8 GOOD REASONS to File for Social Security at Age 62

[@FinancialFastLane]

FOR PERSONALIZED SERVICES AND MORE INFORMATION: Financial Fast Lane www.financialfastlane.com/

[@pkul9583]

Thanks so much

[@mg43472]

INFORMAITON is misspelled. ;-) Thanks for the informative video. I guess since I am still working its a non issue. I can't take it now but want to retire as soon as possible.. Longevity is not in my favor.

[@micheleedwardswhitfield7377]

Thank you for this information

[@nint2]

But the incoming Trump administration said they will cancel social security. How can we retire without it?

[@FinancialFastLane]

@@nint2 They have never said that. Not sure who you are listening to. He has said just the opposite.

[@YanaSimon754]

*I'm 51 years old living in California 🇺🇸 I'm willing to retire at 56 if things goes the way I planned. I'm glad I took a bold step that has changed my financial status forever. Bought my first house last month and I can't be more proud that I'm right now*

[@KyleighBouchard]

Congratulations you are really doing well at your age im 45 and my finance are in rally in mess right now and great tip will really go along way in shaping my life im open for idea

[@YanaSimon754]

Hey sorry for late response I apparently used the FIRE movement to put my finances in shape you can research more about it and I invested in Stocks and forex with the aid of an investment enthusiasts expert Alvarez Harry Flectcher.

[@Tinason-g7g]

Wow🙄I know the man you mentioned here. I benefit a lot from his platform, here in Munich Germany So many people have highly recommended him.

[@LisaCastro-d5z]

Speaking of success, I think I am blessed, otherwise I would never have met someone as perfect as Alvarez Fletcher. He has saved me a lot and is a blessing to my family.

[@Michael-x1y1w]

Waking up every 14th of each month and receiving $10,000 is incredible, he’s success story is every where

[@Bitcoin_Gold]

Social security should never be taxed

[@kona6451]

Thanks Ronald Reagan

[@poopingwhilestanding5801]

Vote Trump then!

[@SultanofSpey]

Social Security shouldn't exist. It's theft. Thus, benefits should be taken as early as possible as "restitution" or "victim compensation" payments for as long as you can possibly receive them because if they REALLY had their way, you'd get nothing so they could give it someone else that failed to plan at all.

[@avidediter66]

@@kona6451thanks Tip O Neill and Democrats who controlled Congress in 1983

[@muffinharris4872]

States That Don’t Tax Social Security Most states - plus the District of Columbia - do not tax Social Security benefits. These states include the nine that don’t have any income tax at all, which are: Alaska. Florida. Nevada. New Hampshire. South Dakota. Tennessee. Texas. Washington. Wyoming.

[@kristopherdetar4346]

I turn 62 in 3 weeks, my SS starts in December. Both of my parents died at age 68. Yep, I’m claiming it early.

[@ZepG]

Good luck buddy, I hope you live to 100.

[@trainsplanesandotherthings5187]

We are just worker bees ... nothing more...

[@bagery]

Happy Birthday!

[@lancewoolen9343]

I just did it!

[@gpdoyon]

That’s the beauty of having the option to take SS at 62 or wait. You do what’s right for you. I hope that you have a great retirement!

[@TK-ff5kc]

Dad died just before his 80th birthday still working because he planned poorly. My mother inlaw who was rarely ever sick died mid 70's. I am planning on retiring at 62, might as well enjoy life when you have your health.

[@johnlance-bu6jj]

You are so correct . The government wants us to work until 65 / 70 . In that way they don't have to pay dead people social security . I would rather peck sh#t with the chickens than work past 65 .

[@juangarcia8828]

Retire at 62. Collect SS at 70

[@kalinshtirkov6955]

Same here. Once I am 62 I am done working. I have busted my ass for 19 years and have 19 more to 62. Might as well enjoy life hoping my health will be still OK.

[@OmyKon]

I plan on keep working and take my retirement at 62. I can invest it or use it. Can be never predict the future.

[@rods6741]

Agreed and while you're still healthy enough to enjoy the money. My dad lived to 91 but was only healthy until around age 83.

[@Retiredtraveler1961]

My wife and I both filed at 62 and we are happy as pigs in slop! Combined Social Security income is $4500 a month.

[@vickiwittmeyer4438]

WOW!!!!!! THAT'S REALLY GREAT MONEY!!!

[@jayf6525]

My wife and I are both 72. We retired at age 60. It was always part of our plan to take our SS at age 62, which we did with zero regrets. If you can or want to wait, that's up to you. It's a personal decision and the math is easy to do if that's important. For us, the decision was easy. It wasn't about the payback or the breakeven. It was about life. We didn't work all our lives to not enjoy reaching the finish line. We wanted to enjoy our retirement and use OUR money to live our best life in retirement. We're both healthy but you never know about the future. What good is a fatter SS check if waited too long and now you're unable to enjoy it?

[@Alone-in-a-dessert]

I agree Jack! That is why I retired in March. Enjoy! My husband will retire in 1-2 years. He is right at 3 years younger than I am.

[@mira-qi5kb]

100% one life to live

[@davepaturno4290]

My aunt made the same mistake of collecting early at age 62, thinking that she would never live past 80. Well, she will soon be 100 years old. At 80, she was traveling and fully enjoying life as best she could with her small SS checks. However, she could've done so much more with hundreds of thousands of dollars she gave up by retiring too early. She drove her cars up until her 98th birthday. I learned her lesson and waited until 66. It really isn't long after 62, and the time flies by so quickly.

[@wolfe6220]

Had a coworker work an extra 5 years and retired at 70. Two weeks after he retired, he fell off a ladder trying to change a lightbulb and died instantly. Never even got his first social security check. Im filing the first second I can!

