Social Security at 62 vs 65
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- Опубликовано: 11 апр 2021
- Social Security at 62 vs 65 - Have you ever wondered if it's better to file for Social Security at 62 vs 65? If you are at the age of thinking about social security or asking what's the best age to claim social security, you will benefit from having social security retirement benefits explained.
Sometimes the best age to claim social security and start collecting social security, begins with knowing when to start planning in retirement. Whether you’re planning on both working and social security, it can be part of your Retirement Planning. Most have a goal of retiring comfortably and if you secure your retirement this video is a must watch.
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• Social Security at 62 ...
Thanks for watching! You will also like the video "Documents for Estate Planning and Retirement"-ruclips.net/video/FUtaZ66B8IU/видео.html
He fails to mention that if you exceed the income limit for taking early retirement at your FRA SSA is going recalculate your those loss earning and you will be getting a larger monthly check. Also he didn't mention your breakeven age. If you die before breakeven age and take SSB at FRA you loss money.
What about 64??.
Wait 70 en then u die
What about if your disability started when I was 50years and when can I draw husband retirement checks
Why don't you urge people to wait until 70 to collect SS? Anyone who looks at their SS statement can see the right thing to do.
Thank you very much for making it easy to understand withdrawing at 62 vx 65. The audio and format is excellent. I think displaying names for the speakers on the screen would be great. These 2 gentlemen are a great team.
That's great! may I ask who's your portfolio manager?
Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.
40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.
I went thru this process a while back. I retired in 2016 at age 62. I did the math. Didn't need a special computer program, A pad and pencil will do. My "full retirement" age was 66. Yes, if I had waited till 66 I would have gotten more per month, but by retiring at 62 I got something that is far more valuable than money and that's time. The first thing I did was calculate my "break even point". By that I'm talking about when does the 66 year old money catch up with the 62 year old money. For me it was 78 years 8 months. That is the age I would be when the 66 year old money caught up with the 62 year old money. So I had to ask myself one question. Would I rather have more money when I was almost 80 years old, or 4 more years of retirement when I was still young enough to enjoy it. The answer was easy. Take the time, it's the one thing money can't buy. I'll be 68 in a couple of months and I can tell with zero regrets taking the money early was worth it. Trust me when I tell you this is the one place where you don't want to let greed get in the way of good decision. Life is too short to work one day longer than you need to. My whole life I never worked because I wanted to. I worked because I had to. I made sure the day when I no longer had to came as soon as possible. It's breaks my heart to see people older than me still working because the can't afford to retire. Being retired is the goal. Keep your eye on the prize and enjoy your life away from work. That's what I did. One more point if I may. Set your goal to be debt free by the time you walk away from work. You will be glad you did regardless of when you choose to walk away from work.
Great advice 👍
Yes....Life is too short! Period!
Great advice Bernie. My sentiments exactly. 5 more years for me. I'll be debt free and 62, and looking forward to retiring and taking SS then. I may just invest all or part of it. Better in my hands than the gov't.
I also took it at 62, and for the same reason…quality of life! But I know some people have no choice but to wait…
This is exactly how i think about taking my money and live my time.
What planning? My old boss worked as a contractor for over 30 years. As he got older, fewer and fewer companies would hire him. He tried bringing on other contractors to retain his contracts. It just got to the point where he couldn't secure any contracts because companies wanted young blood. He had to take SS at 62 because nobody would hire him at a wage he could live on. If he didn't start taking SS at 62 he wouldn't be able to afford even a tiny apartment. He died of a stroke at age 63 after getting SS for 18 months. How many jobs will keep you up to age 70?
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My parents worked SO SO hard all their lives. Both waited until 65 to file. Dad died at 71 from bone marrow disease brought on by medication. Mom died at 88 from Dementia that started in her mid 70’s. For the last 6 years of her life she didn’t even know her only child. I had to file at 62 to be able to support myself but also help mother as well. I’m 68 now and am starting to feel the affects of aging. Not sure how much longer I’ll last but social security at 62 was a must for me. A BIRD IN THE HAND IS WORTH TWO IN THE BUSH! Get it while you can cause HERE TODAY GONE TOMORROW!
