This is exactly why I decided years ago that I was going to collect my Social Security when I turn 62. I did the numbers. I retired at 50 and will be 61 soon. I will receive and manage my money instead of waiting and hoping I don't die before I can enjoy my money.
Me also worked 32 years (at one job) had a great pension and rough job lol but held on 56 now living comfortably waiting on 62 for some walking around money lol Also since I started a second life with a younger wife and added 2 new children there is a bonus upto 180% of full retirement benefit 😀 for dependants!
I'll retire in Philippines in 3.5 yrs at 58 yrs old I'll use my savings/investments and enjoy life while waiting for my SS benefit at 62. As the saying goes "you can't take your money to the grave"
you can buy almost everything in life even love but one thing you can't buy is time... time do not wait for anyone. so, the sooner you can retire with financial stability could be the be decision you can make in regards with your professional life. Thanks VG.
First of all 62 is not the earliest you can retire. You are making the same mistake many, many people make. Retirement and Drawing Social Security are not the same thing. I retired at age 62 over 6 years ago. I chose 62 because it was the earliest I could get my Social Security. You notice I said "my" Social Security. I say that because it's just the government giving me back the money they took from me when I was working. I'm not sure why some people think that makes me greedy. I do get less money per month than I would if I waited until age 66, or 70. It's not a penalty it's just that the break even point is around 80 years old regardless of when you started. So I asked myself one question: Would I rather have 4 more years of retirement when I was young enough to enjoy it, or would I rather have more money when I was 80. That's the real choice here. I chose the time because time is more valuable than money.
I retired at 60 and got paid pension plus a supplement from my company because I reached a minimum retirement age: 30 plus years of service and 60 years of age.
You are correctamundo! You can start SS at 62 & keep working, start at 62 AND retire, or keep working & start SS later...its all up to the person...and.... starting SS is NOT the same thing as retiring...some people start SS & retirement at same time, but not always.
I suspect the Social Security administration and others are using outdated actuarial tables. Many people are living longer than mid-70’s for a number of factors. Including living healthier lifestyles. If true, that’s shifts the break even point a little further out.
im actually retiring this year at age 36 as i have enough money for the rest of my life but live a modest lifestyle rather than working more and do luxury life, made a choice
Very informative and balanced video. For those with the negative comments, did you even watch the complete video? I doubt it. This video and the others I watched today shows the pros & cons of retiring earlier and pro's / cons of retiring later... dudes watch the #$ video before the negative comments. This information would cost you multiple $$ if you book an appointment with a financial advisor and this video is free. As mentioned multiple times on this video, its up to you when you retire depending on the factors discussed.
Everyone’s situation is different. Choose wisely for yourself. Some people pass before collecting a penny. Some wait until the max, and pass the next day. Decide for yourself what is best for you! I get SS and pension. I am grateful and blessed. I have ex coworkers still working and not thinking about retiring. Some getting SS and still working. The goal is to be comfortable after retirement.
Its very easy to apply for Social Security through the SSA Office with the US Embassy in Manila. You don't even need to go there, a 15 minute phone call is all it takes. Email them and they will schedule your telephonic interview. You can then check the status of your Social Security application online. You don't start drawing SS until a month after you turn 62, i.e. they pay you a month behind. I did this and will get my first check this month. Make sure you have your bank info available when you call, your routing number and account number.
If you will retire inthe Phils.banks here require a document that you are a SSS pensioner,from the US Embassy,before you can open a direct deposit in their bank,then fill up the bank direct deposit form,mail it to US Embassy.,that's what they told me
If you collect SS early at 62, you can INVEST that money earlier and enjoy it earlier. You'll get 70% of what you'll get at 67, but, if you can enjoy that money EARLIER, and also INVEST some of it earlier, then by all means RETIRE EARLY!
Just remember more per month does not mean more total money. The reason you get less per month at age 62 is because you are going to get more payments. You get more per month if you wait, but you will get fewer payments. The only way you can possible know which choice will result in more total money is if you know the date of your death. Without that information you are just guessing.
If you are going to have a pension that will be enough to retire on, then retire right away. Otherwise, just keep working until you get too sick to work. What is so hard about this subject?
I retired at age 53, 2 months ago. I can't wait to start receiving my private company pension and 401k distributions at age 59 1/2 and Social Security Benefits at age 62.
No one ever asks, “How much is in my Social Security account?” Everyone asks how much they are going to receive. Set up 401k and pension to work like Social Security so you know you won’t run it of money before you die.
Do you want to retire when you still have energy to enjoy the rest of your life or you want to get older and get more money so you can hire somebody else to take care of you? Terrific question. Retire early and enjoy life instead of retire later.
No. But keep in mind that people generally think that they are stronger than they really are. They don't realize this until it's a bit late. Just a thought.
@@vloggergrandpa2707 That answer is a bit nonsensical. If the reverse was true you made the right decision to retire early then before your body really goes to pot.
@@vloggergrandpa2707 Your right Grndpa...just like me I had my first heart attack last year not even 60 yrs.old yet that time.. So my advice is "Enjoy your life while your young before it's to late"!!! I was very healthy at first but didn't know I'll get heart attack last year!!!
I am going to retire to the Philippines. I will not be elgible for any medicare while living overseas. Since i am military retired already, i am elgible for Tricare overseas while resideing overseas. So with that said, at age 65 by law i am required to apply for Madicare. I plan to only file for part A medicare which is no charge. And keeping my tricare overseas which is reimbursable. I only pay $152 for tricare overseas for an entire year, with $150 deductable and 25% copay. I do not intend to return to the US to live. I will be resideing in the Philippines on SRRV visa for permanent residence.
I plan on taking Social Security at age 65 even though I am retired now at 59. But I have a small pension that kicks in at 60. The reasons for 65 is Medicaid premium cost, actually if you delay taking Social Security at any age above 65 you have the possibility of higher premiums (it's a quirk in the law) this has to do with the hold harmless of cola increases. If Medicare is above the cost of Cola they can't take more from your Social Security paycheck. However, if you aren't yet collecting Social Security, there is no limit to the cost increases on your future benefits.
Its your choice to retiré and Go back to Philippines or stay where You are. In the Philippines when You retiré and get old You stay with your family. In US Even your own family Will throw You i'n Home for the aged. Solo sad😂
Can’t blame you. I have 2 friends who retire both at 65 so they can collect more but both of them died few months after retiring. Didn’t even make it a yr of collecting SS.
HERE WOULD BE A GREAT VIDEO ON THE SUBJECT: Cover these questions: Supposedly if you wait to age 67 to retire, you can work without any reduced social security benefits no matter how much you earn. (Yes?) But if you retire at 62 and start collecting social security benefits you get $1 taken away from your annual benefit amount for every $2 over the annual benefit amount you earn working. (Yes?) BUT DOES THIS MEAN THAT if you retire at 62 and collect at 62, that even AFTER age 67 (i.e. full retirement age) you are locked in to paying back $1 for every $2 earned over your annual retirement benefit amount? Such that UNLIKE the person that retired and collected at 67, you will be forever after stuck to pay back $1 for every $2 over your annual benefit amount earned? OR are you only obligated to pay back $1 for every $2 earned over the annual benefit amount up to age 67 (i.e. the full retirement age)? Such that the obligation to pay back $1 for every $2 earned ends at age 67 and at age 67 the person that retired at 62 is treated the same as the person that retired at 67 in regard to earning income (over the annual benefit amount)?
