I will get mine at age 62.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income. Thanks to fire movement.
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
My Father owned and operated a general store in a small town in Georgia. My Dad married when he was 40, I was born when he was 45. My brother and I worked in store until my Dad passed away. I was 18, my brother was 15. My Dad really gave some thought to starting social security at 62 but decided to wait until he was 64 to begin drawing social security so he could get a little more money.. He put in for social security the latter part of his 63rd year and about a month before he turned 64 he died of a heart attack. A few weeks later his first check came in the mail and my Mom (she was 8.5 years younger than Dad) had to return it. Dad never got a dime of that money. His dreams of fishing and getting out of the store never materialized. That was a good enough lesson for me. Retired and no regrets. Thanks Vlogger Grandpa for the very useful information.
Same thing happen to one of my coworker,,,she retired and was waiting to get all the retiring paper work change to her new place ,,closer to her sons and grandkids,,,and she pass away waiting,,she never got a check,,i used to go and check on her cause she was by herself,,and that day i notice some ladies outside her aparment,,and they were her daugthers they said the police call them,,that someone found their mom death..
@Smitty- 🙏🏼 Sorry for ur loss. I'm 51 and had quit my nursing job to care for my elderly mom, she's 94. I have asthma, diabetes, and hypertension. I don't think I'll make it to my 70's. I'll work again but not as strenuous as my old hospital floor job. Got to enjoy life bc you don't know when it's ur time ( that's my motto).
I’m so sorry for your loss. I worked with a guy about 10 years ago, who refused to take any time off from work. He constantly talked about how much money he would be paid for his annual and sick time, when he retired. He was a smoker, and at some point he was diagnosed with throat cancer. He retired on a Friday and was gone within one week.
I retired from the Navy at age 40. retired again at age 62 on SS. Never been happier. some times it was tough getting by with less than Full time work..............but I got used to it.! my wife also retired at 62 on SS. we are good!
Excellent Break-Even worksheet - I'll be retiring at 59 and using cash savings to get me to 62 when I'll get SSA retirement and will NOT regret it - done chasing the dollar. I echo the sentiment of others about getting OUT of debt, budgeting, living a simple life with meaning, etc. Collecting stuff is my rearview mirror!
my brother passed away at the age of 64 that was reason enough for me to retire at the age of 62 and i have no regrets i enjoy every day of my life , money is not everything
A colleague of mine died at 65. He started working the job when he was 18. He never collected a dime of his Social Security. I don't know if his pension paid out anything. I retired at the age of 62. For the past 7 years, I've been getting my check. I have no regrets, except for IRMA, which I didn't know anything about.
Making a video is really arduous and time consuming. I’m very grateful that someone like vlogger grandpa is doing this. As a debt of gratitude, I humbly suggest,..we should NOT skip the advertisements.
Thank you! I keep telling my friends that they should take it at 62. I explain it just as you do , but they don't get it. I retired at 55 and took social security at 62. Take you money at 62, don't be and idiot
Wonderful information. I just retired at 60 after 27yrs in Academics. I am going to collect my SSI at 62. Planning is the key when you decide to retire. I worked on credit score, paid off my home and plan to relocate. After losing family and friends to COVID-19 young and old, life is precious. Enjoy your life, and laugh as much as possible. .
Retire at 62 if your finances permit. There are no guarantees in life. You could die at 64 1/2 and never collect a dime. I retired at 62, almost 4 years ago and never regretted it.
Great vlog! I retired at age 57 with 30 yrs of service at state hospital as a nurse with pension I was blessed to retire with full benefits, free medical a pd little for dental Now I am 62 and called ss to start collecting at age 63. I LOVE RETIREMENT!!
I retired at 62 because I was broke down from working 40 years on my feet in a hospital lab. Living happily ever after. I thought I would want to get a little side action but the tax implications hurt my head. Salamat po!
Thank you for your points. I am 63 now and will be 64 in Feb 22. I have been looking at these numbers but never considered paying off my mortgage and auto loans with the social security money. You are a good teacher. I will be retiring very soon maybe this December. I thank God for all His blessings. I too am Filipino and came to U.S. with only $200 but had a strong faith in God to guide me and show me the road of life to stay on. You only have 1 life. You have to be careful or loose everything quickly. Psalm 1 says to stay away from the ungodly, and meditate on God's Word and you will be prosperous in all you do. God is lovely and awesome. I make over 6 digits a year and will continue that when I retire. Praise the Lord always.
I retired at 63, no regrets and loving it. Along with other retirement income 44,000 a year, more then enough to live on. Better then retiring at 70 and then being dead.
I retired at 62 and never regretted it.Less stress,more free time,get up when I want.It's very important to not have massive debt.Learn to budget.If I would've stayed working,I would've received a couple hundred dollars more per month,to me ,that small amount wasn't worth the stress.Three months after retirement, I went for my quarterly checkup and the doctor was stunned when he looked at my blood pressure readings,they were almost back to normal.He asked me what was I doing differently from the past times I had blood pressure checks.I told him that I had retired! He laughed and said ,"you made the right decision ".
Am an RN,retired from the Trauma ICU bedside in 2014 at age 55 ,claimed employment pension in the process which I began receiving a month after separation from my employer.My pension is county/state run,so one could claim pension( Regular Class)at 30 yrs svc regardless of age . Obtained 30 yrs at age 53.Claimed Social Security benefits at 62,no regrets. Receive an extra benefit as one of my children is a minor. I suggest to others to claim at 62 as well.
Excellent presentation. There's no point in being the richest person in Forest Lawn mortuary. You can't take it with you. I have known too many people who prematurely died worrying about saving as much money as they could for retirement and never enjoying it. The whole point of retiring early at 62 is to enjoy your retirement.... that's it. So, when people say, yeah, I'll be getting more money when I'm 78, 80 or something, I have to ask.... will you have enough energy or be in excellent shape to enjoy it? Maybe they will, but, you just never know. My advice is, enjoy your retirement earlier, be thankful that you can retire and use the money now while you're young enough and have energy to do this. That breakeven point can easily be figured out for you by visiting the Social Security office... they are very smart at Social Security... they can tell you that exactly. This is what they do..... good luck and enjoy your retirement......I am very happy I decided to retire at 62....
