mid-size city. Arcadia is a full-
service charter city governed by a five-member 
City Council, elected at large. Recognized 
for exceptional education and recreation 
opportunities and beautiful neighborhoods, 
Arcadia is also defined as the “Community of 
Homes” and has twice been designated the “Best 
City in California in which to Raise Kids” by 
Business Week Magazine.


Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com