What to know as Social Security recipients have to update their online accounts
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- Опубликовано: 14 окт 2024
- CBS News business analyst Jill Schlesinger explains a change to online Social Security accounts that will impact millions of beneficiaries.
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Retiring in 20 years? Due to inflation, you may need upward of $3.6million to maintain your existing lifestyle, with the ongoing effect of high inflation, lower forecasted stock market returns or value, and stagnant wages. Achieving a secure early retirement could be more challenging than ever before.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..
You are right! Such considerations can certainly have a role, when I think about whether I ought to buy shares but I never purchase purely on that basis. I always have to seek the advice of my financial advisor who has help me gain over $1m in a well diversified portfolio that has experience exponential growth.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help on my investment portfolio. Please who is the financial advisor that guides you? Mind if I look them up..
Rebecca Noblett Roberts is her name. She is regarded as a genius in her area and works for Empower Financial Services.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I retired at 62, and I'm collecting at 62. I am not promised tomorrow therefore I'll get what I can take right now.
Good thinking, your last check will be in Febuary.
I did the same as well!
Agreed
Exactly
@@boristheamerican2938haha
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Annette Marie Holt is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I took mine at 62. Don't regret it a bit! I am young enough to still enjoy my life.
Had a friend who waited until 70, developed leukemia and died; old boss waited, never made it past 67…grab the money…
Yep-grab the money...because it is YOUR money.
That’s right…grab it.
@@FrankieD92 grab the money while you can and enjoy it 💯
@@gailarnold2660 False. There is no guarantee that's your money. That's the way the bill was written when SS was created.
Start early and live LONG.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Retire at 62 you will loose a little bit but you may not live to 67 or 70 and you never know when your health fails
ALL that info she mentioned WAS ALREADY ON THAT SITE, for MANY YEARS!!!
you lose a LOT if you take benefits at 62.... In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before full retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month. so someone who retires at 62 and their full retirement age is 67 would be 36x(5/9) + 24x (5/12) or 20% + 10% - a total of 30% reduction every month for as long as you live... (you'll still get the COLA each year) ... if you continue to pay in until 70 you get 8% extra for each of those 3 years, or 24% more than retiring at full retirement age (based on when you were born). It's a HUGE amount of money per month for people for whom it's a significant portion of their living income.
@@lylestavast7652Right! All these comments on here about take the money now grab the money now .. well what’s available for me now won’t pay for much.. I suppose those comments are for folk who already have a nest egg sitting somewhere else, and the SS income will be their extra spending money. Most seniors in this country do not have 401k or company pensions. Actually most companies do not offer pension plans anymore. Retiring at 62 is not an option for low wage earners. They’ll need more than $900 to live on.❤
@@Hakuuna_Matatah exactly they either also have decent pensions or still have a spouse that is still working
Do the math before making a decision. Every year delayed adds to the benefit paid. Older widows without young children or their own work history who intend to claim on their spouse's SS also need to check with the SSA to find the best time to apply (60+). The widow's (widower's) benefit reaches a maximum payout far earlier, although it will continue to add COLAs.
She is so wrong about not filing at 62. Everyone is different. You figure out what is good for you. 62 can be good for a lot of people
Exactly
My best advice, take it at 62, a friend said he was going to wait till 65 and passed at 63, a heavy smoker. I was 90 in January started mine at 62. I spent 5 years touring this country and Canada, met the love of my life, spent 13 years with a truck rental company, every day was a blessing working with young people. Put your trust in God and go for it...No I’m not a religious screwball, haven’t been associated with organized religion for over 50 years but my belief has given me a wonderful life.
I'm 80. Taking my SS at 62 gave me my freedom! I, too, enjoy my life to the max and every morning I thank the god of my understanding (didn't find Him in a church) for another wonderful day of life.
I love my organized religion which helps to keep faith alive everywhere; gives us all guidance & support!❤
@@way_truth_life_of_love To each his own my dear lady, honestly my life improved 100% after I withdrew.
Religion. Blahhhhhhhh.
Exactly @NBZW I stopped listening as soon as she suggested waiting. I turn 62 next year and Im collecting mine at 62. Tomorrow is not promised. I have a few friends who didn’t even make it to 60. A close friend of mine passed💔suddenly last year and she wasn’t even 50.
I Retired at 62 and never looked back !! I've worked with some who waited till 67 / 70......they died a little afterwards ! Like what been said... "Grab the Money" and Enjoy your Retirement ! I'm 76 and still enjoying Life ..................
You literally just looked back.
I am with most of the commenters,, I got my social security at 62. The few extra dollars that I could have gotten are not worth it for me, especially since I have respiratory issues and don’t even know if I will live till 70😐…I was in the workforce for 41 years…I want to enjoy my life for as long as I have left ☺️
It’s a tough decision the payments at aged 62 are so low.
