62 Or 70? When To Start Collecting Social Security Benefits.

Best Social Security Timing 62 vs. 70
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[@JohnnyDillard-q4u]

I get it. I decided to apply early because I can't be guaranteed to live to 67 much less 70. It's a miracle I made it to 62.😮

[@marthabck7003]

I started at 62!!

[@bruceeigsti5274]

As long as u have insurance figured out good for u

[@thebootielover]

40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.

[@vincentnichols402]

My best, friend ❤❤ Died at 59 no warning 😢😢 no health problems that woke me up, take it 💵💸62 & Runn.😂😂

[@georgeslupski5987]

To me it's pretty simple, if you are working at 62 and NEED that job to survive then you take SSI at 66 or 67, or 70. If you don't need to work at 62 I would take it. NOBODY knows how long you will live

[@skydancerforever]

This depends what your making at the time of 62? You can still take your SS at 62 and then go work part time and make another $2000.00 a month on top of your SS without pentalties. This allows you to work much less and on your terms instead of a 40 to 50 hour work week job you don't enjoy. Most people should be close to being debt free by the time they see 62 so they can take SS. If not then you didn't plan good to retire at any age.

[@kbrabson]

My plan exactly 💯

[@DMUSA536]

Don’t forget you have to buy your own medical coverage until age 65.

[@skydancerforever]

@@DMUSA536 I use Health care.gov. My medical insurance plan cost $37.00 a month for my wife and I with either BCBS or Priority Health. NOT SURE why people don't know this or use this? There is plenty of options for medical coverage when your under 65.

[@teams3345]

That is why I started at 62. I get my medical through my working employer.

[@clubmike2910]

I took mine at 62 and I do not regret it at all, I am living the life. Fishing and goofing off every single day.

[@ceciliar2449]

But is little money. Financially I need to wait till 65

[@clubmike2910]

You will make it. You will love it.@@ceciliar2449

[@canterup1-hj7hu]

Same. 62 and out. Life is way too short.

[@JS-gt5bh]

Some people work because they do not know what else to do with their time? The brain gets institutionalized to work?

[@clubmike2910]

@@JS-gt5bh I feel sorry for folks like that, I enjoy goofing off, fishing and hanging out, or just watching silly you tube videos.

[@Jorgejimenez-xc8sp]

The value of money diminishes as time goes by. So I’m 60 right now, I’ll take the money and run at 62!

[@muth1997]

thank you for noting that.....money in one's 60s much more valuable than more money in their 80s or 90s

[@richbrake9910]

There are a lot more things to consider; however,, right now I'm getting an annual increase of 12-18% by delaying receiving benefits, which is higher than the rate of inflation. My compound increase by waiting will be close to 150% for waiting the extra eight years. I would have financially struggled in my 70s had I taken it at 62.

[@oliviasimmons6859]

@@richbrake9910

[@wheelie642]

Please listen …when you made this video you left out an important piece of wisdom. It doesn’t matter only how long you live. It very much matters what your health will be especially if you are forced into a nursing home. Living longer means much higher risk for ending up there. Your entire check will go to the nursing home.

[@DanaB-e3z]

Being a nurse I think of this differently. So many people live with some serious health conditions and shouldn't wait that long to retire because they may not get much time.

[@FinancialFastLane]

Yes, it’s a very personal decision for each person, depending on many unique circumstances:

[@JJ-mn8md]

I so agree with you!

[@terrybumpass4799]

You have better insight on this than most anyone else.

[@frr5688]

Get it ASAP! Do not wait! How do you know if you’ll make it to 63?! It’s your money, get it now or the government will!

[@sopheakchey5905]

I'm 46 and will get it ASAP. Screw mandatory overtime while driving through a foot of snow.

[@2legit2Kwit]

I’m a nurse. You slow down soooo much between 62-70. Also, health issues are inevitable and come for us all but the one thing for sure is time nor tide wait for no man. I’m taking mine at 62 no matter what!

[@robbynv9900]

You are 100% correct. ❤

[@mauiseason5826]

I am thinking seriously about your comments it is the reality you make a lot of sense

[@CarlCutts]

And the government knows you won't much past 65

[@cyngyn1675]

Looking what I have to endure till I turn 62 working.3 years to go gives me hope.my health,sanity and freedom Is important.

[@JeffSpehar-ov1cn]

I took it early. Their are no guarantees on life expectancy. If you live long, then worry about it. Almost 70 now.

[@bluecollarmark]

Filing at 63 1/2. Will work a seasonal job (6 months) for the $21,000 earning limit. For the other (6 months) there will be a sign on the door (GONE FISHING, GARDENING, MOTORCYCLING , VACATION). Life is short, if you wait too long to retire you just might not be able to do the things you want to do. 🤔🧐 The old saying (time is money). Yes, I believe it, the question we need to ask ourselves is: How much is 5 years of your life worth? Too me it’s worth a fortune 😉😇😎

[@Satjr35031]

Remember you also have a monthly earnings to worry about $1770.

[@bluecollarmark]

@@Satjr35031 🧐🤔 Thought it was based on a yearly basis. Does not matter if you earn it in 1 day or 365 days. It is Yearly. If your on SSDI, then your limited to a monthly earnings cap. This is my understanding, could be wrong. Thanks for the heads up, I will seek professional advice on the $21,000 earning monthly limits, if there is one.

