Is Delaying Social Security a Mistake or a Smart Move?
HTML-код
- Опубликовано: 13 сен 2024
- In today's video, we're diving deep into the question many retirees face: Should you take Social Security at 62 or delay it until 70? We'll walk you through a real-life example of a couple who wrestled with this decision and share the surprising choice they made. You'll learn about the impact of longevity on Social Security, lesser-known aspects of the system, and the key differences between taking your benefits early versus waiting.
Let's jump right in! Our featured couple is 60 years old, aiming to retire at 62 with $1.5 million saved. They were set on taking Social Security as soon as possible. But after reviewing their options, they discovered that waiting until 70 would increase their annual benefits significantly-from $53,000 at 62 to $86,000 at 70. This simple change dramatically improved their retirement outlook, boosting their chances of success from 61% to 93% and increasing their likely nest egg at age 95 to $1.8 million.
This video focuses on how strategic planning can maximize your Social Security benefits and secure your retirement. It's not just about getting your money back from the government as soon as you can, but making smart choices that ensure a stable and successful retirement.
About Cyr Financial
At Cyr Financial, we specialize in helping you create a comprehensive retirement plan. Our AIM Retirement System is designed to maximize your retirement success, increase income stability, and build multi-generational wealth. We look at the full picture, including Social Security planning, investment strategies, tax planning, and more.
Connect with Us
Ready to take control of your retirement? Visit our website at aimretire.com for more resources, or schedule a consultation with one of our Level 5 advisors. Don't forget to check out our Retirement for Life podcast for more insights!
Thanks for watching, and here's to a secure and prosperous retirement!
• We love hearing from you!! Record your retirement questions anytime at cyrfinancial.n...
• If you’d like to subscribe to our channel for our latest content visit: / @cyrfinancial
• Elevate Your Retirement with the AIM Secure Retirement Assessment... our most popular tool! Powerful customized insights for retiree's or those nearing retirement. Answer 8 simple questions and receive your personalized assessment including the top three action items most likely to supercharge your chances of Retirement Success. info.cyrfinanc...
• If you're interested in learning more about our trademarked AIM Retirement SystemTM, visit: aimretire.com/
• Want to connect with Chris? Schedule a 15 Minute Retirement Readiness call to discuss whatever's on you mind about retirement cyrfinancial.n... or just shoot him an email at admin@cyrfincial.net
• Try out the industry's leading financial planning software on your own. We give RFL listeners unlimited free access to the app.rightcapit...
I don’t worry about how much money I’ll collect by the time I die. I’m more concerned about how much I have coming in each month no matter how long I live.
With this in mind I would think sequence of risk is a huge player in this scenario , we aren’t covering how much they plan to spend and they get wealthier as they age when they are doing less … Too many unanswered questions to address here .
I’m actually doing more not less
@@johnurban7333 Your age?
Loved some of your insights. Very very helpful. You raised some solid points that others have not raised in their analyses.
Glad you enjoyed it!
Purchase good Monte Carlo software it will run 10,00 scenarios for you and you can change all the various inputs.
How much will they don't live to 70 or SS is insolvent?
I guess u did not watch the video… what a stupid comment
Omg no comments? I’m taking it at 62 just in case I only make it to 63. 🤓
The lower earning spouse takes Social Security at 67, and the higher earner takes at 70 seems to be the best choice. If either spouse dies after 70, then the surviving spouse will get the higher benefit.
We are retired. I agree with trying to delay SS. I would suggest that the high earner should delay the longest for the high survivor benefit
Your data also confirms that for most couples one person will be widowed for several years.
However, having one take a little earlier can hedge and tends to work out just as well in the math I have seen. . (It gets complicated with disparate ages and earnings records)
The other major advantage of delaying is that YOU CAN CHANGE YOUR MIND! Not true for taking early.(there are some complicated ways to get a do over, or suspend benefits)
If you take SS at 62 as opposed to 70. First, it offsets the need to pull funds from your investment to cover your expenses. Second, you only need to make about a 5% market return on the money not withdrawn from 62 through 70 to break even at 95.
Of course if you have a healthy pension and don't need to pull from your investments to cover your expenses, by all means let it ride to 70.
61% success seems low with a million dollar net worth. How much debt do they carry? Bet it’s high. DEBT FREE makes a massive difference. Would be interested to see the math
This video is geared towards people who have substantial portfolios ! He's using fear to sell vproducts like an annuity to bridge your income until you turn70. To say that couples should both until 70 is not always sound advice . These financial guys want your money tied up in portfolio that they manage & make a yearly percentage on .