@@dantheman6607 for me, the amount I am getting from starting at 62 is more than the take home pay I made when I was working 😅…and I calculated the amount I would have gotten if I had waited until later, and it was only like an extra 20$ a month…not worth the wait 😉
@dantheman6607 mom did that and regrets it, she's in her 80s now
@@woodstream6137 I am certain that I will not have any regrets about when I began collecting ☺️…
It literally makes no sense to wait. If you get 20k a year at 62, but get 25k a year if you wait until 65, that extra 5k a year will take until after you turn 70 to make up for the 60k you could have gotten retiring at 62. That's a gamble since you could die.
The guest said people will be much better off waiting until 70 to start SS. That’s is misinformation. Not everyone will be better off waiting. There are many factors including health, longevity, and tax situation.
I worked until I was 70 and it was the best decision…I liked my job and the monetary benefit was great. Had all my ducks in a row and now other than the current situation with the economy I have not had to make any changes to my lifestyle
If you’re healthy and working a good job you like, the extra earnings will be higher at age 70.
@@AdrianMunchThe main issue people are really upset about is working 70yrs and only getting 70 weeks of vacation time with family.
That's a little over 1 1/2 years. Not including sick days and the chance of an unexpected health issue arising JUST on the cusp of retirement.
Whether or not someone is healthy and loves their job isn't the problem. It's that people are not genetically graced the same longevity genes and should be able to retire below 60yrs old.
That's well than more than enough years put in. It's totally irrationally unfair to make it ok to push people to work until 70yrs old, and only live a year to enjoy retirement.
I had a dear friend that was a teacher and they had just retired last year and were wrapping a handful of other things up.
They were getting their health back in order somewhat before they retired and not even 2 weeks retired, he had a massive stroke and passed away the following June.
People should be allowed to retire before 60yrs old. He was healthy for the most part. He was trying to push through the last 2 years prior and had 2 minute strokes, before his last one.
Had he not pushed himself to fill that d*mn quota, to not get penalized, he'd probably had backed down 2yrs prior and still been alive. His school job was starting to get stressful as he was leaving.
Do not let this world make it normal to work 70yrs with only the potential to enjoy 1 year of retirement.
@@AdrianMunchThe main issue people are really upset about is working 40yrs and only getting 40 weeks of vacation time with family. IF they're lucky.
That's a little under 1 year. Not including sick days and the chance of an unexpected health issue arising JUST on the cusp of retirement.
Whether or not someone is healthy and loves their job isn't the problem. It's that people are not genetically graced the same longevity genes and should be able to retire below 60yrs old.
That's well than more than enough years put in. It's totally irrationally unfair to make it ok to push people to work until 70yrs old, and only live a year to enjoy retirement.
I had a dear friend that was a teacher and they had just retired last year and were wrapping a handful of other things up.
They were getting their health back in order somewhat before they retired and not even 2 weeks retired, he had a massive stroke and passed away the following June.
People should be allowed to retire before 60yrs old. He was healthy for the most part. He was trying to push through the last 2 years prior and had 2 minute strokes, before his last one.
Had he not pushed himself to fill that d*mn quota, to not get penalized, he'd probably had backed down 2yrs prior and still been alive. His school job was starting to get stressful as he was leaving.
Do not let this world make it normal to work 70yrs with only the potential to enjoy 1 year of retirement.
I tried to update my grandparents account but I quit half way though and I'm a 20 something pretty tech savvy medical student. Kept getting an error. Just imagine a an elder who has no technical experience with the internet or computers, and yes there's a lot of them, trying to navigate that mess.
@@sinebar I set up phone interviews,had 5 over a three year period .SS was always prompt, courteous and very helpful.
They helped me with great advice to maximize my benefits.
Rich people telling us regular folk to wait until we’re 70 to retire. Their jobs won’t wear their bodies out but hey we should listen to them. Right. Most regular folks have literally worked themselves to death already when they retire at 66 and 70.
🎯🎯🎯
Try being a boss and see how you like it..
My mom who is in her 80's advised me to start taking my retirement at 62. Momma knows best, so I did and no regrets. Yes, it's only 2/3 of what I'd get if I waited, but with the aftermath of C-19 and loss of my lifelong career as a result of long Covid, I am taking MY money while I still can. That's MY money and I'm taking it back.
I applied at age 62. I asked the SSA agent about waiting until 67 or 70 and she said - straight from the agent's mouth - "You can wait until you're older, but you'll be missing out on 5 to 8 years of income." Think about that and you longevity.🤔
Yes but your check in 8 years would be at least double what you would get at age 62. A larger inflation protected benefit might come in very handy in your old age.
