Former Social Security Manager: Is 65 the BEST AGE to START BENEFITS?
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- Опубликовано: 14 окт 2024
- Dr. Ed Weir, PhD, Former Social Security Manager, has helped millions of people navigate the complexities of retirement and Social Security.
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😃💯Who is Dr. Ed?
Dr. Ed Weir, PhD, Former Social Security District Manager; Former Family Services Specialist, Department of Social Services; Former Marine Corps Sergeant; University Adjunct Professor. Dr. Ed is one of the most experienced government benefits experts in the country and in his (semi)retirement, he has made hundreds of RUclips videos in order to help seniors, the disabled, survivors, retirees, disabled children, spouses and others in every state get the benefits they need!
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⚠️I am not an attorney, tax advocate, or currently affiliated with the Social Security Administration or any other entity of the US Federal Government. My advice and opinions are based on my decades of experience inside the government. However, the Social Security Administration is the final decision maker when it comes to your benefits.
#socialsecurity #medicare #seniorcitizens#seniorcitizens
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Can you help calculate provisional income and how it's taxed?
😊
Are you available for speaking engagements? I'm a part of an employee resource group that would greatly appreciate your insights about Social Security benefits.
Possibly. Depending on the time, attendance, etc. @Pintopam321
@@MyGovExpert Thank you! I will get back to you once the employee resource group meets again after the holiday.
I retired and began collecting SS immediately when I turned 62. I am now 70. Best decision I ever made. Forget all these experts telling you what and when to do what you want.
Do what seems best for you and don't look back. Life is too short as it is.
My break even age if I waited to take SS at 67 is about 78 the same age my dad passed away. I'm enjoying it at 62, spending time working out and traveling. I'm enjoying life more now than ever.
Did you guys have other savings?
@@ThegyrlfromGa Ten years leading up to retirement I basically had zero savings. Within that ten years I was committed to changing that scenario and successfully retired.
As they say, it’s better to have a bird in your hands than a pie in the sky.
Good for you!
Started at 66 because our gene pool is not long-lived (72-75) and I am already a cancer survivor (15 years) and just got thru with early melanoma and Long Covid( 22 months). I want to enjoy a few years of simplicity, appreciating nature and loving animals without all the chaos, deception and hypocrisy of Corporate life. I worked my ass off for 50 years and I deserve a few years off to cuddle kittens before I leave earth.
It’s not over when you die! Get to know Jesus. He has saved us from the evils of death, because he will resurrect us in the end. You need to be Baptized, Repent, have faith in Jesus, and do God’s will in order to be saved! We will live forever with the Lord✝️🙏🏻✝️
I do not agree.
Never regretted accepting Jesus Christ. I know this life is only a vapor and then gone into eternity. I know this world has nothing for me, even SS. I pay my taxes while I'm here. It don't matter when I start collecting SS. Enough said Jesus Christ is the only way. 73@@suew4609
Good choice
@@tgm2754 Ditto. 3 months and I'll be there in thailand living simple and loving it.
I was born in 53. I waited to take my social security at age 66-1/2. I was making great money with my job and just couldn’t stop working. One morning I was drinking my coffee before leaving for work and it hit me like a large brick that I don’t want to go to work much longer so I went in and turned in my notice. You will know when it is time to hang it up. Please stay active…walk, golf, fish, yard work. If you retire and just sit or lay around then your life may end sooner than you want it to.
if you rest, you rust
I took Social Security at 66 when I could take it legally without decreasing it.
And with it I pay for my Mothers Independent living community so she could have a good secure life.
$2612. Per month with lots of great amenities that make sure she is safe and very comfortable.
Money well spent. As I promised my Father before he passed she would be taken care of and would live with dignity.
Wow, that is pretty awesome you did that for your parents. I'm sure it made them extremely happy.
Why couldn't she live with you
@@RolandCruz-h6l would never consider robbing my Mother of being fully Independent. In addition I promised.my wife long ago I would.never allow that for any reason. No matter what it costs. My Mother and Dad have their own place no matter what. Their own care takers if they require them. And my Mother at 93 still driving still independent with her own dignified life in her own community
You are an outstanding son.
@@RolandCruz-h6lPerhaps she didn’t want to. My mother decided she wanted to live in assisted living home at 95 to feel more independent. She was in good health but could no longer see well enough to read or paint, couldn’t hear well enough to talk on phone or watch tv despite every effort to correct these issues. She had always been a loner and besides family had no close friends or they had already passed on.
The home was small and single rooms large. Meals were good and although she was one of oldest there she was healthier than most. She developed friendships and everyone watched out for each other. The staff was pleasant and attentive. I would choose this life over living with an adult child myself when the day arrives that keeping up my own home isn’t feasible.
My husband and myself took
SSS @ 62, we do not have mortgage, we worked in healthcare and it really took a toll on our health, so we decided to get out, we saved enough with our retirement accounts
if you can afford it, just do it and live in peace
Now you just have to enjoy the next 50 years.
I am a mandated vacc1ne injured nurse. I never know day to day what my health will be. I am ill every day. I am weak and exhausted. I am a floor nurse and C0vid has made patients ill with so many health issues. I filed 4 months before I became 66. I dropped my hours down to 4 days a week alternating with 3 days a week. My dad died at 70 but had Alzheimer's for many years before he died. My brother died at 54.
NOT rest in peace
@@donnazukadley7300 Nattokinese.
@@MyGovExpert Wait. She is going to live to be 112 years old?
I retired at 62 and love it. My friend died at 64 on the job did not make 65
Facts.
Yes indeed
I retired at 56. My 3 close friends died at 45-47 within a year of each other and people at work were dying and having strokes so I retired instead of trying to boost my retirement by working longer. 6 years went quickly and I’m 62 and going to draw social security. I have a pension and 401k so the social security will help.
