Do These 3 Things To Set Yourself Up for Retirement

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[@alexsteven.m6414]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@MarcyLoccy]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[@NorthCarolinaForward]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@dengdelun3109]

Mind if I ask you to recommend this particular coach you using their service?

[@NorthCarolinaForward]

"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@PremSteve-yg4de]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

[@Baldwin321]

I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is in currently in a downturn and that we must wait for the stock market to recover in order to break even and make a profit.

[@Christian67337]

As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.

[@Theodore3241]

That's why I make it a point to speak with a financial counselor before choosing any investments. I've been using one since the pandemic. using profit-oriented tactics and minimizing risk as a buffer against inevitable downtrends. In addition, they have access to insider knowledge and analysis, making failure virtually impossible for them. I made almost $700K after working with an advisor for over two years.

[@Scarlett34568]

Can you leave your investment planner information and how i can reach out here? I need it badly

[@Theodore3241]

Aileen Gertrude Tippy' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Scarlett34568]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

[@ks-1960rlm]

I took SS at 62 and work part time...I'm 64 and everything is going great.Everyone's situation is different. 🙂

[@kimochkaks]

Thank you for this advice!!!!!!! I heard this show, and I will be 62 in May. We paid off our house and final car payment February 16, so we’re now building up our savings again. I went online to apply at Social Security and they will be calling soon so that I can start in June. Blessed by you two. Thank you very much.❤️❤️

[@snakeonia7542]

It affects survivor benefits and taxable income as well talk with an advisor probably shut wait till your 67 as its also indexed for inflation.

[@lindaclark4952]

You guys are missing the fact that you can't make over about $21K per year if you take Social Security early ... otherwise you will get taxed at 50% of your earnings above the $21K number.

[@jordanmadden7388]

From my understanding you’ll lose $1 of SS benefit for every $2 of earned income over ~$21k. The max you would lose would be the total of your SS benefit. So not exactly 50% tax on all income over $21k. Also, this only applies to people who are still working (earning income). If you are retired, your retirement withdrawals are not affecting this.

[@republicunited2183]

Put it into a Roth.

[@lamleg1172]

You will not LOSE anything. It will be held back until later. But I guess if you die before all of it is given back you would lose that part.

[@jasperpitrello2582]

That is an incorrect statement

[@burtoncarlisle4810]

@@lamleg1172don’t trust our government and there is no accountability to track the repayment?!?!?

[@KathleenMcNe]

I'm 66 and have been retired for almost 3 years. (I haven't taken my Social Security benefits yet.) From day one -- when I was in my 20s and established two brokerage accounts, one of which is an IRA -- I have never included Social Security benefits when planning/tracking my retirement.

[@New-bw4kz]

Take it out now and enjoy because you don’t know if you’ll wake up again tomorrow

[@jenniferlovesyou]

Take it out now. Tomo isn’t promise n ss won’t be here for long

[@sebastiaanthijn7982]

The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[@georgeearling905]

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

[@rodgertim2881]

I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred and fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

[@BendyChoy]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[@LSBContractingLLC]

It doesn't make all that much difference until a few years before you retire. Sometimes the market goes up and the stuff you already own grows in value, sometimes goes down and your new contributions buy bigger chunk's As long as the overall trend is up, long term, vou'll be fine.

[@RaphaelSafr]

How did you find a good finance advisor? How do you know if they are trustworthy and competent.

[@MamiesMarketplace]

“Go Fund Yourself.” 😂

[@Echodot232]

😂😂

[@mateoboschify]

Needs to be a T shirt

[@karenjensen2345]

Husband retired at 62, we have no mortgage and no debt and drive a paid for 10 year old Subaru Cross Treck. He pulles in 7k between SS and teachers pension, I am still working probably until 65 for health insurance reasons, I am 60. We only spend $ on travel and helping my son renovate an 100 year old house he bought.

[@itguru2037]

Thanks. Do you ever feel anxious about your finances?

[@carolannstevens5814]

You could retire with no mortgage or bills if you choose.

[@studleyjb3172]

​@@carolannstevens5814you still pay for house tax and insurance, car insurance, etc.

[@fingerstylefan]

"Be the crockpot in a world full of microwaves." I love it.

[@evettesmalls-cooper8758]

Wow! I am so surprised you said to take it at 62, so many believe that we should wait. I like it! I agree totally!!

[@unclebob4208]

You can't take SS at 62 and keep working. Your maximum income can only be $22,320 to get SS without penalty.

