What's the Best Age to Claim Social Security 62, 66, or 70?
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- Опубликовано: 8 май 2024
- What is the best age to file for Social Security? What factors should you consider when making the decision to claim your Social Security benefits? It can be confusing and Social Security claiming mistakes are common.
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70!
@@jacksummer854 What? I'm providing education
To be honest, there is no professional analysis nor strategic reports for Social Security benefits because, everybody's financial and personal situation is different. It strictly depends on the individual financial status.
You didn't cover disability benefits?
@@maximumoverload5134 True. Disability benefits are very different from retirement benefits. I am a retirement income planner.
I'm 58years old living in California, I'm hoping to retire at 60 if things keep going well for me. Bought my third house last month and I can't be more proud that am i now. I'm glad I made great decision about my finances that changed me forever but now I can't seem to make any other smart investment for my financial security when am retired.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
@@Believer292 It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@james.atkins88 I think this is something I should do, but i have been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
*Mary Onita Wier* is my portfolio-coach, I found her on Bloomberg where she was featured, I googled her name on the internet. Fortunately I came across her website and reached out, You can also verify yourself.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
I’m 84, took benefits at 62 and do not regret doing it at all. I have had a great 22 years I would not exchange for any amount of money. Live a responsible life, be debt free and and enjoy life. There is a whole lot more to life than money. Just went to my 65th class reunion and half are gone. Just do what feels right for you and you may get lucky. I go to the gym, ride my bike and stay off my butt.
You got it right. when you wait to take it , you have to make up all the money you you could of had for years and by the time you break even, you probably be dead or not wanting to do anything anyway. Great to see that you are that spry at 84. How many people can say that?
I’m hanging onto mine until 70 , I like that nearly 9 percent pay raise. The best part it’s compounded so as long they like to borrow money and put it on the debt. We will continue to see this inflation. They aren’t cutting benefits. They’ve decided to inflate away your benefits purchase power. That’s likely a 15 percent inflation… call it the CPI lie.
After you retired at 62, what did you do for Health insurance?
@@paulweston9441 l dont know about the other people on here but you can work and receive your SS I personally worked 30 hrs so I could have my benefits with the Co I worked at until 65 then I said goodbye
Me too! Heck we don’t know if we’ll be around by age 62. I have no regrets!!!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@SarahWood-ro9dz However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other
@@bankstephen7241 Oh please I’d love that. Thanks!
@@SarahWood-ro9dz Judith Ann peace is her name
Lookup with her name on the webpage.
As a financial professional I've had hundreds of people ask me when they should start drawing. My answer to that question is always "when will you be dying?" Average life expectancy is about 80 years for humans. At age 80, you pretty much break even with any selection you make.
If you live to be 100 it's certainly beneficial in the long run to wait until you're 70, if you live to 70 and delay until 70 it's catastrophic. My mother chose to retire at age 63 and filed her paperwork ahead and notified her employer. She had a massive stroke 25 days before her 63rd birthday and died the next morning. That's a drastic example but it certainly is a reality for a lot of people and their families.
The other thing anyone should consider is what do you give up by not retiring early? If you continue to work until age 70, you missed out on 7 years of opportunities and things you could do while you're younger. The older you get, the harder it gets to go on an African Safari, hike to Machu Picchu or sail around the world. Don't discount your dreams. Consider how meeting all your goals in life weighs out with the difference in benefit.
Live to 100 and probably 20 of those years are in a nursing home , and who gets all that money then??
Good answer !
Live it up while you can enjoy it !
Well off I go on my adventure at 72 y/o , Costa Rica paragliding here I come !
I filed for SS at 62- absolutely no regrets. You might just a well get your money while there's still some left.
Yes sir Gen xers gonna get theres before its gone.
@Ikeelu now Same for. I'm 62 next March.
And while you're still ALIVE. Only God knows how long any of us are going to live.
what about insurance?
Yes Sir not gonna last much longer, u cant make that money up you lose from 62 till ur 67 if its still avalible for yall.
I took mine at 62 and never looked back... That was 4 years ago.. I have no debt and have done very well investing ... I have heard too many stories of those who waited to get the full retirement benefit only to die before receiving any benefits or soon after... I am a firm believer that the present value of money is greater than that down the road.. No one knows when their time is up.. This was without a doubt the best decision for me.. Good luck..
What did you invest in?
@@ltruj123 Mainly a well diversified stock portfolio… There is always some risk, but it has worked out well for me…
Took mine at 62 a bird in the hand yes not looking back retired at 62
Yes, I definitely agree with your comment! No one knows how long you will live...
I'm coming up on 67 and am in excellent health, exercising five days per week. Short of getting hit by a bus, I plan on living into my nineties. So I'm waiting until 70 to start my benefits.
I took mine at 62, i saw many people dying before they reached full retirement age. After 62 your health seldom gets better. My house was paid for so it was a no brainer. That was 2008, no regrets.
We have the same outlook.
I did the same thing but started in 2006, worked part time for 10 years and had fun...now age 78...
Wait and I might not see it retirement at 62
I agree. At 62 I took mine. Now at 65 I have cancer and 'Maybe' my days are numbered. I'm so glad I didn't wait!!!
Ahh, 2008. The year when Obama took office and my 401K started taking massive losses, for *8* years.
I did it at 65 even though retirement age was 66. I never liked them moving the goalpost and decided to keep on the same schedule as it was intended. A personal decision. I can see the pros for any age and cons too. Takes awhile to break even if you defer it though. My dad didn’t last that long after he retired and he was in good shape. You never know.
Filed at 62. Now 66. Happiest years of my life; not looking back.
I know several who have taken their benefit at 62 (a couple while still working) and not one of them have ever said they regretted taking it early.
If I file at 62 will it still increase with cola as well?