The penalty is applied on "excess" income over the maximum while below full retirement age (FRA). As soon as you hit FRA, that penalty is no longer applied.
For me there’s really no specific age at which I will retire. I prefer to play it by ear. I may retire in my mid 50’s or continue through my 60’s. With the way things are right now, I’m not factoring social security into my decision. I’m 46 and my generation may not even have SS when the time comes. So we’re only counting on our savings and 401K and equity in our home.
I retired at 63 and niw waiting on srrv visa for the Phillipines. I have a home in Arizona and invested well in a 401k. I have an pension from the federal government and social security.
@@islandgirl8199 I believe Dave's point is you have the option to retire early and have a better retirement life if you have passive incomes in addition to your SS benefit.
I retired at 60, availed of the 18 months cash payment from the gsis and a monthly pension immediately after my retirement date, i consider this decision more advantageous compared to the 5 year lump sum payment with monthly pensiion after 5 years.
If retire at age 62, be careful not work much or you must pay all back. It depends on if you are a le to work or not. If not able to work , retire and sign up on disabilty ss. If able to work and you feel like you healthy, do mot work over allowed amount till age 67.
Per the SSA: When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2022, that limit is $19,560. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2022, this limit on your earnings is $51,960. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.
Countries that offer special retirement residency permit/visa usually have a specific minimum social security/pension income requirement. If you plan to retire in such country you may want to make sure you don’t start your social security before you get the required minimum.
Hi Grandpa, I am watching many of your videos. This is my first time to request you to make a video "How to reduce taxes for qualified dividends, unqualified dividends, long term capital gains. How are the incomes, qualified/unqualified dividends and long term capital gains linking with each other? And how to roll over IRA to Roth IRA to reduce taxes". I plan to retire within 5 years. Thank you so much.
The need of each, since it varies, collecting SSS, also different, no rules can overcome that. The problem with what you said, nobody knows when we die, so the time to retire is based on our health at the present, not as important as the money you're concerned.
I retired 7 years ago at age 62 and started taking back my SS money at that time. Why? Simple it's my money and I want it back. Since waiting, for most people, won't result in getting any more money there is not a good reason to wait. Yes, my checks are smaller, but I am going to get more of them. I will have gotten 96 more checks over someone who waits until age 70 to start. You have to live until around 80 years old before waiting gets you more money. The only way to know for sure is to know the date of your death. I like being retired. I like not having to tap into my savings to live day to day, I especially like not going to work.
Retiring at 62, but waiting for FRA to start social security, made most sense for me. But I have a pension and 401k. My parents are still living in their 90s.
I think there is a "Sweet Spot" somewhere in the middle. Not early with a low check amount and not maximum either. I'm thinking around 65-66 would be perfect for me. I will have a separate pension anyway so, I can take my time. If I live abroad in a country that has very affordable Medical Coverage, I wont need Medicare.
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
Joel, keep in mind that a lower check does not mean less money. The reason the payout is less at 62 is because you are going to get more total checks. 48 more than the person who waits until age 66 and 72 more than the person who waits until age 70. It's not magic, it's just math. For the most part at age 80 is the break even point for all three. I took mine at age 62 because wanted more time retired. I decided I wanted more time being retired when I was young enough to enjoy it rather than to get more money when I was 80. The choice is yours, but it helps to understand the choices before you make the decision.
@@bernie9728I like the idea as well on retiring early. Would you mine sharing what formula did you use to compute? I am assuming to compute your total ss monthly for the years you are not working? Thanjs in advance.
I don't suggest to retire at age 62 unless you can pay or you have healthcare coverage from your former employer. I retired age 64 and paid for 1 year $1200 per month premium for health insurance until I my medicare kicked in.
I think the question should be..Should you collect social security at age 62? Because anyone can retire as early as they want as long as they have funds.
I retired at 57 and we are living off my pension and investments which gives us a total of $5000.00 a month here in the Philippines. I'm going to start taking my SS at 66 and my wife who is 60 is going to take hers a 62. It works for us. Plus at 66 we are going to buy a condo or Villa in Bradenton fla. And start doing 6 months here in the Philippines and 6 months in fla..mainly due to the poor health care here in the Philippines
Exactly. Plus in my case id be giving up 65k a year plus I'm putting 5200 a year into my tsp and the couple thousand my employer puts into it. Plus I have to continue paying medical insurance for my kids. I wouldn't be eating the expensive cat food.
@@woodspirit98 federal workers can retire at 57 MRA and can qualify for SS federal supplemental payouts to 62. Some of my friends went out at MRA with the supplement. I’m budgeting 2k a month in the Philippines which is 3X less than my total retirement. Heading back home sometime 2022.
@@maritzalastimoza3142 that's my plan cuz I live and grew up in an island I have my own house, my only concern is the medical insurance cuz we have to buy our own health Insurance until Medicare kicks in at 65.
Its MONEY vs. TIME...You know How much Money you have but no way to know How much TIME you have left. I'm 52 yrs old and have more than enough money in my 401K and IRA that I want to retire at 55.
I'm 60 and considering all the ramifications of retiring at 62 but I keep getting stuck on the fact that I have two small kids "dependent children" they push my monthly benefit over $5k per month for 12 years, kinda hard to say no to that. I won't spend my 62nd birthday at work, you can be sure of that!
of course- GOOD ADVICE!!! most people only think about the higher benefit at 70yo-- they are short-sided and never think about all the benefits they miss from 62 or 65 until 70yo
Thanks for sharing your insights to all the workers nearing retirement or already retired. This is very informative. What about if you retired earlier than 62? Say for example an employee quit their job at the age of 55 and will be taking distributions from 401k as the primary source of income. When can an employee apply for Social Security? In this scenario, the individual have been working for 30 years with sufficient funds to live off from retirement savings for 30 years.
Just keep in mind that the SSA uses 35 years of paying into Social Security (FICA tax) when it starts calculating your benefit. If you work just 30 years, then the SSA will add five years of zeros (aka "goose eggs"), which will reduce the result called your average indexed monthly earnings or AIME. A smaller AIME means a smaller benefit; and if you take the smaller benefit as early as you can, that makes the smaller benefit even smaller. But if you have enough for 30 years of retirement already banked/invested, you should be just fine (one of the thinking minority!) even if you start taking benefits at 62! 👍
@@johnc2438, I agree about how Social Security takes the average income on the last number of years worked which is 5 years of zeros from 35 years into paying SS. I am not sure about how their website calculates the monthly income at 62 because the last time I checked it, the difference between stop work at 55 and stop work at 62 is not much less. There is an online calculator in SS website where you can input the yearly income and average future income until stop work and it gives you the monthly amount of income from SS starting at 62 to 70. Of course the later you take SS the higher the number is. I pick 55 because this is the age where 10% penalty will be waived when taking distribution from an employer sponsored 401k when you stop working.