I did the same when I turned 62 almost 10 years ago. The SSA payments are a bonus as far as I'm concerned. They don't even cover the mortgage let alone property taxes. I figure I'll be lucky to make it into my 80's.
@@johnscott2746 Double???? You are joking right?
Retiring next year at 62. Too many die trying to wait to 67 or 72 and don't get to take advantage of what they invested in all their working lives.
I retired and started collecting at 64, I'm not rich but I am alright and alive.
Seems exciting
Thank for the USELESS comment!!!
@@Tryp-j9d That's rude! Should thank the man for not taking from the SS pot.
User-vu5dt9b4d ain't nothing wrong with that. Good for you! Enjoy👍
So if I don’t start receiving checks at 62 I don’t have to wait until 67? They didn’t make that clear in the video.
Why are our elderly being forced to work until they're 70 years old to collect full benefits after working for 40-50 years straight!?! THAT'S FUUUDGED UP Y'ALL!
@honeybadger3570 not forced, retire at 62 before it's too late to enjoy.
Who's being forced??????
It's actually 65 for full retirement. Part of Project 2025 is to raise that up to 71. But I'm convinced the out of control SCOTUS will rule the program unconstitutional before that happens. In Trump v the United States, they literally ruled that the constitution is unconstitutional, so there's no limit to what they will do to implement their political/religious agenda.
My Dad worked 69 years. Not because he was forced, he wanted to get out and keep busy
Look to the GOP who will gut Social Security if Trump is elected, part of the 2025 plan
Questions: Why did they "jack" around with the "full retirement age"? And why is my social security money taxed? I already paid taxes on it!
When Biden was senator he got the SS to be taxed.
Blame Regan when he was in office!! A Republican by the way!!!
keep voting red you will never retire lol
Benefits are not automatically taxed. Only taxed if you have other taxable and that income along with half of your benefits exceed a threshold of $25000 or 32000 depending on your filing status. And if your combined income exceeds the threshold, only a percentage of your are subject to tax depending on your total taxable income.
Why are your benefits subject to taxes in the first place? To raise revenue for social security. Yes, we pay FICA tax through payroll deduction or through self employment tax but these aren't enough to fully fund social security.
Say an adult works 30 years and pays a combined total 149000 in FICA tax before retirement. Let's say the same individual retires at age 64 and receives 24000 a year in social security benefits. They live until age 102. Over 38 years, they will receive 912000 in benefits. Remember they worked for 30 years and payed FICA tax for social security but only paid 148000. So to help raise revenue, benefits are taxable for higher income individuals.
Because Republicans would rather tax you again than raise the FICA cap. The original cap on income subject to SS taxes hasn’t changed since $100 worth of groceries would easily feed a 4 person family for a month. People who make $5million in annual income should clearly pay much more SS tax than someone who makes $50,000. Bernie has been promoting this for years, it’s very simple and very fair, which means it will never gain Republican approval. But it would render SS solvent for approximately 75 years.
I laughed when they said you can call SS or go into your local SS office if you need help. lol. I called 12 times and left 6 messages and NEVER helped. You also can't go into your local office now either. You have to call and make an appointment to see someone. When you call them they never ask you to make an appointment to come in and just refer you to someone in Chicago to call. There also is no way to send an email for assistance. One guy yelled at me and said "people go on vacations!" when I asked why my assigned rep wasn't answering her phone or responding to messages. He also told me to leave a very long and detailed message, like I wasn't doing that already. That is a nice long vacation and no one covers for peoples vacations? For the 7 months I was trying to get a response to my problems! Good Luck to you all.
I called them once to help me with my online account that I don't remember. I did talk to a real person and got helped. That was many years ago. Don't know if they're the same now.
@@gailarnold2660 yes, those are facts
I know... Our dear politicians cut the budgets for the department of Social Security. They are understaffed. *Not saying that they were perfect before, but now they have a reason
🇺🇸
Social Security was and is a huge mistake. When FDR cooked it up he said it was a financial impossibility and yet we live with it. Don't look for SS to keep you safe and secure when you retire. Do your own saving and investing while you are young and you'll be fine.
@@stevemccarty6384 lol. Save and save, with inflation, if we let our grown college aged kids live with us for over 3 years (rent free/everything free) we paid for their car insurance, etc helped with student loan debt, there wouldn't be any homes for them, they thank us daily! My parents did it for us, family's need to be family's and help their kids-be "a family" pull together, they did a lot of the cooking, helped with laundry, whatever they could, yard work, you have to sit down and iron it all out and make a plan-no indeff, a Plan, I agree, it's not for some who's kids would take advantage, but our kids wanted their own privacy, and home and their loans paid off-it worked for us. Besides their Professional M-F jobs they both took on 2nd and 3rd weekend jobs and saved, the American Dream isn't dead-you just have to work for it! If you say it's a mistake, you obviously don't need it-my in laws don't need it, yet they've had it over 40 years, it's a shame, if you make over a certain amount of money, you should be denied. Most of their friends, the same! Have you been out there looking at real estate/apts, a one bedroom apt, even in the suburbs-cost 2,000.00 plus utilities, you sound like my Inlaws you to talk, through their Arsses...,,this thing call Covid, that helped create/ruin shortages (so they say) lol of food/prices gone up, so everyone felt like hey likes hike our stuff up too-unless you are out there, and you see what the real world is like, saving and investing, is a tough NO for most young adults and most people.