What did you do for insurance until you could get Medicare?
@@clairemoore9012 my Dad filed at 62 almost 29 years ago. He gets the COLA every year. As far as I know, everyone collecting SS gets the same COLA no matter at what age one started collecting SS.
I will be receiving a call from SS next week so I am happy to get money I have earned.
My husband and I claimed at 62 because we were already retired. When my husband turned 62, we calculated that if he waited until full retirement age to collect, it would take 11 or 12 years to earn back the money he would have received from 62 until 66. No one is guaranteed tomorrow so, if you can, I say draw at 62.
Correct, I feel the government would rather for you to keel over than to hand you over what you deserve and even then they're still blockage in the system as far as medical Care and so on it's sad with Americans have to go through it seems like everything is a scam in America
@@purpleflowers149 - Yes. Personally, I feel that our government just wants poor people to just die.
YES you my friend did the same thinking me and wife Did. You are absolutely correct. These Financial people always want you to move all your investment to them. They want you to keep working. They make Money off of you still working.
I did the financial analysis on this also. It would take SSI almost 12 years to pay back the $114,000 dollars I would collect from 62 to 67 yrs. That is 12 years I could travel, improve my health by exercising and take up new hobbies that I would not do for the 5 yrs till I can collect full benefits. The real problem I see with their argument to wait is they keep moving out my full benefits age! so now they are stretching out the 'extra' benefits I would receive across 5 years instead of 3 years. This year I keep hearing that they want to move full benefits out to 70 yrs of age. So the same 'extra' benefits is getting stretched across 8 years instead of 3 years. This means it will take them longer than 12 years to catch up to the money I would collect if I start at age 62. This is no longer making sense to me financially.
@@rp1645 You got that right. The financial people will say, if you were out of the market for this period you would have missed x amount of gains. What they fail to tell you is for they same period you would have missed x amount of losses.
I'm retired Military of 20-years and currently collecting a pension. I've always known that if God spared my life to see age 62, I was going to file for social security early and not wait to collect what belongs to me. I actually filed 5 months out until i became 62. My application was approved and settled a day after my 62nd birthday. I'm currently working part-time and my first check from the administration isn't due until August. I lost by filing early, but it was worth it and I'm completely satisfied.... Now I can live my life and its GOOD!!!!!
A god had nothing to do with it.
The right thing to do, and I did the same. when I was young I found out about a couple who waited until they were age 70, and both died within one year of getting the first check.......so sad
@@squirrelcovers6340 You can let him know that when you meet him.
@@squirrelcovers6340 relax
This is my concern too. I am retired military and 100% disabled vet so that is 2 checks. Then I am eligible for a government retirement and I have some money in the government thrift savings plan. Thats 4. I work part-time also as a college professor. I have to figure out if early is an advantage and collect those 5 checks as soon as possible, but that IS a lot of money left on the table IF I LIVE LONG enough. I am sure SSA banks on most people waiting and dying early.
When I was in my 40’s one of the salesman I worked with counted down the days til he turned 65 to retire and get social security . He died three months after that date. That always stuck with me. I was in a high stress job . Could not wait to say bye bye to my employer and did so ! My plan was to get a part time job with health insurance at 62. With my ss benefit and the income I learned to live on less and was happier than having a big salary! There are jobs out there that give health insurance for over 20 hours but if you you cannot find one figure health insurance in your plan. The biggest challenge was to DOWNSIZE. You have to be bold ! Our culture seems to push you need millions to fund your retirement. Not so. I am 67now. No longer working and can live nicely on social security alone! No regrets! And what a great feeling quitting that job!
you probably don't live in CA, nor have a house or car payment, but a lot of savings. If so that is great.
yep that is why I am going to file for benefits as soon as I am eligible because there is no guarantee that you will be alive if you wait. I know people much older than me who waited and it wasn't like it was the difference between night and day if they even lived long enough for it to make a difference
I agree with you. People can’t wait to retire and they don’t reflect on the fact that they’ll be older! Downsizing is key! I’ve worked since I was 9 and that’s all I know but there has to be a different way, a way that it’s not employment centric but one that centers on quality of life. Of course we need money and because I don’t come from money I must work for it but I don’t believe in amassing wealth for the sake of it. I want to live a without complications, just a simple life.
I have a friend who turned eighty last year. She took early retirement at age 62. Now she said her SS benefits barely covers her monthly expenses and regrets taking SS at 62.
@@cashcowcw123 how much more would her check have been at 66 or 70?
I lost my job so I didn’t have a choice but to retire at age 62. I never regret it
I think COVID made the early retirement decision for a lot of people. You lose your job a few years from full retirement, not many of us are willing to go through a job search and start a new job just to get a few more years until retirement.
Turned 62 last July and took my FERS pension and Social Security. No regrets.
You were lucky to have a pension- many do not. Also, it makes no sense for FERS people to use up our TSP when it can be left to our family when we die, unlike SS.
Glad to hear your thoughts. There is no one "best" time. It worked for you. You did what is right for you. I dont worry about using "my" FERS/TSP to maintain my quality of life.
@@stephencutler2239 Agree. Every person's circumstances are different. I could have retired at 57 and taken the SS supplement. I had a guy who worked for me who pulled the trigger when eligible at 56 who said "you're leaving money on the table" if you didn't retire when eligible and take the SS supplement. My response was that raking that money off the table does me no good if I can't live on it. But he had a wife who had a teachers retirement; I didn't. He did what was right for him.
I will be 60 in December. I'm planning to retire at 62. and have some fun with my free time.
@@gw5309 Yeah I am going at 57 with 30 years myself. I can easily get by on my pension and supplement because I have led a very modest life but I am single and never had kids. Like you said, everyone's situation is different.