[@lauralampe1664]

​​@@bluecollarmarkit is also my understanding that the earnings cap is based on annual income of $21,240 for 2023, and it doesn't matter if it takes someone 6 days, 6 months or 12 months to reach that cap.

[@Satjr35031]

Why do you think they have a monthly earnings test Check it out

[@lauralampe1664]

@Satjr35031 I will. I am not planning on collecting SS until sometime in 2025, so I have time to look into this.

[@bethbowen4612]

It is not just the money. You receive your mental health as a bonus.

[@FinancialFastLane]

Very true! Like I say, it is a very personal decision.

[@weslinepierre4196]

I’m 50 now, when I turn 62 I’m done punishing in and out with company. I want to enjoy my life too.

[@luv2bbq]

Take the money and run at 62!!!! 70 is so dumb

[@weslinepierre4196]

@@luv2bbq yes I will. I just have to find me an island to go and enjoy the rest of my life .

[@Garminrules]

Took mine at 62, that was 6 years ago..zero regret...been one big party....you dont need near the money the experts say.

[@PR_GTR]

Thank you ❤❤❤❤

[@bill648]

If you are working in a high stress job, physically or mentally then opt to take it earlier. The job will take its toll in what’s left of your life. Big consideration in the planning process.

[@marshadavis260]

I work on. A high stress job I. Am 58 And have stage 3 kidney disease and I am not waiting. I want mine. At 62 believe it. Or not I would get more on disability right now than social security at age 62.

[@TimothyChang-kh4od]

Very well said for many of us thank you

[@2legit2Kwit]

Nurse here. I’m for sure taking mine at 62. The stressful nature of my job is the reason.

[@2legit2Kwit]

@@marshadavis260apply for disability as soon as you can…

[@GtTrader67]

@@marshadavis260 Yep. I had stage 3 colon cancer, and I am currently in remission. I would get more from disability right now than social security at age 62. But I can't get disability because I can still work at my job. I might not even make it to 62, because 6 years is a long time to struggle.

[@christopherkulander3236]

I took a survey of the elderly in my extended American family. With only a couple of exceptions, my people waited until 70 to start taking their money back. Of 15 people, only two were expressly unhappy in waiting until 70. I suppose this reflects a long-lived family.

[@dennislaplant95]

What most people don't factor into the break even calculations is the compounding interest you could earn on the early SS benefit payments as long as you don't need that money to live off of. Investing all of those SS payments from 62 to 70 would earn a good chunk of interest over those 8 years. It could potentially make up for a lot of the early collection benefit reduction. Not to mention you would have readily available money building up for any unexpected expenses during that time. If you wait to collect, you'd have zero rainy day funds from your SS benefits.

[@waterbug1135]

OK, let's do that. Let's say "you" are the takes at 62 example and "I" am the takes at 70. FYI...I did these computations for myself...not to debate the point. I'm trying to decide too and you posed valid questions. It's a complicated thing to compute apples to apples. I made mistakes a couple times and had to redo the numbers. Not 100% they're right. This exercise has given me a new perspective. Making me rethink waiting until 70, but I personally have other factors to consider, so will likely continue to wait. At 70 you banked all SS at 5% and now have a $187k reserve, mine is $0. At 70 you're getting $1837/mo and I'm getting $3235. We're trying to compare apples to apples right? So you have an $1837 lifestyle, so I should too. That leaves me with $1398/mo extra which I can bank and I can earn 5% on while you can't because now we're both spending $1837/mo. At 75 your reserve is $239k and mine is $97k. At 85 your reserve is $389k and mine is $380k. At 95 your reserve is $633k and mine is $840k. Once again the breakeven looks to be near 85. Seems every way I look at SS numbers the breakeven is always about 85. My life expectancy using current health data is 91 with a 25% chance of reaching 96. I like numbers and science so I'm planning for 95. Can a person actually get a 5% return? Don't know. I do know there's risk there. One thing I like about waiting until 70 is growing at about 8%. Plus COLA is a pretty sweet perk too. It's a compounding COLA. We both get the same percentage increase but my dollar amount increases more because of COLA on all previous COLAs. Not a lot, but nice. HOWEVER...the biggest factor by far is human nature. Can a person actually take at 62 and not spend a penny until 70? Such a person imo would, assuming no big Lottery win, likely be good with numbers, believe in science, be a disciplined spender and have their act together in general. Such a person could see the benefit of good health, realistic life expectancy and the benefits of waiting until 70 to take SS.

[@nickthinkpainting1978]

It’s not easy to wait to 70 let’s be honest. Especially in this inflation if you wait to full retirement age and work a decent paying part time job it can work.

[@dlg5485]

This is a fallacy. This scenario has been analyzed ad nauseam over the years and the outcome of that analysis is always the same. Delaying SS is definitely the better choice, as long as you are able to support yourself or continue to work in the meantime and your life expectancy is beyond 80 (to be conservative). Investment returns are never garunteed and will fluctuate wildly over any 8 year period, but the SS increases are garunteed, as are the COLA increases on top of that. This is not complicated.