[@davepaturno4290]

@wolfe6220 I've read about a Malaysian Airlines plane that disappeared into the ocean, so I will never fly again. C'mon, man, you can't use a small number of data points to justify a radical decision. Only a tiny, tiny number of people die from falling off a 6-ft ladder. I use one all the time, and I'm approaching 70. Keep your legs strong, and you will be FAR less likely to lose your balance and fall.

[@michellelyman7092]

I absolutely took mine at 62 and I'm glad I did

[@minafakhri8371]

I’m 52 and investing for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions, but my question is, does asset allocation really matter at first, or perhaps I am just overthinking as a beginner?

[@AravindRia]

There’s a lot to decide on… most times it is better as a beginner to delegate your day-to-day investing to a well experienced advisor

[@SamuelUlrich-o4u]

I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit the time to analyze stocks myself. I got fully invested since the covid-outbreak, and thankfully, my 6 figure portfolio has 5X in barely 5 years, amassing nearly $1m as of today.

[@EmmaDavis-n6u]

good gains! who is the professional guiding you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow

[@SamuelUlrich-o4u]

Rebecca Lynne Buie is my FA. Just google the name and you’d find necessary deeds to work with. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@PositiveChange-e7x]

excellent share, curiously inputted Rebecca Lynne Buie on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal

[@bayoustateoutdoors9650]

The break even point is 79……what u gonna do in ur 80s, snow skiing in Co, scuba diving In Caribbean?….I’m taking mine at 62

[@juangarcia8828]

File at 62?? Stupid idea. Why do you want a tiny check? What is the rush to the Federal welfare trough?

[@zachwilliams1290]

Same reason all animals rush to feed trough. So they don't have to worry about not being fed. If you want to gamble and wait, do it, but don't judge others for not taking the same gamble. SMH

[@bayoustateoutdoors9650]

@@juangarcia8828 reasons are listed above, I’d rather have $ in my 60s/70s, than 80s when it’s difficult to do stuff

[@juangarcia8828]

@@zachwilliams1290 Gamble?? No gamble. Your check will always be tiny. Each month you will regret your decision.

[@MichaelPrudhomme-u7x]

Yea. My parents retired 62 and took the RV all over. Kayak in the Florida keys. Lots of good times. Even though they’ve taken good care of themselves, I see them now in their 80’s and it’s half the zest, no kayak, aches and pains, Afib, HTN, just all the stuff of aging into the final decade.

[@BrettTwinSavage]

I was an essential worker with Health and Human Services on the frontline during COVID. A years or so after the crisis, I turned 62 and was emotionally and physically spent. I started SS and am fortunate enough to have a state pension annuity with 100% healthcare premiums paid. I hope SS and my annuity lasts as long as I do. The risk of taking SS early out weighed the benefit of waiting. Two years later I look back and realize it was a wise decision. The stress was killing me.

[@goldenthug9]

Thanks for commenting Brett it helps me since I tuen 62 tomorrow lol Live on brother

[@ekunina5410]

But a loaf of bread might soon be $15. SSs 2.5% cola 2025 is a joke. Thanks for the 1/4 gallon of petrol, scoffs. 😒😩

[@NoneofUrbusiness-p9w]

Did you pay in to Social Security?

[@BrettTwinSavage]

@@NoneofUrbusiness-p9w Yep. Every year but one since junior year of high school.

[@NoneofUrbusiness-p9w]

@ Awesome! Thanks for contributing. I recently read an article on a recent law where govt employees who never payed in to SS are now allowed to collect full SS benefits instead of reduced benefits. I think if someone never payed in they should never collect.

[@RobertSmith-gx3mi]

Working closely for 22 years with a man who died 2 months after his 61st birthday made me change my outlook on when to take social security. 62 for me.

[@sdthrutheroof9161]

#8 on reasons to retire early has ME written all over it. I just turned 60. I've worked construction my whole life. My body is starting to tell me that I cannot continue this.

[@youdandee1]

I’m 61 and have been doing construction since I was 19 and I’m feeling the same

[@hucarr5703]

@@youdandee1 oh Sure Yeah Right 🫢

[@derekwilson7896]

I just retired because my body failed me on the job.

[@wilfredonievesjr]

Same here...38 years physically demanding career, (military and blue collar job).

[@miamiflorida6965]

In 7 years, I will be 62 - I can't wait to get that check!

[@deniseryan4146]

I started collecting at 62. I moved to part time so my income limit was under SS limit. The hospital I worked at offered health insurance for part timers. Now that I'm 66, I retired. Medicare and more free time with my husband is my goal❤🎉

[@theRealRobMart140]

The biggest issue with health/longevity, does not take into effect how much your body starts to break down, you are not able to drive as far. Your walking starts to go down. Travel gets even harder. If you can take it at 62, you have much more time to do things that take physical efforts

[@Omonike88]

EXACTLY!!! Quality of life over quantity of money!!

[@alcantwell]

Like they say, 60s are the go go years, 70s are the go slow years, and the 80s are the no go years.

[@Skyfoxx23]

Agreed

[@rickynorris1694]

Awesome video.

[@shadowfilm7980]

Totally agree!

[@johnbenn2481]

One of the best things In my life is to get social security payments at62 I been receiving Social Security for 13years I'm now 75 I do not know how long I'm going to live so it makes sense to get Social Security as soon as possible

[@dennistyler9852]

My Dad has collected SS 33 years and now it’s my turn to collect at 62. All the best in your retirement.

[@davepaturno4290]

The government loves those who collect at 62, since more and more people are living to 100. Had all those people waited, the government would be paying out much more than they do, currently.

[@bigboycombo6342]

​@@davepaturno4290 Not true at all. Average life expectancy of an American is 77.43 years old. If you start collecting at 70 then you will collect full benefits for on average of 7 years and 5 months. If you collect at 62 then its 15 years and 5 months. So, 62 @ $1,274.87 vs 70 @ $1,844.83. You would have collected to average life expectancy at 62 the amount of 235,850.95 vs 70 @ $164,198.87. This is why the government wants you to collect later. You have it backwards. Also, this is based off of current numbers and they are subjected to change depending on COLA and time.