What about the people who regretted retiring early, not because financial reasons, but because they don't have enough to do with their time and feel bored most of the time?
@@miketuttle9319 Mike there are hundreds of cool things you can do and start, such as a garden or a business of your own or something of value that you dig to make yourself feel right inside and (may) have some upside to it. I would brainstorm and make a list. Take a week or month to do so. Google hobbies and exciting things to add to your list. Then sit down the next month and highlight the top ideas that motivate and interest you. Once you find a passion, it will take over from there. I was 13 and never knew I love music till my mom got me a guitar, and I've never stopped writing music since. Hope this helps. My point is, nothing can stop you from getting into the mix of life and finding meaningful and satisfying things to do. Nothing!
oh, mark you are absolute right I am 60 years old now, I what's you say is the same thing tha't my wife told me, are you sure you want to retired at 67? do you have enough energy and health to wait until them?...that's reasonable thought
I am collecting SS when I am eligible at 62. I will not be waiting until 70 or any age in between for the extra money. I want it when I can enjoy it while I am young. All that you mentioned, except the opportunity cost of money, I have already considered when I concluded that I am collecting SS starting at 62. However, I plan to retire from my job just after turning 57 and my daughter has graduated college, unless there are extenuating circumstances that cause changes to the plan. It's my money and I want it now. Great Video.
I just filed and it was easy to do online. With all the rumors that SS will tap out of funds by 2030...why wait? Even the most optimistic finance experts say by 2034, only partial benefits will be available!
We had done the math for dad when he was 62 and it was best that he took the early. He passed away at 77. U think it’s great that you put a spread sheet together for people. Bravo.
I took early retirement at 62 glad I did! I don’t work at all and have a roommate to share cost of living expenses so I’m doing good but most people can’t live on what I live on every month.
This gentleman is different then the other video's I have watched and breaks down real life situations that may happen if you wait too long to receive SS. I got mine at 62 and still work making sure I don't go over my income limit and I never regretted doing so! 😊
My friend waited until he is 67 and died at 68, so I retired at 62 so I can enjoy my retirement early at USPS.It was 2016 January so it is 5years now.I like it.My wife retired at 55 from AT&T in 2012 .We are living a simple life.We haven't touch our 401 K and keep on growing.Advice to all is retire early if you can.
Well in your case it’s different. You have a lot of good benefits from retiring at federal job. Some people like me doesn’t get anything from working with private companies. Good for you my friend.
I collected at 62 and am verrry happy I did! 1) I have young kids and they get a little something as well each month which I set aside for later years for them. 2) If I waited till my full retirement age I would have to live to be 78+ just to break even! So in the end it made better economic sense to collect as soon as I could. I am investing heavily and using those funds to do so...
I will soon be 64 and have wanted to retire for two years. But everybody has told me no no no. What they don't understand is that I have had it! So I quit my job and now will be forced to collect my benefits. The job was killing me and I want to live!
I agree completely, I have watched too many people try stay in a job they hate until their full retirement only to die a year or two before they retired, some others made it to retirement, only to die a year or two later. I retired three years ago at 58 and it’s as if time has slowed down to half speed, like those summers that seem to last for ever in our youth, I know time hasn’t changed but my perception of it has, it’s like I’m getting more time for the same amount of time, it’s a good deal 😀
Totally agree. The stress alone doing something so aggravating to you would shorten your life and at the very least reduce your overall health and increase your health costs. I have never regretted retiring early. I did so at 62, I'm 68 now. Additionally, I have found that even if the income isn't what we made before - we learn to adjust to the new one. Don't worry - be happy! ;-)
@@binkysteaver9880 Good for you and luckily you were able to quite at 58. Some people can't retire is not they don't want to. They simply can't due to many reasons-one of them is the health insurance.
I just retired at 62 & I will trust God. I work in nursing- I watched one lady retire one week and the next week they buried her ( waiting on the right age to retire) with early retirement you can work some and make about $18, 649.49/ year give or take a few dollars
1.5yrs left for me to collect my pension 34yrs of service and 56yrs old working for utilities, I pray for everyone to have a healthy and comfortable retirement.
I am 62 years old, and I am still working,but I was told by my doctor long time ago that I couldn't walk on cement, and now my legs, feet, and the lower back is hurting me real bad. When I get up to stand I have to hold on to something until I can move my feet, and legs. I am considering to retire next year, because I know that it is not promising to me. But I thank God everyday for helping me to see another day. Amen, and Amen
I'm 59 and working on concrete too my legs and feet feel like there gonna give out lol it never affected me till this year planning on working till 62 GOD willing and collecting my SS then❤️ Trying to save as much as I can till then ♥️
I took the leap at 62 and Thank God ! Few months after , my job disappeared due to COVID . My 2 other coworker got sick, one passed away and the other retired before the shutdowns. Right now I'm making a $100 . less a month , than if I was working , but then no more union dues ( $75) and no more trains ( $160) so I'm ahead of the game. Just found your channel, and Subscribed ! Hope you and your loved ones are well/safe. Take care, Tony
Grandpa, thank you very much for that video!!! I just turned 62 this past September and you convinced me to get out now!!! I have a federal pension coming and an IRA. So, I should be good to go! You've made my decision a lot easier!!! Thank you again!
Thank you Grandpa. This is the clearest discussion about this subject I have seen or read. And I consider myself fairly financially literate. i will not hesitate any longer. I will get my benefits now. I can do much better taking this money now and investing it that waiting till 78 to break even. I will subscribe.
You verry intelligent individual cause they will say at 65 or 70 you will make a lot's of money but truthfully you'll be making a lot's of dirt by digging yourself deeper for your grave "Have a great day"
I was considering retirement at 62 now you have just convinced me..My job requires you to work 23 years, I've been employed their 19 years now 2021..I Have 4 years to go.. Thank you so much for this video
Thank you for your valuable information. I just turned 62 and last night I made the exact same analysis, about the breaking point, if I was to opt in taking my benefits before my FRA @ 67. You just confirmed that my analysis is accurate, and that has helped me make my decision. Again, thank you very much, for sharing your knowledge.