[@HavocRLJ]

And that's the mistake most of the people don't realize. Moat of them grab that money as soon as they turn 62.

[@ekimandersom4478]

Work black

[@valeriekehrt7566]

You can take at 62 & work. Rules for income though.

[@guitarhillbilly1482]

​@@valeriekehrt7566if someone has a high paying job / career it would be foolish to take SS at 62 if you plan on continuing to work.

[@HopeWins777]

​@@valeriekehrt7566 Max 22grand income per year while waiting for the compounding.

[@Sizukun1]

If congress can find $100billion overnight to throw away on other countries, raise the debt limit in the 11th hour every time, I'm confident the federal government will take out another trillion in debt to pay for social security every time its needed.

[@joannaa.5101]

Except Social Security will never see it. Audit the whole shebang the government and agencies who signed to receive money but can not account for the money.

[@chaddrader5941]

That’s only good if America can still sell its debt to other countries. At some point America won’t be a good investment.

[@HopeWins777]

ZERO sum budgeting for government spending. Justify each expenditure, like a real budget for taxPAYERS.

[@AlphaShadowSphere]

I mean maybe. Idk when the U.S. debt bubble is going to pop but when it does, it's going to be ugly.

[@cheryltucker954]

But what about the taxes you have to pay on the Social Security if you continue to work?

[@cheapcookies]

You fail to address a few things - 1, if you take it at 62 and invest it in the market, you may in fact lose money (it has happened). 2, most people that take it at 62 are going to use it to live, not invest it and 3, you are gambling on an unknown - your date of death. Every "expert" will tell you every situation is different and in fact, if you take it early, you may again lose money if you live a long time. Scaring people by telling them it may diminish or go away is hokum - one thing you can be sure of is that the grey panther vote will scare the living beJesus out of every federal politician so much they will pump $ into it to keep being elected. *That*, you can take to the bank.

[@hudsonvalleyhealth9758]

Yes if you take it you can only make up to 21k a year......some or should i say many camt live on that if you need more at that time

[@gailhoover9263]

You can make as much as you want/need to. If you make more than app. $21,000, you'll have some of your social security taxed and have to give bac k half of what you're over. It's not lost tho. You'll eventually get it back. Look it up. You don't get a dime if you die before your full retirement age and won't have any money to pass on. Even if the stock mkt is down, it'll usually come back within a couple of years. Besides, you should have some liquid money set aside just in case.😊

[@candecarro]

Cheapcookies- So well said!! But I’e never heard the term “grey panther”, what is that?

[@cheapcookies]

@@candecarro Grey panthers = senior voting bloc that can be relied on to consistently vote.

[@candecarro]

@@cheapcookiesAhhh! Thank you. I’m a grey panther. Great term.

[@jasonmoquin]

George and Jade....love ya and I absolutely appreciate what you're trying to convey here, but this is misguided. As others have mentioned, you have a VERY low maximum income cap before they start taking a sizeable chunk of your SS money above that $22.3k cap. If you're going to continue to work, then you should probably just hold off on collecting it until then. Also, for each month you delay taking it, your monthly payment will increase moving forward. Take it early and then you're locked into that lower payment rate(+the COLA), forever. It doesn't make sense to do that.

[@WAN2TREE4]

True. And their calculation is based on 10% rate of return. Maybe if you do investing full time (researching and analyses) then you'll get that much return. Besides, if you start collecting at 62, you're locked into that for life and your wife and survivors too when you die if she's not working. Also, at 62, you'll lose 30% of your SS income but if you delay it till age 70, it will increase 8% anually from full retirement age.

[@bruceang82]

It will always seem financially wise to wait. Obviously, you will get more money . what if you die early ? People assume they will live problem free past 70...will you though ?

[@candecarro]

Well said!

[@candecarro]

@@bruceang82if you die early? You can’t take it with you and your spouse (if you leave one) will be saddled with lower payments for life (unless theirs is higher and they have waited).

[@pgppe9488]

@@WAN2TREE4What happens if you don’t live until 70? Why would or should people wait to collect money that is already their money from the beginning? The government is rolling the dice and hoping people wait longer to collect benefit so they are not responsible for payments over longer periods of time for citizens. This topic is all about Math and risk management.

[@suebee1540]

I am taking your advice to GO FUND MYSELF. I put this on pause and applied for my CPP at 64 next month, came back and watched you say Be a crockpot i a world full of microwaves. In 3 years I have invested $36,000 and it is now worth $42.000. I will continue to work and contribute my CPP as well.