[@pje8462]

I am 56 and healthy and plan to play it by ear. My goal is to take at 67 and work part time doing something. But one never knows. Eat well, exercise and pray for good health.

[@davepaturno4290]

That's the "key" to a long and healthy retirement - eat healthy food (while reducing or eliminating alcohol consumpsion), exercise on a continual basis, and get sufficient sleep. Then there are far fewer reasons to collect SS early. Many 80 year old retirees are playing pickleball and doing other things that many mistakenly believe are impossible after 80. I started SS at 66.

[@davebryant8050]

The thing is, once your ill it's too late to recoup the time you wasted working.

[@luckypenny4263]

Very true

[@donnajschmidt4953]

I’m 62 next week and just learned my job of 34.75 years is going away. I am also in treatment for breast cancer…so I’m strongly considering retiring.

[@Daisy-yi8om]

Stay strong 🙏

[@scottwatson8836]

Prayers for you 🙏🏽 Enjoy life to the fullest. We only get one. GOD speed to make you cancer free 🙏🏽

[@TheProtocol48]

Good luck Donna..!

[@asharamisal4382]

Retire enjoy life simplify is all. God bless you 🙏

[@StressLessFinancial]

I’m sorry to hear about the job loss and your health challenges. It’s a lot to handle all at once. Have you thought about how you might structure your retirement to best support your needs during this time, and what resources might be most helpful as you transition?

[@LLTization]

Thank you. The part of SS which is so unfair is the continuance of taxes on pensions and SS payments🤨😵‍💫😡

[@pinballrick6031]

You're only taxed on half your SS and only if other income exceeds a set amount. I don't even file anymore.

[@elebeu]

The part that is unfair is people receiving SS benefits that haven't paid into the system.

[@melanie.3837]

I agree. If you already paid taxes on your earnings the first time around, they shouldn't tax you again a second time around when you collect those earnings through social security. Note: Some States in the US do not tax social security or pension. It depends where you live.

[@dennistyler9852]

The Earnings limit at early retirement is kind of unfair too.

[@WaybackRewind]

@@melanie.3837 Federal taxes are still due on social security up to 85% of which is taxable.

[@everlastingarms3065]

What an endearing picture of your 4-generation family. A deep bow and much respect to your late father for his service to our country. He has left quite a legacy. Thank you for the information you provide.

[@FinancialFastLane]

Thank you very much!

[@lumo5691]

Beautiful ❤

[@daytonagreg8765]

My father (former Navy) is 96 still mowing the lawn & working in the garage almost every day.

[@johnmellyn2700]

My father is 91, his 86 year old girlfriend convinced him to sell both his houses to her for $1.00 each and put her name on all his savings accounts and he actually married her last month ,… so me and my three brothers just watched our inheritance go to her children , it’s not the loss of an inheritance that bothers me ( it’s his money he can do what ever he wants with it ) it’s just the point that he did it , that slap in the face hurts more than when he used to whip us with the belt when we were little children

[@timboehm8700]

@@johnmellyn2700I’m very sorry for you. That is a real shame and I feel your pain.

[@kvapower3925]

@@johnmellyn2700 when he was in his 70s had u brothers convinced him to create a revocable trust with you & bros as a trustee along with dad not beneficiary. This could have been avoided.

[@loridove3284]

Thank you so much for this video. I was not searching for financial advice but I was watching KZbin when this video came up. I believe God sent it to me. I turned 62 last month and I had not thought about applying for social security. After listening to the pros and cons in your video, I applied for my social security, This monthly payment is going to help me pay my bills and stay out of debt. I really appreciate your clear explanations. Thanks again.

[@KarenDuncan-o5s]

I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $120k in a savings account that I want to invest in a non-retirement account. Where would you invest this as of now?

[@IngoKociper]

Look up, dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, you should work with a financial advisor to help set up a well-structured portfolio.

[@FostersCapones]

@@IngoKociper I agree. Based on personal experience working with a financial advisor, I currently have $800k in a well-diversified portfolìo that has experienced exponential growth from when I started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

[@KarenDuncan-o5s]

@@FostersCapones Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@FostersCapones]

@@KarenDuncan-o5s The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.

[@KarenDuncan-o5s]

@@FostersCapones Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@dena6254]

I started collecting at age 63. 😊😊😊I’m so happy that I made that decision!

[@Omonike88]

Im 55 yo. Soaking this all in. Plan to take ss at 62. They live long in my family. Aunts 102, 95... However, i want quality life over quantity monies.

[@chuckmurphy1669]

I am around your age, so I'm looking at my options as well. Do you plan to keep working after retirement? I think you can still make around 20k without it affecting your SS.

[@christopherhennessey8991]

I retired at 55 obtaining my nurses pension then.Lived off of that, claiming Social Security at 62 . That provided me a dependent benefit as I have a child who is a minor. Worked out well for me.

[@me-lg1yw]

@@chuckmurphy1669 working after retirement is not retirement. It’s just changing jobs.

[@MichaelPrudhomme-u7x]

Yea. Quality of life from 62-72 is likely much greater than 72-82. By your mid-80’s you are not doing much anymore. Maybe alive and glad to be alive, but 82 ain’t 62. Looking at the final benefits is painful for my financial mind but I’m still leaning toward living now and not then.

[@raz636man]

@@christopherhennessey8991yeah I retired at 59 with plans to take SS at 62. I had 35 years of service and living on my pension right now. Also have my 401k that I’ll let it keep growing for now.

[@jeffreyjourdonais298]

Worked in hospitals for 41 years. Most people aren't going to make it to 79.

