4 Ways You Could Lose Your Social Security Benefits

This video discusses four unexpected ways you could lose your Social Security benefits. Several of these you may be unaware of but are very important to note. These include:
Taxes on Social Security
Social Security Earned Income Limits
Garnishment of Social Security benefits
Taking benefits at the wrong time
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[@rexiiforsure9558]

My neighbor Mr. McDole thinks I’m a fool for taking social security at 62. He’s a jerk, almost all the men in my family died before 70. I think I made a good choice

[@moonbeam478]

I think you did too. I've seen so many wait till full retirement to start enjoying their life only to die from some illness never getting to enjoy any of their retirement! Good luck to you. Glad you didn't listen to others. It's your life so live it like you want👍

[@TK-sx4fr]

It’s based on your circumstances and life expectancy. One of the main reasons people take it early is because they may not be there tomorrow. There is a formula that shows the breakeven point based on life expectancy. Life expectancy in USA is about 84 years?. So, if you think you’ll live beyond 84, it makes sense to wait until FRA.

[@wjvlodek8769]

@@TK-sx4fr 84 is a long time...one of my favorite mottos is.."Bruno Samartino even died at 83"...

[@TK-sx4fr]

@@wjvlodek8769 Yes, you are correct. Take it at 62 would be the best option.

[@karenv5103]

Our family tends to live into their mid 70' s, why would I consider working until I'm 70?

[@steved0123]

A guy I used to work with was pushing for 70 and 124%. I read his obituary a few weeks ago. He was 68. I retired at 61.5.

[@joycewright5386]

My Mom retired at 62 and died at 70. So grateful she got to enjoy a few years of retirement.

[@robertthomas5906]

It would be nice if we had a scheduled death date that we knew about.

[@kevinh5349]

So what? Most people will live into their late 70s or into the 80s. Do your best figgerin' and throw the dice.

[@warriormanmaxx8991]

@steve d - that guy you used to work with ... meant well ... hoping to live beyond age 70.

[@steved0123]

@@warriormanmaxx8991 If you have a stressful job, it is better to leave it before it kills you. You can't take the extra S.S.with you.

[@essiealmond8040]

When I was younger the FRA was 62, I couldn't wait until I got there, it changed. But what I don't understand is, that you work all of your life to get there, if you decide to retire at 62, which is early now, you only receive 70%,of your benefits then they tell you how much money you can make, even if you wait until FRA there is still a cap. This country wants to keep folks at poverty level.

[@bradleyr34]

FRA was never 62 years old. At inception FRA was 65 years old. SS was never meant to replace your normal income. You have to fund your own retirement to live comfortably.

[@newhampshirelifestyle4233]

That is why we have retirement plans like 401K ans IRA's. You can save a lot more and invest for your retirement and live really well instead of depending on the government.

[@bradleyr34]

@@newhampshirelifestyle4233 , exactly!

[@donnanelson2967]

Probably couldn’t save much if you’re a working woman.

[@jaminova_1969]

@@newhampshirelifestyle4233 How many Americans lost their entire lifesaving's in 2006-2010 when Nancy Pelosi went from a lowly paid civil servant to overnight millionaire sitting on the SEC "oversite" commission?

[@timcoker1428]

I retired at 58,started drawing my Social Security at 62, I also have a pension from 32 years at Dupont that's pretty good, I didn't see any reason to wait. I mainly retired early so I can spend more time with my daughter and grandson, as they live 600 mi away in North Port Florida. Since I quit work I can go down there anytime I like and spend as much time as I like. When I was working I would have to schedule vacation time to go visit , now I can just go anytime I want.

[@cajunstacker1376]

Good for you. You worked hard all of your life,now you get to enjoy yourself. You earned and paid your money into social security, its your money. I have the same plan, if God says the same and I live that long. I am getting close, I am 58 years old.

[@colemant6845]

So What. Your point please?

[@timcoker1428]

@@cajunstacker1376 I hope you have a long happy retirement 😊😊

[@timcoker1428]

@@colemant6845 Retire as early as you can, that's my point....good luck.

[@johnnylee8194]

Does receiving pension (considered to be overage) reduce your social security payout?

[@two2young93]

I work for the Social Security Administration. You did a great job at explaining things. 👍

[@kathymc234]

Thank you for asking that. As you can see from the comments, many of us are truly confused. With all the tax money we spend, these videos from SSA would be welcome. Happy New Year.

[@douglastiffany9910]

As a blue collar worker. I totally understand retirement at 62… 40 yrs of hard labor is enough! Let’s ask this question, what is the avg age of death for a hard working blue collar worker ?

[@richardordonez8331]

Im 59. I was going to retire at the end of 2021,but got fired before Thanksgiving. My plumbing career wore me out physically and mentally. I've got enough to live on until 62. But since both my parents and uncles are in their 90s I need to ask myself if it's going to be worth the wait.

[@kathymc234]

My last husband died at 55.

[@donkellar9816]

I think in the 70s but I don't look at it that way I'm going to live to be 105 and get beat up every weekend but some jealous husband LOL stay positive

[@Iwilldestroyyoo]

Average life expectancy is 72, for developed countries.

[@moncho2000]

Sorry to tell you, we are death already. Lol

[@johncu7007]

One of the BIGGEST Lessons I learned from this video (HUGE) was at 9 minutes 20 seconds - where the SSA does NOT tax (or “reduce” your benefits) if you are drawing/withdrawing from your 401K/IRA retirement funds. This was/is HUGE!! (and was a ENORMOUS relief 😮‍💨 and Mind-Blowing 🤯Eureka💡for me, personally). So THANKS again, Schmidt!!🎉🥳👏🍾🥂 - (You STRUCK [again] dude - EXCELLENT info/facts!⭐️⭐️⭐️⭐️⭐️ [5 Stars]👏👍).