[@Krinbo]

George quoting the Bible on the fly was the most bad ass part of my day

[@NovelNovelist]

Yes, invest early and don't count on something that might not be there...but George's example of investing from age 62 to 80 and the returns versus age 70 to 80 and the returns...is kind of irrelevant to most people since it's predicated on the assumption that in either case, you can somehow wait until age 80 to tap that money. Either that means you're expecting people to be able to count on being able to work until age 80 -- arguably a much riskier and less realistic proposition than social security in general -- or you're assuming they'll be able to fund their retirement until age 80 with their own portfolios without relying on Social Security at all...which sure, would be great, but the whole conversation is about the fact that most people aren't nearly that prepared. Sure, get prepared. Be able to do that...but IF you can, Social Security is a moot point anyway.

[@danamarie8718]

WRONG!! Of course if you use a higher rate of return on investments (George uses 10%), than the discount/increase on social security(approximately 8%) you’ll end up with more. But unless George can guaranty a steady rate of return above 8%, he is wrong. Not to mention, if you are still working and draw early, that social security will be heavily taxed. Ramsey Solutions needs to stick to what they do well (the baby steps, helping people get out of debt) and stop giving bad advice on other matters. They are right about not relying on Social Security and saving for retirement, but they are wrong about everything else.

[@alinatamashevich3354]

Exactly who is not taxed heavily if they are making an income above minimum wage? Also 10% is an average, and very doable.

[@danamarie8718]

@@alinatamashevich3354 At federal minimum wage the effective federal income tax rate would be around 10.5%. Even at $15/hour, the effective rate would only be a little over 11%. Heck, the highest rate of 37% only applies to amounts above $578k. Compare that to the 50% deduction to social security payments to amounts earned over $22,230 if you continue to work and draw social security before full retirement age. And to add insult to injury, you still pay income tax on both your earnings and the amount of social security received. It is effectively a 50% penalty on top of the regular tax rates. So no, it does not make sense to collect social security early if you are still working, unless it is out of necessity. Do not collect it just to invest it. And while true that average stock market returns of 10% are not only possible but reasonable long term, once you are older/retired you need to consider volatility and sequence of returns much more than the average investor.

[@htaehlane5868]

If you are still working and making a decent salary there is no reason to collect before FRA - every two dollars earned reduces your benefit by $1 - hence if working and making over their limit then do not collect before 67!

[@JohnKeithPDX]

66 and 10 for me 😂

[@lifestream4191]

I agree, horrible advice by Ramsey folks... HORRIBLE

[@kerrissedai6857]

My Dad developed dementia and had 2 devastating strokes at 69. There is no way on God’s green earth I’m waiting until 67 to retire. I’m going to do my darndessed to retire by 58. Earlier if I can manage it.

[@dustyrhodes2717]

@@kerrissedai6857darndest..

[@calvinreichelderfer7989]

You are correct. Totally bogus advice from people that supposedly are experts in finances.

[@ocalafl954]

And none of this factors in people's health issues. A mandatory late retirement age, may not be possible for folks who have worked in a physically demanding job

[@anitahill4937]

George Your analysis is incorrect. What is the person who takes social security early supposed to live on? The government only allows you to earn a small amount from 62 to full retirement age. If you take it early and work full time you are probably going to give back part of it to social security as they penalize you. Please learn the rules before you tell people to take it at age 62. I waited until 70 as I worked FT. We now collect enough social security that covers all our monthly expenses. We retired debt free including house and have not had to dip into retirement fund except to take RMDs only. We bank over half our monthly income in retirement.

[@paulstandaert5709]

If you start taking social security at age 62, how does one get around the fact that you cannot earn over $x,xxx each month without being penalized on it?

[@karindooley]

This video was very misleading since nothing was said about the maximum income limits on working and taking SS at age 62. Shame on them if they didn't know, being in the financial industry, and shame on them if they did know and didn't say anything. That is a huge piece of information to take into consideration when considering when to retire and take SS.

[@lifestream4191]

They need to remove this video. It's far more complicated than what they're saying, but simple if they'd spend 15 minutes reviewing the rules. The ignorance is staggering.

[@valeriekehrt7566]

That is what you need to know. A lot to consider. Every situation different.

[@Kunyazaforever]

I believe he’s assuming they also have a 401 or other money to live from while investing the social security payments.