As soon as she said not to file at 62, she lost me. Utterly ridiculous.
It’s CBS news. What do you expect? MSM is going to spin it to our disadvantage making it sound like magic.
Cause she is a millionaire…. Let her start at 67….
It depends on how long you think you are going to live. You may get a head start at 62, but given a long enough life, waiting till 67 will eventually get you more overall money. Same with waiting till 70, live long enough and you come out ahead. I say everyone should wait as long as they can afford too, to get the most they can each month. So if you don't need it at 62, don't take it, especially if you are still in relatively good health.
Good update Jill! I started taking Social Security benefits at age 62 for one simple reason. My health isn't that great. Yup, the longer you wait (until age 70 of course), the more your monthly benefit check will be. But if your finances are tight and your health is not, waiting to start benefits may not be in your best interest. Is there some guesswork involved? Sure. I didn't wait and I'm glad I didn't!
Online account should be voluntary,not mandatory. I choose to do my banking in person and to not connect my bank account to ANYTHING DIGITAL. Because, anything digital can be hacked. 1 out of 4 people are victims of identity theft.
Your bank is online
My CA city post office arrested at least one employee (quietly without public notice) in 2022 for stealing checks, including using it for identity theft. The issue of lost mail had been going on for years and the Post Office made it very difficult to report suspicious mail loss for years. So you are at risk also when you obtain SS by slow mail. At least through a digital bank account, you will get alerts.
@@RayRai8262 I don't do online banking either.
It isn't mandatory. They can't make it mandatory since not everyone has a computer. You can go to the office. You must do something to get payments though. It isn't automatic.
What she didn't mention is that though your payments are lower if you start early, you collect them for many more years. Usually the break even point is when you turn 80. After that, you will have collected more if you waited. Also, I am able to collect my deceased wife's SS for now (I'm 63), and my own will be higher when I start taking it in maybe four years. I can't get both at once, but I can switch over later.
Get your money at 62 waiting 5 years until 67 you will never recoup that 5 years of lost Revenue unless you live past about 75.
I agree 100%. No one can recoup time. I used to get laughed at when I worked because of refusing overtime for this very reason.
You wait too long and you may not live long enough to collect your benefits
EXACTLY! 💯
That’s the whole point.
That's why I'm not waiting til 70. It'll be 67 for me.
Social security playing the lottery!
@joanferguson420 - Exactly. No one knows when their number is up. Its easy math. Subtract the amount of one age 62 check from one age 70 check. Then multiply that difference by 96 (8x12). That product or any part of it is lost if
you die. If you wait until whatever your full retirement age is and live. That also
means you now have to live another 8 years past that age to recover the loss
from age 62 to 70. Means you will be be ready to run for president at age 78.
The government wants everyone to wait until 70 to start collecting checks, in hopes one doesn't reach 70 or expires shortly after. Take care of your health and be mindful of how/if your benefits may affect your spouses.
Kevin Samuels when he was in his fifties!!
Retire at 62
Damn right.
I did, 8 years ago.
I am not retired 65 in August and been on SSDI ( SS and disability) since 53 after 45 work years on SSDI 12+ years and surviving in my own house 4 cars around me and an opening stock portfolio
I retired at 62 because I was laid off in 2009 when we had that big laid-off. I went back to college to upgrade my skills. After graduating with my new skill I couldn't get a job because I was overqualified. So because I was working I was told that I should try for my SS at 62. Because I could now help my husband with the income. Because we always had 2 house incomes and I felt I wasn't doing my fair share.
@@GailFuhlman ,y lay off was actually fired stupid OSHA reason ( not wearing gloves on job site as system technician with spectrum cable and over 20 years there
The REAL reason is joined class action lawsuit against company ..... Techs WON started with 10-12 complaint ended 28000 employees nation wide and damn near bank rupting charter this is part reason they changed their name to spectrum!!!! 28 million cash distributed and personally for longevity of employe I got over 5 years free services after my removal!!!!
I got mine at 62 and never looked back on my way to California to visit my granddaughter tomorrow not promised to you. 😊
One thing they forget to mention is the ability to collect at age 62 and continue to work in some capacity. You will need to be careful not to make too much, because it interferes with how the IRS taxes your social security. Tomorrow is not promised to anyone.