[@JohnJohn-wr1jo]

Dennis in theory you make a good argument. In reality, 40 years plus as a CPA, I've never seen a client, or known of anyone's client who is able to do this. Not saying it's impossible, but for most not realistic.

[@dennislaplant95]

@@JohnJohn-wr1jo Actually, I know several people that have been able to collect at 62 and bank their entire SS benefit. Typically, they have a spouse that is still working, a pension (or other retirement money), and/or a side hustle that covers their living expenses. One such person was very glad they collected at 62 because, at 67, they needed to use some of that banked money to help pay for expensive cancer treatments. Had they waited till 70 to collect, they would not have had any rainy day money reserved.

[@daveallan7443]

Take it as soon as possible. Numbers don’t tell the whole story. Spend while your quality of life to spend it. Wait till 70 and enjoy your gold plated casket. I took it at 62 and now 72. Trust me quality of life to spend it is better in your 60’s

[@michelebaumgardner7625]

Your choice is based on necessity. My amount climbed $600 a month by waiting until age 70, which gave me a livable amount. I worked full time until turning 72, increasing my safety net while collecting.

[@franzie4158]

Well I got mine at age 62 , because I had a stroke. As a truck driver, I couldn’t renew my license. I almost lost everything I worked for all my life. My private health insurance stopped paying for my treatment, even my therapy, I had to bypassed.; therefore, I think it’s all depends on the individual.

[@RDSZ]

I hope you stay healthy and enjoy your retirement.

[@anntrope491]

Sorry to hear of your health issues… I’m a truck driver too… tough life .

[@tg213]

I think you made the right choice. I had a stroke at 62, major disabilities still. As a knowledge worker, i can still think, speak, type with one hand. I kept working until 70. And generate social security income of about 55K per year just under the max amount. In my mind, your circumstances make perfect sense. For me i wanted to make sure i could pay for long term care and provide my wife a higher survivor benefit. We are all running out of runway. Best wishes for your health and happiness. Tim

[@luv2bbq]

I hope you filed for disability!!!!

[@lauralampe1664]

I have read recently that only about 9% of people wait until 70 to start claiming SS. If we all knew how many years we are going to live, it might make the decision on when to claim easier.

[@hivicar]

I'm generally suspicious of anything a majority of us do. I'm working until 69, and filing at 70.

[@Veronicastyle-]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@Veronicastyle-]

@Gabrielyoung- However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

[@Veronicastyle-]

@Gabrielyoung- Judith Ann peace is her name

[@Veronicastyle-]

Lookup with her name on the webpage.

[@Veronicastyle-]

@Gabrielyoung- You are welcome

[@johnsonajayi7846]

Please be very careful investing with someone you don't know. Try Vanguard or Fidelity or Trowe Price, these are well known investment companies.

[@rdmineer1]

This presentation is not one sided, but thoroughly addresses a broad array of mostly unknown factors. Well done.

[@risingsuns554]

since our decision when to take SS benefits are rare (like 1 time ), you explaining the pro and con's ... thank you for your vid and helping explain the variables to ponder... your vid are great example of how youtube and internet makes it much easier to get info out to the public... thank you!!!!!

[@robertstanderford8438]

Just turned 60 and finally thinking about retirement. It’s been a wild ride, but it’s time to start thinking about it. Great video and I subscribed.

[@Growing-Our-Retirement]

Thanks Lane! Love your videos, very clear and detailed. The sweet spot really seems to be at your FRA but waiting to 70 is a bit of a gamble. My spouse is 5 years younger so for her benefit I am going to wait as long as possible. She also needs to build up her benefit as she was home for many years.

[@jpaul4788]

I’m in the same spot as you my wife 6 years younger,67 is beneficial for me cause she can catch me up till she turns 62 , she can collect out my ssi, ,,I thinking 1/2 way of FRA , 64 , but I quoted from my employer $1100 a month medical now , & it will increase 3 years from now , I’m 60 now 7 more years long time

[@randolphh8005]

@@jpaul4788educate yourself on spousal vs survivor benefits. They are completely different and have different rules. Spousal benefits are reduced for early claiming, they will not get 1/2 your PIA if they are too young.. For survivor benefits it depends. Unfortunately quite complex

[@epatililio8368]

If you accumulate your social security benefits from the age of 62 to 70 years, that's a considerable amount. I'll take social security benefits at the age of 62. Take into consideration a life span. You'll never when you'll pass away.

[@skydancerforever]

This is correct and the reason i took it at 62. You may not be here tomorrow.

[@aznibas]

Very good topic. Usually nobody talks about SS and not too many individual is knowledgeable. This is very informative discussion. Thank you.

[@santia9137]

Great video! I’m thinking on retiring at 62 with a full union pension and social security! I can’t wait.

[@richbrake9910]

SS will reduce your benefit by at least half due to your union pension....so I would wait to take SS. Social Security is the most socialist program we have. My friend earned and contributed five times more than I did, but his Social Security benefit will only be twice mine.

[@scm0717]

I'm 61 and I wanted to wait until I am eligible for Medicare, which is 65. My breakeven point would then be higher than 79 and my family has a history of living into their 80's on average. It seems like a reasonable time for me, but it does depend on the job, etc. Thank you.

[@GaryWilliams-p8n]

Thank you Sir!! you really explained this to the tee and I already filed at 62 but VERY crystal clear info. Remember I'ts YOUR MONEY not theirs.