[@johnl9135]

I would want to do that when I'm reach 62, but you can only work part-time then and you can't reach the maximum income over $21k while you're collecting SS. I mean you can, but they will reduce your SS amount. That means I will lose over 75% what I'm making now if I would to collect SS at 62. That's the point your guys are missing.

[@ZMMYOB]

If you start taking social security and investing it, then you can only make like $22k in earned income or they start taking some social security back.

[@porterosbournejr.5083]

Thank you for confirming what I thought about taking it early. That was exactly my plan…just take that $ and invest it.

[@nikkih2930]

When you start taking Social Security, isn't there an income cap and a huge tax change on your income? How does that balance out SS investment returns?

[@joygarrett8397]

I get $1314/mo in SS after they take out med-b . . !

[@stephaniebrydun1851]

I would like to know what they are going to do with all the people that don’t have social security anymore…warehouse them?

[@jerrypissonme]

I was told by Social Security that I made too much to retire at 62 because ss pays only $1 for every $2 I earned. How could I invest that small amount in my 401? What am I missing?

[@lifestream4191]

Hey George, what are you going to buy with your investment??? Please tell me. Because it will not be mutual funds or you'll have to pay ordinary income taxes every, single, year. Single stocks? Which ones? Your statement about taking early SS benefits is negligent at best.

[@maxrobins4282]

Do the math on breaking even for every year you postpone. No matter how you slice it, it's roughly 10 years. So for example if you take it at 67 instead of 62, then you won't break even until you hit 77. 50 percent of males in this country will be deceased if we are to believe the averages.

[@lifestream4191]

@@maxrobins4282 you are correct, however, older age is when we should consider the spouse left behind. I have a nice job and will work it until I don’t want to. But regardless, I’ll wait to take SS benefits until 70. Only to increase the comfort level of my wife… if averages were to play itself out.

[@lifestream4191]

@@maxrobins4282 There's more to consider. If the male is married (I am), then he may want to leave his wife with a much larger SS check if he passes first (which I do) we can end there, that's good enough... And maybe the man has a very nice, good paying remote job that he enjoys and is maxing retirement contributions for them both to enjoy, self-insure long term care, and still leave a significant inheritance.

[@anitahill4937]

The break even is not as long as they are telling you. The COLA adjustments annually on $2,000 a month compared to on $4,000 a month is a huge difference for the rest of your life. Most can’t afford to invest it as social security only lets you earn about $22K a year or they clawback $1 for every $2 of social security so you only get a pittance. Don’t do it

[@lifestream4191]

@@anitahill4937 amen!!!

[@christianmartinez76845]

This just reminded me of my first $700k I'm so inspired!!!!!

[@MelodiRavo]

Oh, really? Tell us more! I'm always interested in hearing success stories.

[@christianmartinez76845]

​@@MelodiRavoIt's Renee Marie Harrison doing, she's changed my life.

[@christianmartinez76845]

After I raised up to $700k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.

[@maxicorreo]

I do know Renee M. Harrison, I also have even become successful....

[@Jessy46454]

Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Renee Marie Harrison.

[@Dan-rm7op]

That is really ironic how we hear that Social Security is going to run out! in the meantime welfare never runs out! sending money to other countries never runs out! funding wars never runs out!

[@John3.36]

What happens to the money from all the people who died and never collected SSQ?

[@sharonbrown9721]

That's a great question.

[@cogentdesign]

There is no money, it's just marginally less government debt.

[@michael7054]

The ones that live long get it all

[@carolinecollins2441]

A spouse and/or minor children can potentially receive survivor benefits based on the earned SS benefits of the person who died.

[@GrandCanyonRVResort]

None of us are guaranteed tomorrow and social security will be gone within the next 10-years. Take the payment the SECOND you are qualified to. This is YOUR money coming back to you. (BTW…$1700 will go VERY far in Thailand or Portugal)

[@WAN2TREE4]

Vary fatalistic view of SS lol. What if the USD suddenly collapses and you're in Thailand? lol

[@ekimandersom4478]

@@WAN2TREE4It will still be worth more than in the US if the dollar collapses

[@penguin12902]

@@WAN2TREE4 if the US dollar collapses money doesn't matter anymore, all you need are food, water, and guns....and at that point I prefer not to live on this earth.

[@HopeWins777]

So I'm supposed to invest it at 62 and live off of what exactly? The $22,000 a year the government allows me to earn? How is that supposed to work

[@mateoboschify]

One thing to remember is if you take SSA benefits before your FRA (full retirement age), there are earning restrictions if you do work and collect benefits. It's something a lot of people are running into right now. People are going back to work at 62, 64, 65, after they discover that they can't live off just Social Security and then earning too much resulting in an overpayment of benefits.