Great info. I will be 62 in Dec, and like you I have Diabetes and other health related issues, so I have decided that I will start taking SS as soon as possible. I have done the Break-Even analysis many times over the last few years, and I am convinced that age 62 is the most favorable for me.
@@PatIreland I hear you, being a business executive working 60 hours / week in a high pressure job, I'm going at 62 or just a little early. I've never had peace of mind. I just want to sleep in, exercise more, visit my family and take the dog on long walks.
I retired 7 years ago at age 62 and began drawing my Social Security at that time. When your time comes you will get information that gives you a monthly amount for age 62, age 66 or 67 and age 70. The longer you wait the higher your montly payment will be. It's important to remember that more per month does not equal more totat. I looked at the three options and decided it was best for me to start at age 62 and here's why. More per month does not mean more total. Let me explain. I ran the numbers out and all three options came even as far as total money goes at around age 80 (79 years, 8 months to be exact) So my basic decision came down to this. Would I rather start taking my money back at age 62, or would I rather gamble on live past 80 so I could get the most payback. Since I didn't have the date of my death available I looked at my family history. My mother was adoped as a child and I don't have good information on her side. My dad died when he was 80. He did have a brother to lived until age 87, but he also had a brother and sister who died in their 60's. My older brother died when he was 70. Based in this information, I took the "bird in the hand" approach. After 7 years my wife and I are having no problem living on just our Social Security. The key for us was being debt free by the time we were going to walk away from our jobs. Just remember less per month does not mean less total and more per month does not me more total. Taking the money back right away made the most sence for us. That said, you can and should make which ever choice makes the most sense to you. On a side note, my wife and I are having time of our lives being retired. I highly recomend it. It's like having endless weekends, endless vacation days and endless holidays. I wish you well in your decision.
My poor father passed away at 64 years old and didn’t see a dime from SS. My mom collected his benefit till she passed at 74 and was sick for about 7 years before she died. Neither of them got to enjoy any retirement after working their whole life. Thats why im thinking about collecting at 62 which is now only 15 months away. I want to transition to part time work and have a little extra money while im still healthy enough to enjoy it. Because so far longevity doesn’t run in my family.
Consider that a blessing..my Grandfather was told he beat Cancer yet his body kept getting different forms of if. Long story short he begged every to kill him and of course we did not. He was in his 90s.
I’m 54 and retired earlier this year. I have rental income but will start collecting SS at 62. I started working at 14 and at times worked three jobs. Time to enjoy the second part of my life.
Thanks for this very enlightening analysis! ...it just confirmed my decision to retire early and just relax & enjoy life! Yes, nobody knows what happens to us tomorrow, so let's always be thankful to the Life-Giver for waking us every day safe and healthy. God bless us all....
I had aunt who had applied before passed away at 65 and didn’t get a chance to collect one check, but had she retired at 62 then she would’ve gotten at least 36 payments, before her departure…..
Great video. I am subscribing. I learned a long time ago that money when younger, when you can enjoy it more, is better than money when you are older. At 64 I can still travel to Europe, etc. At 88, I will try to stay up to watch As The World Turns.
My advise is, get your SS at 62, because you don’t know how long your life will last, if you are single or married get out of US and go back home in the Philippines and lived there for good, because your dollar will last longer than in US.
I am turning 62 early next year , I am filling my retirement soon , but my husband still working . I will go home in the Phil 6 month there & 6 month here , we don’t know how long we gonna Live in this world after Pandemic . Let do it . 🙏
The most important reason to collect Social Security at 62 is to enjoy the money enjoy your life while you're still young and healthy. You won't need the extra money when you're in your 80s sitting in a chair watching television
Exactly. Mas maganda ang 62. Dahil Very unpredictable ang buhay. Hindi mo masasabi kung in good health or buhay ka pa at 67. Life is too short. Masarap mag enjoy habang healthy ka pa at kasama mo ang mga mahal sa buhay.
I love being retired at 62 It’s not all about money … lol thank You soo much for w lighting us .. & I dnt have no debt… hahaha thanks to my 2 children .. I am able to live now debt free . And can enjoy my grandkids … I just have to take care of me so I will be able to live longer for my family …
I did the same math before I retired and the difference was $94K between age 62 and 67. I also paid off all my credit cards. I'm doing well financially with two retirement incomes plus Social Security and I haven't even touched my 401K savings. It's all in the planning.
The biggest mistake sometimes people make working till full retirement age is they always say it keeps me active to go to work there are plenty of things you can do to keep active besides working all your life
Sure, but some people need structure in their lives to stay active. Having a job provides structure. Some people find it difficult to get motivated on their own without that structure of a job. With a job, you feel like you MUST be active. Also, for many people, a job makes them feel needed and important.
@@vloggergrandpa2707 And in the Words of the now demised circus of Ringling Brothers and Barnum & Bailey..."There's a SUCKER born every minute"....Take the money and RUN.
@@GrnXnham I don’t disagree with what you said, but to me it seems like all the more reason to retire, as long as you have enough to be at least comfortable.
I agree with everything you said and that is why I chose to apply when I was 62. Hopefully people will view your video and realize early withdrawal makes sense for a majority of people.
Great information with the added % at the end. Thank you for the video. I start drawing at 62 this month. My father is 89 and still alive. More money later in life means very little. Travel and enjoy life at age 62. At age 72 plus traveling is not so easy.
Thank you so much! I talked my hubby into retirement at 65. He was set on waiting until 66 but not anymore! We’ll be heading South to a great retirement community in about 2 weeks❤️❤️❤️❤️
We’re here, in our rental but not for long because we found our home! Praise Jesus, our offer was accepted! So thankful for all of your videos, now if I could just turn Jerry into our personal GPS, life would be grand! ❤️ you two so much!
Mr Grandpa - This is the BEST and simple analysis I've seen regarding taking Social Security or when to pull that trigger. I retired early with a pension due to covid (like many) and recently turned 62 and this analysis is AWESOME! Thank You Sir!
My husband retired early after a stroke and we moved to Nicaragua where we have an amazing lifestyle and got several government incentives that made this early retirement a great investment decision.