That’s what he is hoping will happen. People will die working and not collect the money.
I’m retired @ 62….( after 2 dear friends just both retired @65(& w/in 12 months both are dead))))💔
I dont regret retiring at 65 , because once you get in your 60's anything can happen with your health and nothing can buy back time, to me every day is precious, my full retirement age was 66 and 8 months, but I couldn't go thru another hot summer working in that factory with all the noise plus worried about getting injured all the time , my legs and feet were bothering me standing all day, I was sitting in my patio today sipping a ice tea reading the newspaper and thought man summer hasn't even started yet and it 80 degrees! Sure glad I'm not in that sweltering hell hole!
Enjoy your retirement!!
You did the right thing
@@ItsMefromSnuffys I was talking to a guy that is my own age at my work place about retiring, he said I'm going to keep working till I'm 70 to get the maximum SS benefit! I dont understand why you would want to lose out getting that extra money if you just wait a couple more years! But he is only saying that because he works in the office where you don't wear your body out doing physical labor and its climate controlled and you basically work at your own pace, not like being on a noisy, hot production line that has smelly fumes and your hands get calloused and dirty your clothes stained from oil and grease not to mention the mental aggravation ,where the production line runs you and its non stop rush, rush, rush!
After he said that, I replied , Hey , I heard managment is going to transfer you to the production floor to run my machine to replace me when I leave, because they cant find new people to hire and your already making the machine operator wages and they plan on cutting back upstairs anyway next year, He got shocked and said They do that and I will retire! I said Well now you got the answer why I don't want to work more years,
@@bluemouse5039I work in healthcare had a pt 72 age hadn't retired until 70 had a good paying job good bennies postponed SS his mom had died around the time he retired....I met him on his death bed. He could have retired 30 yrs earlier but the money to keep going was too good
@@bluemouse5039 did u ever consider that he can't afford to take it earlier????😢
We should protest every time they raise the retirement age..
Why? It won’t affect you. It will only matter to people under 30
Won’t do any good
everytime they take loans on our $$ no one is or should be touching it!
@@maureenbartolo933 exactly right! It’s like we are being punished for living too long.
The French do, don’t they? We rly should take a leaf from their book
Retired at 65 because I was just worn out and eligible for Medicare. That said I lived off savings until FRA before taking SS. My only regret is not retiring earlier before my body started to fall apart.
Sorry to hear that, but it sounds like you made a correct decision at least partially. Take care of yourself.!!
I'm with you, I had to take my ss though. I have worked in labor intensive jobs the past 25 years and am paying for it...never could I have kept doing so for the nearly 2 years that would get me to fra, though that was my plan. It is true, all circumstances are different but physically challenging jobs can rob a person of so much, it's smart to get out prior to being completely incapable to somewhat comfortably enjoy life
Indeed. I'm almost 63, but can't chance it until Medicare kicks in.
Manufacturing work does that to us I am the same way heading into 65
@@MyPronounIsGoddessthere is an application to get the Medicare B payment reduced.
If I could have taken it at 55 years old I would have. I took it at 62 and very happy.
Glad to hear that.
How did you retire at 55? I'm 56, I'm single, living on my own. Thanks!❤
Have more saving, so can retire early😊
I'm almost 60 using my 401K and will retire at age 62. Enjoying life while still young.🥰
How are you able to use your 401K? I'm asking bc I'm not even sure how much I have in my 401K from different job's I've worked through the year's? I know what I have through my job I've been at for 3 year's. Thoughts?
Thanks! ❤
I retired at 62 after 30 years with Ford motor company. I have my pension and social security and my 401K and I have health insurance for life. Traveling the country for a year and then moving to Thailand where my wife is from. No regrets.
Awesome. Sounds like everything worked out for you. Bon voyage and take care!
most don't have pensions, you were lucky
How do you pull off health insurance for life ?ce
Same here! Military pension and have a place in Udon Thani. Still working for now.
@@joefran619 Yeah, I have been working for 40 years full time non stop with no pension, only a self funded 401k. I have 9 more years to go if I go to 67, not sure I can though.
Retired at 64… nursing for 44 years. My tour of duty had been fulfilled. Now 66. Never have regretted it.
Thanks for your service.
I took my retirement early and don't regret it. There's no telling when they will spend all of the social security money. They can't keep their hands out of it and the country is broke.
It’s a great myth that SS isn’t going to be around much longer or it’s going to quit paying benefits or it’s been looted. 😂
@@johnnyretires I hope you're right but with the clowns running this country in the ground, I wouldn't bet on it.
@@johnnyretires I am sorry to tell you, it is not a myth or Urban Legend. In fact the GAO stated this recently "At the current rate, the fund’s trustees estimate that it will exhaust its reserves by 2033 and be unable to pay full scheduled benefits. Unless Congress enacts a legislative fix, benefits may need to be reduced by more than 20%"
Thru out the years the Government has taken money out of SS Reserves and never replaced them fyi. Look it up.
@@nickolouszahar2193 You are not alone. Many people think the Government looted the Trust Fund while at the same time the Trust Fund is being paid back.
FACT: SS is largely a pay-as-you-go system, except it currently has a trust fund.
FACT: The SS reserves (or Trust Fund) holds Treasury securities. (This is the looted money everyone talks about)
FACT: Those Treasury securities are currently being redeemed (with interest) by the SS administration in order to pay out 100% of benefits.
FACT: The SS trust fund is expected to be exhausted in about 10 years when the SS ADMINISTRATION HAS REDEEMED ALL OF THE TREASURY SECURITIES. (Again, this is the looted $$$ everyone talks about 🤷🏼♂️.)