[@jammer777]

If you keep working and claim earlier and don’t need the SS benefit for living expenses and invest it in growth mutual funds you can be way ahead instead of waiting until 70. I am doing this strategy after waiting until 68 and I’m very happy with the results.

[@richbrake9910]

True, I considered every damn thing I could think of before I made my decision to wait until at least 68. I'm 66 now. I stayed awake nights thinking about it. Most people do not consider everything, which is why only 9% wait until age 70. Every week I hear a different person age 68-70 say he/she wishes they waited...

[@JamesBond-bj2uj]

Simple answer 62!

[@slicksmith856]

Retired at 55 with pension and medical. I'm 62 now, paid off mortgage and collecting social security. So far this is working fot me.. Who knows what the future will bring. I haven't touched my 401k .

[@luv2bbq]

You sound good to go. Now sell everything and buy a motorhome and travel the country in style and live your best life

[@JohnSmith-dj5gf]

My daughter was born when I was 50. She’ll be 12 when I turn 62. She’ll be eligible to collect half my FRA amount or about $1800/mo for 6 years. It’s a no brainer to collect at 62 if you still have minor children.

[@luv2bbq]

Wait what?

[@larryfinley9221]

I’m following the advice of my dad, who retired early. He told me to work for as long as you can. One of his problems was the stock market crashed in 2008 shortly after he retired, and he had to go back to work, for about 5 more years. My current goal is to retire in about 10 months at the age of 70 and never ever work again. Currently it’s projecting that I will have a net pay increase of about $1,500/month starting at age 70 over what I’m making now working. Better to make too much than not enough. Thanks dad.

[@theoriginalDAL357]

I’m waiting until FRA, a little less than three years from now, to make the decision to pack it in or keep working. After that I will take things in a year-by-year basis. My plan is 70, but we all know how plans go. In the meantime, I am trying to sock away 30-35% of my income; working from home is helping me with that rate.

[@byroncollins]

Hello I'm Retired At 62. I Retired At Age 60, I Like Your Cool Money Design Tie. 😮 Keep Up The Good Work Dude 😎👊

[@alexnutcasio936]

PIA actually means Pain in The Arse…..which is figuring this out. Financial advisors are all over the board on this. Some say collect as early as you can for a longer time versus waiting to get maximum benefits but collecting for a shorter period of time. If it all comes down to longevity, then we all need a crystal ball because no one knows how long they’ll live.

[@anthonybatulis6516]

It still comes down to if you have poor health, financial need or if you are wealthy you take it right away.

[@alexnutcasio936]

@@anthonybatulis6516 in other words, no one knows. Lane certainly doesn’t.

[@Joe26003]

Your PIA is listed on your mySSA account at your full retirement age.

[@alexnutcasio936]

@@Joe26003 yes, I get that. However, no one can ever definitively give you a “ best” time to take your benefits. However, if you’re still working, it’s best to wait since you don’t need the income. What he should have been clear about is for every year you wait past you full retirement age, you get an 8% increase in benefits until age 70,in which case there’s no reason not to start taking benefits.

[@Phaedrus-th7bi]

I am an ordained minister, age 62 (male), so these calcs (video) are "Me", however, what I am dealing with is more that spiritually, emotionally, socially, I will want to stay in ministry until physically I can't do it any longer. The $ is one thing, the "calling" is something totally different.

[@Bob-yh7ir]

Not waiting until FRA. Going to turn on at 65 with Medicare activation. My break even point is just around 81 years old by claiming 2 years early. Going to get it and spend it. If I live into my late 80s or longer, will I need or even be able to use the "extra" money I would get by waiting? That's a big NO.

[@catlover4331]

As a married couple the wife can take benefits at 62 to start getting retirement and my husband will wait until he's 65. We don't know how long we will live. Not going to take a chance. Could get sick and die and never get anything.

[@randolphh8005]

Read my post re married couples

[@staciatravis9302]

Yes......and if 1 dies their SS goes with them. Collect 1 at 62 and wait for the higher earner to collect their SS. At least you can get some of the SS b4 one or the other dies and the still living will get the higher SS.

[@casmithc2]

Great Analysis! Many people forget about the COLA!

[@robbynv9900]

Does it taste better than the old cola?

[@Mary-rq5sv]

Take ssi at 62 as you need money in the first ten years (called go go year) . You will not need money at 80 as no go year coming❤

[@richbrake9910]

no go year?

[@TheWaterbouy88]

Very clear explanation on when to start drawing benefits.

[@skydancerforever]

Very good video. I retired and took SS at 62 about 1.5 years ago. Could not sustain my job at 50 plus hours a week 5 days with heavy lifting and on my feet all day. I have what i feel is a pretty good savings acct. I figured if i started burning thru my money fast i could always find a part time job since i can still earn close to $2000.00 a month on top of my SS with no penalty. So far i am good but bored in the winter times here in Michigan. Wife is 61 and works part time. I wish i could invest some of my savings to make me some extra income but no one has gave me a clear view on how to do that. It can't be a risky investment at this age. I don't think i will live to be 80 but you never know?

[@dennistyler9852]

Snowbird in Florida, Summers in Michigan.