[@Iceaxehikes]

You are scaring the Schmidt out of me.

[@juangabrielgonzalez4488]

*I understood every point you made in this video, and that is because you are a good communicator who explains everything so clearly. Thank you.*

[@davidf1712]

You missed The BEST reason to take SS at age 62; ...you want to be free of a 40 hour a week job so you can go live a full time life of backpacking or mountain climbing or some other physical activity BEFORE YOU ARE TOO OLD TO DO IT. Why are people waiting until they are bed ridden by the time they quit working??? How STUPID.

[@wjvlodek8769]

Yes you are correct!!...and if you cannot live off of what you bring in, them modify your lifestyle. Old age catches up to a person quickly, ironically, around 63/64.

[@bernie9728]

Looks like I'm a little late to the game. It's important to understand a few things about Social Security. Number one on that list would be that more per month does not mean more total. No one can know that for sure unless you already know the date of your death. I retired 7 years ago at age 62 and started drawing my Social Security right away. SS gave me the numbers for age 62, age 66 and age 70. The longer you wait the higher your monthly payment will be, however, that does not give you all the information you need to make your decision. While it's true that my monthly is less per month, it's also true that I get the money for more months. I will get 48 months more than the person who waits until age 66 and 96 more months than the person who waits until age 70. My break even point was 79 years and 8 months. That's the date when I would be getting more money by waiting. Up until that point I will have made more money by retiring early. I looked at my family history. My dad died when he was 80. He did have a brother who who lived until age 87, but on the other hand, he also had a brother and a sister who died in their 60's. My older brother died at age 70. Like I said, unless you know the exact date of your death you are just guessing. I took the "bird in the hand" approach. I am now 69 years years old and I have zero doubts that I made the best decision for me. I know this to be true because you will find that in life it's not about the money. Once you have more money than you will ever spend the amount simply does not matter. I chose to spend my retirement days being happy. Once you find your sweet spot it really does not matter how much money you have, or how much money you leave behind for people to fight over. That's when you learn that it's not about the money and it never has been.

[@jmmarshall5492]

Well said!

[@livergen]

Yes sir, That's exactly how I look at it also. I'll be 70 in September, started collecting at 62, I basically consider myself a Single unsupervised adult now at this point ( LOL) , I do all my own cooking and baking along with canning food And have no desire at all to go to any restaurants, ( that's always been a gamble for food poisoning ) . So now I just enjoy my music backing tracks, stereo foot peddles an amplifier systems, And my Quality guitar collection, it's nice to enjoy peace of mind in a stress-free environment and taking the time to actually enjoy yourself and pursue your own interests. Stay blessed and enjoy the most precious gift we each own , Our time, protect it from all stress as best you can.

[@mikeclarke3005]

not waiting, as soon as hit 62,, will have no debt, house paid for to live in, moderate expenses, will live on what get and deal with and enjoy life what still little time have not wasting it any further than that!

[@candacejacallen4813]

I didn’t have a choice. At 62 I had been looking for work for 8 years. Finally gave up and took the SS.

[@jdemarco]

You couldn't find a job for 8 years? WTF

[@ageisonlyanumber8334]

I would love to see a short video showing two examples of the combined income (4) real life examples one with combined income below the taxable threshold and one showing combined income above the taxable threshold to see if I am understanding it correctly. Thank you!

[@rchydrozz751]

I took SS at 62 and retired for about a year and hated it. I now work part time doing something I like doing just a few days a week. No strain and no worries.

[@dennistyler8746]

Plan on working pt for a long time to supplement SS and small pension I receive...plus getting out to socialize and to just slow life down. Retire and fish, need more than that. ✌

[@DavidSmith-ps5nd]

I hated retirement, too. Now working at Wallyworld. Not sure I like that, either.

[@joelalm3645]

Went over on income by working after retiring. As you know the rule for over every $2 you give back $1 I had to pay over $3100. I just went in opted to have then reduce my payments by $88. I keep my payments but balance out what is owed. I'm wating for the other rule 66.4. That's where when I'm exempt and can make as much as I want there is no pay back and I keep my full benefits. You see any changes in this rule of 66.4. In 50 year's of working i took .y benefits early 63.0 and look to keep making more money and invest my social security welfare payments to even higher levels on getting social security payments and working to the new caps set by big brother. Great podcast. Love what you do for everyone there. Joel

[@SAM-gy7ep]

I retired at 62 because my health gave out. I wanted to work longer. But my body had a different opinion. Now that I'm 67. They told me nothing would increase. I worked all my miserable little life. From Sixteen on up. Sometimes I worked for the wrong people and the wrong businesses. To where I got paid little to nothing. And they didn't take out any Social Security. So now I only get a $1000. a month. ☹️

[@dennistyler9852]

SSDI may have paid more but you would have had to applied and qualified. All the best.

[@jimmiesmith5811]

Yeah I know what you're talking about a lot small business do that especially the ones paying cash my old boss would say she was taking taxes out but showing any proof I got fed up and had to get irs involved just to get her to give us our W-2s I got about 5 years worth from there that was years ago but those undocumented years are going cause me to have to work until 70 to make to up for it if my health holds up

[@sct4040]

I understand the 70/100/124, but I have worked 43 years and retired at age 63. The break even age is 84(I think), I decided to take SS because I don't know how much time we all have. Most of the 800,000 Americans who died of covid were elderly.

