DeborahDian profile image

Review of 'Social Security Income Planning - The Baby Boomer's Guide to Maximize Your Retirement Benefits'

Learn How to Maximize Your Social Security!

How can you have the retirement you dreamed of?  The place to start is by learning how to maximize your Social Security benefits ... and there are many things to consider.
How can you have the retirement you dreamed of? The place to start is by learning how to maximize your Social Security benefits ... and there are many things to consider.
Source: Morguefile

How Much Do You Know About Social Security?

Every since I was a young woman, people predicted that Social Security would not be around when I reached my sixties. They were all wrong. Not only is Social Security still around, but today I am actually collecting it. In addition, while it is not my only source of retirement income, it is a significant source. I would not be enjoying my retirement nearly as much if it were not for my Social Security benefits.

Most people believe they know everything there is to know about Social Security. In addition, they believe that the employees of the Social Security Administration will help them decide the best way to collect their benefits. Those people are wrong on both counts.

In a recent study, only 20% of people were able to answer common questions about Social Security. Very few people realize that there are over 2700 different rules that affect your benefits. These rules can make your decision extremely complicated. At what age should the primary breadwinner in the family start collecting their benefits? Age 62 ... 66 ... 70 ... or somewhere in between those ages? At what age should their spouse, or former spouses, collect their benefits? Do you understand the benefit of file and suspend? Can a former spouse collect based on your work history? If they do, will it affect your benefits?

In addition, if you think the employees at the Social Security Administration will advise you on the best options, you are sorely mistaken. They are not allowed to advise people when they apply for their benefits. Recipients are on their own. To make matter worse, once you have begun to collect your Social Security benefits, you CANNOT go back and change your mind.

After reviewing several books on Social Security, this is the best and most current book on the subject that I could find. I highly recommend that everyone read it ... whether you are 10, 20 or 30 years away from retirement. In fact, every adult needs to understand their Social Security benefits because those decisions may affect the other investment choices they make along the way.

Two More Helpful Retirement Books

Social Security is not the only thing you need to understand when planning your retirement. You need to also have a plan that will allow you to have fun and actually enjoy the way your spend your time for the remainder of your life.

Open your mind to all the opportunities that still lay ahead. For many retirees, this truly is the opportunity to do many of the things you postponed when you were younger.

Below you will find two books to help you do just that.

How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor
How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor

This book has a unique approach to retirement planning and I highly recommend it. It will inspire you and help you decide what you want to do with all the free time that you may have after you retire.

 
Stress-Free Retirement Planning
Stress-Free Retirement Planning

Get an overview of retirement planing ideas. Having a plan, and sticking to it, is a great way to reduce your financial stress.

 

Follow This Retirement Blog, Too

This retirement blog covers most of the topics that are of interest to retirees ... from how to handle your retirement savings, how to sign up for Medicare, where to retire in the United States and overseas, family issues, medical concerns and more.

You can follow the blog for free at:

http://www.baby-boomer-retirement.com

In addition, you can use the link below to subscribe to it on your Kindle for .99 cents a month.

Baby Boomer Retirement
Baby Boomer Retirement

There are so many decisions you need to make when you retire ... where you will live, how your relationship to your spouse and adult children will change, health issues that could come up, retirement jobs to supplement your income, and so much more. You can either follow my retirement blog at www.baby-boomer-retirement.com or use this link to subscribe to it on your Kindle. Either way, I look forward to your questions and comments. There are already hundreds of helpful articles on this blog, with more being added every week.

 

 Last updated on October 15, 2014

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Guestbook 20 comments

SusanDeppner profile image

SusanDeppner 7 months ago from Arkansas USA Level 7 Commenter

Great review! I'm also at the age of having to make a decision about when to start collecting. It's good to know that there are books available that give accurate advice on this daunting topic.


tonyleather 7 months ago

Very interesting Lens! Thank you!


SusanDeppner profile image

SusanDeppner 7 months ago from Arkansas USA Level 7 Commenter

Congratulations on your new purple trophy and Review Lens of the Day honors today!