[@Slow-Rolling]

Even if you had money saved and in 401k, without additional social security, most of us will be working until we die.

[@DaishaView]

If we get ss tax taken out of each check, how is it running out?? Where is the money going? 😩

[@jjfarm9562]

illegals and all the older americans that contributed little or nothing are drawing from it. Also the amount of "disabilities" that draw from it as well

[@rosesbellydancers]

We should be allowed to opt out since it seems that most likely people in my age group won’t get the SS payout. Why is it mandatory to pay into it if we can’t have in when we are older?

[@WAN2TREE4]

If everybody works then the govt will have money to pay you. BUT if all the companies start employing AI and robots instead of you and me then we become unemployed with no SS lol.

[@minoozolala]

The government will keep printing money to pay it.

[@mikeshaw4610]

What your saying is misleading. 1) Very few people would actually invest all of it. 2) If you are still working you will have to pay taxes, etc.. so you will not get the full amount listed to invest.

[@peggycuomo1877]

So if I take it, I have to work until I'm 80?

[@amireallythatgrumpy6508]

You should do that anyway.

[@brucesprung6431]

The problem is most people can't save and invest SSI they need it to survive!

[@nahndibush1942]

I plan to work past age 62, and that will reduce my benefit because it will be taxed, correct? Not sure how to balance out that part in making the decision, any suggestions?

[@lepoj]

"Don't lose out on 8 years of compound growth" But lose decades of compound growth by paying off the mortgage early instead of investing the difference?

[@RetroGamer20109]

You know?, you have a point there.

[@amireallythatgrumpy6508]

You're mistating their advice. And you know it. Liar.

[@lepoj]

​@@amireallythatgrumpy6508 Obvious troll is obvious. Try harder next time

[@amireallythatgrumpy6508]

Yes you are obvious. @@lepoj

[@alinatamashevich3354]

Again ,broke Joke advice. You cannot get out of a hole while digging out the bottom. The wealthy understand this, why make others rich while try to make it investing crumbs....

[@DianeJefferson-bf8uv]

That’s if you can live off the small amount of taxable income that they allow before your SSI is reduced prior to full retirement age.

[@keklas69]

While I view of Social Security is a 'safety net' not a retirement strategy. The idea of investing SS all in at 62 in a strategy returning a 10% return is effective if you don't need it prior to 80.

[@Goat1229]

Anyone ever see the Sanford and Son episode when Grady explains how SS payments SHOULD work 😂

[@buildingyourfinancialfutur7843]

This is all wrong and doesn’t take into account reduction in social security if you are earning. Without Dave, this channel is in trouble.

[@Cass-gi4kk]

What are they talking about, you can’t take early SS and keep earning the same salary without penalty.

[@lifestream4191]

Horrible advice from them. They confidently portray ignorance... I can't believe they said that...

[@RetroGamer20109]

They really need to brush up on their knowledge of social security if they're going to talk about it. If you take it before your full retirement age according to your age, you cannot work more than a certain amount before you get reductions. They did not even cover that topic.

[@lifestream4191]

@@RetroGamer20109 I’m well aware of the rules. I’m 62, so I study this relentlessly. And I have a financial advisor as well. At the end of the day, we are individually responsible for our (and our families) financial fitness.

[@crashtestdummy1972]

I think you would need to run the numbers, if you are making +80k at 62, and have followed the baby steps, which means your home is paid off etc, who cares about the penalties. That extra amount even if penalized should net you more when you do fully retire, because lets me honest, i dont want to wait until im almost 70 to grow my returns even more. Im flipping 70! I want to enjoy my damn money way before that.

[@bravostreams8222]

Thank god ill have a pention and tsp

[@emunews]

I'm confused by something in the video. If you retire at 62 and invest the money from Social Security, don't you need that money to live off?

[@midwestsue]

I think he said that the example assumes that you continue to work.

[@simplyme7711]

This was really valuable info!!!

[@michellewinkler3985]

Pay off your house have no cc. debt by the time you retire. No car payments also.

[@Tehui1974]

Yep, that should a financial goal of everybody before you retire.

[@lonmidwest5363]

I'm there now at 58 and still working

[@markg999]

Like that plan...been there for years in my 40s now. It's amazing how much you can save when you aren't paying off so much car and home debt off every month.

