Early Social Security: 10 Reasons to File at Age 62

[@stingray8585]

I'm not regretting for taking SS at 62,loving the less stressful life.

[@icedteamama176]

Honestly have not heard anyone saying he/she regrets withdrawing at 62 😊 good for you!

[@davidk7324]

@@icedteamama176 Good point. Says something.

[@tomblevins5020]

What does taking SS have to do with less stress???

[@tomblevins5020]

@@icedteamama176 You will regret taking SS at 62 each month when your tiny check arrives

[@kindnessmatters5215]

@@tomblevins5020not working?

[@Grace.h-t8o]

A Friend told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. is this a good way to potentially grow my retirement savings to about $3M over time?

[@DhanaPayar]

There are strategies that could be put in place for solid gains regardless but such executions are usually carried out by investment experts or advisors with experience

[@Lewistonwilliams-f5i]

Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one then

[@Theodorebarba]

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.

[@wilfredonievesjr]

Retired 55... combination of health, stress and a physical demanding career. Plan on taking SS at 62, to lessen my withdrawal from my 403b, IRA and money market fund. Medical thru the VA till 65. Debt free currently. And enjoying my travels.

[@jimfarmer7811]

The biggest reason I waited was that SS is basically an inflation adjusted annuity. None of my other investments have automatic inflation adjustment.

[@GrannyLinn]

We took ours at 62 and haven’t looked back. My 90-year-old uncle advised us and I believe he was right. Fourteen years and counting.

[@sammencia7945]

He's 90. He should have waited to 70.

[@GrannyLinn]

@@sammencia7945 nope!

[@tomblevins5020]

@@GrannyLinn Yes. Taking SS at 62 is foolish

[@GrannyLinn]

@@tomblevins5020 Well guys, I’m 77 and not sorry yet.

[@kurtbilinski1723]

Though you already convinced me that waiting to collect SS is best - in *my* situation - it's always good to hear opposing arguments.

[@bob_frazier]

I'm 64, evaluating every few months, would like to wait till 67, we'll see. Thank you Geoff.

[@sambira]

I was doing the same. My goal was to get to a certain monthly amount and then check circumstances. I got to my goal amount and just went for it. It was not 62 but it was not my full retirement age either. I have not regretted it. Nice to have money coming in and not using my investments. I do use investments when needed though.

[@bob_frazier]

@@sambira Yeah, the question really is whether to use invested money or not, for sure, and that depends on how its being invested. I'm out of the stock market so my invested moneys only making about 5%. Geoff????

[@kevin7151]

Same situation as you. Have done assessment, and makes more sense to wait until 67 to start. Have evaluated waiting longer but breakeven is well into my 80s, so will start taking as outlined. Wishing you the best in any decision you make.

[@gimcrack555]

Exactly how I'll be doing it. I'm 60 and evaluating ever month after I reach 62. I very healthy and working and planning to work until I'm 67. Of course easier work. As I'm a caregiver working between 68-80 hours every bi-weekly. I can cut my hours if I want to. But I'm comfortable with the hours and workload.

[@acouncil8254]

Your choice, just know that tomorrow is not guaranteed to you.

[@MegaRose1958]

Thank you ! I appreciated Mr. Schmidt you sharing your knowledge with us. I just got finished forwarding this to at least six people.

[@jerrycampbell-ut9yf]

My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.

[@Peterl4290]

If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.

[@larrypaul-cw9nk]

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.

[@sabastinenoah]

Do you mind sharing info on the advisor who assisted you?

[@larrypaul-cw9nk]

Annette Christine Conte is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@sabastinenoah]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@austinbar]

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings to fall back on.

[@rogerwheelers4322]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@joshbarney114]

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.

[@FabioOdelega876]

@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@joshbarney114]

Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@kevin7151]

Geoff, just wanted to thank you for putting such good content out there for others to consume. Very much appreciated. Stay well.