FACT: There will need to be changes to SS in order to continue to pay out 100% of benefits once the Trust Fund is exhausted.
@@nickolouszahar2193 Do you know why the SS Trust Fund will run out of money in 2033?
Because the Government will have paid back all of the “looted” money to the SS Administration.
Took mine at 62 the government wants you to wait until you are 70 do the math folks you get more checks at 62.you come out ahead!
You would have to live to 78 years old if you waited to 70 to retire to match the amount of payments you
Would receive from 62 up to 78 years old. Simply invest the checks in a mutual fund to rival the age 70 amount. Most people aren’t going to live beyond 78 years old to enjoy the double benefit amount. Makes sense to collect at 62, if you have saved a lot and invested well
@@Hustle-N-Flowkey is savings elsewhere gotta stress this big time😎
1. The government doesn't care what you do.
2. Yes, you get more checks if you file early. This is true. But if you live past the break-even age (which is 78 years and 8 months when comparing your total benefits when collecting at age 62 vs collecting at age 67), then you come out ahead when you file at age 67, even when receiving fewer checks.
If you wait until age 67 to collect, the monthly amount you will receive is 42.86% more than the amount you would have received at age 62.
Since the average 62-year-old male lives to be age 81, it makes sense to wait until 67, if you want more money. You have the potential to leave a lot of money on the table if you file early... and then live to be in your mid 80s, for example.
Of course, if you don't expect to live past the age of 79, or if you need the money to live, then those are valid and good reasons to file early.
when you reach 75 and more, you will regret taking it at 62. More checks will long be forgotten about. What you will know is how much you get every month (30% less)
I know people who joined the Army at 18y, did 20 years and retired at 40y, then collected social security at 65y. It's all good. Get it when you can.
I plan to take it at 70… I’m still working. I’m currently 63. I work a desk job where I’m working remotely from home four days a week … I do everything that I wanna do, including travel if I were retired
Sounds like a plan
@@leeann5442 you could still work and getting SSS pension, just talk to your tax preparer or accountant how much tax you will take off from SSS every time you receive and tell to SSS office, At least you could pay some of your cc and enjoying at the same time, additional savings. Get it now!!!
I'm 57 and will be retiring at 62. I will also be moving overseas to Southeast Asia and my retirement income will be more than enough to live well... exceptionally well
I retired at 62 and have no regrets. My breakeven date between taking it at 62 and 70 is around 80 years old. It is very unlikely that I will live to 80 due to my family history and my personal medical history. I was able to retire before my body deteriorated due to old age. I am having fun and living life. Retiring early and taking social security at 62 has allowed my retirement accounts to continue growing since my monthly expenses are less than my social security monthly benefit. Lastly, I have very little confidence that social security will be saved by our political leaders. In 2033 our social security is scheduled to be decreased by 25% because congress has not agreed to fix the shortfall.
Also who cares if you get that extra money past 80.
1) everyone’s ‘breakeven point is exactly the same. 2) ‘saved by our political leaders’- SS is a poorly designed system, replacing with ‘something better’ is impossible via government. Your biggest risk is inflation eating into your fixed-spending. Good luck
Awesome. Great to hear you're enjoying life. Talk to you again in fifty years!!
So I'm a retired military vet .Is it true that I can get extra $100.00 a month not shown on my earnings statement
@@JimzAuto Nonsense. The only problem with SS is that Bush 'borrowed' $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back”.
I got laid off 3 months before I turned 66. Took SS rather than look for another job - good luck at that age. No regrets, I’ve been living in the Caribbean on my sailboat and saving money on my SS.
What gets very little consideration, but is more common with people having children later in life, is if you take social security early then your minor children can collect social security until they graduate high school at a rate equal to 1/2 of what your full retirement benefit would be at 67. As an example, I took Social Security when I turned 62 and my son has collected nearly $60,000 in tax free social security that has been stashed in a tax free money market. This greatly enhanced the break even payback and justification for taking social security early.
Awesome! We’re planning on the same next year when my husband is 62 (and my daughter will be 14), but I thought it would only be 1/2 of his reduced ‘age 62’ payment.
I too took it at 62 and do not regret it. Was so tired of working, I am so much happier retired!
I'm so much happier retired too. Been retired since 59. And yet I'm waiting as late as I can before I collect Social Security benefits. I plan on living past the break-even age and thus I see no reason to accept a voluntary reduction in benefits.
I planned ahead and don't need that SS check now. Happy to wait for a much larger one (42.86% larger) later, once I turn 67.
@@MrEdwardCollins your 1 of the smart ones. I have same thought process as you. I'm not takin mine till 65 or 66. I'm not taking a 30% loss by taking it at 62. I retired at 59 and living off savings till than.
Absolutely. Take it early. It takes many years to break even. Most likely, you won't be in the same health 15 yrs later. Enjoy your life while still young and healthy.
Retired last year at 63 due to heart issues. Still stayed with the company as a part timer and i am at ease.
My wife and I both retired early. I was 63 and 4 months and she was 62 and 10 months. We both took SS. In addition I have a 30 year state pension that is more than both of our SS checks together. I have health insurance from the state but pay for my wife's insurance until Medicare kicks in. Right now we have the health and financial means to travel and want to do so until we are not able to. We have a trip scheduled to Alaska this summer and Europe this fall. In addition we camp in the summer months and winter in Florida. Once we get into our 70's the travel will subside and we will stay more at home. I will turn 65 this September and look forward to hopefully 10 more years of travels if our health and finances allow. Thank you for your channel. Just subscribed.
Sounds real sweet. Looks like you dialed in nicely.
