Live Oak — Dear Savvy Senior,

Can you recommend some good resources that can help me decide when to start my Social Security retirement benefits? I’ll be 62 early next year and want to carefully weigh all my option, but could use some help.

Nearing Retirement

 

Dear Nearing,

Figuring out the best age to start claiming your Social Security retirement benefits is an important financial decision. The difference between a good decision and a poor one could cost you tens of thousands of dollars over your retirement, so doing some homework and weighing your options now is a very smart move.

 

What to consider

As you may already know, you can claim Social Security any time from age 62 to 70, but the longer you wait, the larger your monthly check. But there are actually many factors you need to take into account to help you make a good decision, including your current financial needs, your health and family longevity, whether you plan to work in retirement, whether you have other retirement income sources, and if you’re married, your spouse’s situation.

 

To help you compare your options and make an informed decision, there are a number of resources and services available depending on how much assistance you need.

 

SSA tools

A good place to start is at the Social Security website. Just go to socialsecurity.gov and click on the “Retirement” tab at the top of the page and access their “Plan for Retirement” tools where you can estimate your benefits at different ages and get guidance based on your personal situation.

 

Or, if you would rather have face-to-face assistance, call 800-772-1213 and schedule an appointment to visit with a claims representative at your nearby Social Security office.

 

The Social Security Administration also offers a bevy of free publications (see ssa.gov/pubs) that you can have mailed directly to you. “Retirement Benefits,” “When To Start Receiving Retirement Benefits” and “How Work Affects Your Benefits” are three popular publications for those nearing retirement.

 

Other resources

If you need help in addition to what the government offers, some good resources include the “Social Security Claiming Guide” which is published by the Center for Retirement Research at Boston College. This easy-to-read 24-page guide sorts through all the options, spells out how much you can get, and answers frequently asked questions. Go to socialsecurityclaimingguide.info to read it online or to print a copy for free.

 

Another good publication is “When to Take Social Security Benefits: Questions to Consider” (see whentotakesocialsecurity.info). Offered by the National Academy of Social Insurance, a nonprofit research and educational group, this 16-page booklet uses a question-and-answer format to guide you through the key issues. To get a free hardcopy mailed to you, call 202-452-8097.

 

You can also get help online at websites like analyzenow.com, which offers a free tool called “Social Security Planner” that helps singles and couples calculate the best time to take their retirement benefits. And AARP’s new Social Security Benefits Calculator (www.aarp.org/socialsecuritybenefits), which lets you estimate how much you’ll receive in monthly and lifetime benefits, based on your salary and your age when you file. Or, for a $40 annual fee, maximizemysocialsecurity.com provides a comprehensive new tool to help retirees, spouses and survivors make decisions to maximize their benefits.

 

If, however, you’d like more personalized help, there are financial advisors and investment advisor firms that for a fee can assist you by taking you through the specific claiming strategies. One such firm is Social Security Solutions (socialsecuritysolutions.com, 866-762-7526), which offers three levels of service including their “Premium Plus” plan that runs multiple calculations and comparisons, recommends a best course of action in a detailed report, and gives you a one-on-one session with a Social Security specialist over the phone to discuss the report and ask questions. Fees for their services range between $20 and $125.

 

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.

How to prevent falls

Dear Savvy Senior,

Can you write a column on fall prevention tips for elderly seniors? My 81-year-old father, who lives alone, has fallen several times over the past year. What can you tell us?

Concerned Daughter

 

Dear Concerned,

Falls are a big concern for millions of elderly Americans and their families. In the United States, roughly one-third of the 65-and-older population will suffer a fall this year, often with dire with consequences. But many falls can be prevented. Here are some steps you can take to help keep your dad up on his feet and reduce his risk of falling.

 

Check his meds: Does your dad take any medicine or combination of medicines that make him dizzy, sleepy or lightheaded? If so, gather up all the drugs he takes – prescriptions and over-the-counter – and take them to his doctor or pharmacist for a drug review.

 

Schedule an eye exam: Poor vision can be another contributor to falls. If your dad wears glasses, check to see if he’s wearing the correct prescription and beware of bifocals. Multifocal glasses can impair vision needed for detecting obstacles and judging depth.

 

Check his balance: Balance disorders – which can be brought on by a variety of conditions like inner ear problems, allergies, a head injury or problems with blood circulation – are also a common cause of falls. If you dad is having some balance issues, make an appointment with his doctor to get it checked and treated.

 

Start exercising: Improving balance through exercise is one of the best ways to prevent falls. Strength training, stretching, yoga, tai chi are all great for building better balance. Some simple exercises that he can do anytime are walking heel-to-toe across the room, standing on one foot for 30 seconds or longer, or getting up from a chair and sitting back down 10 to 20 times. For more balance exercise tips, call the National Institute on Aging at 800-222-2225 and order their free exercise DVD and free exercise book or you can see it online at go4life.niapublications.org.

 

Modify his home: Because about half of all falls happen around the home, some simple modifications can go a long way in making your dad’s living area safer. Start by picking up items on the floor that could cause him to trip like newspapers, books, shoes, cloths, electrical or phone cords. If he has throw rugs, remove them or use double-sided tape to secure them. In the bathroom put a non-slip rubber mat or self-stick strips on the floor of the tub or shower, and have a carpenter install grab bars inside the tub and next to the toilet. Also, make sure the lighting throughout the house is good, purchase some inexpensive plug-in nightlights for the bathrooms and hallways, and if he has stairs, consider putting hand rails on both sides. And in the kitchen, organize his cabinets so the things he uses most often are within easy reach without using a step stool. For more tips, call the Eldercare Locater at 800-677-1116 and order a free copy of their “Preventing Falls at Home” brochure.

 

Other pitfalls: Believe it or not, the improper use of canes and walkers sends around 47,000 seniors to the emergency room each year. If your dad uses a cane or walker, be sure it’s adequately adjusted to his height and that he’s using it properly. A physical therapist can help with this, or see the Mayo Clinic slide show on how to choose and use a cane (mayoclinic.com/health/canes/HA00064) and a walker (mayoclinic.com/health/walker/HA00060). Another possible hazard is pets. If your dad has a dog or cat, he needs to be aware that – because they can get under foot – pets cause a lot of falls. Shoes are another issue to be aware of. Rubber-soled, low-heeled shoes are the best slip/trip proof shoes for seniors.

 

Savvy Tip: Consider getting your dad a home monitoring system which is a small pendent-style “SOS button” that he wears that would allow him to call for help if he fell. Available through companies like lifelinesys.com and lifealert.com these systems cost around $1 per day.

 

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.