I retired at 62 and it was the best decision I made ,i should say we because my wife also did the same, we're both in good health and at that time we decided to travel the country,, between both of us we live 0n 4,500 .We pull in on ssi 2,500 a month the rest is from our pension. We keep only 2 credit cards each and there kept at a minimum, but here's the kicker, we lived in California a month after retiring we sold our home for 350,000 paid off a 15,000 mortgage and moved out of California and bought a small two bedroom modular home out right in smith valley Nevada for 60,000 putting away 275,000 we bought a small used motor home for 20,000 and started traveling,, I'm 76 now and my wife 75 our health is holding out , finances are good and we still travel we're lucky, but it was all in the planning
Sounds awesome. Congratulations!!
Thank you so much for your video. It definitely helped put my confusion and anxiety around this topic in check.
turning 62 in november.will retire at the end of 2021 with a union pension and SS. the old joint is paid off ain’t buckingham
palace but it’s mine.will have to get the ACA.
and don’t forget your health is your wealth.
congrats!!
Thanks for the information because I'm 59 and considering 62 because of health issues
Bravo Gentlemen! Great transparent information here. Wow just wow!
If you’re an old Dad like me, you can turn on SS at 62 and your kid(s) can collect half your FRA amount until they graduate high school. Makes it a no brainer to start collecting at 62 if you consider entire household SS income.
My break even points are April age 73 to July age 74.
I am going to live far longer, I enjoy working very much, so I shall work to age 70.
If things change I will reassess.
I have seen too many "healthy" people get cancer and die at 72-73. There are no guarantees. To me, it was never a game of "beat the system", collect the maximum amount of money I can from Uncle Sam! To me it was always about maximize the number of years I am not working for "the man"! Time is more valuable than money. Again, I had a good friend who owned a furniture store. Never took vacations, works six days a week. Had tons of money. Planned on "traveling the world" when he retired at 70. Died of a heart attack at 68 moving a couch in his store. I retired at 50. Took Social Security at 62. Never looked back! I'll never be rich, but you can't buy time. I live in a beautiful part of the country with hiking, fishing, camping galore. A few times a year my wife and I hop in the RV and hit the road. No trips to Europe or Hawaii for us, but between Canada and the US, it would take us ten lifetimes to explore it all. Beats working until 70! I fully expect to live a long life, and enjoy every minute of making less money than I could have!
Awesome thx
Thank you
If your an Intelligent person, start getting your $ at age 62. A WORD TO THE WISE.
The only way a person should file at 62 is if they don't really need the money. If the person is going to live on their social security, that is really bad advice. Work and stockpile everything you can while you have energy to work. SSI is supposed to be for the time when a person is no longer able to work. It is like an insurance policy but people have forgotten that part.
@@kdmil2002 that is very true
If you are an intelligent person, you look at the big picture and analyze YOUR unique situation to determine what is best for YOU. It is not best for everyone to file at age 62. A WORD TO THE WISE.
Be aware of the Windfall Provision which may substantially reduce the actual amount you receive. For example, my statement said at age 62, monthly check would be $860, but actually monthly check is less than $200 due to the Windfall Provision.
I’ll wait until I’m 66. No hurry. I can make more working now and salt it away.
I'm 63 32 years working commercial construction it's all about Medicare for.last couple a years been a grind but what ya gonna do...
What if your 66 and Disabled when should you retire and try going back to work?
Right the thing is will live to enjoy it and the answer is we don't know good advice 👍
The only reason I don't retire is that Medicare doesn't start till I'm 65. If I retire early, 62, any insurance would take all my money. I'm surprised you don't mention this
Thank you. That’s a case by case situation. This particular video wasn’t about health insurance.
@@SecureYourRetirement You still should have included that. That is a huge deciding factor.
Older gentleman i know had to go back to truck driving because his wife was ill and not quit 65 and the treatment she was receiving cost 400 a week. 62 is for those that probably won't make it to 65 .
@@rrrttt1112 you are 100% correct, health is paramount and only God is all knowing
If you aren’t working or are low income you can apply for Medicaid in many states and it’s actually better than Medicare. You can probably get food stamps too
62 if you don’t have a house payment or rent to pay. If you do like me keep working and take it at 67 or 70 .