Yes. That’s what I do.
Excellent point.
Obituaries are full of 60 year old people and younger
Any day could be YOUR last day. Get YOUR money ASAP. Enjoy YOUR freedom ASAP. THEY want you to put off claiming YOUR money because THEY know there is a good chance YOU won't be able to claim it at all which helps THEM.
If you wait too long you might be handing over your check to a nursing home.
She brought up the updating and ,then,dropped it with no explanation.
I stopped watching
.....because this segment was a "fluff" piece - - a time filler - - not serious news.....
The guy totally changed the subject by asking her when people should start taking SS. He’s a bad interviewer because I watched it for a different reason, the real topic.
The only people I know that can retire at age 70 are those that worked while in a seated position. Just because people live longer these days doesn't mean those extra years you will be physically capable to work as you did previously.
What?
I retire 62 years. Life to short. If you can retire early do it. Yes I don't get my full SS. Thank god I was able to retire early. Life is short. Even individual is different if they can or not retire early.
in many Asian countries, people retire at 55. Most Americans work until they die. Look at (late) Ruth Bader Ginsburg, Joe Biden. Still work in their 80s.
I think i would be bored to death if i retired at 62.
More power to you, but the income does not allow for much but sitting in the house.
@@DonFonzarelli-uq9yx Retiring from a 9-5 job doesn't mean you stop living, and it's wise to have other income; just depends how much foresight you had when you were younger.
@@wwaynemcgand your health can be neglected when you’re working
Many people live the high life and do save or expect to live in big homes when collecting SS. Down size , don't be in debt and live a frugal retirement. Or collect and keep working. Everyone has 45 ,50 years to put away for retirement.....some decline to do so and then cry that they need help.
A lot of elderly people can’t navigate all this technology. They finally learn one thing and you guys switch the system. It’s so many scams going on. Please stop changing things and confusing them.
I have been getting it since I was 62. I gladly took 8% less than if I had waited.
Correct, so do i
I did the login change yesterday and it was fairly easy. Logged into SSA with existing id and password. Followed the instructions.
I did the login change this morning. Mighty simple and quick.
The biggest issue determining when to retire is eligibility for Medicare. Most of those who retire at 62 will have to pay for health insurance until 65. Insurance premiums can be as much as social security payments.
It depends on household income if you're eligible for Advanced Premium Tax Credits or Cost Sharing reductions thru the marketplace. Many are eligible.
That’s what my wife and I did. Got insurance for $2.30 a month.
@@johnscott2746 My husband and I were paying $21,000 per year in health insurance premiums to maintain the employee plan he had when he lost his job. (Premiums tripled after Obamacare was instituted.) Over the course of three years we spent $60,000 that should have gone to our retirement savings. The supposedly comparable-tier health marketplace insurance where I live was still in the thousands, and remains in an unacceptable state of flux 10 years later, with doctors and hospitals still dropping plans left and right.
@@anopeninvitationwithsheila4348 In my experience, if one is a responsible middle class professional, he or she is eligible for nothing.
@@anopeninvitationwithsheila4348 My reply was censored.
When can I expect the new system to be hacked ??
She didn’t mention that you can take it at 60, if you are a widow, or widower. Nobody tells you that.
Yeah, she conveniently left part that out.
I retired at 59 1/2 and have zero regrets. I had 2 older brothers that did live long enough to collect at 65!!🤘🏽
Thanks so much to Wendy Lee Olson, I just hit 481,000 this month. Thank you for all the knowledge and great experience you have given me over the past few months. I will always follow in your footsteps..
Wow! That’s Lovely, how do I join a group class with Wendy Lee Olson? I'm new to this and need guidance.
I will bet , most senior citizens will quit half way through the update , because it is SO CONFUSING . Thanks again Washington !!!!!!!!!!!!!!!!!!
@@jacksvegi.plotcooking.7396 There is lol they want you to update now because its coming soon. I did it didn't take long at all.
@@livingunashamed4869. What’s coming soon ? ?
Yep I gave up half way through. I tried updating my grandparents SS and I’m a 20 something med student and consider myself pretty tech savvy.
I thought it was easy and I’m a senior. Follow the prompts.
Thought the GOP was getting rid of Social Security. They’ve talked about it. They think it’s stupid and that it’s welfare.
Think more about retirement health. Not retirement age. if your health starts to fail at 67 and you die a year later. What's important to you? Plus you can retire at 62. Still work at the max per year at a job that you may enjoy more.
Group of us in our 20’s YEARS ago partied at a weekend home on the lake.
My buddies parents future retirement home. We had a good 7 years 🎉🍺🎉🍺🎉👍
Mom retired, came down and cleaned up ready for her husband to retire.
6 months maybe he comes down, RETIRED!