Thanks Grandpa…. Makes a whole a lot a sense….. just retired at 60… will collect at 62 and enjoy the rest of my life…. Will use to pay debts or invest the Ss $$… i will b far far ahead compare to those who will wait till their FRA or at 70 to collect. Excellent info
Absolutely. Then keep working as long as you can thereafter. That's what I've been doing. Not only will you recieve the annual cost of living raises, but adjustments will be made each year for what you paid into the system the previous year. So essentially, you're getting two raises per year.
Evaluate if you have a health problem. 40% of women and 35% of men live past 85. How will you feel when you are 86 and don't have enough money to live on because your checks will be very low forever?
Retire after 67 or 70. you will be visiting the hospital more often. Your primary doctor will be your best friend. 62!! good to go. ‘ Can still do sky diving! 😁thanks for the tip paps!!
Great analysis. I've always wondered what the result would be if I simply invested my SS benefit since I don't really need the money. Nobody talks about this. You're the first.
The system is set up to take your life, your youth, your energy and after you've given them your best, you've lost the MOST IMPORTANT THING YOU'VE GOT ! TIME !! So go make that cash now.. real cash.. do something different while your your young, do what you love, start a business, invest, write a book, paint a picasso, build, create ! Anything is better than working a nine to five and doing what you don't like to do only to retire old and don't have time to enjoy the fruits of your labor ! Best of luck to all and be AWAKENED ! Peace and Love!
Work is not the enemy. You can work and enjoy your life. All the activities you mentioned you can do while working. Working is an important part of life that facilitates the $$$ you will need to enjoy it. If you let the "system" dictate your life, that is your own choice.
You live in fantasy. MC_Prosperity. First part is true, but second not so much. What does it mean to enjoy fruits of your labor? What is enjoy at 62? What is enjoy in general? Are you really enjoying? Most of the people that started "enjoying" are dead. Most of the people that still work are alive.
Thank you for this video. I recently retired at 59 due to my autoimmune disease. I know my lifespan will not be as long as most people. Fortunately, I have a good pension enough for my needs. With regard to SS, you are 100% right. Quality of life is important and the key is to enjoy one’s remaining years. Again, Salamat po!
Yes. I decided to get my money early, 62. Life is not a guarantee and neither is health. I want to enjoy myself while able to do so. Thankfully, I have investments and pension to offset early retirement costs.
Thank you for including a lot of tips. But remember, retiring (from your career) and applying to collect SocSec benefits are 2 different actions -- there is no requirement to do take these 2 steps simultaneously.
Very useful & easy to understand information. Since our country is experiencing a high rate of inflation with no end in sight, a dollar today is more valuable now then it will be in 5 to 8 years. Thanks for your insight!
I will get mine at age 62.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
My Father owned and operated a general store in a small town in Georgia. My Dad married when he was 40, I was born when he was 45. My brother and I worked in store until my Dad passed away. I was 18, my brother was 15. My Dad really gave some thought to starting social security at 62 but decided to wait until he was 64 to begin drawing social security so he could get a little more money.. He put in for social security the latter part of his 63rd year and about a month before he turned 64 he died of a heart attack. A few weeks later his first check came in the mail and my Mom (she was 8.5 years younger than Dad) had to return it. Dad never got a dime of that money. His dreams of fishing and getting out of the store never materialized. That was a good enough lesson for me. Retired and no regrets. Thanks Vlogger Grandpa for the very useful information.
Same thing happen to one of my coworker,,,she retired and was waiting to get all the retiring paper work change to her new place ,,closer to her sons and grandkids,,,and she pass away waiting,,she never got a check,,i used to go and check on her cause she was by herself,,and that day i notice some ladies outside her aparment,,and they were her daugthers they said the police call them,,that someone found their mom death..
@Smitty- 🙏🏼 Sorry for ur loss. I'm 51 and had quit my nursing job to care for my elderly mom, she's 94. I have asthma, diabetes, and hypertension. I don't think I'll make it to my 70's. I'll work again but not as strenuous as my old hospital floor job. Got to enjoy life bc you don't know when it's ur time ( that's my motto).
I’m so sorry for your loss.
I worked with a guy about 10 years ago, who refused to take any time off from work. He constantly talked about how much money he would be paid for his annual and sick time, when he retired. He was a smoker, and at some point he was diagnosed with throat cancer. He retired on a Friday and was gone within one week.
Awe that's really sad.
Some people don’t have luck
I retired at 57 and enjoying everyday. I have Army retirement ,VA,SSDI, and 401k I'm so blessed. Thanks God.
I retired from the Navy at age 40. retired again at age 62 on SS. Never been happier. some times it was tough getting by with less than Full time work..............but I got used to it.! my wife also retired at 62 on SS. we are good!
@@waltbowlby1638 00
@BUCK FIDEN! you mean the goverment,
Excellent Break-Even worksheet - I'll be retiring at 59 and using cash savings to get me to 62 when I'll get SSA retirement and will NOT regret it - done chasing the dollar. I echo the sentiment of others about getting OUT of debt, budgeting, living a simple life with meaning, etc. Collecting stuff is my rearview mirror!
Hell yah !! People who go at 62 live longer !! i am 76 and glad I did !!
i retired at 60 and 28 years later i am still going strong.
😂 I love it 👍🏼
I agree 100
Just retired 62 smartest think to do ! Because need enjoy life to ! 👏👏👏
my brother passed away at the age of 64 that was reason enough for me to retire at the age of 62 and i have no regrets i enjoy every day of my life , money is not everything
👍🏾
Real talk
Agree.
I totally agree. Happiness is what you make it.
A colleague of mine died at 65. He started working the job when he was 18. He never collected a dime of his Social Security. I don't know if his pension paid out anything.
I retired at the age of 62. For the past 7 years, I've been getting my check. I have no regrets, except for IRMA, which I didn't know anything about.
Making a video is really arduous and time consuming.
I’m very grateful that someone like vlogger grandpa is doing this. As a debt of gratitude, I humbly suggest,..we should NOT skip the advertisements.
Thank you! I keep telling my friends that they should take it at 62. I explain it just as you do , but they don't get it. I retired at 55 and took social security at 62. Take you money at 62, don't be and idiot
I want to retire at 55. Did you receive significantly less retiring at 55
Wonderful information. I just retired at 60 after 27yrs in Academics.