[@SantosProd]

The avg rate pf return of 10%? Man i need to know those investments brother. Im sitting at 7%

[@jbedsaul04]

SMH. Love these guys most of the time, but the fear mongering over the government grows old. There are some fairly basic things they can do to shore up SS without a huge impact. IMHO, SS should be treated as ‘insurance’ for outliving your retirement savings so the longer you can delay, the better the insurance.

[@MunchMunchies]

Hi😊 I love your show to pieces. Hey Dave, do you have a video on the best way to invest without pain? I am thinking of Treasury Bills and Bonds instead of a “painful” business (loss, liquidation,bankruptcy). I am 52, single female, and a dedicated Christian. I am African working in an Asian country and wanna retire back home with zero savings. (Overtaxation here)

[@calvinreichelderfer7989]

Why would you take social security at 62 while continuing to work? How could you invest social security when you will loose half of it while working

[@tmi4507]

Because no one knows when they’re going to die is why you would take it out early. If you die at 64 waiting on your full benefit, you’ve lost it all versus that extra money you could’ve enjoyed your life more.

[@calvinreichelderfer7989]

@@tmi4507 I’m asking how could invest your social security if you take it at 62 while continuing to work. If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320. Then you still would have to pay federal income tax of the half of social security benefits you get. So impossible to invest your full social security because you can’t get it all while earning over $22,320. I know no one knows when they are going to die that is why I tell people to believe on the Lord Jesus Christ

[@JustinCase780]

​​@@tmi4507I think that Calvin is referring to how the withdrawls if starting at 62 are split in half - heavily taxed for anything above a small income (22k or similar) if you are still working. They never mention that on this show.

[@SnifferSock]

Not to mention this 3:40

[@calvinreichelderfer7989]

If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320.

[@tylorgrey]

Been waiting for this🙌 I definitely watched my dodge go up 15x or so then all the way back down, I did sell and buy back on dips on the way up so I made a few grand on top of my initial investment out but nothing near what I could have made just selling at even 50cents however lesson learned and everything I still hold is a free ride as well as my smallest bag because I dove head first into learning everything possible about crypto after seeing the possibilities. Dodge craze brought me in and that’s something to acknowledge about any meme hype, it’s pulls in small retail some will leave and some will also stay growing the market overall.

[@JoLynCornelsen]

Oh how I wish this common sense information had been available to us 40 years ago...

[@Casey-summer]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@sloanmarriott5]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@Buffet-walton22]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@lilyhershey1]

​ *@Buffet-walton22* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@Buffet-walton22]

"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment

[@mellon-wrigley3]

Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.

[@donnymac575]

The problem with taking SS at 62 and then investing it is that if you still want to work your earnings are capped.

[@trex7359]

Social security will never run out or be reduced, that would be a death sentence for the politicians that support it .

[@johncameron4194]

Yup. My advisor said the same.

[@PInk77W1]

It would last forever If they didn’t pay out to people who didn’t pay in

[@TShirtAndReeboks]

If you have longevity in your family and a shaky amount of money for retirement.... it is better to work longer and boost your SS. If you don't need SS and can invest it, of course that's better.

[@billscruggs5170]

Didn't the government borrow money from the social security fund back on the day..... Are they ever gonna pay it back....?

[@billscruggs5170]

I want with interest also of course....

[@PInk77W1]

Nope. They are crooks. Never held accountable

[@expertonnothing6624]

The problem with age 62 is you can’t earn over a certain amount. There are penalty’s for that.

[@ChosenDeeDee]

This is so good!!!

[@Jimmy-jw9zb]

But where you’re not considering is between a 62 and 80 although for a few years, you may be able to just invest all the money you’re getting from Social Security. Eventually, you need to start living off some of that money and not have it invested the better exercise would be between 62 and whatever age you wanna calculate, say 70 for eight years how much money does that create in the marketversus if you had taken it

[@wowomg1032]

If the government is not here then non of this matters

[@sherrikins3557]

Taking it at 62....if you are not working...otherwise they are going to take a dollar for every 2....

[@malobeastt]

If social security won’t be available when we retire then why are we still paying for it?

[@livingunashamed4869]

George must be making crazy money for them numbers, congrats bro.

[@livingunashamed4869]

Monthly SS at 62 is $2500??? That is crazy lol majority will never stiff that. @novakd1530

[@sailingwanderlust22]

This is why I wish that we were able to not have that ss tax taken out. We should be able to keep it and invest it on our own

[@johannesswillery7855]

The majority of people will not invest on their own.

