Folks I've researched a lot on retirement issues and the events folks need to prepare for. Hands down this gentleman is the most honest & factual as they come.
Keith, can you or have you talked about retiring at 62 but not applying for Social Security until your full retirement age or after, (so you would be living off of savings or 401K)? I am interested in hearing your thoughts on the pro's and con's.
Is it better to get my social security at 62 and invest. But I’m planning to withdraw same amount from my deferred compensation every month. Is this the best option?
When you wait, your end of life looms closer. your payment is based on your work history. Your payments are figured out by dividing your age you start and when you are expected to die. You get more because you will live less. In other words, you are figured to get the same amount, regardless, it just how big are your monthly checks are.
@@Newlinjim Income is income. If you make enough income you must file a tax return. They take the amount you've made and figure out your SS payments which is based on when you retired and the mortality tables. Divide your retirement age and the mortality table to get your payment.
I retired last fall and began receiving ss. Is there an increase in payments when I hit what would have been my full retirement age which would have been 66 and 8 months? I retired at 65 and 3 months.
@@MedicareonVideo Correct me if I'm wrong but if they retired at 65-and 3 Mos, they could still suspend their SS even though they started taking it. then wait till FRA (not taking checks) and their monthly amount would increase
Possibly like working part time at the local hardware store to help pass the time. Making something like crafts, furniture… and selling then for some extra cash
Many people generate capital gains,interest and dividends. All of these should be considered,especially when taking early retirement but also apply @ full retirement age. 401k,IRA, and pension amounts are defined by the IRS as ‘historical’ income. While they won’t initiate a clawback on early retirement they can increase your tax bracket.
My Social Security link: www.ssa.gov/myaccount/?gclid=Cj0KCQiAwP6sBhDAARIsAPfK_wa7eBACnAL63PT5qNEaZ0JpDLgZR5beqLBBjf4pZLFV0xlDbTsIfkIaApwkEALw_wcB
Folks I've researched a lot on retirement issues and the events folks need to prepare for. Hands down this gentleman is the most honest & factual as they come.
Thanks for that, I'm going down the rabbit hole of retirement videos now. 😄
Keith, can you or have you talked about retiring at 62 but not applying for Social Security until your full retirement age or after, (so you would be living off of savings or 401K)? I am interested in hearing your thoughts on the pro's and con's.
Is it better to get my social security at 62 and invest. But I’m planning to withdraw same amount from my deferred compensation every month. Is this the best option?
You also receive every COLA since age 62. You will not see this on your SS estimator. This will be compounded and added after you file
Do you foresee anything positive coming our way for social security? Thank you.
I guess the positive would be that it is still there. I don't think there will be any improvements.
@@MedicareonVideo Thank you for answering my question. Having social security is indeed a positive...
When you wait, your end of life looms closer. your payment is based on your work history. Your payments are figured out by dividing your age you start and when you are expected to die. You get more because you will live less. In other words, you are figured to get the same amount, regardless, it just how big are your monthly checks are.
That depends on what other income you generate.
@@Newlinjim Income is income. If you make enough income you must file a tax return. They take the amount you've made and figure out your SS payments which is based on when you retired and the mortality tables. Divide your retirement age and the mortality table to get your payment.
@@rwhunt99 nope.
@@NewlinjimSounds you skipped a few economics classes.
@@rwhunt99 sounds like you lived a life of wage income.
I retired last fall and began receiving ss. Is there an increase in payments when I hit what would have been my full retirement age which would have been 66 and 8 months?
I retired at 65 and 3 months.
It would only go up with cost of living increases. usuallt 2%-3% a year.
@@MedicareonVideo Correct me if I'm wrong but if they retired at 65-and 3 Mos, they could still suspend their SS even though they started taking it. then wait till FRA (not taking checks) and their monthly amount would increase
@@josephrochefort9989 Thank you Joe for the education
Do I have to file for my Social Security before I file for Medicare
No you do not
I don’t understand, if you are retiring how are you going to have another income?
Is a 401k considered another income?
Possibly like working part time at the local hardware store to help pass the time. Making something like crafts, furniture… and selling then for some extra cash
Many people generate capital gains,interest and dividends. All of these should be considered,especially when taking early retirement but also apply @ full retirement age. 401k,IRA, and pension amounts are defined by the IRS as ‘historical’ income. While they won’t initiate a clawback on early retirement they can increase your tax bracket.
👍👍