[@JerryStevens]

That's interesting. I decided to wait until 70 because I don't know how much time we all have.

[@shashaeighteen]

Agree, besides c19, variants, six mthly forced boosters or else no SS for you perhaps, money run out etc.. understable.. believe their aim is not to payout so get rid of seniors so those younger may hv some monies to distribute..

[@everettcalhoun8197]

@@JerryStevensI understand 75/100/132. I took it at 70 because I was more concerned with no money at 85 than dying early. I have never understood the argument for taking it early for the largest wage earner in a marriage and is in good health. SS is an insurance program. I never hear people say I just gotta get my house burnt down to get all the premiums back I have paid in. Just sayin'

[@danielledavis9876]

Exactly, I am taking mines at 62

[@Samtasticlife37]

@@danielledavis9876 62 is the best age for healthy people who have other retirement income; i.e. work retirement, 401k, IRA or Roth IRA... Unless one get Disability which is different. I am taking mine at 62 as well...

[@utah133]

Being in good health, I retired at 67, one year later than my FRA. Having everything paid off including my modest home, I'm not having any trouble living on just SS. I haven't owed any income tax for 4 years either.

[@andreal2625]

Cute cat

[@utah133]

@@andreal2625 Thanks. His name is Raymond.

[@barrywainwright3391]

The math I used is why wait until 67 when I can get 60 payments by taking it at 62. I will receive 60 payments by the time I'm 66. Also I factored in how I can save and invest that money because I've been living on my pension. I want to buy a home and now with the additional income I qualify for more. Also with how crazy and whacky the world is now I rather have more money coming to me sooner than later because a lot of things can happen within the next 4 years. And the fact that I could die before age 66. So that is some my logic for taking it early if that makes any sense

[@johnsonajayi7846]

Excellent decision.

[@fredmccarroll3476]

Life is too short to be working until you are 70! I'm 64 now! I took my social security when I was 63.

[@anniealexander9616]

Great video! Now I understand why a lot of people are choosing to retire early and live off investment before applying for social security.

[@billl1127]

Makes sense if planned for properly and you're not living hand to mouth.

[@jforger]

You did a GREAT job detailing each of these conditions EXCEPT for the last section on combined income. You glossed over this so I can't figure out how big of an issue this is and how (or if) it will impact my benefit. Do you have any other video that provides the detail around this combined income situation?

[@tomduley6357]

A lot of it depends on your situation. My husband is retired and I’m still working because I’m not retirement age. We had to pay taxes on most of his social security( 85% I believe) because my income put us way over the threshold. If we were both retired or I didn’t work or I just worked part time then we would be under the threshold and he wouldn’t have to pay taxes on his social security.

[@DMariaLR]

Thank you for this educational video, it’s very important to know all this. Seniors we are extremely vulnerable especially in these times.

[@godbluffvdgg]

Great presentation. I hope it helps someone on the fence...I get to file in 4 more days ( 4 months before my 62 birthday.) I love the presenters' acceptance that circumstances sometimes factor in to the choice of filing age...30 points is a lot to give up. As a business owner for 30 years; I've kept my tax footprint to a minimum so, my SS is only 900 bucks...Beats a sharp stick in the eye but; "A bird in the hand"...Good health to all and may they just give us seniors blank check books, LIKE THEY HAVE! ...:)

[@dougandersen645]

I understand exactly what you’re saying. I was self employed and saw it coming, ( the Low SS payments). I got a full time job the last ten years of my working years. SS is based on the last 40 quarters of income. I worked until FRA and started SS. My wife and I are the same age. She took a payment of 50% of what I was getting. This allowed her benefit to continue to climb as though she hadn’t retired. She finally retired at 70. Her benefit jumped $600 a month. We’re now 74 and collecting over $4k from SS. Looking back I wouldn’t change a thing.

[@godbluffvdgg]

@@dougandersen645 That's AWESOME! Hopefully you live very comfortably on the 4k...I'm just shocked that SS is still around after hearing of it's demise since the 70's!...I know I'll be doing the Snoopy Dance when I get my first check...:)...I'm working until they need a Medical Examiner to give the nod...:) But, I love working. * Contractor. Do you have plans to travel during your retirement?

[@j.t.cooper9465]

I am waiting until 70 for several reasons. 1. Longevity in my family - both parents lived into their 90s. No history of heart disease, diabetes, or cancer. 2. I am a college professor and love my job working with young people - no drudgery in my job. And free tickets to all sports events! 3. My wife will get the largest possible SS income if I pass first. We lived overseas for years and she did not work. Made her 40 quarters, but not much more. I collect in 5 months!

[@javaskull88]

I agree with your reasoning. Women in my family live into their 90’s, I enjoy my job, and I’m concerned about inflation in the years ahead. I’m 61 now and plan to work until age 67. I am not aiming for age 70 at this point, but “Never say never!” P.s., you are a good man to think of your wife as well.

[@stevearita3267]

Very helpful video! You explain things very simply and slowly, so us old folks can follow and it is easier to understand! Thank you very much!

[@HolySchmidt]

Thanks Steve!

[@gybx4094]

It takes 12 years to recover the money you forfeit by waiting another year. For example, if I had waited until 63, I would have forfeited $22,000 from 62-63. The increase in benefit is 8% per year. So, if you do the math, I would recover that lost $22,000 after next 12 years. That's an amazingly bad return on investment time frame. If you can live with the age 62 benefit, take it!