My opinion, enjoy retirement asap. Just wait as long as possible to collect ssi. If you can wait til about 65 to 67 that seems to be about the most optimal age to me
Ps my fra is 67 I am 60 and 4 months now and happily retired
Videos like this could be helpful, but instead they pander to weak seniors. Resist taking a check at 62. You will regret this decision later.
Thank you for showing us 😊
My pleasure 😊
Calculating age @ 90 is quite a stretch protecting your assets and leave it anyway when you croak what's the point? pay for your nursing home bills? I say calculate @ 80 retire as early as you can enjoy life within reason of course travel while u still can.
With simple 3 minutes math if your Mary has $1600000 in saving her annual expenses 60k, she should be ok until the age of 93.thanks for the video.
Glad it’s simple
Have a question? I won't be getting much either at 62 or 67 or 70 to be able to live off SS and this is using my ex SS. The numbers say that I need to conitnue working until I die. The cost of living doubled. Say if I start collecting at 62 with my ex alive and then he dies in a couple years, does my benefits go up or stay the same?
I have watched four of these videos and I have come up with four different numbers does anybody actually know how much money you can gross over social security benefits for 22 I've seen four of these videos and got four different answers
How does it work with calpers retirement plan?
I understand all of this question/equation. My question for everyone is, what are you doing for health care when you retire at 62. Give me some constructive help here and I will have a lot to look forward to in 2 short years. (I just had my 60th BD). Thanks in advance.
GRC
What if you are disabled and on SSDI and SSI. They are telling me I'm on SSA now. I'm 63 and I'm not sure what to do.
UNLESS Mary trying to leave money to someone, I would take my social security at 62 and supplement my income with My ASSETS. Last time I checked government is not looking out for you, they keep changing the retirement date because they dont wanna pay it, even though it is your money. why would I use my assets to delay social security when i payed into the system?
Im going on 63 as of December 2023 i filed for my retirement at age 62 because my medical conditions forced me out of the work force
It would be counter productive to wait untill 67 to file if i have no idea if i will be alive for that long.
Got a extreme case of kidney stones and bleeding from damages done to my urethra and this has been a problem sense 2017 and have no insurance to be hospitalized and no emergency room will treat me because they say its not life threatening so i have to suffer by passing these stones and constantly bleeding all of the time.
So no i do not believe i should wait any longer.
If you need the money collect at 62. If you were successful and saved some money collect at 70.
Hopefully, you will live another 10 years and be healthy enough to enjoy it!
@@soblessed4844 What does your comment have to do with taking a smaller check?
@@haroldcarson5677 In MY opinion, you are risking losing over $100,000 if you die before age 70.
@@haroldcarson5677 You sound insane
@@doninmichigan it is insane to want a larger check? Please explain
Keep working for your best pay, which is high now no one can find workers...the last highest paying years are what matters most for soc sec benefit, WAS THIS MENTIONED HERE?
Hello! Advice please! June 5, 2024..I want to know if I start my social security at 66 and 8 months is that full retirement age for me my birthdays is 01/08/1958! I wanted to go on partial retirement but if I can retire fully....?? I am self employed and in this economy need some help! How much can you make $$ without getting any penalties? Thank you so much for your time!
Great video! 62! Take it early and enjoy the Outdoors! Our channel can help you with that!
For non-citizens aka, permanent residents in The US, can we go back to the Philippines and continue to receive benefits?
😮❤😮 born after 12- 31-1960 what about if you never had a steady job and never got paid more than minimum wage your whole life when you did find a job?
What type of income is considered income that counts against you for SS if you retire early? If I take money out of a retirement account, I may have to pay taxes on that as income, but does that count against my SS benefit
it could, depending on the total taxable amount of distribution and ss annual income
Lets examine the what ifs....what if you wait for your full retirement age to collect than a few months later you die than what would you have gained by waiting ...
you are dead. it now makes no difference to you now
I don't wonder ... I took social security at 62 and never looked back. It of course depends on your individual circumstances, but for our family, it was exactly the right thing to do! Thank you for the video!
