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?

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.

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  • kellylakelly Apr 06, 2014 @ 9:43 pm
    Thank you
  • Deborah-Diane May 10, 2014 @ 11:28 pm
    I hope you get this book and that it helps you!
  • Arachnea Mar 31, 2014 @ 5:30 pm
    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.
  • Deborah-Diane May 10, 2014 @ 11:29 pm
    Don't feel alone! Most Baby Boomers need to do research on this topic.
  • carknack Mar 31, 2014 @ 3:31 pm
    Great advice! I wish I 'd had it when I was making my decisions. Oh well.
    Good job.
  • DebMartin Mar 30, 2014 @ 7:57 pm
    At 61 1/2, I guess this is a book I ought to read. Thanks!
  • cdevries Mar 30, 2014 @ 3:57 pm
    Thanks for the suggested book... I'm starting to grapple with when and how to collect benefits and it's Really Confusing!
  • Brite-Ideas Mar 30, 2014 @ 2:39 am
    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
  • esmonaco Mar 29, 2014 @ 8:50 pm
    A great review, Thanks I'm getting close so I'll have to take your advise and research Thanks Again :)
  • partybuzz Mar 29, 2014 @ 4:38 pm
    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!
  • poetvix Mar 29, 2014 @ 2:58 pm
    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!
  • KonaGirl Mar 29, 2014 @ 2:37 pm
    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.
  • ErinMellor Mar 29, 2014 @ 10:56 am
    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!
  • Merrci Mar 29, 2014 @ 10:16 am
    Great information and great review. It's important that people become aware earlier rather than later!
  • oscar1208 Mar 29, 2014 @ 9:14 am
    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.
  • grammieo Mar 29, 2014 @ 8:55 am
    I've still got a few years to go, so hopefully it will be around for me too!
  • Susan52 Mar 29, 2014 @ 8:41 am
    Congratulations on your new purple trophy and Review Lens of the Day honors today!
  • tonyleather Mar 29, 2014 @ 8:38 am
    Very interesting Lens! Thank you!
  • Susan52 Mar 28, 2014 @ 3:43 pm
    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.
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