What Should You Do at Age

If it’s good for business, it’s good for the community. FEBRUARY 2014 MAY 2012 Social Security: What Should You Do at Age 62? In this edition: Is 62 your lucky number? If you’re eligible, that’s the earli- est age you can start receiv- • MAYOR’S MESSAGE PAGE 3 ... ing Social Security retirement benefi ts. If you decide to start • DANCING IS... GOOD FOR YOU collecting benefi ts before your ...PAGE 4 full retirement age, you’ll have company. According to the Social Security Administra- • INCREASE HIRING SUCCESS-PAGE 5 tion (SSA), approximately 74% of Americans elect to receive • RIP WINDOWS XP ...PAGE 6 their Social Security benefi ts early. (Source: SSA Annual Sta- tistical Supplement, 2012) • OUTSOURCING HR ...PAGE 7 Although collecting early • BUSINESS AFTER HOURS retirement benefi ts makes sense for some people, there’s Courtyard by Marriott ...PAGE 8 a major drawback to consider: if you start collecting benefi ts • RIBBON CUTTING ...PAGE 11 early, your monthly retirement Not Your Average Joe’s benefi t will be permanently reduced. So before you put down the tools of your trade • BUSINESS DIRECTORY ...PAGE 12 and pick up your fi rst Social Security check, there are some age 62, you might receive the same or more total lifetime • YPcentral WINE TASTING ...PAGE 16 factors you’ll need to weigh before deciding whether to start collecting benefi ts early. Social Security benefi ts as you would have had you waited until full retirement age to start collecting benefi ts. That’s What will your retirement benefi t be? because even though you’ll receive less money per month, Your Social Security retirement benefi t is based on the you might receive more benefi t checks. February Events number of years you’ve been working and the amount you’ve earned. Your benefi t is calculated using a formula The following chart shows how much an estimated CentralRIchamber.com that takes into account your 35 highest earnings years. If $1,000 monthly benefi t at full retirement age would be you earned little or nothing in several of those years (if worth if you started taking a reduced benefi t at age 62. you left the workforce to raise a family, for instance), it may be to your advantage to work as long as possible, because Birth Year Full Retirement Benefi t you’ll have the opportunity to replace a year of lower earn- Age ings with a higher one, potentially resulting in a higher 1943-1954 66 years $750 retirement benefi t. 1955 66 years, 2 months $741 1956 66 years, 4 months $733 If you begin collecting retirement benefi ts at age 62, 1957 66 years, 6 months $725 each monthly benefi t check will be 25% to 30% less than 1958 66 years, 8 months $716 it would be at full retirement age. The exact amount of 1959 66 years, 10 months $708 the reduction will depend on the year you were born. 1960 or later 67 years $700 (Conversely, you can get a higher payout by delaying retirement past your full retirement age--the government Source: Social Security Administration increases your payout every month that you delay retirement, up to age 70.) If you want to estimate the amount of Social Security benefi ts you will be eligible to receive in the future un- However, even though your monthly benefi t will be25% der current law (based on your earnings record) you can to 30% less if you begin collecting retirement benefi ts at use the SSA’s Retirement Estimator. It’s available at the SSA SOCIAL SECURITY– PAGE 10 Business After Hours Pool & Patio Center, Inc. Featuring Comedian Mat Franco February 19, 2014 LEADS Luncheon February 28, 2014 The Central Rhode Island Chamber of Commerce would like to say Thank You Premier Members PPlatinumlatinum ChamberWorks Published every month jointly by the Central RI Chamber of Commerce and Beacon Communications. PUBLISHER PRODUCTION ADVISOR Lauren E.I. Slocum IOM Richard Fleischer President / CEO GGoldold Central Rhode Island EDITORIAL ASSISTANT Greenwich Bay Chamber of Commerce Sarah Stoves New England Bay Pocasset Bay West Bay Send press releases to: Central RI Chamber of Commerce, 3288 Post Rd., Warwick, RI 02886 or phone 732-1100 or FAX 732-1107 or email [email protected]. For advertising rates or information, Call Tim Forsberg at (401) 732-3100 or email [email protected] SSilverilver The Central Rhode Island Chamber of Commerce BOARD OF DIRECTORS 2013 - 2014 OFFICERS OF THE BOARD Marisa Albanese National Grid Chairman of the Board STEVEN H. KITCHIN Patricia A. DiFolco Citizens Bank NEW ENGLAND INSTITUTE OF TECHNOLOGY Melanie J. Flamand Flamand & Associates Chair-Elect JOSEPH W. OAKES Beverly B. Levitt-Narciso VR Industries, Inc. Tamarisk Assisted Living Vice-Chair / Treasurer Richard F. Nagele JASON D. BIANCO, CPA Fort Adams Trust Gilligan & Bianco, LLC BBronzeronze Kathy Parker, RPN, MSN Secretary CareWell Urgent Care Patricia A. Lyons, J.D., SPHR Cornerstone Group