[@comprehensive_official]

What you really mean is that most people who end up in hospitals aren't going to make it to 79.

[@vangchong3080]

@@comprehensive_official Some people might be dead at the age of 70 , they don’t have much time to enjoy their retirement benefits

[@YeshuaKingMessiah]

Median death age is late 70s

[@YeshuaKingMessiah]

@@SlipnDrip very close to 79, eh? Not like the RNs acting like

[@juangarcia8828]

File at 62?? Stupid idea. Why do you want a tiny check? What is the rush to the Federal welfare trough?

[@TheRocket212]

A friend a retired teacher in her 70 was concerned over bills and was only receiving her teachers pension. I reminded her that her social security should be applied for. She was not sure she would be approved and i told jer it's your earnings that went into that so she needed to collect it asap. Results after applying was approved 30 days later and would be receiving her max. She called me so surprised and relieved that we had that conversation at the time. Have those conversations with family and friends it will bring smiles so good luck and health to all 🏋️🥂✌️💫

[@Markzenisek-wd3di]

Please quit making it sound as if a teacher is destitute at retirement. The 4 teachers in my family, 2 master degreed, 2 bachelor's degreed, 2 retired with a retirement. $85000 per year after 34 years of service, the other 2 retired, with about 60 to 65000 per year. After 34 years of service, so the teacher's pension plan supplies them with quite a healthy pension. You always try to make teachers out like there's making no money at all. Where this is not the case? Yes, it may be the case in inner city schools where the teachers are new, right out of school. Because that's where they can get their jobs But if they continue their education, get a master's degree, these teachers are not poorly paid, so please quit making it sound like most teachers are on the verge of destitute in despair because that is not the case

[@KnowledgeIsComfort]

@@Markzenisek-wd3diWell I retired from teaching after 25 years and after they deduct for my insurance I get about 1,300 a month, so you can’t lump us all in the same boat

[@TheRocket212]

@@Markzenisek-wd3di I'm not sharing my friends personal details but she's a retired professor of an ivy league school lives in a prime neighborhood and recent family complications that her financial advisor was not assisting with. My financial background and awareness was able to help a friend so please get off your high horse and maybe you can be there for someone later in life or someone else can be there for you when the time comes. Have the life you deserve ☕✅✌️

[@Kenneth-nVA]

At 40 I went high gear on attaining retirement at 56! I did a 180 on most spendings in my life, with a stay at home wife and six kids! Hard; absolutely… attainable; yes! Focus with a plan coupled with research, then being responsible with that information and did I mention Focus? At 56 in 2020 I clocked out and entered retirement! I 100% have already done the math on SS benefits and yes; 62 is a no-brainer unless you’re still working! When asked how to do it, I generally say to remove wasteful spending and reduce nonessential household expenses! Next is to set a budget to have your house ( largest monthly expense you’ll have) paid off before retirement! Or do your research on selling and downsize to become mortgage free! You’re never “ debt-free” but remaining mortgage free is a game changer. Blessings

[@eddanderson1094]

True, everybody's situation is different. My best advice is, don't wait until you are in you are 40 or 50 to start planning for retirement, I started at 23 years old. So when 62 came I was prepared to start SS then. Everything paid for, money in the bank, 401k, retirement check until death and then my wife gets it until her death, etc. The earlier you start planning the better. Don't spend every dime you make and stay debt free except when young , house payment and a car payment. Just because the bank will loan you a heap of money doesn't mean you have to borrow that high amount. Remember, you have to pay back more than you borrowed. Having financial security is less stressful In life.

[@terriscalf2509]

The thing I worry about is having health insurance in those gap years from 62 until 65. Insurance is so expensive.

[@vikingsn1979]

exactly, from the age 62 - 65, the three years gap, unless you have the good medical insurance cover these few years, otherwise the bill of the medical bill is an astronomical figures, just like my wife and me both retired on 62 years old, my wife company still provide to her and me until 65 years old, and my son until his age reach 26, but the private PPO medical insurance for the monthly charge was $470, and the deductible is $6000 per year! and we had met the $6000 deductible on June this year, and after we met , we have to pay 30% of the bill, the insurance company pay 70%, and now finally I and my wife could change to CA Medicare on sept this year, it will reduce a lot of the monthly charge and the deductible, we still choose the medicare PPO plan

[@jekku4688]

@@steveletro4252 please explain!

[@sparkysmom7149]

Doesn't Medicare automatically kick in when you retire at 62?

[@eulabergado6927]

​@@sparkysmom7149the age is at 65yo fir Medicare eligibility and you have to do some paperwork to subscribe

[@ele5011]

​@@sparkysmom7149 65

[@ebaum1417]

I had the opportunity to take early retirement at 62.5. Looking at this, it made sense for me to retire and take my pension plus social security at this point, and start living the “retired life” sooner than later. Yes, I’ll lose some benefits in the long term, but I get to enjoy more “life” in the meantime

[@anntrope491]

My mother passed away at age 90, my grandmother at 86…I’m 65 . I decided to start receiving soon. If I start now I maybe able to collect for 25 years… if I wait 5 years… then I can collect maybe 20 years. I may get less per month, but collect sooner,& longer. Can invest it,& gain interest. If I wait… I may run out of time,& get nothing.

[@Erginartesia]

You’re missing one big point. SS is not about the numbers, alone. Once you retire you can’t just reverse your decisions. You will regret it if you live to 85 and are getting half the ss benefit when you need it the most.

[@lillieberger2883]

You have longevity on your side, given that, you should wait as long as you can before you start to collect.

[@EDAHSC]

Waiting on SS gives you an 8% increase in income without risk and on top of that is also adjusted up each year for inflation. Show me an investment that gives you an increase like that without risk?