GrammieOlivia profile image

GrammieOlivia 7 months ago from Toronto Level 7 Commenter

I've still got a few years to go, so hopefully it will be around for me too!


oscar1208 lm profile image

oscar1208 lm 7 months ago

I have not read the book, but I am sure it touches on all the basics aimed at having a financially sound retirement. I retired in late 2008. Actually, together with others in the financial institution I worked for over 35 years, my position was eliminated. Given the situation in the banking industry at the time and my own situation within the company, the decision was totally understandable. In addition, I was already of retirement age and looking forward to it. So, it worked fine for me. Just wanted to comment that while I do agree that Social Security benefits (let's include Medicare in the mix) are great, and both my wife and I are enjoying them, if it were not for my, rather our, defined benefit plan and 401(k) benefits (accrued for 35 years and 25 years, respectively) our financial situation would not be as good as it is. Therefore, financial planning for retirement is a must, and needs to begin as soon as possible. Actually, as a teen is not too early.


Merrci profile image

Merrci 7 months ago from Oregon's Southern Coast Level 7 Commenter

Great information and great review. It's important that people become aware earlier rather than later!


Erin Mellor profile image

Erin Mellor 7 months ago from Europe Level 3 Commenter

Where I live, my earliest date for collection is 68, so decisions around delays are not so difficult. When I started work the age was 60, it just keeps moving further into the distance!


Kailua-KonaGirl profile image

Kailua-KonaGirl 7 months ago from New York Level 2 Commenter

Nicely done review. Thanks for the information. I read the Kindle version of the book not too long ago and unfortunately, for me it didn't tell me anything I didn't already know, although I am sure some will find it useful especially if they are not close to retiring like I am. I was also disappointed the lack of editing, but that is just me. Others may not mind editing issues.


Rhonda Lytle profile image

Rhonda Lytle 7 months ago from Deep in the heart of Dixie Level 7 Commenter

I'm going to check out all of these for my mother and my aunt. Both recently began collecting and are having minor issues here and there. I imagine as the economy gets worse, so will the rules. Best to prepare in advance. Thanks for some good leads on info!


Faye Rutledge profile image

Faye Rutledge 7 months ago from Concord VA Level 4 Commenter

Great review! I agree that everyone should make themselves aware of their SS income options. I'm on SS myself now, and opted to collect at 62. That's not the best choice for everyone though. It's easy to apply...I did it completely online!


esmonaco profile image

esmonaco 7 months ago from Lakewood New York Level 7 Commenter

A great review, Thanks I'm getting close so I'll have to take your advise and research Thanks Again :)


Brite-Ideas profile image

Brite-Ideas 7 months ago from Toronto, Canada Level 7 Commenter

In Canada they just raised the age to collect to 67, you can collect sooner, but apparently it's a reduced rate (or something like that) when you collect early


cdevries profile image

cdevries 7 months ago Level 1 Commenter

Thanks for the suggested book... I'm starting to grapple with when and how to collect benefits and it's Really Confusing!


DebMartin profile image

DebMartin 7 months ago Level 3 Commenter

At 61 1/2, I guess this is a book I ought to read. Thanks!


RPWag profile image

RPWag 7 months ago

Great advice! I wish I 'd had it when I was making my decisions. Oh well.

Good job.


Arachnea profile image

Arachnea 7 months ago from Texas USA Level 7 Commenter

this is an excellent recommendation. this hits home and i should begin my research on the topic and this would be a great book to start with. congrats on lotd.


kellylakelly profile image

kellylakelly 6 months ago

Thank you


DeborahDian profile image

DeborahDian 5 months ago from Orange County, California Hub Author

@kellylakelly: I hope you get this book and that it helps you!


DeborahDian profile image

DeborahDian 5 months ago from Orange County, California Hub Author

@Arachnea: Don't feel alone! Most Baby Boomers need to do research on this topic.


DeborahDian profile image

DeborahDian 2 weeks ago from Orange County, California Hub Author

It is so important to prepare wisely for retirement. This is a book we all need to read BEFORE we start to collect. After we apply for our benefits, it is too late!

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