Well said
I agree, it doesn’t make sense to wait until you’re 70 especially if you invest it. That’s my plan. I can live off my 401 but plan on drawing mine at 62. We even have 3.7 for retirement.
@@5thdimension625 Sounds like a plan! Now just find a state with no state income taxes and you'll be all set! Best wishes!
I take mine at 62 no guarantee that how long anyone will live no waiting for me
Omg 1.2 million and age 90 I’ll never see either
With Required Minimum Distributions from a tax deferred IRA, will someone really have so much left? As one gets up there in years, the amounts you must withdraw get to be sizable fractions of the remaining balance.
Yes in the later years the distribution percentage increases. But we have many (most) of our clients with sizable Ira accounts late in retirement.
If you take from a tax-deferred account, no one says that you have to spend it.
@@DavidEVogel True. It does argue for not bothering with tax deferred account contributions before retirement once your balance gets large. Your required distributions will get large enough, especially when combined with (85% of) Social Security payments, that the marginal tax rates are likely to be as large or larger than the tax you would pay today.
I converted most of my IRA's into Roth, when it first came out. Paid the taxes, but don't have to withdraw after 70 years of age and if you do, it's tax free. I still have one Traditional IRA, where I had to take out the RMD, but thanks to the stock market, the remaining amount kept going up. Lucky me.
You dont have to spend it.
LOL $1.6M at age 90. Great example guys. Her kids & grandkids will enjoy that money. I hope they visited her often.
Oh my Goodness!! what a great video. It really has helped me start to get my husband and I though the steps. We have a lot to consider notwafter watching this video, I don’t feel doomed into the 67-70 trap.
To make $3500/mo at age 67, Mary had an approximate Salary of > $140K per year for > 20 yrs. Way to go, Mary!!
I am retiring at 62 but I'm not living in the US in the Philippines is way cheaper
I’ve heard that’s a great place to retire!
@@SecureYourRetirement with $1,000 a month you live comfortable
@@SecureYourRetirement I'm planning to do the same.
I was considering that too but have been watching how they are dealing with the pandemic, and couldn't imagine living there now.
@@platoon1081 same here...planned to go this year...but now? Not so much...forced jabs and lockdowns..
My wife is 63 and will be working through May. She wants to collect right away. We have done a ton of math and that makes sense to collect now. But since she worked half a year she is way over the $18k for 2023. Aren't we better off waiting for her to retired in Jan 2024 because of the way her SS would be penalized this year?
No, because there's no $18k income limit in the year you claim. No need to wait until '25 as long as income after filing is not over annual limit/12
Can someone direct me perhaps on some information on how to make the best out of my limited social security income. I'm going to be 64 in January I have nothing else except a job. I don't have a million dollars income or 25% interest off of an account to live off of, I blew all that. Thanks again
hi I’m going to retire this coming October 12 I’m 65 years old I need your help guy’s
what says they will report it?
I have not heard anyone address the stated fact that by 2034, the benefit payout will be reduced 21%. I think that's being optimistic.
Great 👍🏾
Money isn’t everything when it comes to your physical and mental health. I was good at 62. I have friends who worked longer and walked right into bad health. You decide.
I need help I'm about to turn f.r.a. I am going to collect it should I still work???
@@jessetexeira9660 ... well, I know that I will. I can't afford to retire, but the extra money will help because I can save it... something I have not been able to do with my working income.
. The best age to retire if you can delay it economically speaking would be age 66. The is the best age because you accumulate a higher future check which you will definitely need later on in life when the cost of living will continue to go through the roof. Think about the fact that the chances of homelessness and foreclosure will surely double as time goes on. You want to be as prepared as possible for future spending and emergencies. Collecting Social Security early will not help your future. It could only hurt it.
Why 66? Why not wait until, for example, age 70, if you are able to do so?
An additional 8% per year, from the age of 67 to 70, is quite significant. I'm happy with the 4.75% my CD is getting. I'd be thrilled to death if I could get an 8% increase.
My PerSeptive is don't wait till retirement to have fun and enjoy life. Just make a list of things you want to do after you retire and do them now. Take a trip to Europe, don't wait, do it, want to take up some activity, go sailing, race formula V's, go on a long motorcycle trip, just do it. I'm still working because I couldn't decide when to take SS but my family has longevity so I'll probably have a while to enjoy retirement, but I'm 66 and am not going to wait. Everyone's life is different so you need to do what's right for you. I feel I need something to do so for now keeping my job and taking nice vacations makes sense for me, that's not for everyone.