[@jospehsuh7263]

GM 86, Mom 90, then you are most likely to live till 95+~

[@sherriianiro747]

​@@jospehsuh7263 I have a friend who's grandparents all lived to be almost 100. It turned out that none of the siblings made it past 80. No bad lifestyle either and not high risk. Most died from strokes.

[@carolmelancon]

Love how your dad still was able to mow a lovely, shipshape pattern.

[@teresahunt5521]

I'm a nurse. I just had my highest earning year at 58 years old. I plan to work as long as I physically can. I'm still healthy and strong. I'm a widow I had some 0 earning years when my children were born and when my husband was dying. I'm very close to being debt free.

[@sharon268]

I’m also a nurse 59 he passed 12 years ago I’ve had my highest earnings these past 10 years he was on SSDI I’ve heard you can collect SSDI amount which is higher than SS survivor amount or the SS amount he would have been eligible at full retirement age they don’t tell you that little gem 💎

[@teresahunt5521]

@@sharon268 My husband was in an accident in 2001 at age 44. He started drawing SSDI immediately. He only had about 26 years of work history so my survivor's benefit will be something but not what I want to rely on. I plan to work at least 10-11 more years.

[@allikat1352]

You could start drawing widow benefits at 60, at 70.5% of your husbands amount. Then, you could switch to your own later at the full value, including the extra for waiting until 70. But you can switch to your own any time after it surpasses your spousal benefit.

[@teresahunt5521]

@@allikat1352 but I would have to go to part time work to draw that money at 60 and I'm currently working about 60 hrs/ week. My kids are grown and there are no grandchildren. I don't know what I would do with myself if I retired.

[@allikat1352]

As to the widow benefits, yes, I am sure.

[@louieadam251]

Majority of Americans focus more on the money but they did not know death is inevitable. I have three friends who worked so hard for their lives, they died of cancer and cardiac arrest before they retire. They had savings i believe but who will used their earned hard money, they did not have their own family. Moral lesson retire as early as possible move to affordable and safe town or out of the country Live simple and practical. Im retiree at age 62 with less than 2k pension and moved to my home country. I have few savings not even a hundred thousand in the bank but look at me i live comfortably and have savings from my pension. It is how you live and take care of your finances and health. It is not how much money in the bank or your pension. We have expiration date, we will die sooner or later if we focus on money itself we will miss life.

[@juangarcia8828]

File at 62?? Stupid idea. Why do you want a tiny check? What is the rush to the Federal welfare trough?

[@sosodave4192]

If I may ask, what country are you in? I'm looking between Asia and Latin America.

[@daviddeavours4909]

@@juangarcia8828 It's YOUR money!! YOU put it away every paycheck. It's not welfare, but I hope you return your SSI checks since you don't want it.

[@WBS001]

@@juangarcia8828 This same spam comment is repeated over and over - give it up!

[@Cello69.]

@@daviddeavours4909Don’t reply to clowns 🤡

[@100kristilynn]

I love how you shared your family pics and speak so lovely about your parents. Thank you for this information. Truly valuable. 😊

[@mikemiller3428]

When you are diagnosed with colorectal cancer at 55...me. diabetic...me. major foot problems lol...me. worked in factories since 18 y/o (33 years now with same company, no pension because it was sold). 401 k only savings but over 850k which im proud to have saved. Nine grandchildren to visit. Wife retired at 58. In 7 years im taking mine at 62...wife not sure when. Sure, money, has a huge part in when but so does health and family.

[@diannehortonpong1388]

I was diagnosed with neuroendocrine cancer (appendix) at age 51. I retired early due to stress (law enforcement job) and my body has somewhat held up after neuroendocrine cancer. I'm 59 now, starting to have slight health issues, so I plan to draw my SS at 62 and stop working altogether. I retired early from government work at 50 and work seasonally at present. I'd rather draw early and have less stress then work myself to death and have nothing to enjoy.....

[@donnajschmidt4953]

I’m 62 next week and was diagnosed with breast cancer in December, so who knows what the future holds for me. I was just notified my job is being “restructured” I have a pension and 401k. I’m super tempted to retire now but I must do something to stay busy.

[@Alone-in-a-dessert]

@@donnajschmidt4953 I wish you the very best.

[@KneelB4NoMan]

#5 and #6 are why I’ll be collecting at 62yrs. Plus, I don’t want to take the chance that SS starts running out of money and future payouts begin to dwindle, or maybe even go, “Buhbye!”. I’ll take what I’m owed NOW, Thank you very much!😁

[@robertwas6313]

Many ppl don't account for SS solvency, they've already warned us about the upcoming shortfall... get it now and invest any amount you can.

[@bman6502]

My advise. Take at 62, and find a PT job to cover the difference.. even retired, you can work a few hrs each week doing something you enjoy..

[@galaxzius1149]

And if a PT job doesn’t cover the difference? We need to make change in this country and it doesn’t happen at the polls.

[@beebob1279]

Explain your comment.

[@bman6502]

@@galaxzius1149SS is not designed to equal whatever salary you have when you retire.. my point is to take SS at 62, and the payment difference between 62 and 65 or 70, you can easily recover if you work a minor PT job working a few hrs each month.. plus the PT job will get you out of house

[@teresahill8951]

I’m planning to do this

[@beebob1279]

Under the table is probably done quite a bit.

[@FFL-vg9ro]

#7 Is more important than all the others. At 65, I snowmobile, ride motorcycles cross country, ride side-by-sides in the desert, walk 8 miles while golfing, camp, travel, and basically do anything physically that I want to do. My older brother at 76, is no longer able to do any of the above activities. Like he’s just sitting around just getting older, as are most of his friends his age. More money at his age, is essentially useless, since he can’t really do anything meaningful with it.