[@baccaratroulette9786]

74 yrs by then..probably 6 ft below then too.

[@bknight1676]

Thank you for explaining everything so calmly. If ever I was in a plane that was about to crash I hope you’re the captain because you would let us in a way we would look forward to the trip.

[@guyrestivo]

i like ur plane reference..but if I may..we are All in the plane and yes we ARE going to crash(death) and at 62 were all going to become weaker,slower,sicker as the plane continues downward(that plane is not going back up)...thats why Im taking my SSI at 62....who cares about more money when the plane is about to crash

[@bknight1676]

Just one more note on the subject. Since we are all going down when you help a stranger you give that stranger a colorful parachute so then you can enjoy all the pretty colors as we all go down 😇

[@janaeobenauer543]

@@guyrestivo 6

[@kingtrance307]

@@guyrestivo - 💯

[@Hellgie1]

The thing that these experts forget to tell you about is the Time Value of Money. The reason to take SS early is that a dollar at age 62 buys more than a dollar at 67 or 70. I'll take mine as soon as I can!

[@caseykobyluk241]

Social Security payments are adjusted for inflation, but most of your assets are not.

[@acajudi100]

I moved to Queretaro, Mexico on 11-2-2021. USA is too deadly and expensive! I love retirement, because I can learn about everyone and everything I wish, since employment, marriage, motherhood are all done. Thank you God for these 79 years so far, and moving to beautiful, safe, and super clean Queretaro, Mexico,where so far not any grocery shortages or limits. I moved here on 11-2-2021, and I can still get groceries etc. delivered to my door. All utilities and maid service are included in my rent. I only buy food and help the non beggars help themselves. USA got too deadly and expensive for a senior on a pension. I will never beg the government to care for me, for I know they want to eliminate everyone, not to pay pensions etc. God sits high, and he looks low, and the evil and greedy will reap what they have sown. Karma never loses an address, so BEHAVE, and OBEY GOD'S LAWS! Put a d before anger, and you get danger. Do not argue, or call anyone out of their name. DO NOT SCAM AND BEG> WORK. Be a giver and not a taker. YOU will be supper happy.

[@FM-kl3iu]

Wise words

[@larryolson6464]

I think you misspoke at 4:55 and said you have to give back $3 for every $1 dollar over the earnings limit. You should have said you have to give back $1 for every $3 dollars over the earnings limit. I really enjoy your series.

[@iamhere4now980]

This is why so many are tried of being a slave to the system and choose to live a better life. More and more are opting out!!

[@garylee8132]

I am past my retirement age, I’m 68 going on 69 and still working only because of my wifes cancers, yes cancers she has three types and Im not sure if Medicare is going to pay all her bills without bankrupting me. I have an appointment with someone to help me with insurance and hoping to get this crap taken care of cause as soon as I can because I'm tired of working and I am going to retire, and I know the system is a game and everyone knows that our government is stupid, greedy and idiotic it’s to the point that we have to play the system and not get screwed. My question is what in the hell is the IRS and Medicare doing and why? Everyone that has busted their ass for years hoping to retire and is getting screwed unless you are a dam politician, and the living expenses are going up but our wonderful payment are not going up enough to match the increases and as usual those that have served our country and retirees are not being compensated. We have become third rate citizens left to inadequate adjustments by out government. And its about time our politicians do their job and quit whining and crying about who is in charge I for one is sick and tired of the whole dam mess if they cannot work for the people and the good of the country they need to be put to pasture.

[@rebeccayoung6344]

I’m 67 and work FT. I applied for my SS benefits at 65. I wasn’t planning on applying in age 67 but my friend convinced me that I would get my full SS benefits at age 65 and continue to work and make as much money as I wanted without it affecting my SS payment. After watching your video I wish I had waited until age 70. I just did not know or understand.

[@kathymc234]

I understand your confusion. Share this & maybe it will help a friend.

[@frankmueller25]

Just read from the SSA site the following. We don't count pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.

[@melissas7589]

thanks

[@RobJ1929]

Thank you for the information that you covered. Could you do one on disability that was taken at a early age because of a severe health reason. Also about moving to another country to try to make a life style where you can afford to live off what you currently are receiving for SSDI? 61 Epilepsy for 51 yrs glaucoma and cerebral atrophy. Brain operation that made me paralyzed on one side. I had to draw it early in my life and I loved to work but because of a accident from a seizure I was forced into SSDI.

[@HolySchmidt]

Thanks Robert. Let me think about the best way to present that.

[@tinarobertson9899]

I would also appreciate some information regarding Social Security Disability and when a recipient turns the ages that falls under the 60/70/124 rule ? Hope I got those numbers right LOL I have been on SSD since 2013 and would like to know how does that get effect when I become of age for “Regular” Social Security ? By the way Thank you so much for making these videos you made it an easy to understand process and this is information that is much needed. Thank you again.

[@warriormanmaxx8991]

@@tinarobertson9899 - there are videos on KZbin that explain what you seek.

[@seriouslyyoujest1771]

Yes, uncertainly had too give up that idea of working a part time job. My wife had to explain it to me. Maybe at 65, I wont be limited to $200 or lose Oregon’s great free healthcare.

[@juliorivera870]

I thought that when I retire I was going to be a free man, and work full-time and make lots of money to pay off my depts and my mortgage, but !!!! NOoooo!!! Now the government is dictating how much I could make, and that's about $200 a month, W😲W that's messed up 😢

[@captainnemo5379]

Most people my age or younger will pay into ss but never get it. Invest and save on your own, the government is not your friend. They don't want to pay you anything.