Magandang hapon po Danny, Turning 62 this coming weekend the 27 Th. But i am forgoing retirement until FRA. And i am planning now to wait till Jan01, 2027.
Besides i will be earning full wages for another 5 years from now which also increases my full retirement. Apply 6 months prior to age 65 is better for Madicare so says Christopher Westphal on u tube. Additionally i am receiving Tricare Overseas here in Guam Hafa Adai.
As a SSS beneficiary and due to income guide lines, I don't need to file an Income Tax Return. My question is : " Which is better...me, to remain as a non-filer or have joint returns with my husband who is still working?" Thanks for whatever help you can render for this inquiry.
What I usually do is prepare a return as joint filer, and another as separate filer. I file whatever is beneficial. This is easy if you are using an automated system, or talk to your tax return preparer. There are many things to consider.
It is very important that children born to US citizens are also sponsored to become US citizens by that citizen. The children can become entitled to benefits but not receive cash benefits. See the Alien Non Payment provisions.
Hello Sir. I’m residing in California. My husband retired at age 62 but keep working until now and still continue to pay SS benefit. He’s getting the same amount granted to him since he retired at 62. What happened to the $$ that SSA is still collecting from his paycheck? Where does that money goes?
My boyfriend wants to retire at the age of 62.i agree to that coz you dont know what will happen and we will live together and i want him to enjoy life without working.but still thinking about that maybe they change the age of retirement.
@@twistedtrails8128 if they live in the Philippines eat healthy exercise believe God. I read Dumaguete has good doctors and less cheaper but if you have health issues then you have to worry about health insurance or just buy your health insurance..more expensive..
It actually does.There is a cost of living adjustment,that is put into all social security beneficiaries.It's based on the previous years rate of inflation.
Historically, it never has. Didn't in the 70's, 80's, 90's, and so on. So it's no different today. Neither have Middle Class wages. So what's your point?
Very informative!Thank you. I am not happy with my situation. Should my husband die , I will not get any of his soc sec. As you indicated, my retirement {not social security } is a hair more . This is not fair the way I see it. My husband worked for for soc sec. since he was 16 yrs old. Those people who did not earn a penny are getting my husband's money, soc. security. This is how I look @ it. BEcuz I receive more in my retirement, I have to pay more Part B and D. Actually it is not fair. I am not happy. Sorry, I am just expressing my disappointment. Thank very much, grandpa U.S. vlogger.
Please take a look at this in case it applies to you. www.aarp.org/retirement/social-security/questions-answers/do-pensions-reduce-social-security.html
There is loop regarding this SS FRA . Easy just withdraw to your 401 k until your reach "FRA ". Why because when you reach 72 years old the IRS will force you to withdraw the money (RMD rules)..... Be care full in Medicare within 2 years , Dont withdraw over 91 thousand single or 190 couple per year ... Why Medicare will consider income therefore higher premium for life once you file Medicare @ 65.🙂🙂🙂🛌🏼
Take it @62, this means your enjoying your hard earned money contributions to SSA. 5years of collecting early is better than delaying, tomorrow may never come. Don't wait..take your money and enjoy😊
Hello, I am a little confused. I was under the understanding that SS takes the highest 35 years not the highest 5 years or last 5 years to estimate one's SS benefits to at age 62. I will be 62 in January. I started my own business last year. I have not been paying into SS this year. I would like to start getting my SS at 62 or 64. What are your thoughts on my situation? Thank you in advance
I assume that you are declaring a loss on your business is the reason you are not paying SS this year. If you continue with this trend, you can start collecting at 62 and be able to make up to $18,000 without penalty to your SS Benefit. If it exceeds that amount, you may want to postpone collecting until your full retirement age.
Tomorrow is not promised. In 16 years at 62 getting 1000usd you get about 220k usd at age 78, if you retire at 67 you will be 83 getting the same 220k usd. Remember tomorrow is not promised. Why take a chance on what may not be there including you. 🤔
But of course, you won't regret your decision to wait, because you won't be around to bang your head against the wall. I learned exactly a half-century ago in Vietnam that "tomorrow is not promised." Life itself is a chance -- I learned quickly what "risk management" truly was all about in any work/life situation. I'm still managing! 🙂
I will be retiring in the Philippines at FRA with my military pension and Social Security and should not have to file income tax as i should not owe with a dependent child under 16 yrs of age
I'm not sure if someone asked this question yet. If my spouse and I retire early (before 65) & we DO plan on moving/permanently living in the PI, my question to you vlogger grandpa is that when we turn 65 when we are already in the PI retired, do you know if we are still obligated to pay apply/pay for Medicare Part B since it can't be used in the PI obviously. We would essentially be forced to pay for services we can't use?? Thank you in advance.
Part B is optional. Thus, you may decide not to get Part B and save yourself about $150. But, you must know that if you do come back and decide to join, there will be a penalty.
@@vloggergrandpa2707 Thank you sir. Appreciate the Info. I pray 🙏 there don't be any need to return back to the US. Just want the relax and enjoy the wife's family while we are retired in the PI. I do know about the penalty as well. Thank you again.
Retire early when you think you can Life is too short. Money is not only the factor, your health mental and physical.. Just adjust your spending habits.... I know a few couple who planned their retirement. Retire at 65. To travel . Savings and pensions, good. Few months before 65 Wife diagnosed with Parkinson's d. Husband had a massive stroke , hemiplegic. .. so sad....
My husband retired early, he was born August 21 1928 and he died October 4 2019. As a wife I’m trying to ask about my husband pension, if I can have the half of his pension and the pension company said I cannot have it because it’s my husband early pension retirement.
Sir, I Will be 65 on Apri 2022 but Will still continue working until I reach My retirement age at 67, when do I need to file My Medicare? I have full medical benefit from My work. Thank you for your time.
Medicare Part A (hospitalization) is automatic, mandatory and free as soon as you reach 65. Medicare Part B (physician services) will not be required while you continue to have your insurance at your work. As soon as that insurance is discontinued when you retire, you will need to apply for Part B.
I am 56... been working for 21 years in the USA. I plan to retire anytime soon - I think I've enough in my 401K and IRA plus a little saved in my personal investment. I will be able to pay my mortgage when I decide to retire and will have zero US debts -- annaul liabilities will continue of course by way of real estate taxes and utilities on my US home. My wife worked for 12 years in the US but she now has a dental practice in PH.. I am still worried between when I retire and when Medicare kicks in... I plan to enroll in PhilHealth and stay in PH with occasional US gigs that may or may not pay for insurance... DO you think the PhilHealth approach as gap insurance is a good idea? TIA sir!
I don't know much about PhilHealth, but I heard from many that coverage is not that good. Hopefully they could improve on this and be sure you are aware of all it's benefits and limitation before relying on it entirely.
I am 61 and engaged to a Filipina my plan is to retire at 62 and move to the Philippines. My question is will my Filipina wife be entitled to my S.S. benefits when I die even though she is not a US citizen?