[@EightBallAnswers1]

I agree but…I just went on a hiking trip with a guy that’s 81. Lots of people in their late 70 and into 80s stay active ..It’s a matter of working daily on keeping moving. Of course certain health things can keep people from staying mobile etc. but… I agree with you I’m witnessing it in the community I live, when people start getting to late 70s seems stuff starts happening… and not just physical, mental things can start going haywire for some folks!

[@Lilrock2033]

I completely agree! I have under 20 years to get to 62 but I am very observant of older folks. I see the same thing, people in their 60s are doing many activities but people in their 70s and higher are just not active anymore. They are collecting more money but they don't spend it

[@davepaturno4290]

But that is of his own doing. Keeping active, as you do, is a great recipe for living a good, long life. When you have a good plan and stick with it, collecting SS at 65 or older makes a lot of sense.

[@Redtopper02]

91 and mowing his yard. That is awesome. A good man w a good life. Congrats!!

[@FinancialFastLane]

Yes, thank you!

[@deebell8727]

​@FinancialFastLane whether I retire at 62 or 65 is my social security affected by my 401K? I am not sure how a 401K will distribute my money and now am wondering if it will affect my ss??? I am 61 and wanted to retire at 62.

[@FinancialFastLane]

@@deebell8727 Yes, your 401k will have an impact on your SS. Here is a video that explains kzbin.info/www/bejne/ZpXUmnh-hquKaZosi=_OBffWZZkb7N3_84

[@gimcrack555]

I will assist my health starting at age 62. Currently I'm 60 and planning to start withdrawing my SS at age 67. I'm currently very healthy. Each year after 62, I see how my health is doing. If it shows any negative results. I'll start drawing than. If not I'll wait until 67. That's my plan.

[@mickinmich8877]

That’s what I did, for me it was 62, 66.5 or 70. Payment at 62 was only $1700. At 66.5 it’s 2772, $1000 more per month. To me $1700 was peanuts. I’m feel very comfortable at $2772/month. With a little retirement account money I have been very well off, especially with today’s economy.

[@markkrull556]

That’s exactly what I’m gonna do, but I’m hoping that I can wait till 67

[@salgaldenco]

Yes, assess one's health each year and then decide based on remaining factors of nest egg. I'm 64 will at least wait until Medicare starts and evaluate health.

[@davepaturno4290]

Good plan!

[@davepaturno4290]

​@mickinmich8877 $1000/month really adds up quickly. I started at 66 years of age.

[@bdg77]

I put off applying until I was 63. Primarily because I expected it to be a big hassle. Turns out it's really easy. Dont make my mistake.

[@sdthrutheroof9161]

Thank you Sir for all of your insight. I just turned 60 and this is very good information that is pertaining to me.

[@1Skeptik1]

At age 62 about 25% of my classmates were gone. Life expectancy is 73.5 years for American men. At 62 I said send the check (no regrets). Most of my friends age 80 are not doing much. and most Americans are poorly prepared financially for a comfortable retirement. Our government prints (devalues currency) retirees lose.

[@marci.5597]

Life expectancy for a male at age 62 is 22 years - to 84, half will live longer than that. I'm 60 - none of my classmates are gone.

[@groovydoo]

He is absolutely right. You will be much healthier at 62 than 72

[@calvinreichelderfer4922]

Not necessarily but you’ll definitely be 10 years older at 72 compared to 62

[@EvanCarmichael]

Really informative video! Your breakdown of why filing for Social Security at 62 can be beneficial is clear and very helpful. Thanks for sharing these insights. -Macy (Team Evan)

[@pathslesstrampled9906]

Your dad reminds me of my grandpa, the person in my family I resemble the most, physically. He died just before his 92nd birthday while up on a ladder putting up the Christmas lights. My grandma (his wife) died a few days before her 105th birthday. I’m 62 and just did a 7000-mile solo roadtrip through Mexico in my old Chevy truck. I still feel great physically, hoping I have several more good years left in me. (I still need to take that motorcycle trip on the Karakoram Highway before I croak.)

[@dennispekala7675]

That is so awesome to hear...Im building an old chevy truck, and will be doing the TAT and Continental Divide trail soon after I retire at 62!

[@bknapp9728]

The 8 reasons for and for not filling for SSA benefits were very well developed and articulated. I personally meet more conditions for filing at 62, but progressing toward delaying until 65 that also coincides with filing for Medicare benefits. I look forward to accessing your website for resourcing a personalized plan for affirmation. Thank you!

[@RKDriver]

I retired in my early 50's but my wife continues to work because she enjoys it and because of the medical insurance. She's going to hang with it until 65 for that reason alone otherwise she would probably retire at 62 and just work a per diem situation in her current job.

[@James-ql8bo]

It's simple It's your right to get SS and lifes not guaranteed. Take the money because tomorrow isn't guaranteed.

[@juangarcia8828]

File at 62?? Stupid idea. Why do you want a tiny check? What is the rush to the Federal welfare trough?

[@James-ql8bo]

@@juangarcia8828 Because tomorrow isn't guaranteed

[@juangarcia8828]

@@gadawg4159 Joe Biden is 81. Joe is smart, he would not take a tiny check.

[@NTJedi]

@@juangarcia8828 The average person in the USA dies at the age of 76. So if you retire at the age of 62 then on average you'll be alive for another 14 years. Even if you reach the age of 85 that still means you only have 23 years left on Earth!! Secondly Joe Biden is definitely not smart... the higher cost of living due to Bidenomics is proof.

[@ManchurianCounterweight]

@@juangarcia8828 you are sad.

[@johnmclean4151]

I’m set on retiring when I hit 62 which is five years from now, no one has a guarantee on how long they will live on this earth, I want to enjoy my last days being at piece and no stress.

[@shellylofgren]

Am 58 retiring next year but the thought of retirement gives me weakness. 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 or loved ones to fall back on.

[@donna_martins]

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.

[@Robert_Seaman]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@shellyhayn]

Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.