Woke up 7am, he died in his sleep.
I’m now 60 full pension, 401, stocks, inheritance, I’m good 👍
Point though, that was 45 years ago and I’ve NEVER NEVER forgotten that and seriously lived my life then and now with that memory/lesson ever present in my mind.
If you retire early you cannot earn more than I think 22k a year otherwise they take away from your social security. At 67 you can make as much as you want
Exactly right. Every situation is different. If you don’t actually need the money? Take a chance and wait.
Even if I make it to 62, I’ll be lucky to live long enough to collect half of what I put into it, let alone my employers contribution.
Just think; there are some loony politicians wanting to raise the age again! They don’t understand not everyone is built the same. I thought I’d work all my life. Between hard work breaking my body down and military causing mild PTSD, I ended up retiring early.
Vote smart. Social Security is actually your money! Came out of your wages, don’t let the government take it!
What she didn’t mention is that the break even is around age 78.
Or, that if you have other pension(s) you're not relying on S.S. alone.
Yes it is .
Benefits are adjusted to make the breakeven point equal to the average life expectancy (currently 78). Beat the averages and you beat the system. So, pretty much the same as with gambling.
Wow, what drama school did that woman graduate from? Important fact missed is that when the SS office asks when you want to start your social security, be aware that the first check will arrive the month after the month you designate as the start. E.g. If you say you want to start SS in July, the first check will arive in August.
That is for everyone . Social Security payments are always made AFTER the month for which they are being paid .
For example : Your benefit for January will be paid in February - - your benefit for May will be paid in June .
There is always a lag - - just how it has been set-up .
@@urbanurchin5930 Yes, that is for everyone, but not everyone may be aware of that. And it is counterintuitive and contrary to the scheduling of most if not all other life events: "when do you want your vacation or new job to start, when would you like to move into your new home, when would you like your credit card to be activated, when do you want you health insurance to start..." - all these questions have the "start date" and "execution date" to be synonymous, not a month weeks to a apart.
The counterintuitive relationship between SS start and execution is why I wrote my comment, to inform.
Wait until 70 ?? Some people can’t even live up to 70, that’s a problem 😂
I have never done the online SS account and I have been collecting SS since I turned 62 - 13 years ago!!!!! They have my information period!!!!
You're lucky you didn't! If you did you might have lost it like the rest of us
If this is actually true then why hasn't the SSA let those of us on it know about it?? They sends us all kinds of crap so they surly would let us know about this.
It's true but it's really not that complicated. If you go on the site and set up the account, there's all all this information. One thing she didn't talk about is the break-even point. Google it!
So they an excuse to not pay.
Most experts say you should take SS as soon as possible, don’t wait.
No "expert" says that. Experts know the calculations can be complicated and there is no right answer for all people.
The Social Security Administration needs to publicize this more. Who knew??
And she never said WHY we have to update our accounts! If it doesn't affect our receiving our checks, why do we need to update them?
Grab it when you can. They dangle that few extra dollars out there knowing many of you are not going to make it or last long after.
This isn't really a change to social security. Maybe an upgrade to SSI information access...and always leads to confusion.
I don't do private crap on line period.
and if you think you're immune to scam because you have no online presence... think again. Your SS number is on their database and it is hackable. A security breach at ssa.gov may reveal your SS number and name among other things. Once your ID is in the hands of criminal, things may go downhill.
Exactly. I've been getting my SS for 2+ years now without creating account at SSA.gov , why would I do it now with all these data breaches at phone companies, utility companies and banks . No fricken way am I giving my personal info online
Have fun spending ¼ of your remaining years listening to crappy music on hold, via snail mail or waiting for your number to be called in an office. You're much more likely to have your check or private info swiped from a mailbox- the least secure path- than you are using online services responsibly, with two-factor authentication. Either way, it all ends up in the same database, accessible to all the same people.
Average span of life is 80 years old and declining quickly. Do the math and take your SS ASAP. Even if you work part-time for the health insurance. That is hardship cuz Medicare doesn't start until age 65 years, and it will cost you $600-$1000 per month for health insurance. God bless the American people who have worked hard all their lives!
What’s the point of this story? Nothing has changed! No, there is no need to update your ss acount online.
There is if you had account before Sept last year. Have to change how you log in.
Thank you! She created confusion (and anxiety)re that and,then,switched the subject to retirement age.
@@patricequinn7733 Exactly, she makes it sound like you will lose your social security if you don’t have a .gov account. You don’t even need an online account set up to receive Social Security.
@@jacksvegi.plotcooking.7396 Is English your second language? English is my second language and I understand what she's saying perfectly.
It's just a new way to log in. Nothing else changes 🙄
Social security makes it incredibly confusing to do anything. I guarantee you right now that anybody watching this is going I don't even know what the heck you're talking about and they get social security. Shame on the government for not being able to manage their organizations.