[@markminks546]

Schwab has a money market fund, symbol SWVXX, that pays about 5% interest currently. We park most of our cash in it. Just like other mutual funds, buy and sell orders are executed once per day, at the end of the trading day. So if you need some of the money it takes only a few days to sell some and get access to the funds…

[@twistedtrails8128]

@3:33. also, not included are taxes and the cost of medicare, which is taken off the top, you need to consider this when choosing a date when to retire...

[@sidkaskey]

Social Security is longevity insurance. Taking it early is a fast track way to find yourself in trouble later in life.

[@JRRob3wn]

That depends on your situation. If you are planning on living primarily off of Social Security and have few other retirement assets, then yes, you absolutely need to delay. However if you have plenty of money saved, taking Social Security early allows you to withdraw less from your portfolio, giving you several extra years of compound growth.

[@pregan66]

​@@JRRob3wnExactly, it's shocking this is not mentioned more often.

[@JRRob3wn]

@@pregan66 Furthermore, if the difference of $500 a month is going to make you or break you, you really should not be retiring yet.

[@thareja12]

Thanks for clear explanation of the terms used and pros and cons of timing of the benefits.

[@irmamelendez2355]

A very good información. I am almost 64 and thinking about retiring. Thank you.

[@waterbug1135]

My life expectancy just based on age 67 and gender male is age 84.7. But using calculators with additional inputs like height, weight, diabetes, smoking is 91 with a 25% chance of reaching 96. I understand these are statistics, not fortune telling. But I think I prefer to plan for living to 96. If I pass today having not taken SS yet I won't regret it...I'll be dead and that solves the regret issue. If I live until 96 that's about 20 years of me kicking myself. Hoping I pass before 76 to be "right" isn't how I want to spend the next 10 years.

[@richbrake9910]

exactly, and more people die in their 90s than in their 60s.

[@samuelmendoza8585]

Thank You Lane! You really helped me pinpoint a very crucial time factor by specifying the “break even point”. Being 63 and feeling stress free is more important at this stage in my life, because I can enjoy retirement benefits now, travel with my current energy level and health, then doing so at the tired age of “79”. The pivotal question that remains is what to do until I qualify for medicare insurance?

[@Savannah-ed4rv]

Medicare begins at 65 unless you don't want it to. I'm based on what I've heard from other people KZbin approximately 3 months before you turn 65 if you're planning on using Medicare, you should sign up for a Medigap supplement it's appropriate for you because you only have a window of time before and after your 65 to get that insurance without underwriting.

[@waterbug1135]

I'm 67, retired at 45. Haven't taken SS yet. I don't invest at all so my reportable income has been about $0 for 20 years. With Obamacare and Medicaid expansion my health insurance premium subsidy wasn't available, only option was Medicaid. Turns out I loved Medicaid more than any other insurance I've ever had. And it's $0 cost, $0 copay, $0 deductible. When I turned 65 I got Medicare with Medicaid so $0 cost stayed with Parts B and D. Now getting Medicare Advantage at $0 cost with some huge cool benefits like $5000/y dental. Medicaid then qualified me for a free smartphone and plan (Lifeline) and recently free home internet (ACP). These programs are based solely on reportable income...not wealth. Billionaires can be on Medicaid. So if you have the cash to fund your retirement from 63 to 65 you could keep reportable income below about $16k/yr and get Medicaid, phone, internet. Betcha better than your current health insurance. You do have to live in a Medicaid expansion state.

[@johnsowinski621]

Anther consideration is taking early allows you to keep more of your nest egg working in investments. you pull less out for living expenses if you take SS early.

[@user-jr6pz7ef8f]

I retired at 65 I worked all my life I'm going to enjoy what life I have left so when you make your decision you have to realize life is too short

[@AmericanConstellation]

Keep working until you are 70 years old. You'll regret it when you can barely get out of bed at 75 if you make it that far. So you might have had a couple of years thinking you are still young. Congratulations. Now if you wait until you are 79, you are a fool because you think you will never die.

[@INTERNETVID]

Suppose I can get out of bed just fine at 62 and- while maintaining a healthy and active lifestyle- can still get out of bed just fine until 70? I won't regret it if at 75, or 80, or 85, I can barely get out of bed but knowing I exited the rat race and enjoyed life for the 8 years that I was able to do so.

[@randolphh8005]

You don’t wait till 79! At 79 you start pulling ahead. Certainly for a female that is highly likely since one half of women at 62 live past 84

[@tiwiking5146]

😂😂😂😂

[@davidrupprecht2774]

Thanks Lane, your videos are clear and always excellent.

[@TM-nu5vd]

Will be taking mine at age 70 as I draw on my 401k and savings. My glass is half full and not focused on dying early.

[@heythave]

If you have children, take social security so that your 401k money can be left to your kids.

[@lakernation4725]

@@heythave and use the governments $$$$ not your kids $$$

[@billnotice9957]

The only thing that stops me from retiring at 62 is medical insurance.

[@FinancialFastLane]

Absolutely!

[@thomasmitchell3937]

Absolutely! I need to wait for my wife (3 years younger) to obtain Medicare. We are debt free with a pension but her Krones disease would wipe us out financially if not for my company health insurance.

[@richbrake9910]

The only thing that stopped me from retiring at age 62 was my SS benefit amount was too low to do anything with.