My rule of thumb on SS benefits is if you're working and don't need the money, delay your benefits until you stop working, when you may need them.
Another one, here, who chose 62. Living simply, stress free. These are the best, healthiest years of my life. Am 73 now.
Retired at 66. Took FERS, TSP and Full Social Security. Glad I waited.
It’s not about how much you will recover but how much you can live on. We don’t know how long we will live so that choice will be difficult to know.
Since we don't know how long we might live, that wasn't a factor in my decision. The real question is... can I make it for the rest of my life, regardless of when I might die?
Thank you! I don’t know how I stumbled on your channel but it’s timely! I have a long awaited phone call with SSA tomorrow morning and I was planning to start drawing immediately. After listening to your counsel I decided to order your strategy report and then make an educated decision. I appreciate this!
Thank You so much for explaining how to maximize your SS by utilizing both survivor benefits first and working, and later your own benefits, and at the exact time I needed this important information.
How many people held out until their 70th birthday, worked at a job they've hated for 30+ years, and died a few years later because of bad health associated with the job they hated?
Should we raise our hands?
If you don't need the money immediately, you can wait to start SS after you stop working.
Millions of people, is my answer.
@@samandros3451 Age 70 maximizes your SS payout. It increases 8% per year for ages 66-70, bigger steps from age 62-66. So many people wait. Others save their 401K/IRA savings if those do better than 8%/year by taking SS. But SS sucks if you make too much money, on part time work, you start getting taxed 50% of the SS payments. Lotta math in maximizing money.
Too many to count
Many thanks for all this valuable inform. I'm 62 still working and in good health but its time to look at SS. Will continue to follow and learn. much appreciated ...stay safe
This is the BEST video I've seen about drawing Social Security. Very well explained.
I really didn't care to wait until I was 67 or 70...Started collecting at 62 and still worked part-time that kept me under the limit that I could earn...It worked out for me and my wife decided to retire at 68 and I also had a pension that I would start collecting at 65...More checks at an early age and the cola every year, especially with inflation increasing...I come out fine...I don't get retiring at a later age and only collect less money with a shorter life span and may run into health issues...I rather have my money earlier and then enjoy my life with good health
My buddy thought that and died of cancer at 61, never got his 1st check.
@@teeduck What's up with these pharmaceutical Companies? Haven't seen a "cure" for anything 30/40 years.. Everything is a lifetime Medication maintenance plan...🤔 This research needs to be turned over to universities? Or take it out of private$$$ hands..
68 is retiring at a later age, which is what you did. Try again
True. Some of my co-worker worked til they are in their 60 n retitred at mid 60's n they died before get to their 70's so i feel its not worth waiting.
I tend to agree with this. Life is too short and you never know what's in store. Retire early and get your time back to enjoy life.
My thoughts were always to retire at 62. But because of COVID-19 and new management working us 7 days a week, I decided to retire early. Luckily I’ve got an IRA so that gets me by until my first social security check in August. Tomorrow is not guaranteed so my thoughts were always to get it ASAP at 62. I’ll be 62 in June of this year and I’m loving the time off!
Did health insurance factor into your decision at all? Meaning Medicare won't start for you for another 3 years.
I got mine at 62, a few years back. I'm still working full-time. So to me, that's money I can still save. Or use it for projects, upgrades, etc. "It's My Money and I want it now". LOL
The Irish are thinking the same thing Terry.
Kevin K great idea!
I did a study of 10 years or more of ss cola increases.. Just to get a base line of possible increases for the next 10 years out.. It does go up.. But the guaranteed monies frees up other mones for other things.. So say 12 k a year in ss equates to 300k invested at 4%...so where do you get a guaranteed return like that?? no where.. So ss frees up 300k .. nice..
I have an extremely PHYSICAL job, it's not always about maximizing payout - maximizing quality of life.
I agree, i am young and i would love to retire early. What scares me is that when the younger Generations decide to retire the age will be so ridiculous for retirement and I doubt there be any money by then retirement.😞😞😥😥😭😭😭
@@karinap4584 They will start by moving the early date to retire to 65 and the normal date to 70 and the max date to 75. That should buy them 20 years or so. We need to start having babies and not so many abortions. They are killing our future work force!
@@thommysides4616 thank you to the democrat thing called "planned parenthood"
Yep. The men in my family had super physical jobs. They made it until late 50s before their bodies couldn’t do it anymore. It’s real.
If you want to maximize quality of life leave america.
Thanks for all the valuable information and the visual charts. Much appreciated!
Nice easy to understand guidance - answers the “what?” “so what?” and “now what?” questions. Live long and prosper.
Thank you so much for this information! Very well explained and easy to understand. The charts help a lot for those of us that are visual learners.
Worked with a guy who was getting a pension from a job and holding off till 66 to get full ss and pension from 2nd job, co-workers stopped to pick him up one morning,he passed away in his sleep, he was 64 years of age,same age as me.I retired shortly afterward.It's not worth the stress for a few dollars more a month when your in your senior years.
I totally agree with you Vince.
Amen!
covid vaccine dun him in
Your story is like mine . Out ot the 6 guys I worked with at retirement age, there are 2 of us left. One was still working at 32 years and had a higher paying position. same out come, didn't show for work and found dead in his sleep.
@@340rps how old was he?
I took at 62 and I'm happy I did. I did it all online and never left my house.
The point is to make a decision that is right for YOU and your situation, not what is right for someone else. I just turned 60 and plan on working to age 67. Not just because that will give me a "full" social security retirement benefit but because that also seems to be the right age for me to retire. Right now, I am working a job that I thoroughly enjoy and am making the highest income by far that I have made my whole career. Why would I want to give that up by retiring early? I still have time to vacation and do things that I enjoy while I am working. My company gives me almost 6 weeks paid time off.