I am going to collect my SSI at 62. Planning is the key when you decide to retire. I worked on credit score, paid off my home and plan to relocate. After losing family and friends to COVID-19 young and old, life is precious. Enjoy your life, and laugh as much as possible.
.
You will collect SS, not SSI.
Retire at 62 if your finances permit. There are no guarantees in life. You could die at 64 1/2 and never collect a dime. I retired at 62, almost 4 years ago and never regretted it.
Great vlog!
I retired at age 57 with 30 yrs of service at state hospital as a nurse with pension
I was blessed to retire with full benefits, free medical a pd little for dental
Now I am 62 and called ss to start collecting at age 63.
I LOVE RETIREMENT!!
I am in a similar situation. 👍
I am thinking of retiring 55-57 too.
You did it right
Thank you so much for sharing. I retired when I turned 62. I’ve been retired for 5 years now and enjoying every minute of it.
I retired at 62 because I was broke down from working 40 years on my feet in a hospital lab. Living happily ever after. I thought I would want to get a little side action but the tax implications hurt my head. Salamat po!
Thank you for your points. I am 63 now and will be 64 in Feb 22. I have been looking at these numbers but never considered paying off my mortgage and auto loans with the social security money. You are a good teacher. I will be retiring very soon maybe this December. I thank God for all His blessings. I too am Filipino and came to U.S. with only $200 but had a strong faith in God to guide me and show me the road of life to stay on. You only have 1 life. You have to be careful or loose everything quickly. Psalm 1 says to stay away from the ungodly, and meditate on God's Word and you will be prosperous in all you do. God is lovely and awesome. I make over 6 digits a year and will continue that when I retire. Praise the Lord always.
I retired at 63, no regrets and loving it. Along with other retirement income 44,000 a year, more then enough to live on. Better then retiring at 70 and then being dead.
I retired at 62 and never regretted it.Less stress,more free time,get up when I want.It's very important to not have massive debt.Learn to budget.If I would've stayed working,I would've received a couple hundred dollars more per month,to me ,that small amount wasn't worth the stress.Three months after retirement, I went for my quarterly checkup and the doctor was stunned when he looked at my blood pressure readings,they were almost back to normal.He asked me what was I doing differently from the past times I had blood pressure checks.I told him that I had retired! He laughed and said ,"you made the right decision ".
That's when you die
I began budgeting in college and that enabled me to retire at 62.
Am an RN,retired from the Trauma ICU bedside in 2014 at age 55 ,claimed employment pension in the process which I began receiving a month after separation from my employer.My pension is county/state run,so one could claim pension( Regular Class)at 30 yrs svc regardless of age . Obtained 30 yrs at age 53.Claimed Social Security benefits at 62,no regrets. Receive an extra benefit as one of my children is a minor. I suggest to others to claim at 62 as well.
Excellent presentation. There's no point in being the richest person in Forest Lawn mortuary. You can't take it with you. I have known too many people who prematurely died worrying about saving as much money as they could for retirement and never enjoying it. The whole point of retiring early at 62 is to enjoy your retirement.... that's it. So, when people say, yeah, I'll be getting more money when I'm 78, 80 or something, I have to ask.... will you have enough energy or be in excellent shape to enjoy it? Maybe they will, but, you just never know. My advice is, enjoy your retirement earlier, be thankful that you can retire and use the money now while you're young enough and have energy to do this. That breakeven point can easily be figured out for you by visiting the Social Security office... they are very smart at Social Security... they can tell you that exactly. This is what they do..... good luck and enjoy your retirement......I am very happy I decided to retire at 62....
What about the people who regretted retiring early, not because financial reasons, but because they don't have enough to do with their time and feel bored most of the time?
@@miketuttle9319 Mike there are hundreds of cool things you can do and start, such as a garden or a business of your own or something of value that you dig to make yourself feel right inside and (may) have some upside to it. I would brainstorm and make a list. Take a week or month to do so. Google hobbies and exciting things to add to your list. Then sit down the next month and highlight the top ideas that motivate and interest you. Once you find a passion, it will take over from there. I was 13 and never knew I love music till my mom got me a guitar, and I've never stopped writing music since. Hope this helps. My point is, nothing can stop you from getting into the mix of life and finding meaningful and satisfying things to do. Nothing!
Totally agree with you, I retired at 62 and it was well worth it so far..
oh, mark you are absolute right I am 60 years old now, I what's you say is the same thing tha't my wife told me, are you sure you want to retired at 67? do you have enough energy and health to wait until them?...that's reasonable thought
Exactly. Give me my money now.
Your time is priceless. You can't buy back time with the grand kids and other family members. I'm going at 62.
I am collecting SS when I am eligible at 62. I will not be waiting until 70 or any age in between for the extra money. I want it when I can enjoy it while I am young. All that you mentioned, except the opportunity cost of money, I have already considered when I concluded that I am collecting SS starting at 62. However, I plan to retire from my job just after turning 57 and my daughter has graduated college, unless there are extenuating circumstances that cause changes to the plan. It's my money and I want it now. Great Video.
I just filed and it was easy to do online. With all the rumors that SS will tap out of funds by 2030...why wait? Even the most optimistic finance experts say by 2034, only partial benefits will be available!
We had done the math for dad when he was 62 and it was best that he took the early. He passed away at 77. U think it’s great that you put a spread sheet together for people. Bravo.
Typo. “I” think it’s great you put a spread sheet together for people.
Awesome video! I’m convinced 62 is the magic number for me. Life is to be enjoyed & a blessing from God. Thanks for sharing.🙏🏽👍🏽
I am taking mine at 62 who knows how long we will live my dad passed at 59 it helped my mom when she turned 62
I took early retirement at 62 glad I did! I don’t work at all and have a roommate to share cost of living expenses so I’m doing good but most people can’t live on what I live on every month.
This gentleman is different then the other video's I have watched and breaks down real life situations that may happen if you wait too long to receive SS. I got mine at 62 and still work making sure I don't go over my income limit and I never regretted doing so! 😊
Good video and I agree 100% no one knows the future. Take the money and enjoy what you have left of your life.