Grandpa how about if your retired & you want to settle abroad & want to run in public office & to run for public office need to be full citizen of that country & not dual so you need to renounced your US CITIZENSHIP do you still gonna recieve your pension from US even you renounced your US Z AT CITIZENSHIP
I believe that you have go give up your US citizenship if you decide to run for an elected office. This is a Philippine requirement, not US. Also, I would guess that it should not affect your US social security benefit since non-citizen permanent residents are entitled to receive theirs. Just my opinion.
this is what I am talking about. Retirement is about money. If you can't afford your life on your pension, then DO NOT RETIRE. Retire if your pension is good enough to live on.
Would it make a difference even we are covered with (tri care prime) I meant my husband was a retired AF , he’s 66y and been receiving SS and military pension, and I plan to retire retire at 62 this year
Sorry, I'm not familiar with tri care prime. However, make sure your tri care prime will cover you in the Philippines. Otherwise, you may be at risk if you get sick in the Philippines. Medical insurance is covered in one of my vlogs. Here's the link to my channel. studio.ruclips.net/channel/UCYU70S4jYvhw0BOetMFdD6Aplaylists
Hello and thank you for your posts. Can you do a separate explanation about US Social security and qualify children, spouse caring for said children. For example, my wife, to my benefit, is 20 years my junior, and we have young children. After reviewing your vlogs I think I could start collecting social security at 62 and my wife and children could collect based on my benefit at the same time (effectively giving us a much larger monthly income). My intent is to relocate to our paid for home in the Philippines then with that income stream. From my reading this is complicated (family maximums, qualifying rules, etc.) and maybe you could clear it up some for me (and others who may be in a similar situation).
My understanding is that your wife has to be at retirement age (minimum of 62) to collect spousal benefit. Your situation is not common. I suggest you discuss it with Social Security Administration to be sure there are no surprises.
@@vloggergrandpa2707 This is why I was asking. There is a benefit for caring for children that are under 16 (as is the case here) and was hoping you may know something more about it or could help me.
@@vloggergrandpa2707 It's my understanding that you need to have been married to your foreign wife for at least 10 years and that she needs to have lived in the US for five of those years. Once she turns 62, she can then draw an amount equal to half of what you're getting as a spousal benefit and it doesn't effect your benefit. I don't know about the children.
An example if both of us are retired and over 65 years old and my wife already received the pension. Can I claim spousal benefit from my wife and defer my own benefit until age 70?
That strategy was called 'restricted application'. That loophole was taken out in 2015 under the Obama administration and can no longer be used if you were born after Jan 1, 1954.
I am 62 still sworking planning to apply for SSS pension in the PH. We are anticipating to recv SSS pension in the PH at around 8k to 9k. Will it affect our SSS pension here in the US when we retire?
Grandpa , what I know if you retire at your retirement age , you can work as long as you can with no limits on how much you are earning . Is that correct. Thanks
No, it is not. However, you may be able to get an Advantage Plan that could cover you for "emergency" cases only while in the Philippines. That is covered in one of my vlogs. Here's the link to my channel. studio.ruclips.net/channel/UCYU70S4jYvhw0BOetMFdD6Aplaylists
I retired at 57 due to a work injury now I’ll be 62 this august. I found out that i can’t get it because i’m living out of the U.S. here in the Philippines . Vlogger gpa can you touch on that subject to see if there’s any truth to that
Nope! Even if you are in the Philippines, you can collect social security (like in the US) provided you meet the qualification requirements which is 10 years of working and contribution to social security (so-called FICA taxes).
Thank you sir for the information. I do have a question with my situation. I plan to retire at the age 62 due to my health issue and my job required to stand a long hours a day. I'm aware that I'll be getting a reduce retirement about 75%.However my husband has a larger amount of social security when retire. Would I be able to claim a spouse benefit and give up mine. Should I be getting half of his? Thank you for your advance information about my situation. Thank you for the video
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I’m almost 67 now…. I retired at 62….The best move I ever made!
This is exactly why I decided years ago that I was going to collect my Social Security when I turn 62. I did the numbers. I retired at 50 and will be 61 soon. I will receive and manage my money instead of waiting and hoping I don't die before I can enjoy my money.
Me also worked 32 years (at one job) had a great pension and rough job lol but held on
56 now living comfortably waiting on 62 for some walking around money lol
Also since I started a second life with a younger wife and added 2 new children there is a bonus upto 180% of full retirement benefit 😀 for dependants!
I'll retire in Philippines in 3.5 yrs at 58 yrs old
I'll use my savings/investments and enjoy life while waiting for my SS benefit at 62.
As the saying goes "you can't take your money to the grave"
you can buy almost everything in life even love but one thing you can't buy is time... time do not wait for anyone. so, the sooner you can retire with financial stability could be the be decision you can make in regards with your professional life. Thanks VG.
Retirement is wonderful if you have two essentials - much to live on and much to live for.
invest wisely and get good returns.
I took my Social Security at 62. I now have a duo of passive income : my RN pension and my Social Security benefits. Do not regret it in the least.
First of all 62 is not the earliest you can retire. You are making the same mistake many, many people make. Retirement and Drawing Social Security are not the same thing. I retired at age 62 over 6 years ago. I chose 62 because it was the earliest I could get my Social Security. You notice I said "my" Social Security. I say that because it's just the government giving me back the money they took from me when I was working. I'm not sure why some people think that makes me greedy. I do get less money per month than I would if I waited until age 66, or 70. It's not a penalty it's just that the break even point is around 80 years old regardless of when you started. So I asked myself one question: Would I rather have 4 more years of retirement when I was young enough to enjoy it, or would I rather have more money when I was 80. That's the real choice here. I chose the time because time is more valuable than money.
I did the same, your last sentence says it all.... Aloha 🤙
I retired at 60 and got paid pension plus a supplement from my company because I reached a minimum retirement age: 30 plus years of service and 60 years of age.
You are correctamundo! You can start SS at 62 & keep working, start at 62 AND retire, or keep working & start SS later...its all up to the person...and.... starting SS is NOT the same thing as retiring...some people start SS & retirement at same time, but not always.
I suspect the Social Security administration and others are using outdated actuarial tables. Many people are living longer than mid-70’s for a number of factors. Including living healthier lifestyles. If true, that’s shifts the break even point a little further out.
Please explain by what you mean by break even point. Thanks.
59 retired with 100 VA disability, Army pension , SSDI and my realstate property rental. Thanks God with all the blessing..no complaints.
Good retirement. I’m also receiving SSDI/VA P&T SMC S-1/OPM. Going to take my retirement back home to P.I. at 52 2022.
You are right Grandpa,not only u said about this, been watching many financial advisers on this topic, majority advised same.
im actually retiring this year at age 36 as i have enough money for the rest of my life but live a modest lifestyle rather than working more and do luxury life, made a choice
Wow stay healthy
Very informative and balanced video. For those with the negative comments, did you even watch the complete video? I doubt it. This video and the others I watched today shows the pros & cons of retiring earlier and pro's / cons of retiring later... dudes watch the #$ video before the negative comments. This information would cost you multiple $$ if you book an appointment with a financial advisor and this video is free. As mentioned multiple times on this video, its up to you when you retire depending on the factors discussed.
