Canastota based Securities and Investment Advisors, Inc., makes information accessible
Madison County residents turned out to hear free financial advise Tuesday night Nov. 10 at the Rusty Rail in Canastota. Social security and Medicare were the key terms at a discussion hosted by Securities and Investment Advisors, Inc. of Canastota.
The talk included information on estimating benefit amounts, how earnings affect eligibility for retirement benefits and the different parts of Medicare.
"The purpose of social security was to eliminate old age poverty in the United States and amazingly, it's done a terrific job at that," Larry Kane, district manager of Utica's social security office, said. "It's probably one of the most successful social programs in the world for what the purpose of it was."
However, Kane pointed out that social security is part of a "three-legged stool," that in addition, people should be living on savings and a pension.
Kane also informed the attendees that people are encouraged to make their own decision in regards to retirement.
"When you're planning for retirement, it's a very personal decision," he said.
Because it can be a complicated choice, Kane said that people should visit social securities' website.
"There are a whole host of things you have to think about," he said.
In addition, Kane discussed that social security also serves as a disability and survivors benefit program.
While social security's full retirement age is increasing, the eligibility age for Medicare remains 65.
"Medicare is its own entity," Kane said. "This adds confusion to someone who doesn't know if they want to take their benefits."
Medicare is automatic at 65 if a person is getting retirement benefits. However, if a person is not receiving benefits, they need to file for Medicare three months before his or her birthday, Kane explained.
For George Drost, a Wampsville resident, his reason for attending was two-fold.