I agree, I will retire at 62 God willing
I am waiting to retire at 62.👍
What if you get at age 66
I agree, I can't even wait 60, I just want to enjoy life. 👍😊😜
My friend waited until he is 67 and died at 68, so I retired at 62 so I can enjoy my retirement early at USPS.It was 2016 January so it is 5years now.I like it.My wife retired at 55 from AT&T in 2012 .We are living a simple life.We haven't touch our 401 K and keep on growing.Advice to all is retire early if you can.
Well in your case it’s different. You have a lot of good benefits from retiring at federal job. Some people like me doesn’t get anything from working with private companies. Good for you my friend.
I did and it is fabulous. Truly enjoying life and seeing the world.. Thank you, now I know I made the right decision enjoying life seeing the word
I collected at 62 and am verrry happy I did! 1) I have young kids and they get a little something as well each month which I set aside for later years for them. 2) If I waited till my full retirement age I would have to live to be 78+ just to break even! So in the end it made better economic sense to collect as soon as I could. I am investing heavily and using those funds to do so...
I will soon be 64 and have wanted to retire for two years. But everybody has told me no no no. What they don't understand is that I have had it! So I quit my job and now will be forced to collect my benefits. The job was killing me and I want to live!
Good for you sir. Enjoy like while you can as we never know what tomorrow holds. Have fun and happy retirement. 🙏👍😊🎉
I agree completely, I have watched too many people try stay in a job they hate until their full retirement only to die a year or two before they retired, some others made it to retirement, only to die a year or two later. I retired three years ago at 58 and it’s as if time has slowed down to half speed, like those summers that seem to last for ever in our youth, I know time hasn’t changed but my perception of it has, it’s like I’m getting more time for the same amount of time, it’s a good deal 😀
Totally agree. The stress alone doing something so aggravating to you would shorten your life and at the very least reduce your overall health and increase your health costs. I have never regretted retiring early. I did so at 62, I'm 68 now. Additionally, I have found that even if the income isn't what we made before - we learn to adjust to the new one. Don't worry - be happy! ;-)
@@binkysteaver9880 Good for you and luckily you were able to quite at 58. Some people can't retire is not they don't want to. They simply can't due to many reasons-one of them is the health insurance.
I just retired at 62 & I will trust God. I work in nursing- I watched one lady retire one week and the next week they buried her ( waiting on the right age to retire) with early retirement you can work some and make about $18, 649.49/ year give or take a few dollars
62 is my limit! I'm done working and enjoy life☺️😌 money isn't everything to me. You're right grandpa it make sense to me!!!
1.5yrs left for me to collect my pension
34yrs of service and 56yrs old working for utilities, I pray for everyone to have a healthy and comfortable retirement.
1.5 years for me too!
I can't wait to be free!
Good luck.
I am 62 years old, and I am still working,but I was told by my doctor long time ago that I couldn't walk on cement, and now my legs, feet, and the lower back is hurting me real bad. When I get up to stand I have to hold on to something until I can move my feet, and legs. I am considering to retire next year, because I know that it is not promising to me. But I thank God everyday for helping me to see another day. Amen, and Amen
I'm 59 and working on concrete too my legs and feet feel like there gonna give out lol it never affected me till this year planning on working till 62 GOD willing and collecting my SS then❤️ Trying to save as much as I can till then ♥️
I took the leap at 62 and Thank God ! Few months after , my job disappeared due to COVID . My 2 other coworker got sick, one passed away and the other retired before the shutdowns. Right now I'm making a $100 . less a month , than if I was working , but then no more union dues ( $75) and no more trains ( $160) so I'm ahead of the game. Just found your channel, and Subscribed ! Hope you and your loved ones are well/safe. Take care, Tony
Grandpa, thank you very much for that video!!! I just turned 62 this past September and you convinced me to get out now!!! I have a federal pension coming and an IRA. So, I should be good to go! You've made my decision a lot easier!!! Thank you again!
Grandpa, you speak to some very important issues that many of us who are retiring should be aware of. Thank you so much.
Thank you Grandpa. This is the clearest discussion about this subject I have seen or read. And I consider myself fairly financially literate. i will not hesitate any longer. I will get my benefits now. I can do much better taking this money now and investing it that waiting till 78 to break even. I will subscribe.
Am thinking the same thing, retired at 62 enjoy life
Thats my plan retired early we don’t live in this world just to work we need to enjoy our life
Finally I find someone that think the same way I do.
Thanks
I am 59yo now. I will consider this option of retiring at 62! These all make sense manong, Salamat po!
My oldest brother at 56 pass away and he was a healthy person .
After that I said: I’m not waiting.
62. Is the lucky number .
You verry intelligent individual cause they will say at 65 or 70 you will make a lot's of money but truthfully you'll be making a lot's of dirt by digging yourself deeper for your grave "Have a great day"
I like that point at the end, invest at 6%, take it early. Hands down the best, that made up my mind right there.
yes but don't forget insurance or possible medical costs until 65 and even after 65 because medicare only pays a portion
I was considering retirement at 62 now you have just convinced me..My job requires you to work 23 years, I've been employed their 19 years now 2021..I Have 4 years to go.. Thank you so much for this video
Thank you for your valuable information.
I just turned 62 and last night I made the exact same analysis, about the breaking point, if I was to opt in taking my benefits before my FRA @ 67.
You just confirmed that my analysis is accurate, and that has helped me make my decision.
Again, thank you very much, for sharing your knowledge.
I took my SSS retirement at 62 last year!
Great info. I will be 62 in Dec, and like you I have Diabetes and other health related issues, so I have decided that I will start taking SS as soon as possible. I have done the Break-Even analysis many times over the last few years, and I am convinced that age 62 is the most favorable for me.
Just be sure to consider your medical insurance. You will not qualify for medicare until age 65.
Yes, I hope you have access to affordable health insurance. Good luck and I am happy for you!
Yes, take it ASAP and run.
Took mine @ 62 & never looked back. I’m glad I did.
Your ma smart fella while your still kickin'
I prepared early so I could leave my soul-sucking job at 61 and draw SSA at 62. Best and probably most important life decision I've ever made.
You probably should have changed soul-sucking job into something less sad. Just sayin'.