Everyone’s situation is different. Choose wisely for yourself. Some people pass before collecting a penny. Some wait until the max, and pass the next day. Decide for yourself what is best for you! I get SS and pension. I am grateful and blessed. I have ex coworkers still working and not thinking about retiring. Some getting SS and still working. The goal is to be comfortable after retirement.
Its very easy to apply for Social Security through the SSA Office with the US Embassy in Manila. You don't even need to go there, a 15 minute phone call is all it takes. Email them and they will schedule your telephonic interview. You can then check the status of your Social Security application online. You don't start drawing SS until a month after you turn 62, i.e. they pay you a month behind. I did this and will get my first check this month. Make sure you have your bank info available when you call, your routing number and account number.
Thank you for sharing the information.
thsnk you for the info
If you will retire inthe Phils.banks here require a document that you are a SSS pensioner,from the US Embassy,before you can open a direct deposit in their bank,then fill up the bank direct deposit form,mail it to US Embassy.,that's what they told me
If you collect SS early at 62, you can INVEST that money earlier and enjoy it earlier. You'll get 70% of what you'll get at 67, but, if you can enjoy that money EARLIER, and also INVEST some of it earlier, then by all means RETIRE EARLY!
Just remember more per month does not mean more total money. The reason you get less per month at age 62 is because you are going to get more payments. You get more per month if you wait, but you will get fewer payments. The only way you can possible know which choice will result in more total money is if you know the date of your death. Without that information you are just guessing.
He reminds me of my Dad whom I miss!
If you are going to have a pension that will be enough to retire on, then retire right away. Otherwise, just keep working until you get too sick to work. What is so hard about this subject?
I retired at age 53, 2 months ago. I can't wait to start receiving my private company pension and 401k distributions at age 59 1/2 and Social Security Benefits at age 62.
This is the strategy I’m thinking about too! I’m 55!
Good decision! Retire young and enjoy life. Life is too short specially now a day.
@@goldiepoi2563 la
No one ever asks, “How much is in my Social Security account?” Everyone asks how much they are going to receive.
Set up 401k and pension to work like Social Security so you know you won’t run it of money before you die.
Thanks for the info. May God continue to bless u and family as well.
Do you want to retire when you still have energy to enjoy the rest of your life or you want to get older and get more money so you can hire somebody else to take care of you? Terrific question. Retire early and enjoy life instead of retire later.
Do you think when people reach 62 and above they’re already going down hill so they have to retire early to avoid this set back?
No. But keep in mind that people generally think that they are stronger than they really are. They don't realize this until it's a bit late. Just a thought.
I don’t believe people generally think they’re stronger than they are unless they’re in denial ( like some men ✌️) or they’re just not using wisdom.
@@vloggergrandpa2707 That answer is a bit nonsensical. If the reverse was true you made the right decision to retire early then before your body really goes to pot.
@@vloggergrandpa2707 Your right Grndpa...just like me I had my first heart attack last year not even 60 yrs.old yet that time..
So my advice is "Enjoy your life while your young before it's to late"!!! I was very healthy at first but didn't know I'll get heart attack last year!!!
I am going to retire to the Philippines.
I will not be elgible for any medicare while living overseas. Since i am military retired already, i am elgible for Tricare overseas while resideing overseas. So with that said, at age 65 by law i am required to apply for Madicare. I plan to only file for part A medicare which is no charge. And keeping my tricare overseas which is reimbursable. I only pay $152 for tricare overseas for an entire year, with $150 deductable and 25% copay. I do not intend to return to the US to live. I will be resideing in the Philippines on SRRV visa for permanent residence.
I plan on taking Social Security at age 65 even though I am retired now at 59. But I have a small pension that kicks in at 60. The reasons for 65 is Medicaid premium cost, actually if you delay taking Social Security at any age above 65 you have the possibility of higher premiums (it's a quirk in the law) this has to do with the hold harmless of cola increases. If Medicare is above the cost of Cola they can't take more from your Social Security paycheck. However, if you aren't yet collecting Social Security, there is no limit to the cost increases on your future benefits.
You've explained that very well. Awesome and amazing job! I thank you sir.
ll
In the UK its 66, and its rising to 68, you have to be crawling to pick up your social security payment
Its your choice to retiré and Go back to Philippines or stay where You are. In the Philippines when You retiré and get old You stay with your family. In US Even your own family Will throw You i'n Home for the aged. Solo sad😂
My retirement benefit , includes health benefits lifetime. I wont have to worry about the 20%
Don't give F! I am retiring at 62 !!!!!!
Can’t blame you. I have 2 friends who retire both at 65 so they can collect more but both of them died few months after retiring. Didn’t even make it a yr of collecting SS.
LOL
HERE WOULD BE A GREAT VIDEO ON THE SUBJECT:
Cover these questions:
Supposedly if you wait to age 67 to retire, you can work without any reduced social security benefits no matter how much you earn. (Yes?) But if you retire at 62 and start collecting social security benefits you get $1 taken away from your annual benefit amount for every $2 over the annual benefit amount you earn working. (Yes?) BUT DOES THIS MEAN THAT if you retire at 62 and collect at 62, that even AFTER age 67 (i.e. full retirement age) you are locked in to paying back $1 for every $2 earned over your annual retirement benefit amount? Such that UNLIKE the person that retired and collected at 67, you will be forever after stuck to pay back $1 for every $2 over your annual benefit amount earned? OR are you only obligated to pay back $1 for every $2 earned over the annual benefit amount up to age 67 (i.e. the full retirement age)? Such that the obligation to pay back $1 for every $2 earned ends at age 67 and at age 67 the person that retired at 62 is treated the same as the person that retired at 67 in regard to earning income (over the annual benefit amount)?
The penalty is applied on "excess" income over the maximum while below full retirement age (FRA). As soon as you hit FRA, that penalty is no longer applied.
@@vloggergrandpa2707
Thanks, and that is good news.
For me there’s really no specific age at which I will retire. I prefer to play it by ear. I may retire in my mid 50’s or continue through my 60’s. With the way things are right now, I’m not factoring social security into my decision. I’m 46 and my generation may not even have SS when the time comes. So we’re only counting on our savings and 401K and equity in our home.
Thank you sir, good information, thank you for sharing. God bless.
Great info Lolo. Very concise. 🏌️🥳
Very good info straight forward keep up the vlog it's valuable info Vlogger Grandpa
I retired at 63 and niw waiting on srrv visa for the Phillipines. I have a home in Arizona and invested well in a 401k. I have an pension from the federal government and social security.
Sir, what’s your point?
Just don’t get fooled with a younger Filipina 😂
@@islandgirl8199 I believe Dave's point is you have the option to retire early and have a better retirement life if you have passive incomes in addition to your SS benefit.