TMI. 👏👏👏👏there. You have your applause. You won the race! And your fellow State citizens are on the hook. Be humble, gracious and extremely grateful and pay it forward, if you’re so inclined.
@@kerrybyers257 My state retirement was taken out of my pay before I got it. 6% every pay check for 30 years. My fellow state citizens are not on the hook for my state retirement. I was just adding to the conversation. I get the feeling that you are irritated at my situation. I was just stating my situation on taking SS with my retirement. BTW I do not post on FB and brag about this or that. If I offended you I apologize.
Awesome! Enjoy your retirement!! Let me know if the mosquitos are bigger in Alaska or Florida! Take care, Ed
Alaska is awesome. I traveled young and no regrets, too many think they do it when older, but then all sorts of challenges arise. I did 3 weeks in Alaska solo and in groups for fishing etc., meeting local people and experiencing many things as they arose, but saw many retirees severely limited on buses and couldn't do much. Travel while still ambulatory and energetic.
I had my second hernia operation (in three years) when I turned 66 and I did not want to go for the trifecta. Physical work is something that factors in. It isn't always what you WANT to do when taking benefits before 70. People who want to legislate the age up to 70 have no compassion.
Yes, I agree. I really don't think they should raise the retirement age like that. There are just so many people that just can't work that long.
Many companies don’t want older employees often at higher pay rates than hiring a young person. It is a real problem.
I took mine a year earlier (65) than expected. Sometimes for our own well being when you have had enough its the best choice. I worked in retail as a manager for 20 years. People over the years became bitter - rude - mean . Was not going to take that anymore. Best choice for ME
I’m waiting and taking mine at 70, I know too many people that took it early and then Covid and inflation hit and those people are now really struggling financially, to pay bills and buy food, and many of them had to try and go back to work to supplement their income, now they’re working harder for less money I know people that can no longer afford their rent, I feel good and healthy at 66. I think I can knock out three more years.
That's what I plan to do, assuming my brains and body hold out for another 6 years. 😂
I’m 66 1/2 now and I’m pulling the trigger at 67 + 2 months when I’ll receive $3425 (plus cola) instead of $3180 now at 66 1/2.
@@inthbiz57 I’ll receive an extra thousand dollars if I leave at 70 as opposed to 66 and eight months, I just can’t leave that thousand dollars on the table.
@@inthbiz57 It's worth the wait.
I'm waiting to age 70 3.5 years to go.
I'm taking it ASAP at 62 !! Worked hard all my life and want to enjoy my last years I have left
I am 57 years old, and as soon as I can collect social security, I will like my mom, who retired at 62 years old with no regrets! I can collect pension at 59 years old! My mom is from Costa Rica, and we have a house there. A goal to retire there with extended family and friends!😎
I took my retirement as soon as I possibly could. The stress relief from not having to show up at that horrid job added extra years to my life.
Now it's time to enjoy your life!!
@@MyGovExpert sorry but I stopped working 8 years ago. I couldn’t wait until now to start enjoying stuff.
This is of course a video about retirement strategies, but there are two aspects to retirement: Financial, and what you do with your time. Many people do find enjoyment in retirement, but there are also a lot of people who get very bored with life after the buzz of not having to go to work anymore wears off. I would suggest people think about both aspects to have a great retirement.
I agree 100%!!
I was an electrician in my former life and by 65 I was done.
Hands, feet, knees, and joints said it was past due time to get out.
Happily, I was then Medicare eligible, so my health insurance was then covered.
My full retirement age was exactly 66 but there was no way I was going to work another year.
If Medicare would have been available at an earlier age, I would have retired at that time.
Luckily as well, my SS was generous enough to pay ALL of my monthly financial obligations with more to spare.
Awesome. Now you're number one job is to enjoy your retirement
If you have no pension, work as long as you can. SS isn’t enough to live on by a long shot
Only true if you haven't managed your money for your whole life.
Not enough in USA 😊
It's totally possible out of the US though, even with health insurance to factor in. That's why I'm looking at Albania, Panama, and Ecuador (as well as a few others).
Your videos showed up on my feed which I'm thankful for. Born in '60 and I'm waiting for my first check to arrive although I have the sinking feeling I retired in the wrong way. I'll set up a consult. Thank YOU! You're a godsend, Dr. Weir.
Take it as soon as you get it.
Yup
that’s a bad idea, wait till 70.
@@topofthegreenonly one can pass 80 and all you get is the gravy
@@topofthegreen: Do you know how long you are going to live. No one does, life is too short. I am taking mine at 62.
If you wait until age 67 to collect, the monthly amount you will receive is *42.86%* more than the amount you would have received at age 62.
That percentage of an increase apparently isn't large enough for you to wait. Okay, fine. No problem. I get it.
But I'm curious... how much larger would it have to be before you DID choose to wait and collect later? 50%? A full 60%? Even more?
Why accept a voluntary reduction in benefits? Did you not plan your retirement far enough ahead, so that you wouldn't have to collect early, and be subject to this 30% deduction?
Do you not plan on living past the break-even age of 78 and 8 months? If that's the case, then yes, it's smart to file early. But the average 62-year-old male lives to be 81 years old, according to all of the Actuarial Life Tables. (The average 62-year-old female lives to be 84.) This is a few years past the break-even age.
Dr, Weir I have been watching videos for almost 4 years on social security then Medicare. I turn 66 in October. Still working at a job I love, not collecting yet. I never could really get an answer from anyone on when to start. They all say wait until 70. You answered that for me today as my full retirement age is 66 and 8 months and I will be able to make up to $60,000 next year without penalty. So January 2025 it is. Not sure how your video popped up but what a blessing. This site is going to grow and grow. I just know it. You simply know your stuff. Thank You for what you are doing. "The Cajun Ninja's Dad"
January 2026 for me 🎉
I'm so glad I was able to help. Thank you so much for watching and make sure you share with everybody. A lot of people out there need this. information. And thank you so much for the kind note!!