[@boomer429]

I just finished Chris Hogan's RETIRE INSPIRED. He stated that you should wait until you can get the max 125% of social security. This seems contradictory.

[@GApeech08]

Yes, it probably is. YOU, not anyone else, have to make the decision.

[@danielhurst8863]

If you take Social Security before your Full Retirement Age, the benefit is wage restricted. You will lose $1 for over $2 you earn over $22,000. So, no, you really don't have the ability to take SS at 62, earn a large income and invest your SS benefit. You have to inform your viewers of all the parts of retirement.

[@briannameyer5280]

This video needs to be taken down! The information is incorrect about retiring at 62.

[@lepoj]

Report the video for misinformation

[@amireallythatgrumpy6508]

Retiring before the age of 80 should be illegal.

[@rpmnh]

If you think that the social security program is bad, imagine how things would be without it given the way that many plan for retirement…

[@DLShoulders29]

The discussion during the Obama years amongst economists to increase the income cap on the payroll tax to fully fund social security mysteriously went silent.

[@mikefannon6994]

Yes! Simple, fair solution that few people are aware of. Educate your friends, demand your representatives get it done.

[@calvinreichelderfer7989]

We need more money for all the people entering our country over the southern border. We need to give them money, housing and food. Don’t forget money for Ukraine. Maybe if our government didn’t give our country’s resources away Americans could rely on social security and more of it

[@DLShoulders29]

@@calvinreichelderfer7989 I get your political rant, but the social security fund is literally a wholly separate bucket of money, funding on a separate line from payroll tax. There is an income cap (limit) on which the tax is assessed. The cap could be lifted and fund the program for 75 more years. This was discussed under Obama. That discussion just went away and never heard again.

[@calvinreichelderfer7989]

@@DLShoulders29 political rant? Is that what you call stating facts? So you actually believe social security is separate from what our government officials spend on other things?

[@DLShoulders29]

@@calvinreichelderfer7989 your statement feels as though you don’t know how taxes are collected, and comes in one big bucket. Read a pay statement; social security is LITERALLY its own line item, separate from federal income tax withholding, for other spending. It is not/should not be mingled with other federal spending. That separate tax can be raised to fund the program, and would not affect other programs.

[@BreezyByTheSea63]

Can I work full time at 62 and draw SS?

[@kathryncashner3294]

While I may not agree with all your calculations, your basic teachings are sound. Social security alone will never be enough to cover expenses in retirement. That's at least in part because it was never intended to be, and because it keeps changing, FDR said that Social Security would never be taxed, yet if you are above a certain income amount, 85% of your social security will be subject to income tax. I'm not sure your calculations accounted for the taxes that you'll pay on that social security (whether you start at 62 or 70), or the $1 that will be deducted from your benefit for each $2 you earn until you reach "full retirement age," And I don't know if it accounted for the 8% increase you will get for each year you delay taking Social Security. Each person's situation is different depending on whether they are working, how much they are earning (thus decreasing their benefit), whether or not they pay state income tax on Social Insecurity, etc. But the bottom line remains that if you think you are going to live out your retirement on SS alone, you are either planning a very short or very lean retirement. And the way to build wealth is, and always has been to live on less than what you earn and invest steadily. Doesn't matter if I learned this from my grandparents who lived thru the depression or a 20 year old learned it from Ramsey.....truth is truth.

[@theMatrix440]

My grandfather called it "social insecurity" back in the 60's

[@Yin641]

The Ramsey keep referring 10% compound account and then # of years later. You will earn one million dollars. Can someone explain to me where can I sign up for those 10% compound interest account?!? Thank you

[@SnifferSock]

Even if it's only 5-8% it will still be years after the later date before the higher payout gets you more money.

[@Leife22]

Unfortunately, I was only able to find those funds through advisors. And even some of those you need a large sum to start.

[@lepoj]

S&P index fund or ETF. No advisor or minimums needed

[@megalodon1726]

The S&P 500 (with reinvested dividends) has averaged a bit over 10% per year for the past 50 years. You can invest in funds that mimic the S&P 500 through reputable investment firms like Fidelity and Vanguard. You may already have a fund option in your 401k that is based on the S&P 500. But 10% is the average -- some years the return will be negative, so don't expect the average unless you're going to invest in it for 10+ years.

