One of the ramifications of being old enough to begin receiving Social Security is that you pay more attention to your Social Security statement. Most of us get one of these beauties every year.

In years past, I simply skimmed, thought, “That’s nice” and went about my life. Now it’s different. It has become extremely interesting to me. This year the Social Security Administration included a pamphlet called “Thinking of Retiring.” This little two-page piece is full of extremely valuable information. Here are a few of the highlights:

• One of the biggest questions I hear nearly daily is, “when should I start Social Security benefits?” The SSA has created a wonderful new calculator that allows potential retirees to do “what if” estimates. It’s called the Retirement Estimator. It is available online at www.socialsecurity.gov/ estimator.

• Did you know that the typical 65-year-old will live to age 83, and one in four 65-year-olds will live to age 90? One in 10 65-year-olds will make it to 95.

• Even if you don’t plan to start monthly benefits, three months before you turn 65, you should sign up for Medicare. Otherwise, your prescription drug coverage could be delayed and you might have to pay higher premiums.

• Full retirement age for those born between 1943-1954 is age 66. If you retire at age 62, you take a 25 percent reduction in benefits compared to working to 66. Retire at 63, it is a 20 percent reduction; at 64, it’s 13.5 percent and at 65 it is a reduction of 6.66 percent.

• Delaying receipt of benefits pays you more. If you were born between 1943-1954, you get an 8 percent increase for each year you wait. It is slightly less for older retirees.

• Retirees who start benefits before full retirement age can still work. There is an earnings test. If you make too much, some of the benefits may be reduced or lost completely. If this happens, the SSA will give you credit and you will get a greater benefit when you do draw benefits without working. Of course, after reaching your full retirement age, there is no offset of benefits for working.

• Another factor in deciding when to take benefits is your spouse’s situation. Your spouse may be eligible for benefits even if you die. Health and age affect this decision.

The Social Security Administration wants to help you make the right decisions. Online they can be reached at www.socialsecurity.gov.

If you do not have access to the Internet, you can get information by calling 800-772-1213.

Personally, I have been paying in to Social Security for 47 years, since my first regular job in high school. These benefits are important for me and may be for you as well.

Notable Quote: “I was too old for a paper route, too young for Social Security and too tired for an affair.” — Erma Bombeck

Write Tom at 1030 Seminary St., Ste. D, Napa CA 94559, 254-0155, fax 254-0158 or e-mail suntrm@aol.com.