[@davidk7324]

Perspective can change, sometimes suddenly. I retired last year at 65.5 and was planning to delay SS until 70 and live off non-retirement savings (FRA was 66.5) and possibly dip into long existing 403b/IRAs as needed. I estimated my life expectancy to be ~20 years. Then I experienced a fall while hiking and spent 12 days hospitalized and another 6 months recovering. I had lots of time to think about it and immediately started collecting benefits. As you always say, everyone's life situation is different so there is no universal answer. After ~14 months, I have zero second thoughts. The prospect of leaving money on the table is not desirable and I'm willing to risk a slightly smaller long term payout if I make it into my 90s.

[@bob_frazier]

@@davidk7324 Thanks for sharing that, you make some very valid points. Hope you live to regret it at age 99!!!

[@icedteamama176]

Hope you’re healing and doing well. My instincts tell me to withdraw at 62…still a long time to go…not even retired. Can do so many things (including investing) with fixed monthly income.

[@nightengale2123]

I too had the same intentions to delay to 70 and being a widow planned to retire at my FRA of 66.6 and take 1st my much lower SS survivor's benefit those 4 years until I turned 70. I ended up retiring at 64 from a 44 year R.N. career because I was denied a medical exemption from taking the 💉. I worked the last 22 years of my nursing career for the VA so I retired with a FERS pension and was also able to keep my FEHB BCBS which I needed as I was not yet eligible for Medicare. I did take my SS survivor's benefit when I retired but switched to my own FRA benefit at 66.6 because with that 8% SS raise that bumped my FRA benefit up to pretty close to what my age 70 benefit previously would have been and I was not going to stay at my reduced $22k/year SS survivor's benefit when my own FRA benefit was now $37k/year.

[@discoverglobeliving]

Thank you for the useful information you shared; it has helped me a lot

[@scoutandscooter]

My last consulting gig ended just before I turned 62. I started thinking about driving into the sun at sunrise and sunset, and just decided I was done. It's not critical money for us, but it shows up every month and we donate it to a NGO.

[@bethiciaprasek1008]

I plan to work (or consult) as long as is reasonable. That is because I enjoy what I do. Did not consider how much property taxes and home insurance would cost in TX. I know there are ways to reduce them, and they are less than rent, but they still are a draw on income.

[@joycejackson9315]

For me, it was 1,2,3 6,7,8, 10. Most of the time, I feel like I don't fit into your channel but think the advice is facts. Thanks for making this video.

[@apollovizsla]

I filed for social security in May. I will be 62 in August, and I will receive my first SS check in mid-October! I could no longer work full time at my physically demanding job. Ageism is also a factor. My employers seem to be hiring people in their 20's lately and they end up quitting after a few months. I presently only work one day a week and now that my employer notices the work ethic of the younger people, they are hinting around for me to come back to work full time again! For the last decade they were trying to get rid of all of the older workers, including me who made too much money! No one wishes to be older, but I am so glad to be out of the ageism, nepotism and butt kissing work environment instead of just starting out!

[@sammencia7945]

@apollo Why did you chose to work at such a place for so long?

[@apollovizsla]

@@sammencia7945 I enjoyed my job and the people years ago, but things changed. They are finding ways to get rid of the good workers who are older and bring in younger people to take their places who just happen to be relatives or friends of the upper management people. Even though I am a good worker, most companies aren't looking to hire someone who is 62. I probably should have left years ago.

[@susanmarie2231]

I am so very glad I waited to file until 66.

[@bettyb1581]

Why?

[@loriloristuff]

Yes, watch how much you earn before full retirement age! I have just finished paying back my husband's SS because he didn't pay attention, was a contractor, and felt better with a full load of assignments than less.

[@doran-f6w]

I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[@kevinvictor-s2w]

You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.

[@Godwinkeneth]

That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.

[@shirelylinero]

Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks

[@Godwinkeneth]

NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@shirelylinero]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@charlesfrench9557]

Thanks Jeff. Can you cover the case where one earner has a high ss payment and the spouse has no credits. They are the same age. How does the spousal benefit work and should the high earner claim early to turn on the spousal payment. Please use real numbers. Thank you.

[@2023Red]

Thumbs Up! Your observations are spot on.

