Why I Started Social Security Early & My Strategy Explained
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- Опубликовано: 5 фев 2025
- Why I Started Social Security Early & My Strategy Explained
After careful analysis, I decided to start my Social Security benefits earlier than planned. In this video, I break down why claiming benefits now made more sense for me financially compared to waiting until age 70. I share how I used AI analysis to weigh the lower benefit payments against the advantage of investing my savings, along with tax considerations and long-term care planning.
Plus, I offer prompt-writing tips to help you get the best results when using AI tools for financial decisions!
Would you make the same choice? Let’s discuss in the comments! 💬
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This is just math
If you take SS at 62 vs full retirement age, you'd have to live to age 84 to be whole, meaning, the reduced amount (at age 62) times the number of years going forward, vs the increased amount at age 67 times the number of years going forward (in total dollars) "cross" at age 84 and 3 months
Take it at 62 !
Who knows if we will even be alive at 84
It really depends on life expectancy. Mine is pretty long and waiting until at least full retirement age made sense for me. Each person needs to assess for their own needs.
But at 82 what is your quality of life going to be?
I am taking mine at 63 while I feel good...that extra bit of money makes no difference once the quality is gone.@@sally_forth
Very interesting video, Sally! Well thought out questions - especially the last one!
Thanks! I have to say I’m pretty stoked to be starting Social Security two years earlier than I intended!
Also Mahalo for sharing, these are important things people need to think about before they pull the trigger...
Thanks!
Can't wait that long. My families life expectancy is mid 70s at best. I'm taking it this year.
The breakeven point for my age is 82. If my life-expectancy were lower I would have taken it sooner too.
Food for thought!😊
I agree!
I'm 62 and because of your video, it has me thinking of my retirement. Thank you for the information.
I hope you're able to make a decision that works for you!
Very useful information. Thank you!
Thanks! It was an eye-opener for me.
Great advice sista
Aloha Sally, I'm collecting as soon as I can. I hope I won't need it and it'll just be fun money but I won't let the government hold my money longer than I have to....Everyone's situation is different so do your research (Yes AI is awesome for researching and some guidance but always verify).
That is the spirit!
Hi Sally, New subscriber here. My husband is 5 years older than me and his break even point of taking SS at 62 vs full retirement age of 67 is 78 years of age. We are crunching the numbers trying to decide what age is best and if collecting it earlier and investing it on our own would benefit us more. Curious if you would consider doing a budget in retirement video? I enjoy your RV living and travel videos as well.
Hi Denise, thanks for subscribing! I did do a costs for 2024 video a few weeks ago. Check that one out and let me know if you have specific questions. ruclips.net/video/grEmIU_MsA4/видео.html
@@sally_forth Thank you Sally I definitely will! I look forward to binge watching some of your videos 😀
Wow. Great info.
Thanks! It was an eye-opener for me.
I do know how to do taxes though, and I wonder, if, a person was to live on social security and savings, then only take out small amounts from 401k, that you wouldn't really have to pay taxes on that money, so long as the amount you take out, is under then standard deduction. idk its just a thought
W
Once you hit 70, there are Required Minimum Distributions. I think part of the reason for that is so that people DO have to pay taxes. I think it’s possible to minimize the amount that you have to pay though.
idk what we will have in that account at retirement age, but I went to aarp and plugged in estimated numbers and were still under the current standard deduction for 2024 with what would be required to take out. should be interesting
@@pennylane36 Can't argue with that!
@@sally_forth Actually RMD's start at age 73. I'm not a GPT bot but I'm 99.99% sure about that.
@@FooFan-b3k you are correct that RMDs begin at 73. No idea why I said 70. 😂
I can't believe you're in Las Cruces -- that's one of my all-time favorite cities - it is a gorgeous little city. I love the Masilla Valley Mall. Anyway, social security benefit estimations are based on your current income. If you stop working and wait a couple years to collect s.s., your benefits would not increase because you stopped working. Hence, the s.s. benefits are still based on your income/salary from a couple years ago.
That is true, Tommy. The difference is that you get the maximum benefit at age 70. The only increase is from the annual COLA. So, for me the difference between 70 and almost 68 was smaller than the previous years.
I took Social Security at 67 on November 5th but I won't say why.