How does it work if you're receiving 100% disabled veterans benefits
Is it gross or net that the government count?
I could have wrote this myself. Know what you want live within your means prepare for Life coming at you. I retired at 62 after 38 years of working. I figured it down to the day when I could leave and that's what I did.
Great job!
62 and 38 = 100% time to go !
is the 19k per year that an "individual" can earn without penalty, or is it 19k per household? my wife is 5 years younger than me. if she is still working and making good money, will i be penalized? we file jointly.
individual
what if I have military pension and VA disability pay (unearned income) rest of my life, would my social security be reduced? Can I still take my social security at the age of 62 without penalty?
pensions do not count against you. only earned income.
Claimed mine at 62,glad I did.
great!!
@@SecureYourRetirement I’ll give you a little more info: needed the money,supplements my Nurses pension,one of my children is a minor so I receive an additional benefit for her. The combination of the mentioned factors leaves
me fairly debt free.
I have a military pension. I know that my pension is in itself taxable. But does my military pension count towards social security combined income?
In most cases, yes
You can draw your full military pension and SS. This is where I have been since 2016. Also, your medical benefits really enable you to retire early. I always thought that your SS payment was averaged over 30 years, but it would seem that it is not any longer. Because I was only making $35,000 a year when I retired at 62. They calculated my retirement based off of the last known yearly income of $35,000.00. So, I get 1,160.00 per month for drawing at age 62. I figured SS, plus my military retirement, plus my wife's job, we make more than enough for me to retire early. Also, she could retire early but she doesn't want to.
I guess if people consider what medical insurance costs, they may not be able to retire early.
@@paulreeder5241 thank you Sir
@@Neal_only1 Thanks for asking that question.
Divorced married over 12 years my x husband is 67 retired I’m 62 working however I was a stay at home Mom not a lot paid in to Ss can I collect from his Ss and continue to work to build my Ss?
This really hard for me to follow without a graphic of some sort. I'm more of a visual learner.
I definitely think that you need to look at more than one aspect when retiring.
Fortunately I have both an annuity and 401K from work in addition to social security. If I retire at 62 and take SS I use less 401K money till my annuity kicks in at 65. But if I wait till 65 or 67 to take SS I use more 401K (IRA) with less left. But to get the same income going forward from 65 I need to buy another annuity at 65 if I take SS at 62.
But surprisingly either way from 65 forward I end up with the same numbers. But I’m leaning toward taking SS at 62 because I know people who died before getting a dime.
We don't have a promise of tomorrow. Just think of the kids and grandkids. The joy and happiness of them are more important than money, but I know sometimes it's hard
But I'm not in the worlds kingdom, but in God's. He can bless your socks off sort of speak. God Bless you all.
Well one thing that is great about your situation is that you have a options
If you had medical problems preventing to continue working take it early esp if there is no options. You are already on borrowed time so might as well enjoy wheat you can.
I don't think you can not adjust SS and increase her standard of living with cost of living. That's a slight of hand to make it seem like she needs more $$ than she really does. Playing with stats so Financial advisors get more $$$.
The 18K plus max, does my military retirement and military annuity excluded from that amount?
No
@@SecureYourRetirement sorry, going to ask a different way. Is my military retirement and military disability annuity exempt from the SS yearly 18000 cap?
@@drewaloe113 yes
When we were young we learned not to smoke and to graduate from college. As adults our goal should be to collect SS at 70 and wait until 72 to take money out of our IRA or 401-K. Be smart!!
@@miguelgaitan3482 I have no idea what this comment means. Please clarify.
@@miguelgaitan3482 Your comment is childish. Remove it immediately.
There shouldn’t be an earnings limit.
there’s not after full retirement age
If one works less and earns less the year before retirement does the SS amount go down?
It could slightly
i just find out u channel . got approved for early retirement at 62 my first deposit will be in march 16th this year , last month jan 24th went to work because no money do i need to report to S S A ? i only want to work like 3 or 4 months because of my health reason waiting for u answer thanks !