I guarantee you , this is not as easy to update your login as they make it seem . I will bet most seniors will give up half way through the process . There was NO CONSIDERATIONS put in this for senior citizens . !!!!!!!!!!!!!
@@davidcasagrande267you expect “consideration” From a government agency, Never going to happen.
The money you leave on the table in 8 years by waiting until 70 to collect can never be recouped.
12% of us die before reaching 62. And we keep croaking. Remember, they pay nothing if you die before you start collecting.
peter: and what percentage live to age 80?
How’d you get the 12%?
If you retire at 62 from 68. You still get the same amount because its the difference. Plus you can enjoy it longer.
I like working, I like being around people, and I like running a company. A lot of people want to work, use their mind and interact with people everyday. People need to stop all the negativity about working longer in life. Please chill out! ❤
My Dad liked to work too. He retired at 67 & took a delivery job for 10 years. He got pensions from both jobs, he ran into all of our old friends and filled them all in on the family. But the stress was gone. He didn’t have to work at all. He loved his life, Thanked God Everyday. He just passed at 94.
Absolutely getting it at 62!
Why?
@@howardfriedman7077 The main reason is that I already had a stroke, and the second is that I am a Middle School teacher. I am 61.
My husband passed away at 68, kidney disease. I started drawing my small amount at 62. I worked until we had kids, worked part time after they started school. Hubs passed 6 months after I started SS. I stay my part, and a portion of his. I couldn’t live off just SS. Thank goodness for retirement from his job. I turn 65 and start Medicare in October. Draw it at 62!!!!!
Oh yeah. Don’t forget that you SS is TAXABLE!!!!!!!!!! Already paid taxes when you work for it, and then you at taxes on this amount. 🤦🏼♀️🤦🏼♀️🤦🏼♀️ paying the 5k for the year hurts on the small SS check. They will mail you on taxes if you don’t hold out.
@@debiperkins SS is only taxable for some people. Less than half of recipients pay taxes on their benefits.
A bird in the hand is worth 2 in the bush. I worked for 44 years to be able to retire. Started getting my Social Security at 62. There is no guarantee you will live to age 70.
Yeah, she's not the one to say what's best for anybody. Find out for yourself.
Got mine at 62. Never regretted it at all.
Those who have not had strenuous jobs, worn out well before full retirement age, and extremely well paid just aren't taking everything into consideration!
My dad passed away when he was 52 my brother passed away when he was 62 ready to draw for social security so I would say draw as soon as possible you wait till you're 70 you might only have 5 years
Learn how to write.
@@johnp139 learn to mind your own business
I took my SSA right at 62. I'm waiting for my 401K withdrawals until I have to.
I was running a business at 62 and I needed that money desperately and I’m glad I did.. There’s no guarantee you’ll be around at 70.
Yes! Retire at 70 and take a gamble and die, now social security doesn't have to pay that money. No thank you.
Nobody says retire at 70. I retired at 61. I’m just waiting until 70 to collect my Social Security. My father and grandfather both lived to mid ‘80’s. And since my wife is 11 years younger than I am she will be able to get my benefit when I’m gone.
@@johnscott2746 If it works for you and you're happy that's a good decision on your part.
My husband and I have been collecting social security for about 10 years. We have never needed to go on the website after the initial time of starting social security benefits. If you don't HAVE to start over now, then I think we will wait. We are doing just fine as we enjoy living frugally and healthily.
You should still start a MySocial Security account. That way you can monitor things and it’s easier to contact help if anything happens. If someone hacks your account, they could change addresses or bank accounts and without having control of your own account it would be much harder to straighten things out.
I was in a position that made it a necessity to start social security at age 62...it really is a individual decision that needs to be made wisely...don't wait just because you will get more by waiting.
That’s bs, why would they need anymore info than they already have. i claimed at 62 in case something goes left
Yeah, or you can end up like my brother who worked full-time from his early 20s on, then retired in his 60s and died two years later for no apparent reason.
I had a work injury and ended up on disability until I reached retirement age. Therefore, I didn't lose out on anything.
What age was it that you switched from the disability to retirement age I was thinking it was 65?
@@sharonrose50 66.5 they automatically switched it to retirement. The money stayed the same.
I had friends who didn't make 70 years of age 😢
I know a lot of people who didn't make it to 70. Some people don't make it to 60.
@@Cynthia-uf9roeveryone knows someone who didn’t make it to 70. Me too but I also know some 90 year olds and a nice lady who died recently at 101.