James M. Roche Commerical Resources Immediate Past-Chair LEAH M. PRATA Jo-Ann L. Schofield Centreville Bank RI Mentoring Partnership Gabriel R. Urueta Past-Chair Sam’s Club RICHARD C. HITTINGER ALLIANCE ENVIRONMENTAL GROUP Jay Visnjic CCrystalrystal Hampton Inn & Suites Legal Counsel JOSEPH J. MCGAIR Brent E. Wyrostek PETRARCA AND MCGAIR, INC. Arrest-A-Pest, Inc. The Central Rhode Island Chamber of Commerce STAFF Lauren E.I. Slocum Denise Drouin NNewew EEnglandngland AAudio/Visualudio/Visual . President/CEO Event Coodinator Sarah Stoves Chris Allen Administrative Assistant Sales & Marketing wrik entertainment Yvette Mellin Bunny Feiler Tourism/Relocation Director Diplomat AAsksk TThemhem HHowow TTheyhey CCanan AAssistssist YYouou AAndnd YYourour BBusinessusiness CContactontact IInformationnformation AAvailablevailable IInn tthehe BBusinessusiness DDirectoryirectory wwww.centralrichamber.comww.centralrichamber.com 2 | ChamberWorks FEBRUARY 2014 overnor Lincoln Chafee, Chamber rep- ery, battery and tire center and café, and also resentatives and local offi cials, direc- showcases products from a number of area Gtors of area non-profi t organizations companies, including Warwick Ice Cream and I – along with many excited Warwick and Cape Cod Cranberry Harvest Jelly. shoppers – recently joined Sam’s Club man- agement and staff to celebrate the grand re- pharmacy will be open to both mem- opening of their store at 25 Pace Boulevard. bers and the general public, offering A generic prescriptions ranging from $4 he celebration began with a “soft open- to $10 and reduced-cost brand name medi- ing” on the evening of January 22, when cines. A hearing aid center has a certifi ed Tthe company presented more than audiologist to help customers with personal $30,000 in grants through the Sam’s Club listening devices and hearing aids. Foundation. Benefi ciaries included the the J. Arthur Trudeau Memorial Center, the Boys n addition to their investment in the com- and Girls Clubs of Warwick, the Warwick Po- munity – both through their commitment lice and Fire departments, the Warwick Ani- Ito rebuilding and reopening in Warwick mal Shelter, Operation Homefront New Eng- and their support of charitable causes – Sam’s land, and the Rhode Island Family Shelter. is contributing to job growth in our city. The shelter was the recipient of the largest Sam’s Club has hired over 140 new associates grant, of $20,000 – it’s also the biggest single to work in the Warwick club, bringing the to- grant the organization has received from any tal workforce at Wal-Mart and Sam’s Clubs private entity to date. in Rhode Island to more than 2,400 people. MAYOR SCOTT AVEDISIAN he following morning, Club Manager ith the enthusiasm of the Club asso- Gabriel Urueta led a brief speaking ciates and the many shoppers who Tprogram before the store was offi cially Whave been eagerly awaiting the re- opened for business. He spoke of the dedica- turn of the store, there’s little doubt that this tion of Sam’s Club employees, who worked location will continue to fl ourish. We look for over two years to rebuild a welcoming forward to celebrating their future successes new facility after the old building was razed with them. due to safety concerns. The club, at rough- ly 136,000 square feet, features a variety of member-only services, including a fresh bak- Rhode Island’s mmoovveettoowwarwrwiicckkrii.ccoom SODQHWUDLQDXWR 6FRWW$YHGLVLDQ0D\RU 1-800-4 WARWICK RHODE ISLAND NDUHQMHGVRQ#ZDUZLFNULFRP FEBRUARY2014 3 | ChamberWorks Dancing is... Good For You! We all know that physical activity is good for us and yet many, if not most, of us fail to squeeze time into our schedules for formal exercise. The reasons are as abun- dant as are the other things we really would like to do and don’t have time for. One of the best reasons to consider taking up Ballroom Dancing is that it fi lls multiple demands at one time: 1. Whether you are one of the rare ones that actually takes pleasure in exercise, or one of the majority, ballroom dancing provides weight-bearing (good for bone density) and cardiovascular (good for the heart) activity while conveniently masquerading as fun. 2. Learning to dance works the same regions of the brain as learning a language. This, in combination with the benefi ts of the physical activity noted above, has a huge impact on the occurrence of Alzheimer’s Disease. 3. In our increasingly fragmented lives, the sense of community and the very human need for touch often get lost. These are abundantly part of the Ballroom Dancing Community. Want some documentation? A 2013 report from the government-funded Ontario Brain Institute says that regular physical activity – equivalent to 30 accumulative min- utes of brisk walking each day – reduces the risk of developing Alzheimer’s Disease by nearly 40%.

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