[@timhammond691]

Something that is misleading in your discussion on reason #1 for losing your SS benefits, you will NOT receive $110 per month. The SSA calculates your projected benefit reduction and does not pay ANY benefit until your expected benefit reduction is removed and then pays a regular benefit amount for the duration of the year. They calculate the yearly total minus the yearly deduction and then pay at the monthly rate for the rest of the year. Based on your numbers, you would not receive ANY benefits until December and it would only be $1320. It would start over again the next year in the same fashion until you reach your FRA and beyond.

[@MomCat6000]

This explanation would make a great video, Mr. Schmidt!

[@MichaelSmith-hr3be]

There was also another important error, probably by accident, about a reduction of $3 for every $1 earned over the limit in the year of full retirement. That should be a $1 reduction for every $3 earned.

[@nixon2tube]

@@MichaelSmith-hr3be And I'm confused because he says that, and then immediately says that in full retirement, you don't need to give any back no matter how much you make!

[@MichaelSmith-hr3be]

@@nixon2tube : He's correct about that. There's a big difference between "the year in which you reach full retirement age" and "at or after full retirement age." The 1-fot-3 reduction begins on January 1 of the year in which you reach full retirement age, but it stops at the beginning of the month after your birthday in that year, because at that point you will be at your full retirement age, and will have no earnings penalty.

[@glenj7285]

Only in the good old USA would people have to work hard all their lives just to worry if they'll end up with any social security. This isn't the case in most other countries, where they actually care about their people.

[@digger105337]

Promises made by those other countries are only good if the economy stays in an upward trend. Covid had desimated many government pension coffers, it just hasn't reared it's ugly head yet. Brace for reductions coming soon to the Utopia near you.

[@donkellar9816]

Wonder why everybody is dying to get in the United States and come across the board as fast as you can count them let's have something to do with a good old USA I don't see them flocking to other countries do you must be a reason for that

[@donkellar9816]

@Irving Zisman typical Democrat spread your b******* somewhere else I'm not interested in anything of Democrats got to say or think

[@cheryllunn2827]

@@digger105337 In Canaada the pension is not held where the government can get to it. It is OUR pension and is guaranteed for the rest of your life. If we are retired we can work whatever amount we want too, nothing is held back on our pensions, but we do pay taxes on extra we earn. But only on the earnings, not on the pension.

[@cheryllunn2827]

Edit: we do pay taxes on our pension, but the lowest rate.

[@papiparsons9045]

Explained so simply even i could understand

[@HolySchmidt]

Thanks Papi!

[@viking_fisherman]

Always great info filling in the gaps in our knowledge with all the little unknown or poorly understood technicalities that can bite us if we’re not careful.

[@tmilesffl]

The government wants people to wait until 70 to collect because the average life span is 72, so the payout will be much less. I say retire when you can make the numbers work for you. Just remember, if you retire early, the SS payment don't go up when you reach full retirement age.

[@SandfordSmythe]

The life span for workers is around 88.

[@carlhbuchanan2296]

No sure but I believe if you continue to work even part time the government reevaluate your payment..

[@paulsawczyc5019]

@@carlhbuchanan2296 One of the most important and crucial things that any government must do - in order to stay in power and keep you under control - is to keep you broke.

[@carlhbuchanan2296]

@@paulsawczyc5019 Agree On That:

[@howellwong11]

@@SandfordSmythe I don't think so. 88 is a few years too high It is in the low 80's.

[@floswason8776]

I retired at 63 and half because l could still get year and half medical from my union at 65 went onto Medicare Best decision I made With union pension have a decent income

[@markcummings6856]

100% appreciated!

[@mikecolley-]

Way #5, read on: I know someone who was drawing SS and working at the same time. A couple years ago at 72(?) they worked for a year and made good money, about $50K(?). The first SSA note they received from SSA was that they had increased their highest 35 years money because SSA used that 72 income to offset a much lower income from an earlier much less productive year and the SS payment would increase. Wow!!! Good!!! A few weeks later they received a second note from SSA that because they made so much money the previous year that SSA was lowering the SS payment (not much but a little). Boo. The SS payment actually did go down a little (and as far as they know, this wasn't a tax). This was an actual reduction in the monthly benefit amount. So the next year when they had no earned income SSA lowered the SS payment resulting in huge income swing year to year. Next year they didn't work. Hopefully SSA increases the SS monthly payment because they earned little last year.

[@alanguess8351]

Before I retired at age 62 I calculated what I would receive in the 5 years before I could get my full benefits at age 67, it was @ 66k. I then noted it would take me to age 77 before I would recoup that 66K by waiting to receive the full benefit amount. The monthly differential being @ 550 per month. So I need to survive to age 77, the breakeven point, before it would make any difference in at actual amount of benefits received.

[@HolySchmidt]

That sounds about right

[@megalodon1726]

The upside is that if you live beyond 77, you come out ahead in the long run. According to the Social Security actuarial tables, about 68% of people in America who reach 62 will live to 78 or older.

[@dennistyler8746]

@@megalodon1726 and the other 32% are pushing daisys...Retire on your own terms is my opinion. ✌

[@commonsenseisntcommon1776]

@@megalodon1726 -IF is the biggest 2 letter word in the World

[@timothysidwell3046]

Sometimes it's not about the money, but the quality of life. Most people understand the SS structure. So you decide whether to collect early which is guaranteed or wait to collect at FRA which is not a guarantee your alive or in good health to enjoy life.

