Art of Aging: Social Security

PHILADELPHIA -- In this week's Art of Aging report, Lisa Thomas-Laury sorts out what seniors need to know about Social Security.

Social Security is an important resource for almost all retirees. And financial advisers say you should save early and often but advise against relying on social security alone.

Stanley H. Molotsky of SHM Financial Group said, "No matter what you do, no matter what kind of income you have, whenever you start, pay yourself first."

Those seeking information can make comparisons by seeing a chart that reflects the monthly benefit paid to someone who has put in the maximum amount each year.

If you wait until age 70, instead of taking payments at 62, you can almost double that amount.

"The key is to get the right advice. Go to somebody you trust that specializes in Social Security maximization. The Social Security Department is outstanding in the information they can give you, but they are not going to give you advice on what you should do based on your particular set of circumstances," said Molotsky.

For more information on Social Security, go the the Art of Aging section.