I retired at 60, availed of the 18 months cash payment from the gsis and a monthly pension immediately after my retirement date, i consider this decision more advantageous compared to the 5 year lump sum payment with monthly pensiion after 5 years.
Good afternoon Sir, sana po may tagalog version po . Marami pong salamat . God Bless po sa inyo .
If retire at age 62, be careful not work much or you must pay all back. It depends on if you are a le to work or not. If not able to work , retire and sign up on disabilty ss. If able to work and you feel like you healthy, do mot work over allowed amount till age 67.
Per the SSA: When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits.
If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2022, that limit is $19,560.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2022, this limit on your earnings is $51,960. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.
Countries that offer special retirement residency permit/visa usually have a specific minimum social security/pension income requirement. If you plan to retire in such country you may want to make sure you don’t start your social security before you get the required minimum.
Hi Grandpa, I am watching many of your videos. This is my first time to request you to make a video "How to reduce taxes for qualified dividends, unqualified dividends, long term capital gains. How are the incomes, qualified/unqualified dividends and long term capital gains linking with each other? And how to roll over IRA to Roth IRA to reduce taxes". I plan to retire within 5 years. Thank you so much.
Thank you for your suggestion. Let me think about that.
Full of very useful information as usual. Thank you po
The need of each, since it varies, collecting SSS, also different, no rules can overcome that. The problem with what you said, nobody knows when we die, so the time to retire is based on our health at the present, not as important as the money you're concerned.
I retired 7 years ago at age 62 and started taking back my SS money at that time. Why? Simple it's my money and I want it back. Since waiting, for most people, won't result in getting any more money there is not a good reason to wait. Yes, my checks are smaller, but I am going to get more of them. I will have gotten 96 more checks over someone who waits until age 70 to start. You have to live until around 80 years old before waiting gets you more money. The only way to know for sure is to know the date of your death. I like being retired. I like not having to tap into my savings to live day to day, I especially like not going to work.
Retiring at 62, but waiting for FRA to start social security, made most sense for me. But I have a pension and 401k. My parents are still living in their 90s.
Not to mention that Medicare benefit starts at 65.
I think there is a "Sweet Spot" somewhere in the middle. Not early with a low check amount and not maximum either. I'm thinking around 65-66 would be perfect for me. I will have a separate pension anyway so, I can take my time. If I live abroad in a country that has very affordable Medical Coverage, I wont need Medicare.
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
Joel, keep in mind that a lower check does not mean less money. The reason the payout is less at 62 is because you are going to get more total checks. 48 more than the person who waits until age 66 and 72 more than the person who waits until age 70. It's not magic, it's just math. For the most part at age 80 is the break even point for all three. I took mine at age 62 because wanted more time retired. I decided I wanted more time being retired when I was young enough to enjoy it rather than to get more money when I was 80. The choice is yours, but it helps to understand the choices before you make the decision.
@@bernie9728I like the idea as well on retiring early. Would you mine sharing what formula did you use to compute? I am assuming to compute your total ss monthly for the years you are not working? Thanjs in advance.
I don't suggest to retire at age 62 unless you can pay or you have healthcare coverage from your former employer. I retired age 64 and paid for 1 year $1200 per month premium for health insurance until I my medicare kicked in.
So sorry ,that' was Lots of money. In my situation, I'll pay more till death.
I think the question should be..Should you collect social security at age 62? Because anyone can retire as early as they want as long as they have funds.
I retired at 57 and we are living off my pension and investments which gives us a total of $5000.00 a month here in the Philippines. I'm going to start taking my SS at 66 and my wife who is 60 is going to take hers a 62. It works for us. Plus at 66 we are going to buy a condo or Villa in Bradenton fla. And start doing 6 months here in the Philippines and 6 months in fla..mainly due to the poor health care here in the Philippines
hmm make sure the condo in FL doesnt collapse. 😂🤣
90% CAN NOT retire @ 62 = PERIOD . IMPOSSIBLE TO LIVE IN USA ON 12OO- 1500 A MONTH
Exactly. Plus in my case id be giving up 65k a year plus I'm putting 5200 a year into my tsp and the couple thousand my employer puts into it. Plus I have to continue paying medical insurance for my kids. I wouldn't be eating the expensive cat food.
Retire in the Philippines on an island
@@woodspirit98 federal workers can retire at 57 MRA and can qualify for SS federal supplemental payouts to 62. Some of my friends went out at MRA with the supplement. I’m budgeting 2k a month in the Philippines which is 3X less than my total retirement. Heading back home sometime 2022.
@@maritzalastimoza3142 that's my plan cuz I live and grew up in an island I have my own house, my only concern is the medical insurance cuz we have to buy our own health Insurance until Medicare kicks in at 65.
I live on a helluva lot less.
Its MONEY vs. TIME...You know How much Money you have but no way to know How much TIME you have left. I'm 52 yrs old and have more than enough money in my 401K and IRA that I want to retire at 55.
Early retirement is great!
I'm 60 and considering all the ramifications of retiring at 62 but I keep getting stuck on the fact that I have two small kids "dependent children" they push my monthly benefit over $5k per month for 12 years, kinda hard to say no to that. I won't spend my 62nd birthday at work, you can be sure of that!
Thanks...very informative, especially for me with plans of retirement in the Philippines.
of course- GOOD ADVICE!!! most people only think about the higher benefit at 70yo-- they are short-sided and never think about all the benefits they miss from 62 or 65 until 70yo
Thank you I learned something God bless you sir
Thank you for this video. Very informative.
👋 thanks for the enlightenment.
Thanks for sharing your insights to all the workers nearing retirement or already retired. This is very informative. What about if you retired earlier than 62? Say for example an employee quit their job at the age of 55 and will be taking distributions from 401k as the primary source of income. When can an employee apply for Social Security? In this scenario, the individual have been working for 30 years with sufficient funds to live off from retirement savings for 30 years.
At age 62 at the earliest.
Just keep in mind that the SSA uses 35 years of paying into Social Security (FICA tax) when it starts calculating your benefit. If you work just 30 years, then the SSA will add five years of zeros (aka "goose eggs"), which will reduce the result called your average indexed monthly earnings or AIME. A smaller AIME means a smaller benefit; and if you take the smaller benefit as early as you can, that makes the smaller benefit even smaller. But if you have enough for 30 years of retirement already banked/invested, you should be just fine (one of the thinking minority!) even if you start taking benefits at 62! 👍
@@johnc2438, I agree about how Social Security takes the average income on the last number of years worked which is 5 years of zeros from 35 years into paying SS. I am not sure about how their website calculates the monthly income at 62 because the last time I checked it, the difference between stop work at 55 and stop work at 62 is not much less. There is an online calculator in SS website where you can input the yearly income and average future income until stop work and it gives you the monthly amount of income from SS starting at 62 to 70. Of course the later you take SS the higher the number is. I pick 55 because this is the age where 10% penalty will be waived when taking distribution from an employer sponsored 401k when you stop working.
Magandang hapon po Danny,
Turning 62 this coming weekend the 27 Th. But i am forgoing retirement until FRA. And i am planning now to wait till Jan01, 2027.