Have you considered the taxes you will pay on that SS income? Will you get kicked into a higher tax bracket?
@@marianne1959my sister did that and raves about it. I eat meat and fresh home grown vegetables and am doing good at 62.
There is still a penalty even at full retirement age?
Heard a term recently that relevant to this conversation.
Healthy life expectancy, which is the age before mobility and or health issues impact your life significantly. That age in the U.S. is currently 66.
take it at 62 because when you are young, you spend more, you don't need SS when old and can't do nothing.
Need a good assisted living.
Not everyone “can do nothing!” Lots of seniors enjoy many years of retirement. I wish we had gotten Long term Health Care as I am already disabled and will most likely need it. I hear the older you are the more it costs.
@@suew4609 Agree.
Lots of people die in their late 50’s. Health is a huge factor. Never say never!
Absolutely health is a super important factor
Actually, cigarette smoking was a great benefit to Social Security. Most cigarette smokers died much earlier than they would have normally. So, they paid in their whole lives and often died around retirement age from cancer, heart disease, etc. Less cigarette smoking now is a factor in Social Security running out of money. Smokers were 45% of the population in 1954 and now only about 12% of people smoke. That's about 30% of the population who will be receiving Soc Sec. benefits about 20 to 25 years longer.
Life expectancy is greater than 70. Most people don't die in their 50's. This is fact. Life insurance goes up once you turn 70. There is a reason for that. We will all die so never say never sounds weird. Life has no guarantees but eat healthy, exercise, get good sleep, decrease stress and be happy. The break-even point represents when the cumulative benefits even out. So if you wait until age 70 to start taking benefits, it would take you until age 79 to break even with the benefit amount you'd receive if you started taking them at age 62.
@normanbo Smoking may be down, but the super high carb food pyramid, processed foods, and seed oils will more than compensate for the loss of smokers. Cancer rates, diabetes, and other diseases caused by metabolic disease are at all-time highs. Just look at the number of 30 somethings riding scooter carts at the grocery stores.
Im disabled RN at 50yr. Im getting SSDI. My heart failure got better. I can still enjoy my time off.
Plan on taking mine at 65 almost 64 now might not wait until 65 but that's my plan. My full is 67 but not waiting any longer. Ready to get what I earned.
Just subscribed.. and it seems I did everything as I should. Retired at full age 66y4mo. Now 68yo, wife still working w/ health Ins.for life. Hopefully, she will retire in 1y10mo at 65yo. Health is wealth- keep moving !!!!!!!
I opened an account on Social Security website and used the estimator. I’m 61 now. If I retire at 63 and 8 months.1844.00 before taxes. I’ll take it. And if you work until 62, you will be eligible for cost of living adjustments. Too many I’ve seen never made it to full SS age. If you take it early, look at all the money in between early and late you would be missing. Don’t let them have your money.
Yeah, everybody's situation is a little bit different if they're working or tax issues. But glad everything worked out for you
It isn't normal, nor statistically valid, for you to know many who died before full SS age.
If what you say is true then no one would collect SSA as all would be dead by age 65.
There are 50+ million people over age 65 in USA.
What is unstated by people like you (and this is necessarily rude) is that all of you omit a bad lifestyle.
My assumption is that are obese, eat junk, smoke, do not exercise, drug, drink, weed, vape, 'party'.
Lastly it is not "your money".
It is a TAX.
Do you demand the sales taxes you paid in 1975 on a movie ticket be repaid to you now? Of course not.
Your SSA check is paid with funds taken out of my check last week.
Indeed. Just had 3 coworkers pass before age 63, and obviously before retirement.
There are a lot more people that reached 62 and have made it to FRA and beyond than those that have died before FRA. If you do not have current health issues and are able to delay your retirement till FRA or beyond to 70, you should. The breakeven does not matter, you should be concerned about monthly cash flow. When you are 80+ and do not have the necessary monthly cash flow you need to survive, there is not much you can do about it. You are not going to be able to find a job that is for sure. If you reach 65, the stats show you have a life expectancy to 84 for males and 86 for females.
Totally agree with you take it when you can. Grab it at 62 don't play Vegas.
I'm taking it at 62. I have rental income, and I don't really need to wait for a bigger check.
Awesome. Sounds like you did a good job planning.
Life is not of that kind of makeup. It’s to unsure!
I’m 93, been collecting off and on since 62. Trying to stop the checks is a chore. They are not the brightest people. More like dunces.
Grab it while you can.
Retired accountant
I am very healthy at age 70. Waited to take SS until 70! SO SWEET! 4733 every month before taxes and Medicare. Mother and father lived to late 80s. I will probably live to 81+ which is my “break even” age vs taking SSI at 62. Love it!!!! 3:53
Awesome, but I expect another comment from you in twenty years when you're 90!!
Good for you. I don't have family longevity, so 65 it is.
I can't believe they tax social security. 😢
@@ericpowell4350started with Bill Clinton
I will be 70 this year and start SS then. I am still working as I love my job so SS will go into savings.
The sad part is that most companies see people older than 55 as someone too old to hire and/or working for them you are one of the first to be laid off. It is hard to plan to work until 67 as a job is hard to keep or obtain. You might end up being forced to retire early
Yeah, those very physically demanding jobs are very difficult to stay until you're 67 or 70. That's why they really shouldn't raise the retirement age.
esp when you are unwilling to censor
Yes- i got laid off at age 48 due to a company buyout, & I never found a new job after that. Eventually I just gave up. I plan on waiting until 70 for SS.