[@TJD656]

This guy is a typical Financial advisor. If he works for you as your personal financial advisor and you retire at 62 he won't have no more money coming in for him to advise you on. So, why do you think he wants you to keep working. The difference in life between 62 and 70 is a big difference. Trust me, I retired at 62 and collected my 160K for the last 8 years having fun. I'm now 70 and have no regrets beside the wife makes me go on at least two CRUISES a year. If I would have listen to my PFA and still working I would have missed out on having fun spending my SS money and time with the wife, going on her mandatory cruises. I told her no more then 2 a year, somehow she got me on 5 in one year. She doesn't pack for nothing less then 7 days. So you keep listen to this guy and keep working, the wife and I will keep cruising while we can.

[@frankcoffey]

I think Murphy's law applies here. If you take it at 62 you will live a long time, if you try to wait you will die before you even start collecting. Same with savings, outliving your money is Murphy just messing with you. I'll take that deal.

[@sntstafford]

One parent gone at 55; their parents, 69 and 73. Other parent is 84 and still kicking……well, slower than a few years ago; their parents, 84 and 94. Middle brother gone at 48; eldest still working at 63. When is my expiration date? No clue. So, at 62, I will take it a month at a time to see if the body can still hold up and, if not, then file. We worked hard and house is paid off, only one modest vehicle payment and CC paid off every month, live modest (yet for us, enjoyable) lifestyle, still adding to 401k and money market each month, so we feel we are financially in a good place. Social Security will be roughly 32-35% of our currently calculated monthly retirement cash flows.

[@augustwest9339]

After running numerous scenarios until my head was spinning - If anyone has been debating if they should take SS at 62 or 70, I say just take it at your FRA. I've been running around trying to find what is best for me with spreadsheets and online tools, there is no clear answer. I'm taking the middle ground. I would be at my FRA on Jan. 2024 and stating SS then.

[@randolphh8005]

There are lots of ways to define the probabilities, but if you are single it is mostly longevity and need, and may not make as much difference as it does for a couple.

[@augustwest9339]

​@@randolphh8005 Correct. And as for couples, when one dies, going to a single filing status for Taxes is a hammer blow for many of us.

[@Joe26003]

My plan is to work until I am 70. I will take my SS at FRA (age 67) and put it in a separate account. When I retire, I will have two pensions, SSA and VA Disability. This will nearly equal what I am making now. Plus my wife is 12 years younger than me so I will most likely die before she does. Someone told my dad before he died of cancer to have $25,000 in the bank when he passes so all the retirement income settles out from over payments and other adjustments so my mom still had funds to live off of.

[@robertjeffery6100]

I’m turning 66-1/2 in may I have a good job I’m going to take my SS and keep on working and hammering my 401k to the max

[@FinancialFastLane]

Love it!

[@philc.9280]

We will definitely wait until 70 as we don't need SS now and we are still working part time at age 68 as we love our medical working fields. We also have good health in our backgrounds. This video helped seal our decision.

[@johnjuza2659]

My Brother was 62 and received 2 ss checks before he died. If you can get as soon as you can!! 275 days till retirement!!!

[@sewnsew6770]

I doubt I will live to 75 but my wife 9 years younger so l will work as long as can so she will have more benefits from the survivors pension

[@robertzabinski6083]

You need a better hobby.

[@rdmineer1]

If you are able to work FT until 70, depending on the type of work, what's the toll on your health? Now you can afford a better assisted living facility! And what can you enjoy at 79? Longevity is only about being alive, surviving, but in what condition? Depends on the job you stay with, and if they will let you. I filed at 63, starting last January, just for a contingency income in case something happens. Had no idea what was coming. Did some math. In July I began working half time because combined I would take home MORE than I did FT, Then in August, 10 days before I turned 64 I had cancer surgery and another a month later. It's gone, but requires chemotherapy for the rest of my life as prevention. During the surgical recoveries and the debilitating affects of the chemo, at least there is some income. Still working when I can, Amazon is very accommodating. Fortunately, also have VA, so the two surgeries and everything related has only cost me $410 out of pocket. Also have retirement funds I don't need to touch yet. I'm living now. See, you don't know what's coming.

[@andrewrivera4029]

I saw the power of it at work as I had a higher base salary then others at work and when we got uniform % raise my base increased more than those with the lower base salary. Very powerful in the long run.

[@daviddestefano5044]

aplaud you for going over the "break even" chart ......no right answer for everyone ....if you love your job keep working, if SS is alll you have then you have to continue working, if you have to buy health insurance at "retail rate" ($2,000 per month per couple) then you have to keep on working. BUT if you have a nest egg or a pension and you have subsidised health insurance (spouse or employer).......take it at 62 . You can't buy time.

[@DeepRunner1-y1l]

Nicely done thank you for your time and input.

[@JustMe-cs5zq]

But MAN, I dont want to wait until 70 to retire 😫

[@bhinbayoucity5691]

You don't have to wait til age 70 to retire, you can retire at anytime between 62 n 70, yet wait til 70 to start collecting S.S., IF you have other retirement savings to rely/live on til age 70.

[@rn87mom94]

Remember, at 65 Medicare takes your payment out of your monthly SS check. Forever.

