For the Troy Daily News
PIQUA — Free, one-hour, educational seminars concerning Social Security planning have been scheduled for Sept. 4 at 6 p.m., Sept. 6 at 10 a.m. and Sept. 9 at 6 p.m. at Edison Community College in Piqua.
The seminar is designed for baby boomers, persons who have recently retired or who are approaching retirement age, according to John Eikenberry, of Eikenberry Retirement Planning, one of the presenters of the seminars.
“We are holding this free, educational seminar because so many retirees and those nearing retirement age do not understand how their Social Security benefits really work,” Eikenberry said. “And most baby boomers do not understand the options available to them.”
Eikenberry and Nick Boeckman will present the seminars. Both are trained in Social Security-planning techniques and are members of a national educational program dedicated to providing its members with the latest Social Security planning tools.
Eikenberry said the majority of financial advisers do not understand how Social Security works or how retirement-age men and women need to plan to be able to best utilize their Social Security benefits.
“Deciding when to start taking Social Security benefits can have a tremendous impact on the amount of benefits an individual receives during his/her lifetime,” he said. “One of the easiest ways to understand your retirement is to imagine it as a carton of eggs — your nest eggs, so to speak. Deciding how to arrange your nest eggs and how to crack those nest eggs in the most beneficial order is what we are trying to teach baby boomers.”
As an example, Eikenberry said individuals could incur a penalty of as much as 30 percent of their benefits if they start taking them at age 62.
“That’s one of the benefits of this seminar,” he said. “We’re going to educate folks about their options and how those options can affect them positively and negatively.”
Eikenberry said other information that will be presented at the seminar includes the following:
• What the Social Security office doesn’t tell people.
• When it makes sense to delay benefits and when it does not.
• Why checking earnings records for accuracy is important.
• How to coordinate benefits with those of a spouse for maximum potential.
• Reducing or eliminating taxes on Social Security retirement benefits.
• Ways to integrate Social Security benefits with an overall retirement plan.
He said the seminar will also cover Social Security basics and will reveal little-known strategies for maximizing Social Security benefits.
“If you are recently retired or approaching retirement age,” he said, “attending this seminar will be time well spent. We had a great turnout in the spring and many of the attendees were unaware of all the possible options to electing Social Security they have available to them.”
Nothing will be sold during the seminar. Because there is limited seating, Eikenberry suggests persons interested in attending one of the seminars or who would like additional information to call (937) 498-1128 to reserve a seat.