For IT jobs apparently over 35 is too old. Companies decide when people “retire” as you say
Not true
tomorrow isnt promised, collect the minute youre eligible
That is a fact about tomorrow.
And yet tomorrow will come, for many of us. Do you have a plan in place if you DO see tomorrow? A plan that involves something other than your small Social Security check? If so, great.
If the system were modified, and instead of having your benefits reduced by 30% at age 62, if was changed so that your benefits were reduced by, oh... say 40%. Would you still collect "the minute you are eligible?" Where do you draw the line?
@MrEdwardCollins just enjoy your life, saving ti be old is ridiculous.
@@kenthompson5218 I certainly agree one should enjoy life... but preparing for a tomorrow that might indeed come AND enjoying life are not mutually exclusive events. It is possible to achieve both simultaneously.
@MrEdwardCollins I'm not living just be old, I understand that old age means far less energy and strength. You really don't need a lot of money in our senior years. Pay your house off, no car payments and eat good, Exercise and live simple. This is a rented life we don't own nothing except our time and experiences. Just do what you like. Live duty-free and stop smell the roses as often as possible.
I took mine at 62 and invested it in VTI. Best decision for me.
Awesome. Glad to hear that's working out for you.
I may do this too. Fully funding a Roth is critical. The Roth is tax advantaged as well as the HSA. I’m 56 and slamming money in the hsa like crazy
I have a question that no one has been able to answer. It’s a two parts question… 1) Is the estimated benefit that ss administration website gives depending on the retirement age accurate? 2) if I retire at 65 but don’t claim ss until 67, will still gain the delay retirement credit?
@@ambrosioperera8141: Yes
I retired at 64 and was able to do so because I retired with FERS pension income and was able to keep my health insurance. I am also a widow and was able to claim 1st my SS survivor's benefit and then which I did claimed my own higher FRA benefit when I turned 66.6. No regrets retiring at 64 because I ended my 44 year nursing career which followed risking my health as well as my life working the healthcare frontline during the pandemic.
Once I became eligible for Medicaid and had to make payments, I filed for social security. The government gives, the government takes away
I retired at age 50 and fell right into the routine phase: biking, pickleball, swimming, hiking and service work. That's it!
I plan to take SS as early as possible, because I never counted on a dime. It's all just gravy! I married and raised 5 kids who all turned into achievers as well. I don't see any of them working past age 50 unless they choose to.
I planned my retirement as a teen, and it worked! It's been 10 years, and LIFE IS WONDERFUL!
The last thing any of us should do is be in a position where the government is a means of support.
That's a prescription for poverty!
We should be able to take social security and still work if you want to, its a win win for the economy. IRS, consumer, banks, their is no down side to it.
Yes, that law has been like that since pretty much the start in 1935
I have been saying the same thing for years! You still pay into Social Security....another stupid decision by our government which makes absolutely no sense! Gotta control those minions and put limits on their income! Very irritating
I thought you could as long as you started at “ full retirement “ age. Which I think now is 67. But I’m sure someone will correct me. I’m curious too
If you retire at 62 ( between 62 and 66 or FRA ) you still have the option to continue to work up to about $22,000 or so gross to supplement ones income.
@@bearlylivableThis is correct.
Took it asap,no regrets!
Social security pays you based on work history. Full retirement is 67 they take 6% less every year that you retire earlier. so at 65 you will get 88% of full retirement.
Thank you for that simplified explanation 😊
Thank you
I@@reversiontothemean6129
@@reversiontothemean6129how can you retire at 53???
@@cybermaventech Simple, good life choices and saved for 32 years. Plus a pension. If you mean retire and collect social security, That's not possible unless I was disabled now. I will collect SS at 62, 67, or some time in between. My initial comment to the original statement was a bit of confusion as how he explained it, but I do see what he was saying now. I deleted that comment.
💚💚💚I have worked at the same OBGYN office for 8 years and we only participate with 3 Medicare insurance plans Traditional, UHC Advantage & Aetna Advantage- we are not contracted with any others 😢
I have done the computation models for scenario of 62,67 and 70. The total payout on all the 3 options converge between 78 years 4 to 9 months. That is one survives beyond 78.5 then there is difference of the money realized. But we don’t know the longitivtiy, hence it is better to get as early as 62.
Yes, depending on a bunch of life variables, that's what a lot of people do
So are you saying if your family has longevity past 85 then take it at 67 vs 70
I retired at 65 worked as an Auto Mechanic I couldn't do it anymore because my body was destroyed .
I know exactly what you mean...I did that for a few years. It's a very tough job!
I'm in Aviation, and I can relate, plus working Midnight shift for over 30 years of my career doesn't help. Still on the hamster wheel and they beat us old guys up because we can get the job done, and the younger one's can't.
My professor told us numerous times -- a bird in the hand is worth two in the bush, better to take a sure thing than the chance of a bit more and risk losing what you have.
I agree!!
I have 7 years till I’m 65 then going to retire in Thailand. My wife is from Thailand. Can’t wait to relax on the beach.
That seems to be a very popular option nowadays
Took mine as early as possible. No regrets!
Retired at 66, started social security at 66 which went straight into SPY and at 73 was quite a chunk.
Used the gain to convert IRA to Roth IRA to reduce RMD and now life is good.
What is spy?
@@trobop1 Basically index fund which emulates s&p 500 - SPDR S&P 500 ETF Trust
Sounds like you got it all planned out. Awesome.
@@trobop1 Stock ticker SPY - SPDR S&P 500 ETF Trust
@@trobop1 it’s an ETF for the S&P 500 index. It trades like a stock.