[@rickcoffey5309]

I'm planning to wait unit FRA (67) to maximize my wife's survivor benefit in case I pass away before she does. Plus between that and a small pension, we'll have a decent income without having to hammer our 401K and IRA. I plan to retire at 65.5

[@j.patrickmoore9137]

The wife claimed hers early as she was taking care of her mother and I had started a business. I just claimed at 70 but will continue to work, as I am replacing some lower income years now. Both of our moms lived into their late 90's, so there's a good chance that at least one of us will live long enough to benefit from my waiting to 70.

[@jdollar5852]

agreed. Life expectancy is really the elephant in the room here.

[@sharonmack8966]

Getting mine Oct this year, nobody is promised tomorrow

[@BadWolf762]

No one is promised to die early either. I'd rather leave money on the table for a guaranteed larger monthly check so I could live comfortably on SS and retirement savings. I don't want to be the guy living in a camper traveling from truck stop to truck stop chained to his KZbin prison job.

[@sharonmack8966]

@@BadWolf762 your choice!

[@jdollar5852]

Yep. I've lost 7 of my HS graduation class in the past year. We graduated in 1980 so we are all in that 62 year range. Here's what we KNOW. Those 7 people will not ever reach their break-even age.

[@sharonmack8966]

@@jdollar5852 So sorry for your loss.

[@jameswitte5676]

There are over 1 million Americans over age 90. #6 Breakeven should never be a factor in when deciding to collect. That’s why social security took off their website.

[@augustineadeyanju9638]

I concur Jeff .

[@richardc488]

Thank you Mr S

[@zoomzoom3950]

I plan to retire in 1-2 years, before 65. Once I get to my target amount, which will provide me enough for living expenses at 2%-3% withdrawal; with most coming from dividend income. As I get closer to RMD age, I may start taking more out, with a goal to stay in or below the 24% tax bracket.

[@BenRovello]

In my 50s, I'm focused on investments for retirement. I've heard of people generating substantial passive income, like someone who earned $650K in under a year on a podcast. What's the strategy for such returns?

[@FranciszekPawal]

Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.

[@simone_maya]

Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023

[@FranciszekPawal]

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help

[@simone_maya]

Jennifer Mackimm Wesley has always been on the top of my list. She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.

[@Jennapeters144]

Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Jennifer after inputting her full name on the web, she seems highly professional with over a decades of experience.

[@OroborusFMA]

I'm 61. I know from past experience no one is going to hire me due to ageism. So if I lose my current full time job there won't be another. Hopefully nothing will go wrong for six years.

[@kristycullen8287]

Instead of letting my husband go, they didn't give him a job posted he used to do, and now are making him drive 130 miles round trip to a new location, Instead of his regular location 10 miles away . It's now called quiet firing.... Make them miserable so they quit . He's not 66 yet . So we know what you're saying . Hang in there

[@yogililly1]

Took at 65 when Medicare eligibility due to heart attack age 60 quad bypass and family members not making it to 80… SS and part time job at $425 per week under FRA acceptable with home paid off.

[@13thBeatleJr]

That’s true in my field. Grocery clerks are going to younger people. I won’t work overnights and lift 50-100 lbs items anymore. Not going to stand on ladders 🪜 and deal with the public sector and risk stroke. Not worth 16 bucks an hour. I’ll draw in 2 years at 60 it’s still in existence.

[@CaptainQueue]

I would wager most (not all) people who say they want to take SS at 62 to invest are in rough shape now because they are terrible at investing, and will actually not invest one cent. We need frank discussion about those approaching 62 with low savings or no savings and the sobering reality of working and not drawing SS until Full Retirement Age or better yet 70.

[@coachhannah2403]

If you are not increasing your salary, the crossover (static dollar) point is 84 years old. If you are significantly increasing your salary, you both do not need SSI and it increases much faster, shortening the payback crossover time. So, if you are retiring, or have a stable income that will not cut your SSI payment, take it early. If you are still building your wealth, defer. Simple. In this case, numbers are not critical, due to the fact you have no clue how long you will live, but can affect the quality of your remaining years.

[@JustMike2]

I'll be starting at age 62 next year, easy decision for me. I would only get another $100/month for every year I wait. Each dollar of ss I receive will be one more dollar I can keep invested and use to subsidize my savings withdrawals. Not many of us getting any younger.