[@honkymonkey9568]

You might want to mention that there are 37 states that don't tax social security.

[@jameswitte5676]

Even tax hell NY State does not tax social security.

[@svaught1]

Love your channel. I love your delivery and how you simplify this complicated subject matter!! Thank you!

[@VegasNegus]

Very valuable info. Your explanation is clear and concise.

[@HolySchmidt]

Thank you Jay!

[@RetiredSignDude]

Very worthwhile video. Time well spent!

[@uncareid5557]

At 4:50 I think you misspoke. "you have to give back $3. for every dollar that you earn". I think that is reversed? Not an issue for those of us past FRA in any case. Thanks, Geoff!

[@lydiatapia4643]

If you work they dont take anything way as long as you dont earn more then 15 thousand a yr from your job

[@dandcarter]

Very true, Unca Reid. He misspoke! That $1 withholding for every $3 earned applies only during the year reaching FRA, up to your birthday. And the $1 withholding per $3 earned only applies to earnings above $51,960 (this limit changes every year). Then all withholding goes away. And they adjust payments to you to include the funds withheld over the years up until your birthday. So yes, you do receive those funds back over a period of years.

[@eommablink6478]

I know many people who did not want to retire at 62 but were forced due to companies consolidating or going out of business.

[@sdthrutheroof9161]

Good day Sir: I just watched your video and just subscribed to your channel. I'm 57 years old and my full retirement age is 67. I've got at least 10 years to go. I do have a small pension coming from a labor union whom I've been working for the last 10 years. I started working at age 19 and I've been hard at it ever since. This video was very informative and as I get closer to retirement, these things are good to know. That is unless the Social Security system goes broke before I get there. I've heard that by the year 2029 there will only be enough funds to pay 80% of what I'm due.

[@HolySchmidt]

Thanks for the kind words.

[@DrSchor]

Where, exactly, did you hear that? If you can't name the source, don't believe it

[@sdthrutheroof9161]

@@DrSchor The Social Security Statements I get every year are where I saw that. It also says unless Congress does something. And it says Congress has made changes to the social security system in the past and may do so again. It's no secret that the social security system is going broke because the Government keeps taking money out of it but NEVER putting it back.

[@2WOLFS]

I was severely injured at age 38 took me a year and half to recover enough to what I thought I could work. But so much damage to nerves,since I had broken neck and back and had a very different problem walking. And also developed lupus from all the Truma to my body took 10 years to receive SSD. But this past March social security administration notify me I was being transferred to social security retirement and all my quarters of paying in had long passed. So at 62 there's no way I receive 70 % of my lifetime of working. My first payment into social security and irs started when I was 15years old and never stopped paying in till I was almost killed at 38 years old. And it's all I can do to get thur a month on my benefits. And believe me I know how to pinch every penny. Still very difficult to make it thur the month because I still have to pay for some of my medications. And I don't have the red,white and blue card I have my state provided insurance. It's really a thought about people who just don't want to work and didn't. They have drawn a benefit check for years and still receive more a month then me. Kind of makes you wonder doesn't it?

[@esthernoel3793]

Thank you Geoff for another stellar video.

[@Hugh_Manitee]

Take the money and run.

[@steveramey8654]

Could you do a video showing equities vs bonds vs cash balances in 401K’s by age. I’m seeing a lot of varying opinions and I was curious about yours. Thanks!

[@ghggp1]

I pulled SS at 65 and got caught paying back my benefit as I was still working at the time and COVID hit! You guessed it... I was laid off! The money I had stashed away was key to my feeling financially secure. Although I was saving the percentage over the earnings limit I was reluctant to part with it. I contacted SS and they allowed me to pay the money back over 3 years. I still got around 75% of my benefit. So they WILL work with you and not stop sending checks in some circumstances. I am so glad they did! I am back to working full time and am 67 now. So, thank goodness I can keep my earnings! I only have one question... You mentioned you will get the money back later... can you explain what you meant by that?

[@callendarl]

I retired at 62. I have rental and investment income as well and neither effect my social security because they are unearned. I highly recommend rental income if you want to draw your social security at 62.

[@tmilesffl]

It's still an income, as you state. The difference is how much you write off as a business deduction.

[@everettcalhoun8197]

@@tmilesffl He's referring to earned income as it relates to the reduction in your SS check before FRA. Which you don't really lose because that earned income gets added to your PIA later.

[@mjs3343]

I also have good positive rental income from Schedule E and I hope Kevlin is correct on this. I'll be taking my SS payments at FRA starting in Oct22 and will check on this aspect with my CPA when she's doing my 2021 tax returns in a few months. Thanks!

[@user-wm2tw]

Only W-2 income is earned income. Other incomes don’t count as earned income. Too many uninformed comments here.

[@robertc.johnson310]

HS, Thank You Very Much for helping me to understand in regards to Taxes and Pension Benefits. I'm trying to go the distance to collect my Full Pension Benefit around Age 67 to 70. The Full Benefit from my Union Benefit since I am already on SSDI. RCJ/LEO

[@DiamondLil]

If I understand it correctly, if your full retirement age is 67, you get 124% of FRA at 70, but if your full retirement age is 66, your FRA increases to 132% at age 70.

[@tmilesffl]

No. FRA is 67 for most people and that is 100%. If you wait to collect until you are 70 then it is 124%. What ever your SS is when you retire it stays as such with the exception of cost of living increases each year. If you retire at 67 it does not go up at 70.