Learning so much from your channel. When I call the social security office, they know, absolutely nothing nothing nothing nothing. It takes forever to talk to someone. And they sound like there sixteen, and they don't understand their fair job
A lot of new employees....
I’m 95% sure I’ll retire at 64 and 7 months; I am sick and tired of working 😫
I’m likely to settle down outside of the US hopeful that I can live a better life on social security in a cheaper place with inflation raging here.
Sounds like a plan. Make sure you watch my video on living overseas and Social Security and Medicare.
Retirement to a 3rd world country. Brilliant life plan. Upon retiring, everything should be paid off if you planned well. Inflation wouldn't be a worry
@@8corymix8 inflation is always a worry. Have you ever traveled???? These places are beautiful
Depends on your salary that will generate your monthly payment. Retired at 67, 69 now. Happy with the monthly payment and invested the lump sum I received for retiring a little late.
In my family most men have died in their early 70s. I’m taking my SS no later than 65, probably sooner.
My husband and i collected at 62 no regrets. We are building up our SS to use for our travel money next year.
As soon as you’re eligible to collect do it and enjoy your life!!
Enjoying your life. I agree with that one hundred percent
I'll keep working. It gives meaning & fulfillment. I'll never retire at 62
Life is too short enjoy while you’re still strong…
@@8corymix8 It is great that works for you. I am the same way. But others just don't have the good health to do what we do. We are totally blessed to be able to continue!!
@8corymix8 Why not just find more enjoyable sources for fulfillment?
It's truly all about your health and if you love what you do. Other factor- if spouse is working or drawing ss and retired.
Everyone is different.
I'm pulling till 70😊
I agree. You gotta do what's right for you!
I just started my Social Security at 68 and my wife just reached her full retirement age. She started claiming at 62 a very small amount on her record. The delayed credits are well worth the wait but I could not justify waiting after my spouse reached her full retirement age. To me Social Security is a great guaranteed source of income to supplement our other income. It also gave me time to convert from a traditional IRA to a Roth IRA and minimize the tax before drawing my Social Security. I hope to eventually avoid taxes on my Social Security and minimize required distributions.
Awesome, that sounds like a perfect plan!
I am very appreciative of your support. I love how you sincerely state facts, and not get caught up in any judgments. 🙏
Everyone has their opinions on when is the best time to take your SS benefits. As a former health care professional who has had to live life for the last two decades with occupational illness my social security benefits came early and saved me financially. I have a friend who retired early from a city job only to experience cancer diagnosis with five years of retirement and the diagnosis came one year after the pandemic vaccine. She wished she did not wait for her SS benefits since she could have used the extra $$ at that time. So my take is no one knows what will happen in life. while the SS continue to run bankrupt. Take your benefits when you are able to.
If you have had a physical job your entire life, your body just starts to fall apart at a certain age. Knee replacements etc. Take it at 62 and never look back. Peace and tranquility for your body and soul!!!!!
I’m taking retirement as early as I can. I work in healthcare and I see that health isn’t guaranteed. So many 40 and 50 year olds I’ve take care of and a lot of young retirees or people that almost made it to retirement age and now they’re just in a nursing home.
Yes, health is definitely one of the biggest considerations.
Applied SS benefits at 67 and still working full time
Can you do that?
62 was it for me. Sure, I left money on the table, but life is too short LOL. My wife is also 62, but is going to wait until she is 65. Thankfully, we own everything and have no debt. I feel bad for so many seniors who are struggling to make ends-meet. I have a Non profit that helps them out as often as I can. I help a lot of Seniors in IL and IND. Getting old sucks. LOL
Let me know if you need help helping them navigate the bureaucracy.
Took mine 6 years ago at 62...nit one regret...have enjoyed the last 6 years immensely. Money is not any issue.
Just found this channel and its going to be helpful going forward. i watch a lot of financial people and one medicare channel. good to have this one as im 54 and will need this info sooner than i think ha ha
Welcome, Yeah. It's amazing how quick it all happens.
I am planning on 72 years of age and I am 55 this year. I am fortunate to have a career that enables me to work for many years and make a great income.
I plan on 80. I'm a chiropractor and just use tools of the trade to adjust people. Plus I take HGH and testosterone and feel great at 57.
It is a highly personal plan. I have to work until about age 65/66, My life expectancy will likely result in me never seeing age 80. My wife is bared by state pension law from receiving SS (including my death benefits). I am taking SS the moment I retire from work. I might get 14 years of those benefits.
So the game is do you want some money in your go go years or do you want more money 💰 in your no go years. We are not promised tomorrow so my choice is get it early while my grandchildren are young and I can still travel.
That's definitely a good strategy
Good to read that many viewers are using their common sense and not the advice of financial advisors.. Remember, a financial advisor is there to make more money from your investments.. Time is ticking... Get out of the workforce a.s.a.p and enjoy your remaining years... Yes, one has to be able to make it on the income, but many have enough or far too much!
Retired at 55 just 3 years ago with a pension, medical til 65. I'll take SS at 62. I can invest it since my expenses are lower than my pension and other passive income sources. No debt, house paid off 10 years ago, millions in IRA, 401K, stock, brokerage acct, etc.
Sounds like you planned well.
My husband of 20 yrs died 5 nights ago. He was 73. He took SS at 70 yrs old It’s a shame he worked so hard and then got so sick in 2020 when he retired
Im taking it at 62 if its still around maybe i will get lucky and have it for a few years before its bankrupt. Dont wait for something that might not be around when you need it.
I think you'll be OK. It's the younger people 20, 30, 40 that we need to make sure the system is around for them.
