Those that should wait to take it due to finical needs often take it early. The worst cases I have witnessed are those that take it at age 62 while working and start living off the combination of their salary and social security. This income / lifestyle creep leaves them unable to retire.
Thanks for the great content, Cardinal Advisors! If one is a high-income earner, it behooves you to wait until seventy to provide the greatest amount of inflation-adjusted income to the surviving spouse as the Social Security calculation for greater benefits was done when life expectancy tables were based on data not reflecting people's longer life expectancies at the present time.
Retired 22 years ago at 45. Never had a lot of cash, no investments. My average spend has been $600/mo for past 15 years. Spending has gotten smarter by about the inflation rate. This wasn't a budget, just what I spend. IMO spending is a much bigger part of retirement than income. Plenty of people with lots of money go broke, unhappy (even more don't go broke and are happy). 67 and no need yet to take SS. The 8% increase is a good deal for me and the COLA compounding that. In 2025 I'm planning to sell my central Phoenix house and move to SE Asia. There my spending will be 3x to 5x higher but I'll have the income for that from interest on the cash from my house and $3800/mo SS plus $2800/mo extra. I really need to adjust to spending more, but want to spend only on life improvements. I may hire a Man Friday to drive me around, etc...
Thanks for all your educational videos ! The SPIA for 5 years amounts to getting 4% on your money, so one might just pull out of the IRA each month or better yet, each quarter, enough to make your "paycheck" IF they can get better than 4% return. MYGA's are paying higher than 4% and you can take out 10% a yr penalty free. Having some income flow is a great idea in any case right after retirement to lower sequence of return risk.
Caution that the SSA site gives out wrong information on the estimated benefits as the sliding scale it shows does not show delayed credits (ie increase after FRA) until each january.. ie I am 68 and 4 mos.. shows the same benefit drawing now as it does in Dec 2024..
Thank you Sir, for what you do. I retired at 64. I am now 70 years old. Can you give me some what of a idea, on what I should be getting every month from Social Security?
My wife is taking SS. I will apply when I am 70. Does she have to fill out a form to tell SS that she is now entitled to her spousal benefit. 50% of my FRA?
I’m all about waiting till 70 for my particular situation. I’m 65 wife is 62, Both retired. Wife will claim SS at 64. Her benefits are half of mine. What happens if I die at 68 (Before claiming)? Does she wait till 2028 to claim survivor benefits?
Very well explained!……….You should have mentioned that some of those people that come into see you may have the option of taking the “Do-Over” in taking S.S. as long as they haven’t been collecting for over a year. If they haven’t been collecting for over a year and they’ve decided to postpone collecting until a later age, they can. Of course they have to contact S.S., let them know that they want to postpone collecting and then pay back what has been collected up until that point.
I am receiving survivor spouse benefits at the age of 66, delaying taking my benefits until the age of 70. Is there a way to see what my projected benefits will be once I reach 70?
Is it true that a survivor benefit doesn't gain 8 percent per year from 66 to 70? No gain in the survivor waiting beyond 66 if that's true. Your statement will give your personal earnings future benefit amounts at age 62, 67, and 70 to see if it's greater than the survivor benefit.
Those that should wait to take it due to finical needs often take it early. The worst cases I have witnessed are those that take it at age 62 while working and start living off the combination of their salary and social security. This income / lifestyle creep leaves them unable to retire.
Thank you for detailed explanation. It is very helpful.
Thanks for the great content, Cardinal Advisors! If one is a high-income earner, it behooves you to wait until seventy to provide the greatest amount of inflation-adjusted income to the surviving spouse as the Social Security calculation for greater benefits was done when life expectancy tables were based on data not reflecting people's longer life expectancies at the present time.
Retired 22 years ago at 45. Never had a lot of cash, no investments. My average spend has been $600/mo for past 15 years. Spending has gotten smarter by about the inflation rate. This wasn't a budget, just what I spend. IMO spending is a much bigger part of retirement than income. Plenty of people with lots of money go broke, unhappy (even more don't go broke and are happy). 67 and no need yet to take SS. The 8% increase is a good deal for me and the COLA compounding that.
In 2025 I'm planning to sell my central Phoenix house and move to SE Asia. There my spending will be 3x to 5x higher but I'll have the income for that from interest on the cash from my house and $3800/mo SS plus $2800/mo extra. I really need to adjust to spending more, but want to spend only on life improvements. I may hire a Man Friday to drive me around, etc...
Thanks for all your educational videos !
The SPIA for 5 years amounts to getting 4% on your money, so one might just pull out of the IRA each month or better yet, each quarter, enough to make your "paycheck" IF they can get better than 4% return. MYGA's are paying higher than 4% and you can take out 10% a yr penalty free.
Having some income flow is a great idea in any case right after retirement to lower sequence of return risk.
Caution that the SSA site gives out wrong information on the estimated benefits as the sliding scale it shows does not show delayed credits (ie increase after FRA) until each january.. ie I am 68 and 4 mos.. shows the same benefit drawing now as it does in Dec 2024..
Thank you Sir, for what you do. I retired at 64. I am now 70 years old. Can you give me some what of a idea, on what I should be getting every month from Social Security?
I would need to see your Social Security statement to provide an estimate
My wife is taking SS. I will apply when I am 70. Does she have to fill out a form to tell SS that she is now entitled to her spousal benefit. 50% of my FRA?
I’m all about waiting till 70 for my particular situation.
I’m 65 wife is 62, Both retired. Wife will claim SS at 64. Her benefits are half of mine. What happens if I die at 68 (Before claiming)? Does she wait till 2028 to claim survivor benefits?
Hans: this dude…
Me: 🤣 👍
Very well explained!……….You should have mentioned that some of those people that come into see you may have the option of taking the “Do-Over” in taking S.S. as long as they haven’t been collecting for over a year. If they haven’t been collecting for over a year and they’ve decided to postpone collecting until a later age, they can. Of course they have to contact S.S., let them know that they want to postpone collecting and then pay back what has been collected up until that point.
ruclips.net/video/ZCxMEDrx21A/видео.htmlsi=8yygq-AD44rnDnVj
I am receiving survivor spouse benefits at the age of 66, delaying taking my benefits until the age of 70. Is there a way to see what my projected benefits will be once I reach 70?
Is it true that a survivor benefit doesn't gain 8 percent per year from 66 to 70? No gain in the survivor waiting beyond 66 if that's true. Your statement will give your personal earnings future benefit amounts at age 62, 67, and 70 to see if it's greater than the survivor benefit.
Is this info valid for California citizens because the cost of living is highest?
You get the same benefit no matter where you live.
You might want to leave that leftist he'll hole.