[@bigdaddygoon828]

There's no guarantee it's not going to be there because they don't want to raise the cap so that way the billionaire class and 100 +millionaire class isn't paying into the program which will bolster it if they did

[@pumpkin6464]

The way the Fed prints money , sure

[@Fred2-123]

Retired and have a 2.5% mortgage. NEVER paying that mortgage off. Leave it invested making average 10%-12%. Have plenty of retirement income & money to make the mortgage payments. NEVER paying that mortgage off.

[@calvinreichelderfer7989]

You may never pay it off but you’ll make a monthly mortgage payment. No debt is a good debt in my opinion

[@Fred2-123]

@@calvinreichelderfer7989 So what? Tax & insurance comes to $600 a month and that NEVER goes away. Investment income and dividends are much more than the mortgage payment & living expenses. House tax & insurance never goes away. Food, heat, electricity, those expenses are also forever. Paying 2.5% while earning 10% is not a risky situation. Nobody, not even Ramsey, gets scared of paying tax & insurance & food & heat & electricity, no need to get scared of a low-interest mortgage. Heck, instead of paying off the mortgage, put that money into 30 year Treasury bonds, now paying 4.25%. That's a RISK-FREE 1.75% net return.

[@amireallythatgrumpy6508]

What an idiot. Get back to work. You do not deserve to retire.

[@theburnetts]

@@Fred2-123so let’s say you have a $2500 monthly mortgage payment. Taxes and insurance come to $600. So the loan payment part is $1900. You are saying you can make a risk free 1.75% on that by investing in Treasury bonds right? So in one year you will make a grand total of $388. Wow. That’s not much of a profit to hold on to a mortgage. You aren’t exactly becoming rich by playing the spread.

[@Fred2-123]

@@theburnetts No offense, but maybe this is why so many Ramsey listeners are in such financial trouble. They have trouble doing math with dollars. $1900 is the payment on a 2.5% 30 year loan of $480,000. $480,000 at 1.75% interest is $8400 a year. Not $388----$8400. A smarter thing to do would be to put half in 30 year Treasury bonds and leave the other half invested where it earns 10%-12% (long term). That would come to $4200 plus $48,000, or $52,200 a year.

[@Messymy]

If your longevity isn't the best, you should probably want to retire early. Other than spousal benefits, the social security is gone. Your heirs get zip.

[@chocojavachip]

But if you take SS at age 62, you can only earn around $22,000/year without penalty. No one can live on $22,000.

[@PK-zb6wh]

You paid in part--your employer paid in the same amount. It isn’t all your money. Nevermind that it is insurance. You don’t demand health, car, home insurance to give you “your” money back.

[@gabibbo_007]

“Here is the deal America; stop overspending “

[@josephhicks79]

If the government doesn't provide SS how is this Legal?. I'm sure the answer is bc it's the Government. Seems if this happens, people who contributed to SS could sue. Probably not but Dang! If this happens lot of people will have to rely on the government, and maybe this is what the government plan is.

[@heroshyma69]

What are you specifically investing in that gets close to 10%? Give me something I can actually use.

[@lionheart93]

people can request monthyl statements from social security? is there a portal? asking for the parents

[@ojg386]

Thank you. Planning of retiring very soon.

[@davidmilhouscarter8198]

“Hi. I’m from the Government. I’m here to help.” Some of the scariest words ever uttered.

[@aimsforasl3534]

But aren't there caps on how much we can invest per year based on our age and income? Asking for a friend.

[@npeters165]

Tell the whole story!!!! Take SS early and invest it until age 80 so you can leave a nest egg to children/grandchildren? So, you’re assuming what, like a 10-12% linear annual average return? Not how it works, it if you have something that does that on a guaranteed basis, please tell me what it is! Then you’re assuming they don’t need the SS income to support their retirement spending once they stop working. Most people need SS for income - I.e. they can’t just invest it and leave it to their beneficiaries. SS has been increasing by 8% per year before you start taking it in recent years. You have all that $ from taking it early and investing it, but again until age 80? Aren’t you going to need to start spending it before then? What’s much more important for you to consider is what is that $ amount you accumulated able to provide for an income in retirement? Also, remember that SS is guaranteed income - guaranteed never to go down! If you take early and invest in your S&P 500 Index Fund, and the market gos down 50%, well could your income then go down by 50%? It’s not really about the account balance… it’s more about what the amount of income it produces!

[@pixel6878]

The 1 thing I did was not get married to save money 😂

[@kimberlygorgoglione9237]

How can they get that 10% return????????