The idea of waiting til 67 or 70. I started 62. Never looked back no regrets life is too short with early outdoor adventure memories with many more to come❤
70?!? That’s a roll of the dice for most…smh
Right but if you claim at 62 instead of 70 you get 8 additional years of $$ esp if you are still working that's money you can put in CD's or other investments and get add'l money for your retirement fund... nobody mentions that
My Grandfather retired at 65 and first check came the day after he died.
Also FYI: If you die before the end of the month, they take back the last payment to you, since you didn't live the entire month.
@@terrig2298. Yes. Diabolical. My mom passed away at 69 and that exact thing happened.
😳
I retired at 62 due to ankle issues. On my feet my entire working life. Now, I can travel if I want to, with no time away from work restrictions. Travel at a slower pace, and enjoy it more.
I'd rather not have to deal with technology. I'd rather deal directly with a human being.
I’m the opposite.
Take your SS asap, is my advice.
Why?
If you claim at 62 your benefit doesn't reduce. It is less because you are getting it younger and they have to spread it over that time. You want to roll the dices and hope you make it to 67 or 70 go ahead.
What is life expectancy at age 62?
I was on disability at 62 and social security forced me to retire to take my benefits from retirement and not disability so I can't get my full amount at 67. Yep couldn't make that decision for myself they took it away.
That doesn't make any sense. I went on disability at age 60 and when I turned 66 and 7 months it changed over to regular SS. No one ever said anything to me about having to change it to age 62 early retirement. Did you lose disability for some reason?
@@pegs1659 Whether you believe me or not it happened to me. Perhaps my disability was different as I was under a needs based type of disability and they called and actually took my retirement application over the phone.
Oh I believe you! I think you were getting SSI and not SSDI as SSI is need based. You may not have had enough credits for SSDI. The rules are different for each.
@@pegs1659 Oh yes you are so right the rules are different especially how much money you can have in the bank... More than 2000 and you get in trouble so they keep you poor and make you spend if you are going to go over.
You always take the money at 62. The make up time is to long. Avg male in the USA lives to be 74. Avg female 78.
No that’s life expectancy at birth. If you make it to 65 you have a good chance of surviving 20 more years.
@@johnscott2746 74 and 78
My father retired early,62, when the US post office offered a 60000 dollars bonus years ago if you left after 30 years of employment. He took it even after my mother told him he shouldnt!! He found out they took almost half of it right away to taxes and then he was taxed again the following year !! He lived to be 87 and enjoyed his retirement years but he said he would not have done it again!! My mother on the other hand was an RN for over 50 years and retired at 75!! She lived to 84 and loved her job!!
So they never mentioned why they had to update their system and make everyone create a whole new account / log-in? Somethings fishy and it makes me wonder if the system was compromised... This seemed like a smoke an mirrors piece to me. I want to know WHY I need to update my account, not about when to file SS. I already know that info.
I wanted to work and claim mine at 70 years old but I had pneumonia and the doctor also found other things wrong with me and he ordered me to quit working so I had to take social security
if you last that long and if there is still money in the system. get your SS benefits early. it is going insolvent soon.
Another benefit of retiring early is that you can get Medicare, Medicare prescription, and Medigap coverages along with your social security benefits. Medicare cannot be taken away from you while you are receiving your social security benefits. Medicare may not be perfect, but it is far better than not having any health insurance, or having very expensive health insurance, at a time and age when many people are dealing with multiple medical issues and challenges.
you won't receive Medicare benefits until you turn 65, even then Medigap and prescription coverages are additional coverages you'll pay for - so if you're pretty healthy or can afford paying for health insurance during that 3 year 'gap', all the more reason to retire at 62 -
This is not “new.” I changed my SSA log in probably more than a year ago and now they are talking about this?
But how long is social security even going to be there ? I WATCHED my grandparents live on their social security less and less every year, they worked sun up to sundown making sure you all in the United States got your dairy products on time ( dairy farmers) who had to go bank rupt because the government was taking land from farmers, look it up ,,Please pray for the children of this generation, more for our seniors that are being so disrespected !!
Good to know. I wonder if we would have received a letter of some kind to do this.
emails were sent out [to people who previously set up an account.]
Actually, she's wrong about how much you lose taking it at 62. You lose 8 percent per year before your full retirement, 67. That's 5 years, so you lose a total of 40 percent, not 25. And no matter what age you retire, it's a pay cut. Better have all those bills paid off by then.
Going by the chart that says what you get at each age. If you start collecting at 62 versus 70 the breakeven point where you will have collected the same amount of $$$$ out of Social Security is age 80.
I think its 78
@@dantheman6607yep the Golden Years like Joe Biden. Life Begins at those years😊
@@dantheman6607 I come up with 80. I just double checked my figures.
When deciding when to claim Social Security benefits, you can choose to receive a smaller payment for a longer period of time or a larger payment for a shorter period of time. In theory, these two options balance out over time. However, when considering what's best for you, you should consider your individual circumstances.