[@13thBeatleJr]

And not promised another day. Many die in their 60’s and never got a penny.

[@divingduck9]

major point: colas, i.e. cost of living adjustments. soc sec checks go up every yr w/ these automatic adjustments, so when u hear u'll get more at 67 than at 62, guess what, u get that amount at 67 REGARDLESS. meaning that even if u start collecting at 62, by the time u have had 5 yrs cost-of-living-adjustments u WILL b getting at 67 about the same as if u had waited til 67. so essentially by not claiming ur benefits as 62, u r leaving that money, all the money u would have collected age 62-67 on the table. so unless u have earned income of over $22k/yr that ur really committed to continuing to earn, collect that extra 5 yrs income! (no u cannot retroactively ask for it). say u dont need it. so what? take the 5 yrs payments & dollar cost average it into an index fund or a dividend paying stock or two. at least u will have something, rather than 5 yrs of money under the bridge u never saw... cola's on average double ur checks every 20 or so yrs. so by 83, u will b getting double what u were getting at 62.

[@HolySchmidt]

The COLA increase and the increase for waiting are distinctly separate. For example if you claim social security at age 62 you’ll get about 70 percent of what you’d get at age FRA (age 67 for most people). Both also get the COLA increase from age 62 to age 67.

[@drumsnbass]

I simply can’t file before 67. My dividends & interest are several times my SS number. Makes no sense to file and give half back

[@djpuplex]

Pretty sure dividends and interest don't count as income.

[@jefferydraper5987]

That is correct, only earned income​ counts against you. That includes wages and self employment income. S corpr dividends also don't count against you

[@July.4.1776]

That is not earned income it does not count.

[@GrannyLinn]

That was some good planning!

[@jdollar5852]

as others said, interest and dividends do not count in this calculation, only Earned Income. I keep expecting SS to change that in order to keep more people from filing early. Too late! I'm already in the game.

[@clbcl5]

#1 immediate need, not really as it can take 2 months or more after applying.

[@skibum6422]

I can make my budget with my pension and SS at 62 in two years and never touch my retirements accounts. They can grow and my kids and grandkids can have the money if I don't ever need to use it.

[@charleswatkins6402]

I took SS at FRA, if you try to get before then and are still working full time, you wont get it anyway, they will not give it to you or will take it away.

[@bullpup01]

My biggest concerns are taxes, medical insurance, and effect my social security, pension, and 401 k will impact one another and medicare when I hit 65.. I am going to be 61 in 3 days. And want to properly plan the smartest path possible. I have no CFP at the moment since I don't know who I should trust.

[@dking1362]

Would it be worth paying for a consultation with a couple of different CFPs? You could note the similarities and differences in their recommendations and see which one you feel best understands your goals. Might be worth paying for - this is a lot to juggle.

[@zoomzoom3950]

There are some good retirement calculators out there; you can test various scenarios on the tax implications of different amounts from your investments or income sources on your taxes, and taxes on social security. Once you have a number for what you need annually before taxes in retirement, you can use it to estimate your Medicare, Medigap/Advantage costs. I use a few of these calculators to compare results; along with monte carlo simulations. Doing the above, and tracking my change in market value over many years (avgs, monthly, YoY, annual, etc.), I was able to calculate a reasonable minimum target value for my retirement funds that would cover my estimated retirement living expenses with a minimum annual withdrawal rate of 2%. Once I retire, I will adjust what I withdraw to stay in or below the 24% bracket, and minimize RMDs

[@frankiemionetto]

At 65 I can take medical add my pension that might be a good time to semi-retire

[@user-qx4iw2ml9f]

One reason I never see mentioned is filing @62 with minor children

[@De-Centralized]

I'm going to get hit with WEP so I'm not sure when I should take it.

[@nala3038]

collect at 62, break even point is around 78-79 years old. Take the money while you are young enough to enjoy it. Is $500 extra a month really going to matter when you are 85, and happy just to make it to the front porch to drink a beer and yell at the kids to get off your lawn, LOL

[@chacod.hastiin3775]

Question for anyone able to answer. Scenario: Draw SS @62 while continuing to work full-time and also increase 401k contributions to say 30-40% at the same time so as to keep income below the $22k penalty. Would this work?