[@Robert_Seaman]

Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@shellyhayn]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@eugenedavis6792]

I'll be turn 62 this Nov '24 3 weeks before I turn 62, I worked for 42 years and I'' be damned to wait until I'm 65 or older jsut to get an extra fe bucks.

[@williamwaters4506]

If we knew how long we would live this 'retire at age 62' recommendation would change. I took my full benefits at age 70, I am now 83. I have now recouped the money that I lost. That was a risk I took and it paid off.

[@FinancialFastLane]

Did you watch the video?

[@rosestudy5547]

I am 51 and have seriously started thinking about how/what I want my retirement to look like once I get there. This has been extremely helpful, most of the videos I've viewed focused on the financial side of retirement so this was enlightening especially the part about taking care of yourself now so you can better enjoy your life later.

[@philc.9280]

We are waiting until 70 (next year) to collect SS as we didn't need the money yet and have very good health. Another reason to wait in addition to the reasons you mentioned is if SS is going to take a 25% cut in 2034 due to financial restraints it would be better to be in the higher paying group, then. I put in 52 years so will max out on my SS check.

[@johnscott2746]

It’s really impossible to figure up these break even points because you can never predict the COLAs stretching out into the future. Social Security wanted to give me $1350 at age 62 with a PIA of $1896. I declined and have plenty of retirement savings. Now I am a month away from 65 and my PIA has grown to over $2200. No telling what it will be at age 70, but because my wife is 11 years younger than I am it will help ensure that she has adequate funds after I’m gone.

[@noreenn6976]

Great idea to wait when you have a spouse.

[@robp9746]

Smart man.

[@MultiAnne36]

Also, if your wife still works you will be paying taxes on your SS no doubt because of joint filing.

[@EDAHSC]

There is an easy way to tell. Just create your SS account on the Social Security web page and look at what it says your projected income will be, it's about 7% a year before what is considered your full retirement age, and 8% a year after you've reached full retirement age up to age 70. Definitely no reason to wait after 70, but up to that point it increases 7 to 8% and this is significant as it's compounded for the years from age 62 to 70. So if you have other sources to live on, use those first is a great way to manage unforseen financial risk, such as a long life, high inflation, etc.

[@johnscott2746]

@@EDAHSCnot quite correct. The government would never make it that easy. How it actually works is that when you turn 62 they figure up what your full retirement age benefit would be based on your highest 35 years of wages after adjusting everything for inflation. Then, depending on what your FRA is they assess penalties if you take it early. For the three years closest to your FRA the penalty is 5/9 of a percent per month. That’s 6 and 2/3% per year. Anything years over that is penalized at 5/12 of a percent per month or 5% per year. So if your FRA is 67 taking your benefit at 62 would be 5 years early. So the penalty would be 5%+5%+6and2/3%+6and2/3%+6and2/3%. Add it all up and it’s 30%. If you wait past your FRA you get delaying credits which are 2/3 of a percent per month. This is based on your FRA benefit amount and does NOT compound. 2/3 of a percent equals 8% per year. But it’s a steady amount added to your benefit. If your FRA benefit is , for example , $2400, then your delaying credit would be $16 per month for the next three years until age 70. It is the COLAs for those 8 years that are unpredictable and can really change the figures.

[@Tunes1963]

I will be 62 in less than a month. Going to set up an appointment with Social Security office. Feeling led to retire at 62, but need to find out whether it will be in my best financial interests to collect my benefits or my ex-husband's.

[@QuaaludeCharlie]

I took SSI back to 2005 , I am Now 57 years old and living on $946.00 a Month and get $120.00 in EBT full Medicaid and Medicare with Extra Help and LEHEP $300.00 off of my Gas bill each year . I have a Paid off Car and House but the Taxes kill me each Year ,. Your Dad kept a Nice Lawn and Yard and That is a big part of the American Dream .

[@AgathaLOutahere]

People like you who live off others is what's wrong with the system.

[@Starfish2145]

@@AgathaLOutahere that’s a horrible assumption to make. I know somebody just like this guy who has worked her entire life and lives on the same amount. She’s a senior.

[@ytee1016]

@Agathal.Outahere Terrible for you to say that only people who have a disability get SSI...it's a long process to be considered disabled by your state.

[@jayfblank]

@@AgathaLOutahere People like you who tear down other human beings is what's wrong with society. You're absolutely pathetic.

[@joyfulnoise2477]

QuaaludeCharlie Aren't quaaludes illegal? Have you tried to get off the drugs? You would be much healthier, happier and might even be able to pull your own weight in the work force for a few years. And you'd have more money.

[@JeanneFiorelli]

Much respect to your father - greatest generation ever!! You are a gem! I really love listening to you. You are comforting and very informative! Thank you!

[@FinancialFastLane]

You are very kind. Thank you so much!

[@Madskillsuniversity]

Great video! Thank you. My wife and I are both 62 1/2, but I went down to SSA and officially retired last month. She is going to wait until she is 65 because she is a banker and works from home. Although my dad is 96, that does not mean that I will live to be 96 - per my Doc. LOL. WIth that said, by the time she officially retires in 3 years, I would have accumulated over $50K from SSA and put that in my Schwab Account. I had a friend who waited until he was 65 and died within a year after retirement. He worked for USPS. SMH. This is a no-brainer for me since I will never work Fulltime again. We also own our home, cars and have no debt. For now, I will volunteer, work a Parttime job and run my non-profit Business, which helps seniors and others. There are a lot of Seniors living in poverty in the US, especially with inflation and high rent prices. It's sad. My neighbors Mom (who is 69), is moving in with her next week because she can no longer afford an apartment in Florida. Keep up the great work!

[@cutehumor]

"Although my dad is 96, that does not mean that I will live to be 96 - per my Doc. LOL." proud that you didn't drink the kool aid. see tons of people saying "my dad lived to 95, I'll live that long"

[@tmad665]

I like that you included a personal story.