You don't get SSA, you get SS. Where did that come from?
@@PatIreland I hear you, being a business executive working 60 hours / week in a high pressure job, I'm going at 62 or just a little early. I've never had peace of mind. I just want to sleep in, exercise more, visit my family and take the dog on long walks.
Why did you stay with a job you didn't like?
I retired 7 years ago at age 62 and began drawing my Social Security at that time. When your time comes you will get information that gives you a monthly amount for age 62, age 66 or 67 and age 70. The longer you wait the higher your montly payment will be. It's important to remember that more per month does not equal more totat. I looked at the three options and decided it was best for me to start at age 62 and here's why. More per month does not mean more total. Let me explain. I ran the numbers out and all three options came even as far as total money goes at around age 80 (79 years, 8 months to be exact) So my basic decision came down to this. Would I rather start taking my money back at age 62, or would I rather gamble on live past 80 so I could get the most payback. Since I didn't have the date of my death available I looked at my family history. My mother was adoped as a child and I don't have good information on her side. My dad died when he was 80. He did have a brother to lived until age 87, but he also had a brother and sister who died in their 60's. My older brother died when he was 70. Based in this information, I took the "bird in the hand" approach. After 7 years my wife and I are having no problem living on just our Social Security. The key for us was being debt free by the time we were going to walk away from our jobs. Just remember less per month does not mean less total and more per month does not me more total. Taking the money back right away made the most sence for us. That said, you can and should make which ever choice makes the most sense to you. On a side note, my wife and I are having time of our lives being retired. I highly recomend it. It's like having endless weekends, endless vacation days and endless holidays. I wish you well in your decision.
62 was the way to go for me !
My poor father passed away at 64 years old and didn’t see a dime from SS. My mom collected his benefit till she passed at 74 and was sick for about 7 years before she died. Neither of them got to enjoy any retirement after working their whole life. Thats why im thinking about collecting at 62 which is now only 15 months away. I want to transition to part time work and have a little extra money while im still healthy enough to enjoy it. Because so far longevity doesn’t run in my family.
Consider that a blessing..my Grandfather was told he beat Cancer yet his body kept getting different forms of if. Long story short he begged every to kill him and of course we did not. He was in his 90s.
@@marioncobretti8210 not a very comforting reply... sorry to say.
Thank you I came to the same conclusion as you did. Congrats on your retirement.
Thank you, grandpa! I will retire at 62 and enjoy life. Also, so I can spend time with family and friends.
I’m 54 and retired earlier this year. I have rental income but will start collecting SS at 62. I started working at 14 and at times worked three jobs. Time to enjoy the second part of my life.
Thanks for this very enlightening analysis! ...it just confirmed my decision to retire early and just relax & enjoy life! Yes, nobody knows what happens to us tomorrow, so let's always be thankful to the Life-Giver for waking us every day safe and healthy. God bless us all....
Take it as soon as you can, and RUN as fast as you can 🤔😂🤣👏👏👏👍🙂
Pops, you're doing well at 62 retirement age, you get a RUclips check. Nice work!
I had aunt who had applied before passed away at 65 and didn’t get a chance to collect one check, but had she retired at 62 then she would’ve gotten at least 36 payments, before her departure…..
Great video. I am subscribing. I learned a long time ago that money when younger, when you can enjoy it more, is better than money when you are older. At 64 I can still travel to Europe, etc. At 88, I will try to stay up to watch As The World Turns.
My advise is, get your SS at 62, because you don’t know how long your life will last, if you are single or married get out of US and go back home in the Philippines and lived there for good, because your dollar will last longer than in US.
My plan 👍🏼
Me too 👍🙏
I am turning 62 early next year , I am filling my retirement soon , but my husband still working . I will go home in the Phil 6 month there & 6 month here , we don’t know how long we gonna Live in this world after Pandemic . Let do it . 🙏
The most important reason to collect Social Security at 62 is to enjoy the money enjoy your life while you're still young and healthy. You won't need the extra money when you're in your 80s sitting in a chair watching television
🎉exactly! I am now a healthy 67 y.o. Collected at 62 and loving it! Enjoying the fruit of my labor while I can use the $ while healthily ALIVE❤🌷🙏🏼
Exactly. Mas maganda ang 62. Dahil Very unpredictable ang buhay. Hindi mo masasabi kung in good health or buhay ka pa at 67. Life is too short.
Masarap mag enjoy habang healthy ka pa at kasama mo ang mga mahal sa buhay.
I love being retired at 62 It’s not all about money … lol thank You soo much for w lighting us .. & I dnt have no debt… hahaha thanks to my 2 children .. I am able to live now debt free . And can enjoy my grandkids … I just have to take care of me so I will be able to live longer for my family …
Thank you for sharing. My plan has been to retire at 62 also . We work hard the majority of our lives . We deserve to enjoy as many years as possible.
My Uncle retired at 50 from a government job, so he had good insurance (GEHA).
He lived to 95, he was retired longer than he ever worked.
Those were the good old days,,good companies that you can retire after working 25+ years for them..
I did the same math before I retired and the difference was $94K between age 62 and 67. I also paid off all my credit cards. I'm doing well financially with two retirement incomes plus Social Security and I haven't even touched my 401K savings. It's all in the planning.
The biggest mistake sometimes people make working till full retirement age is they always say it keeps me active to go to work there are plenty of things you can do to keep active besides working all your life
Sure, but some people need structure in their lives to stay active. Having a job provides structure. Some people find it difficult to get motivated on their own without that structure of a job. With a job, you feel like you MUST be active. Also, for many people, a job makes them feel needed and important.
@ Bob Davenport I agree with you there. 🙂
@@vloggergrandpa2707 And in the Words of the now demised circus of Ringling Brothers and Barnum & Bailey..."There's a SUCKER born every minute"....Take the money and RUN.
Yes like traveling to see the world
@@GrnXnham I don’t disagree with what you said, but to me it seems like all the more reason to retire, as long as you have enough to be at least comfortable.
I agree with everything you said and that is why I chose to apply when I was 62. Hopefully people will view your video and realize early withdrawal makes sense for a majority of people.