@@MyGovExpert I'm only 47 not retiring till I'm 62. So we shall see
There's enough in taxes being taken currently to afford 75% of your social security payment. What they're talking about being bankrupt is the social security trust fund that pays the other 25% of SS payments. If they don't raise taxes or the retirement age, then we'll get 75% of what we were promised. That's worst case scenario. Fixing social security is simple but politically uncomfortable.
@@darnelltabor6382Great point. Thank you.
Retired at 59, not taking SS till 65 or 66. Living off savings till than. Im not taking it at 62 and losing 30%.
I met with SS a couple of weeks ago. The rep told me thst if I delayed signjng up for part B Medicare until some time/years after I started receiving SS benefits, that when I did eventually sign up for part B that my premium would 10% higher for every year I delayed signing up after retirement. iow If I started receiving benefits at age 65, but didn't sign up for Part B Medicare until age 68, that my medicare premium would be 30% higher (additional 10% for each year of "delay.") Just fyi.
That sounds correct. If you don't sign up when you're supposed to, you'll get charged a ten percent penalty for every twelve months.
That is only true if you are not insured through your company, or your spouses company. And the company has to have a certain number of employees. I work for a large company and my husband is covered on my plan. So he is 76 and has never had part B or D. And when I retire, he can get B and D with no penalty because he has been covered on my insurance.
I am 74 years old this year. And I retired at 63
My first payment was little more than 700 hundred dollars I cannot remember the exact amount. Your program is very helpful I appreciate it very much much
Thank you very much Hopefully you can find something in here to make your life a little bit easier. Take care of yourself, Ed
Take it at 62 folks… nobody’s guaranteed to live till 65!
And consider the break even age which is probably late 70s.
@@chillycharles910 I mean, if you don’t need the money, already have a nice pension or a big investment account and stock portfolio that’s earning you more than enough to live off of, go ahead and wait till your 67 or 70 if you feel like you’re the type that might be healthy enough to live to be 90 plus years old; but over time you’re not really going to earn all that much more if any than the person taking it at 62. If you’re the person that isn’t well off it only makes sense to start collecting it as early as possible. This is especially true since half the population is never going to reach full retirement age at all. And considering the “Super size me” generation we have these days, some of these folks aren’t likely to make it past 50 before heart disease and diabetes takes em out.
As you say, with a good pension, 401k , investments, a fat bank account, it may work to retire at 62. However, for most who don't, taking full to me is better. First, with partial you receive less, and are limited in how much you can make additionally. That never changes. If you wait you get more and are able to make as much as you want. If you're healthy, able to work... more is better than less. Nothing's costing less.
@@jakejennings5152 I have a nice pension and VA disability and still took SS at 62. I was able to pay off debt before retirement and my mortgage is only 20% of my income. So, I'm continuing to invest in stock and improving my home for equity. I also earn up to the cap on SS for savings. I should be more than good in my 70s.
@@sixtoseven7563 At your full retirement age, regardless if you took SS at 62, you can earn unlimited income and it not negatively affect SS benefits. Before your full retirement age it's currently capped at 23k.
Born in 1958, my FRA is 67+8 months. Decided it’s too long to wait. I took SS at 63+2 months. No regrets. I am currently taking from my 403b and will take from IRAs when I turn 72. It’s working out fine. TG, I saved and invested.
66+8 months
Awesome!! Well planned!!
I'm confused about Surviving Spouse, and how is the best thing to do regarding benefits 🤔 I'm glad you're doing a video regarding this and how not to lose the benefits I need. Thank you, Ed.
I’m taking I’m ready now59😊
You get a government pension being retired. My in laws worked for feds and paid zero into SS. They received 80% of their pay. MIL receives FIL pension even though he passed away.
I collected my social security at 62 year of age. Now that I am 67, I am receiving over $2000 per month. Between 62 and 67, I received over $60,000 dollars. Why should I leave $62,000 on the table with the government. It don’t sense to me.
Just a question? Can you work even if your collecting?
I was diagnosed with cancer at 57 yrs old & made the hard decision to retire & moved to another state to be closer to family. Currently, in remission. Attempts to work again were not so good & ss disability kept denying my claim.(even though the radiation damaged my leg) I’m living off of my 401k now so you know that’s not much. Medicare is my insurance. I’m 64 now & Although I would like to retire at 65, I think I may retire at 70 or 71. I am not married. Your thoughts?
take it as soon as you can you don't know if you'll be here tomorrow
You can create your future if your mind is strong enough.
You’re so right when u say “ lots of people still think full retirement for SS is 65”. When I talk to people they almost use the words Socual security and Medicare interchangeably..
63 years old and the only reason I am still working is I love my job
Awesome. I've also been very, very lucky too. I've liked every job I ever did.
Me to love my job
Just remember from job to the grave
I loved my nursing job as well and at 63 1/2 yo when the C0vid jab was mandated, I took it to continue working as a nurse. BAD MOVE. I was on unpaid FMLA TWICE and ill now every day. My job of almost 10 years "terminated" me for "taking too long" while OUT on FMLA FROM MY MANDATED C JABS! I now work at a different nursing job far from home and am ill, weak and exhausted every day. I filed for SS. Working at another exhausting bedside nursing job. Struggling.
I'm 65 this year and just signed up for social security. Cheapest and best insurance I've had in decades! I'm thrilled about that. My FRA will happen in Feb. 2026. I'm working an office job and I'm so dang tired of driving a computer and doing math all day already. I hope I can make it to FRA because SS will be my primary source of income and I can't just walk away from 25% or more of it. I wish I could retire now, but I don't have adequate savings to compensate for that SS shortfall.
Thanks for the comment... every day above ground is a good day though.
42k subscribers? wow!! You only had a few thousand when I started watching you and promoting you on my channel.
Yea, a LOT of people need help out there! Thank you for your support!