Is a pension considered earnings that will reduce your social security payment??
No
Depends on the pension. Mine will affect it due to the WEP. If you did not pay into Social Security but instead receive a pension, yes, it will reduce your social security payment. If you paid into Social Security during that time then no, it won't reduce it.
I am 59 and I am so ready to pull the plug
"Pull the plug" when you want to. Start collecting SS at 70.
How can people afford to retire at 62 if that means not having insurance through an employer? Market place insurance is fairly cheap, but it doesn't cover much.
For some of them, it was by working their ass off from the time they were about 35, up to the age of 62, and saving and investing everything they could for 27 years.
@@MrEdwardCollins I did that too, but you didn’t answer my question about insurance.
@@lokken1961 Well, I suspect most people, like myself, are simply paying their monthly insurance premiums on their own. It sucks and is a huge expense... but the alternative is to not have insurance at all, and that's not ideal.
I'm on SSDI and will turn 65 2023 what will happen to my income
If we take at 65 age the social security will be lower but it will increase every time for cola effect or it will be same throughout live ?
Yes, no matter when you decide to take it, you will still receive the COLA increases.
I took my retirement at 62,I figured I would enjoy it now instead of getting older and wouldn't enjoy it.Always hearing SS giving ya something,..wrong! I just let SS hold it for their own doings.!.
I was able to avoid being fired while I worked. Therefore I am not financially desperate. I'll collect at 70
I hope you live that long to enjoy it!
You might want to rethink that. No one is guaranteed tomorrow!!
@@geoffdevore6321 Of course. What does your comment have to do with accepting a small check?
I'm on SSDI. Should I take ss at 62.
I surely Fields a Buffalo New York 62 years of age I live at 71 Spaulding Street in Buffalo New York 14220 I rent I'm on SSI and SSD and I want to retire at 62 I need help I also need a stimulus check I haven't gotten one when will the fourth stimulus checks come out for SSI and SSD what day in February 2022
Ummmm... SS full benefits depends completely on the year you were born, not a universal age of 65 (which changed in 1983). You can still take early benefits at 62, but the percentage you lose, again, depends on the year you were born.
Heck, I wouldn’t wait till 70 years old. I might not be around long after that to enjoy the money.
I agree!!! I have seen too many people die before hitting 70 years!
@@earleneslay7977 But don't you see many more NOT die at 70?
Average life expectancy for males is around 73 right now I think. If you wait until 70 to collect, it would take until your 80 just to make up the money you lost.
@@doninmichigan Yes, the overall life expectancy for males is about 73 years old. But that includes ALL males, including infants. And many infants and children die at a young age, lowering the overall figure.
What is a more important statistic is that if you are ALREADY a 65-year-old male, your life expectancy is about 82 or 83 years of age, depending upon which life expectancy table you read. If you are ALREADY a 65-year-old female, your life expectancy is about 85 or 86 years of age. Furthermore about half of these males will live to be in their LATE 80s, and MORE than half of these females will live to be in their early 90s!
Unless you know for sure you are not going to live to be in your mid 80s (if you, for example, have a terminal illness or are in otherwise VERY poor health), the percentages and the statistics say yes, you are more likely to live to be at least 83 years old, than not.
For me, with a COLA adjustment of just 1.5% each year, it will take me until I am 79 years and 3 months before I will have then collected more money by waiting until 70 than at age 62. (With a COLA adjustment of 2.0% each year, it's 78 years and 10 months.)
@@MrEdwardCollins Well according to your statistics, you're banking on living to 82 or 83, and maybe late 80's if your lucky. So that only gives you 2 or 3 years of extra money, maybe a few more if your lucky. So what actually is your point, in the midst of all that rambling, lol?
I'm 60 dying of cancer and won't live to see 62 why can't I retire I paid in since I was 15. I filed for disability in 2015 and was denied because I had 8 credits and I needed 10. In the last 7 yrs I have lost everything and live in poverty and if I have to die a burden on my children it will be a sad day for America.
Depends on health. Many are dieing at 65.
... and 65 is not old, that's unfortunate. That's why it is so important, barring any unforeseen catastrophic illness, to take care of yourself throughout your life.