Besides i will be earning full wages for another 5 years from now which also increases my full retirement. Apply 6 months prior to age 65 is better for Madicare so says Christopher Westphal on u tube.
Additionally i am receiving Tricare Overseas here in Guam Hafa Adai.
As a SSS beneficiary and due to income guide lines, I don't need to file an Income Tax Return. My question is : " Which is better...me, to remain as a non-filer or have joint returns with my husband who is still working?"
Thanks for whatever help you can render for this inquiry.
What I usually do is prepare a return as joint filer, and another as separate filer. I file whatever is beneficial. This is easy if you are using an automated system, or talk to your tax return preparer. There are many things to consider.
Grandpa can you please discuss about windfall elimination.
It is very important that children born to US citizens are also sponsored to become US citizens by that citizen.
The children can become entitled to benefits but not receive cash benefits. See the Alien Non Payment provisions.
Hello Sir. I’m residing in California. My husband retired at age 62 but keep working until now and still continue to pay SS benefit. He’s getting the same amount granted to him since he retired at 62. What happened to the $$ that SSA is still collecting from his paycheck? Where does that money goes?
It is kept by SS and used to fund future payments to SS recipients.
to illegal aliens that jump in the border..lol..you can retire at 62 and will be allowed to work part time only.
My boyfriend wants to retire at the age of 62.i agree to that coz you dont know what will happen and we will live together and i want him to enjoy life without working.but still thinking about that maybe they change the age of retirement.
Remember to think about medical insurance that does not cover him until age 65.
@@vloggergrandpa2707 also it will not cover her as they are not married...
@@twistedtrails8128 if they live in the Philippines eat healthy exercise believe God. I read Dumaguete has good doctors and less cheaper but if you have health issues then you have to worry about health insurance or just buy your health insurance..more expensive..
I'm 60 now, hope to retire soon? Will recieve a pension. Plan to take Soc Sec at 65 when I begin Medicare
65 yrs old na ang retiring age dito sa Japan.
1500 enough for old people coz they eat less travel less cant enjoy much. The best travel at young age no need to wait till i old.
retire early and claim later and leave a healthy life👍😷
Talk about inflation.. SS not keeping up.
It actually does.There is a cost of living adjustment,that is put into all social security beneficiaries.It's based on the previous years rate of inflation.
Historically, it never has. Didn't in the 70's, 80's, 90's, and so on. So it's no different today. Neither have Middle Class wages. So what's your point?
Very informative!Thank you. I am not happy with my situation. Should my husband die , I will not get any of his soc sec.
As you indicated, my retirement {not social security } is a hair more . This is not fair the way I see it. My husband worked for
for soc sec. since he was 16 yrs old. Those people who did not earn a penny are getting my husband's money, soc. security.
This is how I look @ it. BEcuz I receive more in my retirement, I have to pay more Part B and D. Actually it is not fair. I am not
happy. Sorry, I am just expressing my disappointment. Thank very much, grandpa U.S. vlogger.
Please take a look at this in case it applies to you. www.aarp.org/retirement/social-security/questions-answers/do-pensions-reduce-social-security.html
There is loop regarding this SS FRA . Easy just withdraw to your 401 k until your reach "FRA ". Why because when you reach 72 years old the IRS will force you to withdraw the money (RMD rules)..... Be care full in Medicare within 2 years , Dont withdraw over 91 thousand single or 190 couple per year ... Why Medicare will consider income therefore higher premium for life once you file Medicare @ 65.🙂🙂🙂🛌🏼
Take it @62, this means your enjoying your hard earned money contributions to SSA. 5years of collecting early is better than delaying, tomorrow may never come. Don't wait..take your money and enjoy😊
salamat GP sa info👏
Hello, I am a little confused. I was under the understanding that SS takes the highest 35 years not the highest 5 years or last 5 years to estimate one's SS benefits to at age 62. I will be 62 in January. I started my own business last year. I have not been paying into SS this year. I would like to start getting my SS at 62 or 64. What are your thoughts on my situation?
Thank you in advance
I assume that you are declaring a loss on your business is the reason you are not paying SS this year. If you continue with this trend, you can start collecting at 62 and be able to make up to $18,000 without penalty to your SS Benefit. If it exceeds that amount, you may want to postpone collecting until your full retirement age.
@@vloggergrandpa2707 Thank you for replying back.
@@vloggergrandpa2707 I have a small business. I need to talk to an accountant or the person that does my tax returns. Thanks again
Mano po, lolo. Bagong sub po ako. Marami po akong natutunan sa bidyo nyo. More power po ✌🏽🇵🇭🙏⛪️
In the UK we have no choice but to recieve gov pension at around 67 years old.. Ouch.
Tomorrow is not promised. In 16 years at 62 getting 1000usd you get about 220k usd at age 78, if you retire at 67 you will be 83 getting the same 220k usd. Remember tomorrow is not promised. Why take a chance on what may not be there including you. 🤔
But of course, you won't regret your decision to wait, because you won't be around to bang your head against the wall. I learned exactly a half-century ago in Vietnam that "tomorrow is not promised." Life itself is a chance -- I learned quickly what "risk management" truly was all about in any work/life situation. I'm still managing! 🙂
Thank you!
I will be retiring in the Philippines at FRA with my military pension and Social Security and should not have to file income tax as i should not owe with a dependent child under 16 yrs of age
I'm not sure if someone asked this question yet.
If my spouse and I retire early (before 65) & we DO plan on moving/permanently living in the PI, my question to you vlogger grandpa is that when we turn 65 when we are already in the PI retired, do you know if we are still obligated to pay apply/pay for Medicare Part B since it can't be used in the PI obviously. We would essentially be forced to pay for services we can't use?? Thank you in advance.
Part B is optional. Thus, you may decide not to get Part B and save yourself about $150. But, you must know that if you do come back and decide to join, there will be a penalty.
@@vloggergrandpa2707 Thank you sir. Appreciate the Info. I pray 🙏 there don't be any need to return back to the US. Just want the relax and enjoy the wife's family while we are retired in the PI. I do know about the penalty as well. Thank you again.
@@vloggergrandpa2707 what will be the penalty grandpa?
Retire early when you think you can Life is too short. Money is not only the factor, your health mental and physical.. Just adjust your spending habits.... I know a few couple who planned their retirement. Retire at 65. To travel . Savings and pensions, good. Few months before 65 Wife diagnosed with Parkinson's d. Husband had a massive stroke , hemiplegic. .. so sad....
That’s what I did I just retired at 62. It’s not big monthly SS
Retire at 62! Great video! Take it early and enjoy the Outdoors! Our RUclips channel can help you with that!
My husband retired early, he was born August 21 1928 and he died October 4 2019. As a wife I’m trying to ask about my husband pension, if I can have the half of his pension and the pension company said I cannot have it because it’s my husband early pension retirement.
just wonder are you in the US...you should consult a lawyer.