[@sw6118]

No, it stays 70/100/124. Your FRA changes depending upon when you were born. You should log into your social security account and see what the SSA thinks your exact situation is.

[@leetravathan]

@@tmilesffl So, if I retire at 65 and take SS for a couple of years, reaching 67, does the FRA rule apply when I am 67? In other words, can I earn more at 67 without getting dinged or will I get dinged anyway because I started at 65?

[@everettcalhoun8197]

Kathy Hix You are correct for people born before 1955 their FRA is 66 and they do get 132% of their FRA. Your FRA changes by 2 months every year till 1960 when it becomes 67 then you would get 124% of your FRA.

[@jodyhahn825]

@@leetravathan You get dinged for the rest of your life unless you can qualify for Disability, then you get the full amount

[@paetonburkett6464]

Please do a video on WEP and GPO. Many people don't know about these, until it's time to retire.

[@randyhorne1067]

At age 62 , run don't walk to your local social security office and apply for your payout

[@redstaplerguyforlifepastpr5763]

Im still getting too much uncompensated attention from the mainstream media , which is EXTREMELY debilitating especially in a small pond, so I figured I'd learn about this subject , even if ? I never apply , .... hopefully 🤞 one day it will be considered the debilitating disability that it truly is , or maybe find a way to bs my way into having income without dealing with what I've been through over the yrs , and probably will go through unfortunately , thx for the info.

[@dalewetzel3029]

The way to avoid most of the benefit clawback scenarios Mr Schmidt is talking about is to avoid drawing Social Security until you are at your full retirement age, approx 67 years old.

[@bridgecross]

Correct. Or at least, to avoid drawing SS until you stop working. You could theoretically stop working at 64, take a (reduced) SS benefit, and they won't adjust it downward so long as you have no earnings. Then at 67 you could start earning again without affecting the benefit.

[@Melinda8162]

Well then, too bad for those poor souls that kick AT 67 , 68…….three of which I know personally, these past couple years! I know we don’t know ‘when’ the bell tolls…but, I would take it ASAP because I wouldn’t want to let those thieves get something you never even got because you waited past 62 and dropped at 67 because you ‘waited’. No way…too risky, people are dropping off all the time before they ever get a nickel of it. So you take a little less at 62…..at least you had 5 or 6 years of it! Government has gotten millions of 💲💲💲that people never lived to receive. Fricken thieves. Yeah, I know…..the old geezers that live well beyond 90+….they get theirs and those poor dead person’s too!!

[@ariefraiser140]

There's a calculation that most people make on whether to take social security early or not. Yes the longer you wait the bigger your monthly checks will be but at the same time the longer you wait the more of those smaller checks you've forgo. On average the social security administration doesn't care when you take social security because the total they pay out will be acturially neutral to the program as a whole. To you though you have to decide and I can't really fault someone for taking theirs early unless social security will make up most if not all of their retirement income. If that's the case getting as big a check as possible should be priority.

[@southernbelle007]

Very informative and simply explained video, thank you Geoff. But now I'm kinda pissed-off. Outrageous over-reach of the Feds, with taxation being right up at the top. The entire system needs to be restructured.

[@kennylavay8492]

Take SS as early as possible that is the best way, then if you still want to work you can choose what job and how long you want to work. then again you have to think about health insurance. when working you pay a portion of your wages to help pay for health insurance and the contributory amount keeps rising. Medicare at 65 helps but you are still charged an amount of your retirement for part B. either way you will not get the amount you think you are getting. plus it is a shame you have to pay anything for part B. that is the american way make retirement sound good until you get the final figures of what you are actually getting.

[@rogettesteele5322]

Thank you for all you do.

[@ciskokidd5980]

Thanks for this information, Mr. Holy.. Enjoy your productions

[@MelissaCoup]

Thank you Sir. What criteria is used to come up with the average social security check? This would make a great video as everyone wants to know this. Blessings to you

[@TampaJohn]

I believe they average out the top 30 years that you work and calculate it that way. This is just what I was told, so I don’t know this for certain.

[@williambarnette9202]

They use the top 35 after they index for inflation

[@billl1127]

You're aware you can use the Social Security calculator and get your exact numbers right?

[@thomasaument4491]

If you pay in for 40+ years and get disabled your can get full SSDI before 62.

[@katrinkasanfranciscobayare7364]

Honestly, how many people nowadays live to be 72.... Why Struggle? I want my money and I want it now!!!! 🤣😂🤣😂

[@lamberttran7984]

A simple calculation became complicated because you go out and talk about something else! That makes it hard to follow but thanks for the intention!

[@Dognme]

I’m 69 and been on SS since 62, and I’m still working part time and still paying into the system - I make between 25K to 35K a year - I’m a 100% disabled vet - with my VA and SS I gross about 53,500 how would this affect me

[@foxyyesiam]

Are you single?

[@Dognme]

I’m married with one dependent

[@markmyjak7739]

I building an investment portfolio to provide income when I retire. So collecting ss is a choice, not a need.

[@robskully3539]

I have a good one for you … my Wife went on SSD at the age of 50 (2010) . We were told that when she reaches her full retirement age ( 66 1/2 - 2026 ) it would then it would be turn ( considered as ) regular SS. I know the amount she gets per month stays the same.

[@SandfordSmythe]

The payment will then come out of the SS retirement fund, as opposed to the separate SSDI fund.

[@joycewright5386]

Yes I was permanently disabled also and what you get is equivalent to your social security at full retirement age. It’s the same amount of money but it is just called disability instead of social security.