@@jazthing1 I've been at my job for 25 years, they're other older coworkers been there for 30 or more. The past few years I've watched alot of them die before retiring age and maybe a year or two after retiring. Trying to live a healthy life does play a big role but you can have hereditary illness too. My grandfather is 89 and still living. He's outlived all three of his wives and two of his kids but his eating habits and lifestyle is TOTALLY different from ours. You're right, 65 is not old.
But how about her health situation during that time?
They mentioned her monthly expenses growing from 5k to 12k. I would think 12k per month means assisted living or medical costs.
For me at 55,but I have no other choice lol 62 will be and that’s if I make it to that age haha
Claim it early you dont know what happen when the next virus will come
Taking Social Security payments early because "you don't know what will happen when (and if) the next virus comes" is a poor reason to take it early.
There ARE many valid reasons to take it early... but your reason is not one of them.
64 for me. 62, 65 and 67 are not the only options.
You are correct. Anytime between 62 and 70 and any month. Which gives almost 60 options.
Great content, I get tired of those trying to make blanket statements, especially those against taking social security at 62. I watched my dad live frugally and die at 83 and leave my mother a net worth over one million dollars only for her to die 8 months later. One of our last conversations we had as her health was failing her she posed this question to me, “ what good does my money do me?”, to which I replied not much. Here I set at 53, a widower, having had one knee replaced last year with no needs and no true wants with a net worth just shy of one million dollars myself and ask myself that same question almost daily. If someone would have told me at a young age the emptiness I would feel having accumulated the wealth I have I would have never believed them. For me money provides a level of security but nothing more. Well played Life, well played.
I take it you inherited the money
@@5thdimension625 Split between my three siblings and myself.
Taking care of your health is the top priority and acquiring wealth is the second. It works for me and I am 89 years old.
A high level of security provided by money is very important. Ask any poor person.
@@howellwong11 I’ve lived payday to payday so I agree it’s just as a young man I was naive enough to think if I had a certain amount that my happiness would increase exponentially with my wealth. Personally I’ve found that not to be the case as it can’t buy the things I long for most.
1958
I am disabled and live on my disability (not S.S.) Is this income considered for drawing S.S. retirement?
I am no SS guru, but I think that being disabled just makes a percentage of your SS not taxable. So, if you are 100% disabled, you won't pay any taxes on your SS.
@@paulreeder5241 TY
I AM 64YO, I DON'T HAVE MUCH IN THE FORM OF BENEFITS AVAILABLE. I PLAN ON DRAWING FROM MY ALREADY RETIRED HUSBAND'S ACCOUNT. WE HAVE 3 CHILDREN THAT ARE DRAWING FROM HIS ACCOUNT NOW. CAN I DRAW FROM HIM AND WHEN WOULD YOU ADVISE ME TO SIGNUP?
I would need more information. But likely you will want to wait until your full retirement age.
The problem is...none of us know how long we will live and not having that information makes it really difficult calculate the best time to take SS. Sure, we can venture a GUESS as to how long we will live based on various factors, but really it's just a guess.
I absolutely agree but is it all planning-based a little bit on a guess when you don’t know the exact outcome?
And that's okay...there is really no requirement to get every last dime possible out of SS. Just figure out when you want to retire, figure out the effects on your spouse (if you have one), ...that's what to look at, not if you're going to dredge every last penny out of SS that you possibly can. People didn't used to think this way.
He fails to mention that if you exceed the income limit for taking early retirement at your FRA SSA is going recalculate your those loss earning and you will be getting a larger monthly check. Also he didn't mention your breakeven age. If you die before breakeven age and take SSB at FRA you loss money.
Good video, I'm 60 if I wait till 65 my monthly amount is low. How can I increase the monthly amount.
Increase your yearly income.
@@paulreeder5241 Keep working...the last highest paying years are what matters most.
@@michaelg6641 Actually, it's adjusted for inflation. The highest "indexed earnings" years are used. And since order doesn't matter, it's possible he had higher indexed earning years when he was younger, many years ago.
Can I save this?
Can you put your social security into a 401 k and avoid that tax penalty?
No.