U can retire on 62 if u have money .if dont have money forget it
Very Good Video...You are very Knowledgeable ..
i am 50 and i am not planning to retire any time soon that would has boring as the hills lol
If anybody get "bored" being retired it only means they are doing "retired" wrong.
It's boring for you because you're not doing it right.
Sir, I Will be 65 on Apri 2022 but Will still continue working until I reach My retirement age at 67, when do I need to file My Medicare? I have full medical benefit from My work. Thank you for your time.
Medicare Part A (hospitalization) is automatic, mandatory and free as soon as you reach 65. Medicare Part B (physician services) will not be required while you continue to have your insurance at your work. As soon as that insurance is discontinued when you retire, you will need to apply for Part B.
I am 56... been working for 21 years in the USA. I plan to retire anytime soon - I think I've enough in my 401K and IRA plus a little saved in my personal investment. I will be able to pay my mortgage when I decide to retire and will have zero US debts -- annaul liabilities will continue of course by way of real estate taxes and utilities on my US home. My wife worked for 12 years in the US but she now has a dental practice in PH.. I am still worried between when I retire and when Medicare kicks in... I plan to enroll in PhilHealth and stay in PH with occasional US gigs that may or may not pay for insurance... DO you think the PhilHealth approach as gap insurance is a good idea? TIA sir!
I don't know much about PhilHealth, but I heard from many that coverage is not that good. Hopefully they could improve on this and be sure you are aware of all it's benefits and limitation before relying on it entirely.
This is also my concern, I wanna retire at 62 but have to buy expensive insurance until Medicare kicks in at 65😩
I am 61 and engaged to a Filipina my plan is to retire at 62 and move to the Philippines. My question is will my Filipina wife be entitled to my S.S. benefits when I die even though she is not a US citizen?
Please see the following link: www.greenbacktaxservices.com/blog/social-security-will-non-us-spouse-lose-benefits/
Thank you very much for the information!!!
Grandpa how about if your retired & you want to settle abroad & want to run in public office & to run for public office need to be full citizen of that country & not dual so you need to renounced your US CITIZENSHIP do you still gonna recieve your pension from US even you renounced your US Z AT CITIZENSHIP
I believe that you have go give up your US citizenship if you decide to run for an elected office. This is a Philippine requirement, not US. Also, I would guess that it should not affect your US social security benefit since non-citizen permanent residents are entitled to receive theirs. Just my opinion.
Hahaha i love how you said that part, oh G if i collect late (SSS) i can collect more but before you collect you’re dead😜😜👍 but very true!!
Don’t make retire (stop working) and earliest age to receive SSI the same thing in one’s life.
Do you have a website po? Thank you for all the helpful information.
Sorry, I don't. But you can go to my Channel and preview the ones that are relevant to your needs.
You can retired at any age you want. If you don’t have money 💰 forget about it.
this is what I am talking about. Retirement is about money. If you can't afford your life on your pension, then DO NOT RETIRE. Retire if your pension is good enough to live on.
I think early retirement and you can afford it to live why not. Enjoy life early , why wait 69
Would it make a difference even we are covered with (tri care prime) I meant my husband was a retired AF , he’s 66y and been receiving SS and military pension, and I plan to retire retire at 62 this year
Sorry, I'm not familiar with tri care prime. However, make sure your tri care prime will cover you in the Philippines. Otherwise, you may be at risk if you get sick in the Philippines. Medical insurance is covered in one of my vlogs. Here's the link to my channel. studio.ruclips.net/channel/UCYU70S4jYvhw0BOetMFdD6Aplaylists
62 is not minimum age to retire lol
It is only the minimum age to collect social security!
Love your videos!!!
Of course! You can retire as soon as you are born if you can afford it. 🙂
But you get less and less when you don’t contribute anymore specially if you claim at 62
Hello and thank you for your posts. Can you do a separate explanation about US Social security and qualify children, spouse caring for said children. For example, my wife, to my benefit, is 20 years my junior, and we have young children. After reviewing your vlogs I think I could start collecting social security at 62 and my wife and children could collect based on my benefit at the same time (effectively giving us a much larger monthly income). My intent is to relocate to our paid for home in the Philippines then with that income stream. From my reading this is complicated (family maximums, qualifying rules, etc.) and maybe you could clear it up some for me (and others who may be in a similar situation).
My understanding is that your wife has to be at retirement age (minimum of 62) to collect spousal benefit. Your situation is not common. I suggest you discuss it with Social Security Administration to be sure there are no surprises.
@@vloggergrandpa2707 This is why I was asking. There is a benefit for caring for children that are under 16 (as is the case here) and was hoping you may know something more about it or could help me.
Sorry, but this time I really wouldn't know. It's best to consult with Social Security Office regarding this.
@@vloggergrandpa2707 It's my understanding that you need to have been married to your foreign wife for at least 10 years and that she needs to have lived in the US for five of those years. Once she turns 62, she can then draw an amount equal to half of what you're getting as a spousal benefit and it doesn't effect your benefit. I don't know about the children.
Thank you for sharing the information.
An example if both of us are retired and over 65 years old and my wife already received the pension. Can I claim spousal benefit from my wife and defer my own benefit until age 70?
That strategy was called 'restricted application'. That loophole was taken out in 2015 under the Obama administration and can no longer be used if you were born after Jan 1, 1954.
I am 62 still sworking planning to apply for SSS pension in the PH. We are anticipating to recv SSS pension in the PH at around 8k to 9k. Will it affect our SSS pension here in the US when we retire?
Yes, that will reduce the benefit you will get from the U.S.
My last day from work is July 5 When will I receive my first check from SSS?
You have to file a claim for your benefits if you are not a full retirement age. Call Social Security Administration.
Thank you
Grandpa , what I know if you retire at your retirement age , you can work as long as you can with no limits on how much you are earning . Is that correct. Thanks
That is correct if you retire at FULL RETIREMENT AGE, not early retirement age.
@@vloggergrandpa2707 thanks again 🙏😃
@@vloggergrandpa2707 grandpa is Medicare accepted by Philippines government
No, it is not. However, you may be able to get an Advantage Plan that could cover you for "emergency" cases only while in the Philippines. That is covered in one of my vlogs. Here's the link to my channel. studio.ruclips.net/channel/UCYU70S4jYvhw0BOetMFdD6Aplaylists
I retired at 57 due to a work injury now I’ll be 62 this august.
I found out that i can’t get it because i’m living out of the U.S. here in the Philippines .
Vlogger gpa can you touch on that subject to see if there’s any truth to that
Nope! Even if you are in the Philippines, you can collect social security (like in the US) provided you meet the qualification requirements which is 10 years of working and contribution to social security (so-called FICA taxes).
Thank you sir for the information. I do have a question with my situation. I plan to retire at the age 62 due to my health issue and my job required to stand a long hours a day. I'm aware that I'll be getting a reduce retirement about 75%.However my husband has a larger amount of social security when retire. Would I be able to claim a spouse benefit and give up mine. Should I be getting half of his? Thank you for your advance information about my situation. Thank you for the video
You will receive the higher amount. Here's a link regarding this: faq.ssa.gov/en-us/Topic/article/KA-02011