[@jeffb.2469]

Nope, it doesn't work like that. It is all about keeping earned income below 22K. It makes no difference how much you contribute to your 401K, either in a Traditional or Roth account. Now if you have less than 22K in earnings from your job, you're good.

[@jdollar5852]

No, unfortunately it doesn't work that way.

[@captpeady2176]

Consider at 65 medicare reduces your monthly total, At 62 means 3 years of more SS money

[@Satjr35031]

If you wait till 65 the waiting pays for your Medicare and then some. Plus now you will have that extra SS money

[@michaelh2798]

I have a relatively young wife so I'll be waiting until I'm probably 67 at the earliest, and maybe 70

[@gerrysanterre6317]

Just retired at 66.I wanted to be at 65, but healthcare costs were the issue.

[@sambira]

Why would this be an issue? Medicare starts at 65 and now you are at 66, aren't you subject to the same issue for Medicare as you were at 65? Is it that you didn't have to take Medicare due to your health plan at work and that plan was better? Just curious.

[@arthurshingler2025]

Had I started at 62.... I'd be REALLY stressed out, because I wouldn't have been able to pay my bills NOW! THE COLAs would have cut it then or now!

[@NancyClue932]

If u take social security early, do u get Medicare early too?

[@wilfredonievesjr]

65... earliest. Unless it's a disability.

[@donteller46]

No

[@dking1362]

These folks are correct; the answer is "No." But are you REALLY asking complete strangers on the internet such a critically important question???? Please be careful.

[@GrannyLinn]

No it starts at 65.

[@sammencia7945]

Take SSA at 70 unless you have 500k age 62 earning 8%. Then live off that. You will live to age 88. If you have no savings then work to 70. You will need it.

[@bettyb1581]

😢😢😢😢

[@kindnessmatters5215]

My body can’t take another 6 years. I work as a nurse on the floor.

[@richdouglas2311]

Take it if you need it (and won't have it clawed back because of your income). Leave it if you don't. But remember: the goal of Social Security is to help provide financial security in your old age. And you cannot outlive it, so the larger your payments are the more secure you will be. I can't take it (I'm 65) because I'm still earning $200K+ doing the work I love running my own practice. I WANT to do this work and can't imagine being me without it. This pushes the take/don't take question out of the picture. The program is designed to break-even actuarily, although each person is different.

[@stevef5812]

So many people wait and file at 67 just to die at 73-74 and missed out on 60k+. Oh well

[@13thBeatleJr]

Just turned 60. Prob won’t be around in 2 years….

[@AbeLincoln-sb4bv]

Consider getting rid of white board. Hard to read.

[@Jeff-p5i2w]

Two points, one I don't think you fully explained, and the other you didn't cover as why you should take s .s. at 62 or 66 I did it at 62 and became a substitute teacher, which fits perfectly for me. The break even point.this is misunderstood. I know someone who is very wealthy he was still working, and as he approached 66. He was going to wait till 70 I explained is a bad bet because your break even point.would be your mid 80s .I Said your not going to wake up on your 85th birthday and say I Made a big mistake and should have waited until 70.he figured out the numbers and Said I was right.he would give the s s money to his kids Second point whats misunderstood. Many people are under the impression that s.s. is taxed at the same rate as working income Which of course for the most part it's not .

[@MILGEO]

For those considering taking SS soon, it might be worth waiting until after the Election! Our former President has promised to put a stop on taxing SS as well as bring down inflation. The later will of course take some time, but increasing energy production will certainly help lower inflation as the speed of such a fast reduction was the main cause as many would agree.Also the extension of the Corporate and personal tax cuts helped to fuel the economy, while raising taxes (promised by his opponent) will have the opposite effect! Our possible involvement in wars will certainly effect the final outcome as many of our adversaries had respect for US power when he was President.

[@rh5776]

I tried that. Was told I needed to supply proof that I was eligible, although they had my contributions on screen. So I get nothing. Watch out folks, many of you will find out they took it, but you're not getting it back. Forgot to tell you that when you sign on.