[@sammencia7945]

You will live to 86 to 92, 50% chance.

[@peterlangenstroer2617]

@@bhinbayoucity5691q

[@peterlangenstroer2617]

@@bhinbayoucity5691😊

[@dlg5485]

If you have enough in savings to carry those early years of retirement or are willing to work longer, and you expect to live past 80, delaying for the max benefit is a no-brainer in my opinion. Claiming early leaves too much on the table and life expectancy is only going to increase in the future as medicine advances. I'm 54 and still 8 or 9 years from retirement, but I plan to delay SS until 70. I'll have a decent nestegg by then and I really like the security of having that max garunteed income locked in for life so my portfolio doesn't have to do the heavy lifting. Fortunately, I'm in excellent health and I work hard to keep it that way so I plan on living it up for long time!

[@NoMoreTears64]

My son was healthy and robust and "planned on living forever" too. He died at age 29 from sudden cardiac arrest. Here one minute, gone the next. You cannot "plan" how long you will live.

[@dlg5485]

@@NoMoreTears64 I am very sorry for you loss, but that is not relevant to my situation. We all have to make these decisions based on our individual circumstances and judgement.

[@prnps]

I thought I would wait one more year to get my Medicare then retire. I survived a heart attack 2 years ago. I know money may be tight for me but I want to enjoy what’s left of my life.

[@conquer228]

you can't buy time so retire, collect enjoy . if you love your job and feel like you would rather stay for the enjoyment. thats different

[@nala3038]

Social security has a new plan where by if you delay taking it until your are 105 they will give you a check for 100 million dollars. I'd wait for the big pay out 😂

[@indigostaraz]

LOL!

[@pointreyes4272]

Delaying SS benefits (without working) typically means taking funds out of retirement accounts. Years like this one when the S&P is up 20% move the needle a long ways towards collecting early and leaving your retirement funds alone. Of course, had the market been flat or gone down it would have been a different story.

[@teams3345]

S&P went down 19 % in 2022 and up 24 % in 2023. Watch your math.

[@pointreyes4272]

@@teams3345 Actually, the S&P is up almost 27% this year when you include dividends. Over the last 3 years it's up an average of 10% per year when you include dividends. There, I made it simple for you.

[@RobertJones-v8h]

I can’t afford to retire at 62 without health insurance that’s the only thing stopping me from retiring. I was diagnosed with leukemia last year so I need my employer insurance to keep going

[@Al-mk4xl]

Great analysis, however, one missing element from this analysis is what if you don’t need SS to live because you have earnings from savings and investments, yet you take it early and invest it? I understand this analysis is designed for the most but in my opinion, taking SS early makes more sense regardless of the circumstances because one bird in the hand is always better than 2 on the tree.

[@neptunedawn7121]

When you take social security is a personal decision that depends on your circumstances: are you still healthy and able to work? Do you have an outstanding mortgage? Do you have minor children? Do you want your benefit to be reduced if you take Social Security at 62 if you are still working? If you are still working, then consider waiting. You can take Social Security at your full retirement age where your benefit will not be reduced if you choose to work. If you cannot work, take the Social Security.

[@ths.6935]

I agree with you same reasons as I thought about it. Most ppl always said to me get it right away.

[@thechuckster6838]

I will be 63 in a few weeks. My house is paid up and I have an investment property that yields me $1300.00 monthly after all is paid up. I have been diagnosed to having liver damage due to fatty liver. Do I retire now, or wait two years to 65? The problem is medical coverage. That does not kick in till 65 years of age. I am caught between a rock and a hard place.

[@bman6502]

Best thing you can do is the year before you shut it down, only live off of what you’ll get in retirement. Put any other income in a savings account and don’t touch it.. after a year, you’ll figure out if your retirement money can sustain you..

[@irismartinez5753]

It all depends what you can afford. I want to retire, I am past my age that I can retire, however I can't afford to retire and keep working because then I will have to pay taxes, so it doesn't make sense.

[@joemama-tn7zl]

The best explanation on you tube thank you

[@jrizzo3579]

the answer is truly simple ...do you prefer freedom and time or another 500 to 750 dollars? Yes I get not everyone is positioned to retire at 62 ... but if you can, I suggest you take the freedom and time. On your death bed you'll never care how much money is in your account trust me.

[@salwansalem8099]

Thank you exelaint video explaining the differences early retirement and full retirement

[@jH-zu9ky]

Thank you for another great video. Looking forward to hearing about the former spousal benefits. My ex-wife who is a partner in an accounting firm mentioned them after our divorce, but of course, she wouldn't go as far as to elaborate for me. ☹️

[@ReformedTryHard]

You don’t need to worry about it. You have no control over it, and it doesn’t change what you can receive in any way.

[@jH-zu9ky]

@@ReformedTryHard as she is a partner in a reputable accounting firm, and would normally have no reason to go out of her way to help me, I will surely take her word over some rando on youtube.

[@767bob]

When I was 62, cancer came knocking on my door so at 63 I retired and took my SSI and small pension. We are debt free for over 20 years before I retire, the SSI and pension covers our needs with no issues. We also have plenty put away and for 2023 our investments made over double what we collected from my SSI and pension and that is what I want to see. I still want to grow my investments for us to enjoy and for us to leave for our kids and grandchildren. My investments will grow a lot more than if I delay to collect my SSI at age 70. If anyone is thinking of delaying their SSI to age 70, you better have a good chunk of money saved up to do so. You can't burn through the small savings while delaying. In this case you are stuck working longer before retiring to collect your SSI.