[@pamelahomeyer748]

The earnings limit ... for paying into SS EACH YEAR should be raised because I've seen several people who made $100,000 a year or two hundred thousand dollars a year wind up homeless or on disability or completely lose everything. Sometimes it's from a medical condition and sometimes it's a traffic accident but better yet like so many women they get kicked out other private retirement because the company went under

[@AhJodie]

I like this video. Please do, or maybe you have, a video on paying student loans using a income based repayment plan when retiring. Thank you.

[@HolySchmidt]

Thanks for the suggestion

[@bbutler7158]

I recently read that some delinquent Student Loans may be subject to garnishment from social security payments.

[@AhJodie]

@@bbutler7158 yes.

[@jeanettelee2110]

Thank you Geoff! Can't wait to see what your book will bring about!

[@s.l.nicholson4240]

Thanks, Geoff. Very informative.

[@johnkapinos3221]

You said that in the year you reach full retirement age you have to give back THREE dollars for every dollar earned over the limit. Is that correct or do you mean the inverse, you give back ONE dollar for every 3 dollars earned over the limit?

[@DavidSmith-ps5nd]

I'm sure he got that backwards.

[@Yodaandhislightsabre]

Don't forget govt pension offset for school employees, etc.

[@sct4040]

1) do not draw out SS prior to your full retirement age, and work at the same time. Earning limit.

[@tod3msn]

Social Security is very high tech now. An elderly woman I know was telling me her husband died and his benefits were ended asap. I guess everything is computerized and deceased records are matched with Social Security. As for losing benefits, the main one is working. You collect at 62 and maybe somewhere down the line you want to work and for whatever reason you forget that there is an income limit and earn too much money and have to pay back your benefits.

[@robertbauman5424]

and yet, deceased records don't seem to be connected to voting records., dems rejoice.

[@chessdad182]

I'm close to FRA so going to wait until FRA to start collecting SS even though I will be retired soon. I'm so cheap I hate the idea of letting the government claw back anything! LOL.

[@HolySchmidt]

A lot of people feel the same way :)

[@thisbabyboomer]

I’m glad I watched this bc you explained how to determine whether or not I owe taxes on my ss+ a small pension I draw from working for AT&T

[@baccaratroulette9786]

ATT turned woke..sad company !! I suggest use Turbo tax software will do the math for you.

[@iexist6021]

I love how they keep finding ways to steal our money and that we keep paying into it.

[@johnnoonan5802]

Good explination many thanks Mr Schmidt, im in Ireland but im interested in what happens in the US as its good to be informed of the goings on in other countries all the very best

[@HolySchmidt]

Thanks for the kind words John. How are things in Ireland?

[@johnnoonan5802]

@@HolySchmidt you are most welcome , things are grand here lots of excitement as tmro is Christmas eve , we are in a mini lockdown again with the new wave of covid but we will be grand ppl have to respect the rules and all will be grand , all the very best to you seasons greetings Mr Schmidt

[@embodiedconducting]

Very useful. I am 68, retired and receiving Soc Sec. My wife is not yet 65, still working and NOT getting Soc Sec, but she makes more than $51,000 so my Soc sec ism still taxed. Can we avoid this if we chang filing status to married filing separatelY

[@sheerwillsurvival2064]

I was wondering the same thing??

[@Steve-wz5pz]

What the 70/100/124 analysis overlooks is that you are making 70%, instead of 0 (Zero) percent, for 5 or eight years. That can end up being significant. If you have multiple sources of income that will sustain a less active life in advance age - and since there are no guarantees of making it to an advanced age -- mightn't it make sense to 'git it while the gittin's good'? This point doesn't explicitly consider what the right wants to do to the Social Security program (spoiler; eliminate/restrict, etc.), given a chance, but that's not something to ignore either.

[@SpeakerBuilder]

I calculated the total of SS payments for the benefit amounts taken at age 66 1/2 and 70 through age 80, and determined that if I wait and take my SS benefits starting at age 70, by the time I turn 81, I will have gotten the same amount of benefits that I would have received had I started at age 66 1/2, and therefore after age 81 I would be getting more in total benefits than I would have received had I retired earlier. So determining whether to take your benefits earlier or later comes down to making a guess about how long you realistically expect to live. Since I am very healthy, maintaining my health, and have no family history of serious old age illness, I can reasonably expect to live well past age 80, and since I did not need to take my benefits early, I chose to wait until I turn 70. However, if your circumstances are different than mine, it may make more sense for you to start taking your benefits earlier.

[@DCJNewsMedia]

Most excellent news and information of great public concern and interest 👍 You have done an easy to follow explanation on this topic

[@richardmarksjr.1114]

Do these guidelines apply to SSDI?

[@iyamwhatiyam547]

In the US, the avg life expectancy (as of 2020) for men is 74yo. Waiting for max SS benefits is good for the SS fund only. Leave the US, take ur benefits and live ur life👍

[@SandfordSmythe]

The appropriate statistic is the life expectancy for a 65 yr old, which is in the high 80's.

[@PSILUVU2]

Hello Mr. Schmidt. I was wondering if you could explain how to arrange your income such that the age you collect Ss And the amount of money you make or living standard you live would NOT affect your SS payments and may actually be more beneficial .... examples being income producing assets in a Living Trust, beneficiary use of trust assets, LLC or business use, and other non-taxable income havens. Thank you in advance.

[@HolySchmidt]

Thank you for the comment Teresa. Sounds interesting. I will give some thought on how to present that.