I understand if another person is working a job they don't like, and dread going to work every day and can afford to retire at age 62, that taking the early retirement benefit might be right for them. But that is not the right choice for everyone.
Great response!
Agree completely!
I am looking for a sugar momma….. to accompany you on one of those 6 weeks…. 😂
👃 good answer.
Yep, that's me also. Self-employed Still making multi six figures in my 60s with plenty of freedom and free time
Well done Lane! Thanks for posting this great info!
Thank you 🙏 now you really made it clear for me to understand. I am 64 now and I have a bad back problem and it makes it hard to work. So thank you so much and I will be back for your videos. God bless you. 👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾
I was a stock broker between 1985-1992, I have since worked int he mortgage business, and do mostly reverse mortgages. I actually have 3 customers who are retired college teachers who taught economics in colleges.
This man is most excellent!!!
Interesting video Lane. Thanks for posting it. I will tune in to more videos. I’m 63 now, but want to wait at least until FRA before filing for benefits.
Thank you!
Glad I caught all of this information sir. Thanks a million.
i dont care what my financial situation is..i'm retiring at 62. tired of working
Good luck with that plan
I said that too. I ended up retiring at 50. And somehow I make more now than when I worked. I think many people can do the same if they sit down and crunch the numbers.
I retired at 59, 5 years ago. Highly recommended!
I hear you, but think it through first. You might consider UPS part time work if you’re physically capable. Less than 20 hours per week, Teamsters kick ass fully paid health insurance, and fully vested pension plan after five years of employment. It’s a good deal for individuals who don’t need much income but do need great health insurance.
@@melodymakermark i might think about it. i'll have ss, pension, and 2 retirment from tx and nc
He's correct about mistakes in your job history. My husband was missing one year of employment on the Social Security statement. He had to ask the employer to provide proof that he worked and contributed to Social Security for the year missing. It took a couple of visits to the social security office to fix this issue. :(
Best briefing I have heard .
Thanks 😊 Mr Lane Martin's en, very well explained.
I'm not counting on social security, I have saved and invested, and own a house that is paid off. I still work at age 63. Taking a Social Security check will just be a supplement, to what my retirement investments provide. My advice is start saving and investing early, and buy a house as early as you can so you don't pay rent, but instead pay a mortgage payment that buys you a house. Yes you have to live on less, but you learn to do it and in the end, you have security.
Its helpful having your home paid off. I too never counted on ss to be my main income. I cut back working on my 34 year main job and found retirement is not all that cracked up to be. I now work at a job I like and love . Company has payroll deductions , which includes stock program, 401k , hsa family max, health insurance and travel benefits! The main point is i like what I’m doing and feel blessed to do it in my late fifties.
I always kid with wife telling her she’s the smart one though for retiring at 49. Wants she saw we had enough money invested she gave up being a charge nurse and never looked back!
@@samualray Many people don't like retirement when they do it. Working gives them activity and purpose. My father retired 4 times. But he just kept starting new businesses. He could not sit still. He was a surveyor for the power company, and electrical engineer, and computer designer (worked for NASA), a restaurant owner, a tour guide, and owned an art supply store and art studio. Retirement was not in his makeup.
Wow. Lucky you.
Not luck, planning
@@arizjones
I agree, i tried retirement for about two years. I like working and investing. Financial peace. My first career is on its 34th year but is being replaced with a cool job. Doesn’t pay as well but loving it. To each is own!
Great video! There are a lot of variables (i.e, your health, pension plans, 401K, rental income) that play into when is the best age to start your Social Security (SS). For me I wanted to protect my 401K plans (keeping them in the S&P 500 growth funds) thus taking SS at age 62 allowed me more freedom on when I would take the gains from my 401K. The stock market is too unstable to rely on a study monthly payment where SS and pensions give you that peace of mine. What's funny is that this strategy works fine for me but my wife will start her SS at 67 due to her variables that I previously mentioned. Additionally, I want the secured income (Pension and SS ) while I am still healthy and can enjoy living an active lifestyle (i.e., travel, fishing, hiking) In summary, there really isn't a blueprint-template that most of us fall into-- you have to make that decision.
Absolutely delighted to see someone took time to upload an important message about retirement, for which govt is not in harmony with providing best solutions for citizens but to benefit govt coffers only.
Thanks for this upload.
If you are going to live past 80 and don't need the money, file at 70. If you are in poor health, file at 62.
How do you know you’re going to live past 80? Life gets extra unpredictable the older one gets.
@@htsyami Try to get term life insurance. The company will let you insure your life until just before you actually die. (I'm not entirely joking.)
If you think you’re going to live past 80 take the money and then invest it if you don’t need it. Also 8 years of waiting you give up a lot of money that can take years just to break even.
But nobody ACTUALLY KNOWS what age they'll live to... Too many variables.... I retired at 64.5. Glad I did.
I'm going to retire at 62 and continue to flip baseball cards and make that a living
Thanks! Good, clear explanation of each topic. Great visuals!
I'll be 62 in April 2022. Not entirely sure if I'm going to wait to get more social security. Though, the more I think about it the more I think I'll take it as soon as I can get it. God bless all you guys. And gals!
I figured mine out and if I waited to 66 instead of 62 It would take to about age 78 to make up what I would get by taking it early. by that age I may not even be alive never mind if I would still have my marbles to be able to do anything. So if I was getting 20 grand a year, that is 80, 000 in my pocket at 66. And remember I'm still getting 20,000 every year still. Which
@@340rps absolutely agree. Thanks for the positive comment!
You can still work, just have a limit at 62. Then stop when you're ready. The money you collect from 62 is a better value
@@michaelspinelli350 Absolutely agree, started collecting in August.
If I go to the doctor and he tells me I have the heart and lungs of a 30 year old, and my parents lived into their late 80s/90s then I might risk it. Otherwise, the sooner I retire, the better.