[@jferguso100]

I see retiring and claiming SS as two different things. As long as my 401k can fund my retirement then I plan to defer SS as long as I can for the higher payment for the rest of my life. If I don't NEED SS then there's no reason to claim it early. I'll plan to live to 100. If I make there then I'm set. If I don't... I won't know that I missed out if anything.

[@FinancialFastLane]

Retiring and claim Social Security are two separate things for sure. Thank you for comment!

[@alankoemel3168]

Another angle that no one talks about is Medicare. You are forced to take Medicare at 65, period. If you are self employed then you will have to pay the Medicare premiums out of pocket. I had planned on waiting til I was 70 to start taking SS benefits. But because of the Medicare premiums, I started taking SS at 66/4, as I was born in 1956. The system is not set up for the self employed.

[@ladyfox7762]

imo not set up for seniors period😢

[@Growing-Our-Retirement]

I don’t think you are ever forced to take Medicare. If you have options they might be better.

[@alankoemel3168]

@@Growing-Our-Retirement yes I work 2 jobs. One is self employed and the other one doesn’t offer benefits. So I have always had to buy my own med insurance. If you don’t take Medicare within 3 months of turning 65, then you will pay a 10% penalty per month FOR THE REST OF YOUR LIFE. IMO that’s being forced.

[@Growing-Our-Retirement]

So isn’t Medicare less expensive for you. The coverage is likely better too? I think you are mistaken about the 10% penalty. You don’t have to take the coverage but you do have to make an election.

[@alankoemel3168]

@@Growing-Our-Retirement I worked on this project for a year before I turned 65. The 10% penalty was confirmed by both the Medicare people and private insurance people. Medicare Part A (hospital) is 100% covered. Part B (doctors) is an 80% plan. That premium can be paid out of SS benefits. Medicare Part B Supplement (remaining 20%) cannot be taken from SS so I am paying that out of pocket still. Prescription Drug Plan can be paid from SS benefits. All together it amounts to over $400 per month. I live in a rural area, so Medicare Advantage plans are not available

[@aaronfriedman8201]

People think about this all wrong! Taking at age 70 IF YOU CAN AFFORD TO WAITE (and if you are not at Max SS payment) is the way to go. The way to look at it is as an insurance policy in case you live long. If you die younger you do not need SS. If you end up having a long life it could end up being really important. People tend to think let me take it before I die. If you die YOU DO NOT NEED IT!

[@keithmachado-pp6fv]

I agree with you. It is for most the only guaranteed income that comes with a COLA. Curious why you say to defer if you don’t have the max benefit. Why would that be an issue in the decision?

[@aaronfriedman8201]

@@keithmachado-pp6fv If you are at the MAX SS by waiting you will not get more than the MAX.

[@keithmachado-pp6fv]

Ok but the max does not occur until age 70. Obviously you would not delay past 70 whether you are at the max or not.

[@aaronfriedman8201]

@@keithmachado-pp6fv I did not know that. I thought a Max could be hit before 70. If that is the case then if one can afford it they should take it at 70.

[@thomasjohnlynch]

Very impactful, informative, and awesome graphics.

[@quantn573]

Thank you Lane for many informative shows on SS money subject. I just watched the Wall Street Journal online live Q&A show about retirement today 8/15/23, when so many questions and worries about this subject came up. I am inclined to chime in to recommend your shows and website. You are so sensible to state many times that SS is only a small part of financial planning for retirement. Moreover, IMHO retirement is about more than just money, and living well is even more important a subject for reflection than retirement and money. Hopefully this perspective would but SS worry in its proper small corner.

[@lutherjr2646]

I would take SS as soon as I stop working. If you need to spend the money every month it’s a different story, but if you have the luxury of keeping the money in stocks with 7% minimum annual return, you will have more money than wait till 70.

[@FinancialFastLane]

You may find this video helpful kzbin.info/www/bejne/qarQcml4m5iUmZIsi=55sMqnOIiy2Ok8Tp

[@DrRobertLEnglishII]

Wonderful and informative video, as always!

[@stevenmccallan9202]

Very articulate explanation of this subject

[@perryquinn709]

Thanks for the very informative presentation, I like your style!

[@timfetner8029]

Wife is considering taking her SS at 62 as a source of funds to pay Roth conversions taxes. We don’t need the money but it’s a good way to get money out of our regular IRAs. We have substantial money in regular IRAs and our goal is to get as much converted over as possible. We have our quarterly check-in with our financial advisor so will have to see what he says.

[@anitasapra]

Thank you so much for this video and this useful information. 😊

[@educatedwanderer9293]

If you have done a decent job saving for retirement, remain healthy in your 60's, and expect your remaining retirement income to be good, delaying until 70 on SS can reduce your taxes and serve as insurance on your portfolio to help it last into extreme old age.

[@TableForOne2025]

I’m taking mine upon eligibility 😊

[@rrad8106]

I have a nice 401k and intend to collect Social from 62 until the RMD's kick in 10 years from now.