Today's Program Speaker: Mr. Frederick Beals spoke about Social Security - Thank You Frederick.
Presiding Officer : Aleta Frezzell
Recorder: Jennie Katsaros
Guests: Nikki Mederos, Assistant Governor, 2 Terms Past President of North Hudson Rotary Club.
Works as director of External Affairs at Palisades Medical Center and is adjunct professor at St. Peter's University.
Frederick Beals, CFP, DRPC, Vice President Senior Financial Advisor at Merrill Lynch Wealth Management.
Aleta made the following announcements:
In November Englewood Rotary will sponsor a trip to the UN for members, Ryla, and Interact. Details to come.
Charlotte prepared a Peace Photo Exibit in Paramus
Tuesday, July 22nd 2pm - 9pm (Total Soul Concert at 7pm )Paramus Library - 116 Century Road, Paramus 201.599.1300
The District meeting will be held in East Ruthford 8/4 at 5:30.
Ikuyo, Joyce Grossbard, and Vickie Sidrow are leaving for a trip to Japan. They will visit the disaster area in Fukushima and Vickie will post details of the their travels on Facebook.
Joan reminded members that the Englewood sidewalk sale will run from Thursday 7/24 through Saturday 7/26.
Guest Speaker and Program:
Frederick Beals: Managing Your Social Security Benefits
Potential strategies for maximizing benefits was the theme of Frederick Beals' presentation. He explained that our social security benefits are based on our best earnings over a 35 year period. If one takes an early retirement (62 years old) benefits are reduced by 75% of the full retirement age (65/66). At 70 years old, the benefits increase 33%. How long one will live is an important consideration. Chances of one member of a 65 year old couple living to age 85 is 81%
He explained the strategy of collecting spousal benefits and then your own and presented case studies to show the benefits of “file and suspend” --collect spousal and then your own benefits.
He suggested contacting social security for help and information—www.ssa.gov/planner and provided members with a helpful booklet, prepared by Merrill Lynch, “Social Security and You.
50/50: Card drawn: Aleta-Queen of Hearts
Attendance: 21 members 1 guest