Excellent analysis. Thank you for doing this.
I married a younger hubby...life holds no guarantees..so I'm gonna retire at 62 and enjoy whatever years I'm gifted
Lucky hubby
@@jdfflats1 You mean lucky lady
@@mikejw58 lol
Men in my husband's family die young, usually just before retirement. He plans to retire at 62 and not collect SS until 6 years later when I retire at 65. So his SS will kick in at 68. Happy to say we have been planning for our future since our 30's. My boys are 17 and 26. I already have them involved in investing and making plans for their future, because it's looking pretty bleak for the millenials. Get your kids involved now.
@@kimberlyrappo5846 Excellent advice, Kim. I did the same for my son. He went into the Marines in 1993 and we wrote letters to each other quite often. In one of them I mentioned saving and investing and how one can get a tax deferral in an IRA. We discussed that a bit and then I told him that I would match his IRA contribution up to $1000 per year. He thought that was a great deal, so accepted. I helped him set up an IRA account and sent him a check for the 1st year's contribution. For the next 3 years of his enlistment, we both did the same. Instead of investing in the S&P 500, we decided that VGHCX would be a good vehicle for his investing. He got out of the Corps in 1997 and has kept this little IRA only these days it is not so little anymore. He is well on his way to millionaire status thanks to his 401K plan at work and a little boost from his IRA. I made the same offer to our daughter and her only comment was, "But, Dad! That would cost ME $1,000!". Needless to say, her financial situation is less than great and probably will be for the foreseeable future. OK, so I'm batting .500 in the child financial awareness game. Not bad... but could be better. :-/
Thank you so much for explaining and sharing. Everyone will make the decision that is right for THEM at whatever age that may be, but being armed with the tools to make an INFORMED decision is what matters most to Me. Thanks again!!
Actually, the overwhelming majority of ppl with make the wrong decision.
@@retired8484 that is probably because a lot of people can't admit to themselves they are going to or can die at any given time
I retired at age 62 but I also have a FERS annuity and a TSP account that I currently haven't tapped into. Because I retired at 62 I receive an extra 10% on my annuity. My annuity is actually more than my SS income. Now, I actually bring home as much now as I did working. I currently don't have 10% going into my TSP account. I no longer pay into SS and Medicare. I no longer pay local taxes in two localities. Plus, I no longer have the cost associated with working.
Yup, there definitely are costs of working. Gas and car repair bills go up. I eat more because I get more hungry. And of course the stress costs on your mind and emotional well-being of a tough job, or frankly virtually any job. And the lost time you will never get back. And the directing of your focus away from your life and loved ones. Most of us pay a very considerable cost by working.
By far the most informational video I have seen
If you're younger (under 50) and watching this, I recommend setting one's lifestyle below one's means. In other words, when everyone's pushing to live a lifestyle based on gross income, set your lifestyle at or below your NET income and budget and SAVE. You don't have to live like a Pauper, just don't fall into the hyper-consuming-robot trap. This will help give you the option to retire at 62 if you choose. I'm 62 and retired at 61. IMHO, expensive homes, toys and expensive activities and hobbies, while enjoyable, don't make you happy. What makes me reasonably happy and content is engaging in activities that give meaning and purpose. For me, interestingly, handling my finances properly is one of those activities!
This is the way I lived my financial life and retired at 50, I’m now 61 and I’m going to take my Social Security at 62.
@@billj3494 Nice! Kudos to you. Feels pretty good, doesn't it? I assume you're not working. I'm not married, so I don't have to answer to a Boss (employer), Wife (they can get bossy), parent or anyone else. I never realized just how empowering and liberating it could be living with this level of freedom.
John Carlson, I am like you. I just retired at age 62, because my goal was to live like I was poor, meaning buying what I needed not what I wanted. Want is just what it says it’s a want not a need. I was able to retire from the Military find a good job, pay off all my debts and save enough to be where I am at.
Exactly. Took off early with a bit of a trepidation but so far so good. Still squeezing the pennies. My truck with camper shell has 290,000 on ot and hope to make it to 400,000. Care for what you have and oh do pay off your abode.
@@benberry703 Nice! living frugally definitely has it's perks. For me, the best perk is less stress. My one luxury (want) is my Dodge Challenger Hemi R/T. Saved up for years to buy her. Have always loved muscle cars since I was a kid. Besides being a physical reminder of years of hard work, I swear, driving that beautiful machine knocks years off my age every time I get behind the wheel...smiles!!
Getting Diabetes I n 2004 made me getSS at 62..Look at your life, your expenses,..get the money..live. Covid also made me look deeper in reality. A part time job will definitely help. Get a nice car, live your life.
I hope it was type two diabetes I had that got rid of it in one month just by changing my diet. All the doctor wanted to do is give me pharmaceuticals screw that
Car is a waste of money
I took mine at 62 and I'm now 65 with lung cancer. My days are numbered?? I'm so glad!!!
Thank You Sir. For Sharing nice program watching Washington DC already US citizens ❤️🇵🇭🇺🇸
I'm 64 and still hanging doors. I'm in good shape, knees hurt but will work till 70 and the get SS then work part time. That's my plan. PS, I'm self imployed and that helps. I go to work when I want in the morning.
If your knees change your diet and start making bone broth.
The average retirement in america is 62.. Readably available statistical data.. Its an interesting read.. job loss, bodies wear out, accidents , etc even if fit, on average peoples lose your job at 62.. Interesting fact.. I retired at 47..And am sooo glad i did.. Now almost 63 and i dont wanna do what i did then.. Usual aches and pains.. Plus goofing off for 15 years was a blast.. That was before 62.. but i invested (Im considered an avid investor) and my wealth has doubled in that time period.. But to not be a work bitch priceless...