Great information with the added % at the end. Thank you for the video. I start drawing at 62 this month. My father is 89 and still alive. More money later in life means very little. Travel and enjoy life at age 62. At age 72 plus traveling is not so easy.
I'm so fortunate to have seen this page prior to 62. Thank you, thank you, thank you. I'm so doing the 62 and part-time thereafter thing.
Thank you so much! I talked my hubby into retirement at 65. He was set on waiting until 66 but not anymore! We’ll be heading South to a great retirement community in about 2 weeks❤️❤️❤️❤️
Heading to the Villages?
We’re here, in our rental but not for long because we found our home! Praise Jesus, our offer was accepted! So thankful for all of your videos, now if I could just turn Jerry into our personal GPS, life would be grand! ❤️ you two so much!
turning 62 in november 2021 with a union pension.will retire at the end of this year.
thanks for the information Sir.
Mr Grandpa - This is the BEST and simple analysis I've seen regarding taking Social Security or when to pull that trigger. I retired early with a pension due to covid (like many) and recently turned 62 and this analysis is AWESOME! Thank You Sir!
Well said. 62 years Old is the way to go.
My husband retired early after a stroke and we moved to Nicaragua where we have an amazing lifestyle and got several government incentives that made this early retirement a great investment decision.
Looks like you’re still working as a realtor, so you might by lying 🤥.
Mine I got it when I was 62 , but still working ! When are we going to retire? Time is short working for 28yrs ,62 is the right time!
I started drawing at 63, using half of it each month and investing in a annuity I started up right before I reached 35.
Grandpa your the bomb,when it comes to SSN. Thank you & God Bless you an your familia. May you live a long life.👊🙏
Thanks Grandpa…. Makes a whole a lot a sense….. just retired at 60… will collect at 62 and enjoy the rest of my life…. Will use to pay debts or invest the Ss $$… i will b far far ahead compare to those who will wait till their FRA or at 70 to collect. Excellent info
What if I’m divorced after 26 years?
Your right grandpa, 62 is the best retirement age, enjoying simple life is the best.money can’t replace overall happiness in life
Absolutely. Then keep working as long as you can thereafter. That's what I've been doing. Not only will you recieve the annual cost of living raises, but adjustments will be made each year for what you paid into the system the previous year. So essentially, you're getting two raises per year.
I took my SS early. there is no guarantee that I will live long enough for it be a financial benefit.
Im 55 and am preoaring for my retirement. Thank you for the content.
THANK YOU IVE BEEN WORKING SINCE 17 N IM STILL WORKING AT 47. I WILL RETIRE AT 62 I WORK VERY HARD. TRUST N BELIEVE.
Bottom line, it may be beneficial to wait to collect but who knows how long they have to live. That is why I am collecting at 62.
Evaluate if you have a health problem. 40% of women and 35% of men live past 85. How will you feel when you are 86 and don't have enough money to live on because your checks will be very low forever?
I retired at age 55... I'm now working part time with a lot of flexibility and I love it!
Retired at 55?? Why?
@@websterhays8352 why not?
Retire after 67 or 70. you will be visiting the hospital more often. Your primary doctor will be your best friend. 62!! good to go. ‘ Can still do sky diving! 😁thanks for the tip paps!!
maybe..
@@peter-pg5yc You will definitely be able to do MORE the earlier you retire than later, no matter what the MORE is.
@@zombieapocalypse3837 Very well stated.
Great analysis. I've always wondered what the result would be if I simply invested my SS benefit since I don't really need the money. Nobody talks about this. You're the first.
That's really cool. I've never seen anyone break it down like that. Now I really need to think hard about retiring at 62. Thanks grandpa...
Thank you Sir, better retire early $ enjoy life is short rather regret later on when it's too late👍
I took at mine at 62 and never looked back. One in the hand is worth 2 in the bush.
62 for me
Actually, one in the bush is better than any in the hand...
Hand ✋
Bush 👩💼
I'm just 1 physiology exam away from mines and I'm only 32
Me too , at 62 yo
Good for you.
The system is set up to take your life, your youth, your energy and after you've given them your best, you've lost the MOST IMPORTANT THING YOU'VE GOT ! TIME !! So go make that cash now.. real cash.. do something different while your your young, do what you love, start a business, invest, write a book, paint a picasso, build, create ! Anything is better than working a nine to five and doing what you don't like to do only to retire old and don't have time to enjoy the fruits of your labor ! Best of luck to all and be AWAKENED ! Peace and Love!
Best comment all day!!💖
Work is not the enemy. You can work and enjoy your life. All the activities you mentioned you can do while working. Working is an important part of life that facilitates the $$$ you will need to enjoy it. If you let the "system" dictate your life, that is your own choice.
I was fortunate to work at something I lived since I knew at ten years old what I wanted to do. You can like your job and still do things.
You live in fantasy. MC_Prosperity. First part is true, but second not so much. What does it mean to enjoy fruits of your labor? What is enjoy at 62? What is enjoy in general? Are you really enjoying? Most of the people that started "enjoying" are dead. Most of the people that still work are alive.
Sure that's easy to say and do unless you have family to raise and bills to pay...
Thank you for this video. I recently retired at 59 due to my autoimmune disease. I know my lifespan will not be as long as most people. Fortunately, I have a good pension enough for my needs. With regard to SS, you are 100% right. Quality of life is important and the key is to enjoy one’s remaining years. Again, Salamat po!
VERY WISE MAN.................... Great advice! Retire as soon as you are financially able. Your health is immensely valuable also!
Awesome I’m retiring at 62 years I’ve work over 30 yes I’m done
I also have a pension so I took ssi at 62 and started enjoying life. I could die tomorrow and I’m healthy now so I agree it’s time to enjoy life.
Yes. I decided to get my money early, 62. Life is not a guarantee and neither is health. I want to enjoy myself while able to do so. Thankfully, I have investments and pension to offset early retirement costs.
Thank you for including a lot of tips. But remember, retiring (from your career) and applying to collect SocSec benefits are 2 different actions -- there is no requirement to do take these 2 steps simultaneously.
Very useful & easy to understand information. Since our country is experiencing a high rate of inflation with no end in sight, a dollar today is more valuable now then it will be in 5 to 8 years. Thanks for your insight!