[@eavi1653]

What are you saying? It makes no sense. If they took it out of your check, you are eligible. Your age makes you eligible. If they are just refusing to give you your SS, and you are 62 or older then you need to fight them. They cannot just keep it. Meet with a lawyer one time and ask him what to do. Now, if you are trying to get SSI Disability, then yes, you have to prove eligibility.

[@rh5776]

@@eavi1653 They are sayin that I have a pension plan, and my SSI is in a kind of flux; reduction, or maybe they're going to keep it. I don't have a pension plan, just a standard 401K, but the Feds keep saying it's a defined benefit plan, when it's just the standard 401K. I don't know what else to send to prove it, and they WILL NOT contact anyone. Kind of at a loss.

[@ColdPotato]

I don't see any reason not to take it at 62. You have know idea when doomsday will arrive via health or a bad driver. They did the math and stats and you'll get about the same long term if you start early. Also if you have excess you can likely invest better than what the government would do.

[@zoomzoom3950]

true. IIRC my break even for social security at 62 vs 67 was around 81 years old; if I live that long, I doubt I will be doing the same things I plan to do early in retirement while I still can: travel and sailing; and whatever money I have will most likely be going to healthcare / assisted living

[@Sackattack_]

The only reason I can think of to wait, is for the increased spousal benefit. It is alot higher at full retirement age. It's this conundrum that I struggle with the most, on when to claim ss. Going to just play it yr by yr after age 62. Good thing is I can turn it on at anytime, if things go to crap.

[@ScooterOnHisWay2024]

I took it at 62 this past year. Retired and moved overseas to a beautiful country with a cost of living less than half that of the increasingly awful US. Age 77 is my break even. I don't know that any of us has more than 15 years left.

[@bob_frazier]

@@ScooterOnHisWay2024 Aw, Scooter, whered you move to?

[@willelliott5052]

My philosophy is to minimize regret in my life. If I wait until I am 70, and I die on that day, I won't care, because I will be dead, actually in heaven. But if I take it early, and I live many years past that break-even point, that will bother me a bit. SS is the worst con every played on the US taxpayer. Good old Uncle Sam gives you back a negative return on your decades of deductions, and even taxes you on that. More like Uncle Ernie.

[@zoomzoom3950]

RMDs are the worst; forced to take money you don't need, which forces a corresponding high tax rate. If I don't manage my tax deferred accounts perfectly, RMDs will likely put me in the 35% or 37% tax bracket.

[@user-wr7yl7xp8d]

I turn 70 in 2034. I was planning on working until then (maybe longer). Should I apply at age 67 so I’m grandfathered in before the system goes bust?

[@OroborusFMA]

The system is not "going bust" - the clowns in Washington are just going to wait until the absolute last moment to get the funding correct.

[@MarkColin-e5r]

@@OroborusFMA They would have to work together to fix it. Much more likely they just let it get cut by 35% or whatever and blame the other party.

[@sambira]

The system is NOT going bust. The date of 2034 is when the trust's money is reduced to the point where it can no longer provide 100% benefit. This is for everyone. No one is sheltered from this occurance. There is no grandfathering in or any of that stuff. What will happen if Congress does nothing is the benefit will still be paid but only a some fraction of the 100% people were getting. What has always happened in the past is that Congress goes down to the wire and does something to help SS so it can pay 100% benefits. It could be increasing FRA, increasing SS tax on income, etc.

[@jimfarmer7811]

As long as the baby boomers are a large voting block no politician that wants to keep his job will allow SS to be cut.

[@ItsEverythingElse]

@@MarkColin-e5r History shows that they will fix it by whatever means necessary. They obviously have no problem with borrowing.

[@ItsEverythingElse]

Why do videos on this topic never mention important options like suspending at FRA so you can increase your benefit over the following few months or years.

[@divingduck9]

fra?

[@zoomzoom3950]

@@divingduck9 full retirement age

[@shirelylinero]

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[@kevinvictor-s2w]

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[@vickylarue]

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[@Godwinkeneth]

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[@vickylarue]

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[@Anitasolomon-u4p]

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[@Pamala-p1t]

You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.

[@Davidvictor6]

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[@christainjames]

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[@Davidvictor6]

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[@christainjames]

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