@@Peter-td3yk if you're fortunate enough to be able to invest heavily and early.
Most people live paycheck to paycheck.
What are the statistics for people have any kind of money in the bank let alone $10,000 in a retirement account?
Very low
Collect unemployment and food stamps for the maximum period prior to filing
@@wmp3346 glucosamine chondroitin cream rubbed on knees or other hurting areas is so verry helpful. I get mine from Purity Products. Hope this info helps you. Also, nightshade plants like eggplant, tomatoes, potatoes all have a chemical called solamine which excentuates joint pain. Omega-3 foods like sardines or a chia seed breakfast pudding are helpful in relieving my joint pain. Here is recipe for chia seed breakfast pudding....
1/2 cup chia seed (Costco, Target, Walmart, grocery stores).
2 cups milk ( I use either coconut milk or almond/unsweetened vanilla).
Stir in liquid stevia or granulated monk fruit to satisfy your taste & these will not spike your blood sugar levels), but if you want, you can add a little honey, maple syrup, or agave syrup to taste.
Stir this up with fork or wisk to keep clumps from forming & stir 10 minutes later, then stir again another 10 minutes later after that.
Soak in refridgerator overnight. Serve in bowl & add cinnamon, berries of your choice.
Use as breakfast, snack, or dessert. Amount in recipe will make 3 or 4 servings especially when nuts like walnuts or chopped almonds are added as a topping. Enjoy, & my best to you.
Thanks. Great video. I work to live so I’m taking at 63. Just spending money.
Thank you for your work here!
That is very helpful tips thanks for sharing. Keep it up good work..
Health insurance is what will keep people from retiring at 62.
Absolutely. I am 59 and I would seriously think about punching out now except that I would have to self-insure for the next 6 years. It is not the only reason I want to let it ride for a few more years but probably number 1 for me.
That’s true.
How true.
Medicare for all.
@@billj3494 living wage too, I don’t like to get up and go to work
Well I just turned 50 in April. I'm an RN, have a pension from one hospital and a 403b from my current hospital. Along with SS, I sure would love to retire at 62. Nursing is not an easy job and my body is getting more beaten down by the day.
Saving your body is a great reason to retire at 62, but, if you don't need the income, waiting to file for SS is a good plan.
Go for it. Remember a shroud has no pockets.
Right? It's damn near impossible to do this job until FRA. There's a reason you rarely see RN's beyond age 55 in the hospital.
Go for it just check w your financial advisor that you’re able and go for it . It’s been 4 1/2 years ( I left at 60 1/2) and never looked back . Worked 2 jobs mist of my life now the rest of the time is MY time🏝
After a while working just sucks the life and so much positivity out of your life you don’t even realize it
Very informative and realistic about everything which matters most with time tax inflation etc. thanks
Depends on your current health and if you have other sources of retirement funds. I had a stroke and was afraid if I had another stroke whether my health would be more diminished. Decided to retire since house and bills were paid, plus both of us had a pension and retirement savings.
I'ma early retire at 62 and cash out...not sure how long I'm gonna live so I'll start early, good thing I started investing
My friend pat died at 63 ish hopping for a higher return he actually got zero from ss...
That is exactly what I did bought an RV and traveled for months it was a blast
@@Peter-td3yk This is what I think about - a lot. Death benefit from SS is still at $255 I think - so just one check for me would far surpass that amount. I have 1 child, not married. I do not need it now, so I would probably invest it all (no debt, paid for house, yada, yada - thanks mom and dad for teaching me that debt is sometimes a necessary evil, not a way of life).
The realtor who sold me my house passed at 64 unexpectedly - massive heart attack; her family said they didn't know she even had heart issues! We never know when our 'time is up' ... My dad is 86 (and a great-grandpa) but doesn't enjoy travel (bad knees) so he is giving away a lot of his $$ now to family who needs it and his favorite charities. However, he is retired military so between veteran benefits and medicare his medical is covered - but he is healthy as a horse! :-D
My view has been, what is the point of having 'lots' more money later, if you can't enjoy it - just to pay higher taxes after a work life of paying in (I've been paying in since I was 16 and got my first 'real' job) or overpriced medical bills?.
Had friend bragging about he'll get $3,000 per month when he applies for S.S. at 70. At 69 1/2 he got skin cancer and died 5 months later. Ekkk. His ex-wife though get's his S.S.
@@clwest3538 Tomorrow is not a promise. A family friend who I've known since she was a baby, passed away from Covid-19 complications on April 7. She was only 52, worked for the IRS since she was 18 and was looking forward to her retirement next year after 35 years with the agency. Three of my half-brothers died at 63, 65 and 69. I'm 60 and making plans to start drawing my SS benefit at 62.
I took Social Security at 62. I saw a study that showed those filing at full term, which use to be 66, could not catch up financially to me until 80 or 82. This was determined for a single person like myself born in 1953. Every situation is different. This worked for me.
"Every situation is different" sums it up. I waited until age 70, based on personal health, family history, financial security and liquidity, and the fact I well keep working (half to 3/4 time) until 75 or 80 in an encore career I love.
@@johne6081 are you still alive?
@@royharper2003 Debatable. :)
It's simple math......file at 62
That sounds like me. I'm in that "nothing special" bracket so there's just advantages for me to wait.
Thank you sir for clear & simple breakdown explaining SSN INFORMATION, I truly do appreciates you.
Thank you so much for your kind comment!
I stopped working at 60 1/2 and started collecting at 62. It was a horrible job but didn’t want to start working at a new job. I don’t miss it and never looked back.
I spent 11 yrs in prison and had questions regarding the impact that my absence from the labor market would have on my social security benefits. This video gave me resources to get those questions answered. Thank you.
Why you be in prison for 11 years 🙈🙈🙈🙈
@@rosiesilva1179 That's his business and I applaud him for being concerned and educating himself.
Well 11 years is alot of serious brain help.so you qualify.i don't think you would have any problems.👍
@@overcomer4226 I totally agree. God bless him.
He's paid his debt. It's over. Wishing you well, Mikey. Be brave and be bold.
Thanks for this channel. This is very informative, my goal is to enjoy my healthy life. I always thought my FRA is age 66 but now I realize it's 67..wow too old to wait. My goal is to enjoy a healthy life..can't wait for another 11 months to be 62 & take it. Anyway I have a lifetime medical benefits from the county retirement, so I'm 👌.
Excellent information! Thank you very much for sharing your expertise.
Thank you for the comment!
I am in excellent health and started at 62. Loving every minute of retirement. You never know when your time is up. I've seen people in great health go at 60. I didn't wait. Too much fun to be had.
I see it as having the freedom from work in your golden years, but while you can still enjoy life. What good is the higher amount if you're too broken down to leave the house?
I agree
I agree
Lane! - You Nailed it! Hope that more folks watch this. Thank you
Great video and explanation. Most people don't know about the break even period of taking it at 62, 67, or 70.
14:07 "Never before have we had a shrinking workforce and a growing retirement population". So, at that point fewer people will be working and paying into the system as more retirees are claiming their earned benefits. The SS system will be upside down and likely benefits will be cut by 25%. This makes me think I'd be stupid not to start taking SS when I turn 62 in 2021. What is my 'break even' point in this expected future scenario? up around 90 or so?
@@wparker8258 The one thing that comes to mind for me is the eligibility for Medicare doesn't kick in until you 65 so a major medical issue would be a concern within that period.
@@wparker8258 7
We are not working
How can I get social security
Benefit
We don’t have job
Even we never got sc checked also
Took mine at 62 already collecting. Pension from 20 year of Military then retired from second career after 19 years always do what's best for you I didn't hate my job but after 45 years of working had to go.
Great video, thanks for posting this
Took it at 62 and retired to Mexico. Living in a small, comfortable, furnished apt with cable and WI-FI included, off street parking and walking distance to the beach, $275 a month. Total living expenses including utilities, groceries and gasoline, about $500 USD a month. Everything is half the price in the U.S. The weather is much like southern California and the people are nicer. Viva Mexico! 🇺🇸🇲🇽👍✌ P.S. if I waited until 67 SS would only be about $100 -$ 125 ( for me) more a month. Not worth the wait. 😉
Right on, I did the same only living in Thailand great weather cheap living friendly people but don’t tell the rest of them.
@girlinjax
Because a vast majority can't afford even that. And many are living in states where drug cartels have a lot of control over the local population. Particularly in South American countries.
@@acts29today
Thailand is tempting, I've thought about it 👍😉
What about the humidity in Thailand? How is it?
I will be 57.5 with a full pension and RETIRED!!! SO EXCITED after ALL these super STRESSFUL years! How is Thailand for cute and youthful single ladies? Is it safe or do ya have to worrry about thieves? How about Mexico? Any areas to AVOID ?
Another parameter: say you don’t need the income right away, but you take it and invest it. Then the “cross-over” is later. Note this is just an ad. Short answer is, take it ASAP if your health is tenuous or you simply need the income and can budget accordingly. Take it around the full retirement age otherwise.
Retired 2 months ago at age 60. I was struck with covid 6 months ago. It was one of the best slap into reality hits I ever received. House and car has long been paid off. No bills. Life is short. As I age, money becomes less important and TIME more important. Always was a saver and now its paying off. Get off the Jones train...it will kill you.
I turned 62 in January will receive my first benefits direct deposit next month 🥂
I really like how you present your video. you have good charts, and you were easy to listen to. Oh and the best thing is, you didn’t ask to like or subscribe. I get sick of everybody else on RUclips doing that. Thanks
I agree....excellent video
The You tubers get paid by their viewers,
I was forced to Retire Early due to three Herniated Disc in Neck in 2004. Failed Neck Surgery in 2005. SSDI in 2006 and Medicare given to Me at about 52 years old. Obtain Bilateral CTS in 2007. Failed Surgery. SSDI Turned into Full Retirement at 66. I do not Remember Even Applying for Social Security. But I get a Low Amount. The Neurosurgeon whom did my Surgery Request that I Apply. He did not fix my Problem. It Appear that I Should Receive More than I Get.
Thanks for sharing this!
I advised a friend to draw at 62. He decided to wait until he turned 65. He died just before he turned 65, so never received a dime if all the money he’d paid in for 47 years.
Too many never make it to 65. My brother barely made it to 62.
I have many of these stories.
Life is uncertain. Draw as soon as your old enough!
Unfortunately saw that many times. I always gave folks all the facts, showed them how long it would take to make up what they lost by not filing at 62. It’s a choice that needs to be made individually based on life circumstances. Also had folks file at 62, collect and invest the money until full retirement date and then write a check for the entire amount they received and started over at full retirement. That is no longer allowed with law changes but we that worked their for so long have seen it all and it is a choice people have to make individually or with their financial counselors! We were not allowed to recommend either way but were all more than happy to show them the facts!
Wow…..thx for the advice 😢
Exactly! My brother died at 59.
I agree
You said, "Too many never make it to 65."
Well, that's true... but, many MORE make it to that age than not. In fact way more than half of the population makes it all the way up to 80. The percentage of 62-year-olds who make it 65 must be in the 90th percentile.
If you are a 62-year-old woman, for example, your life expectancy is about 85. And this is the median. Meaning, 50% of females will live even longer than this!
If you are a male, it's a few years younger... but it's still very likely that a 62-year-old make will make it to their 80s.
Unless you are terminally ill, unless you know for sure you won't live to be in your early 80s, you have to go with the odds. You do.
Granted, there ARE valid reasons for taking SS early. Every situation is different and some simply need the money. But taking SS early just because you think you MIGHT die early... is not a valid reason. It's not.
A LOT of seniors who took SS early are now finding they have to go back to work... because their small SS check just isn't helping to make ends meet.
Sorry about your friend dying just before he turned 65... but at least he didn't regret not taking it early. (Because he died... you don't regret anything when you are dead.)
I was injured at work and have permanent disability I had to apply at 36 years old and was approved in 2 months surprisingly from what I've heard I was a really lucky person
I am a Financial Broker ..30 Years... Excellent Educational and Impressive Format. I have shared this data with clients for multiple years... You are so accurate ... I encourage everyone to purchase your material and also work with their tax person. Thank you.
To all the comments I have read... I must smile .. because your comments are so real... living life reality is the bottom line... enjoy while you can 🌟🦋🤗🤩... Good luck everyone 🌟🏆🌟👏👏👏
Wow, thank you for the complement!!
My Pleasure 👏👏👏
dont hire a financial advisor, their only interest is the money you have to pay them. if your " money stupid " and cant balance a checkbook then seek out a GOOD friend to help you
Thank You Lane !
I watched your video patiently and you never told the viewing RUclips the best age for SS . Thanks 💪mrwtby
There is not a one size fits all answer. It really depends on your specific situation. For some people age 62 is the best option but for most people deferring is better. The video is intended to provide education on how SS works so you can make a good decision. If you are interested in a professional and personalized strategy report to help get the most money possible, you can get one here: www.socialsecuritylane.com/
@@raymondfarrell6585 The answer to the question is unique for each person, that is the answer! Understanding how Social Security works is necessary to find the best answer for each individual or couple. Everyone wants it to be simple but it is not simple. Social Security is very complex. There is a lot of money you can miss out on if you don't use a good strategy for your individual situation.
For anyone wishing to obtain information about the DECISION to retire, this information is perhaps not wholly encompassing, but then, neither is SS. If you want a magic pill to take go see your Dr. If however you want to arm yourself with the ability to make a smart CHOICE, the information is invaluable. Anyone thinking they can make a snap decision and have someone tell them what to do, BIDEN's VP is hiring. Go work for that witch and get some perspective.
@@FinancialFastLane Thank you for the video. It is very informative.
Here's a question:
What happens with the "unemployed" homemaker spouse of the employed husband (40 years into the marriage) once the employed spouse (husband) files for social security benefits? Will her benefits add on to the S.S. payments of the spouse or will they deduct the employed spouses' benefits?
I guess what I am trying to convey is that say the employed spouse will be able to claim i.e. $1000 a month in benefits (age 62). I read the unemployed spouse will be able to collect 32% of that. My question is: Will the employed spouse and unemployed spouse collect (1000 + 320) $1320 in benefits a month?
Raymond I think you missed the point. The answer is unique to all of us and the video presents the factors each of us should individually consider. You need to make the decision and not rely on a canned answer.
Thank you very much. I have learned so much from your video
Due to the job market I am taking early SS in another 3 years. It has been tough finding full-time employment at this point in my life.
This man has told me more about SS than anything else I've found on the internet. All of it very helpful.
In the case of early retirement, I don't think that the reason they are claiming benefits at later years has to do with people realizing the benefits of late retirement. It has to do more with the cost of living. People can't afford to retire any more.
Yup. Not with the price of a can of beans tripling in a couple of years, gas going way up, and rents increasing 20 to 40% per year.
No shit thanks to the nut ball in office and chump leaving us after he won the election gotta love $6.00 gallon for diesel
Now this is good info right on for this 👍👍👍👍👍👍👍
Since no one knows how long they will live, or what their expenses will be, it's important not to think of Social Security as providing a specific level of living. Moreover, I've been given a differing story by each person at or brought in by my workplace. It's been very difficult to plan.
If you need the money, take it.
If you don't think you will have longevity, take it.
We never know how much time we have.
Actually, the best time to claim is several years before dementia and other health barriers set in that would otherwise rob you of a healthy retirement
You’re right, at 61 years old I’m already starting to see memory failure.
So if you're Joe Biden, you would have already activated your Soc Sec benefits.
@@jaegertiger384 I still remember how to say fuck off
@@billj3494 Wow... must have hit a nerve.
@@jaegertiger384 You had it coming. Don’t be a troll.
THANK YOU SO MUCH FOR THIS INFORMATION IM 57 STILL WORKING WITH THE GOOD LORDS BLESSING WANT TO WORK TILL IM 62.
I'm 54.
Great information! TY
Thanks for the video it was a blessing! I'm serving the Lord here in South Africa and turn 62 next Feb. Times are very hard for us here and so I can't wait to collect my Soc Security early. The dollar here is worth 15 times the local currency so I can do much more with it here then I could ever do with it back home.
May God bless you and yours...
Thank you for serving the Lord , my God richly bless you
@@mailywong9612 Thank you so much. I hope you enjoy this video we made here on Revelations. God bless! ruclips.net/video/a9d3W7PeWdI/видео.html
Excellent video. I have a spouse who had much lower income during her working career, and an adult son with autism. One angle on SS planning I don't see often is maximizing survivor benefits.
Hi Mark, did your spouse apply for disability for her autistic son ??
@@mikeyoung1002 We've tried twice with no success. I'll probably work until I die in my office chair. I've accepted it and moved on.
I'm a senior female 75 single. Took SS at 68. It was 2200 plus a pension. Now at 75 it's 3000 a month. I have a small mtg 489 which includes ins and taxes. I'm glad I waited.
No offense, but why does a 75 year old adult have a mortgage at all?