[@Dalszielle]

I’ll take it as early as 63.5 on my end. I will be more than ok by that time. Need to enjoy while still young😊🥰

[@commonsenseisntcommon1776]

4 yrs until i'm 62, and if we still have a Country then, i'll be filing!

[@MrSouthofBoston]

One party wants to gut social security and other “handouts.” The other party has fought to protect social security.

[@christophermoss7318]

You're all set, 😊Trump won.

[@jennymacallan9071]

Good luck for the next 4 years. I retired 8 years ago and claimed my benefit at 62 because I feared what Trump would do in 2016. It's worse now. I hope you make it.

[@Bat_Boy]

OMG 😂😂😂

[@T9RX3]

​@MrSouthofBoston nobody wants to gut social security....relax

[@Amy-hs1qe]

This is the best review of the topic I've watched on youtube. Thank you, one of your points confirmed I've made the right decision for me (despite getting advice to do the opposite when those giving the advice didn't fully know my full situation).

[@JasonAmir-qo4uo]

I've been researching and it's overwhelming, especially with the recent changes to the Social Security rules.

[@John-ww2fv]

I know, right? I've heard claiming early at 62 has pros and cons. What are your thoughts? My wife and I are trying to plan our retirement.

[@jt2quick]

I work for the "Agency", so I just wanted to tell you it was presented very well, the pros and cons, easy to follow, understandable with good examples and good use of graphical illustrations. A+++

[@FinancialFastLane]

I appriciate your comment, thank you so much!

[@TheVenom8343]

@@jt2quick Hey, I appreciate the reply. I'm glad that I have my good ole MS State Retirement. I'm 41 and I'll be eligible to retire at 48!!

[@RighteousJudgement911]

I placed the order for your planning book. I turn 62 next week. Time to make decisions.

[@SilverLiningsGoldenYears]

Excellent video on an important topic, delivered in a measured and professional manner. I did the math, peeked at my magic ball after asking if I would live long enough to feel like I MIGHT have left a few dollars on the table by taking my SS at age 62 years and ONE day. Math won, and I have no regrets, and took a 24 hour a week job with an employer with more than 21 employees to stay under the earned income limit AND get health insurance through the employer that takes the place of Medicare Plan B premium. Win, Win, and more Winning. 🙂 TY.

[@tnmetfan]

Great discussion, well articulated. A special note about your touching tribute to your father and his life. That made the video so much more special. Thank you for sharing.

[@FinancialFastLane]

Thank you for you kind comment!

[@crackerbarrel6965]

One bad reason not to wait until 65 - you’ll have to fork out well over $50,000 in cash over a three year period in order to have private health insurance in place let alone policy minimums and copays as Medicare won’t kick in until age 65.

[@worldpeace8187]

That is a very valid point

[@janetmartin9372]

Retirement and starting ss are two dif decisions.

[@jasonshortphd]

You should double check that. I thought the same. I found a local broker who showed me I could get good insurance in my state for about $12k a year with zero out of pocket from 55-65. Not a small amount of money, but it’s much better than $50k!

[@davepaturno4290]

Not necessarily. My wife and I were covered for medical and dental insurance for less than $300 a month (total cost) under Covered California. The amount is based upon your self-imposed annual income from IRA savings.

[@KnowledgeIsComfort]

This part is HUGE

[@shadowfilm7980]

Lane, was nice to see your parents. You were well raised. Can tell. So important to have good parents. They must have been very proud of you.

[@FinancialFastLane]

Thank you, yes! two of the best!!

[@767bob]

Cancer came knocking on my door at age 62 and I retired when I became 63. I immediately started to collect my SS and my small pension and have not looked back. Almost two years in retirement and have yet to dip into my savings and investments. In a few years my wife will start to take her SS. By the time I get to 73, my RMD's will kick in and I will be doing fine to the end. If I delay my SS until 70 and live off the money from my IRA I will have less for my later years. Yes it is nice to have a bigger SS check but we have way too much political BS going on to how the social security system will get handled later on. Besides my IRA, I also have other savings and investments accounts working for us too in case we need it for our later years.

[@GuitarCovers-s8i]

I am 57 and this is the first of what I assume many of these types of video I am watching:)

[@HeatherAckroyd]

Fellow 57-yo here. Right there with you!

[@steveshaver2682]

This is such an important decision, with lifetime ramifications. Thank you for helping us to work through the complex elements of making this choice.

[@lizzierose007]

Im 61, and the way the country is going, Im going to get mine as soon as I can! Millions and millions of people are eventually going to cripple the system.

[@Scott-nj9gq]

Did you ever think the policies of this administration (and others / massive spending) are the problem versus the folks that contributed their entire life.

[@RichardWarner-df7dz]

Yeah I’m 57 and have maxed it out for 30 years. I’ll never get a dime I’m sure. Glad my very old mom gets it. It’s a broken system. Soon they will jack the ages and probably means test it. So all pay no pay out. Also it’s very top heavy. No new blood to pay in. Grim.

[@pete9688]

Get it while you can. The writing is on the wall regarding SS and the dollar is about to be devalued in a few years.

[@WBS001]

For more than 50 years, Congress has been illegally redirecting those SS payments from your paychecks into the general fund so as to make the deficits look artifically smaller. The system was designed to have you contribute, and give back money that was equivalent to the mount you put in (adjusted for inflation) over your statistically average lifetime. If Congress didn't play games and the formulas were followed, the system would be fine. They didn't and don't, so going forward, they're going to have to raise the eligibility age (they did for my age group) and probably the tax rate. Unless P2025 kills it completely

[@joelyisdoingherbest]

This was really helpful information. Thank you! My husband and I are 55 and starting to think about what retirement is going to look like.

[@laurasciortino474]

Thank you for your info and what a blessing your dad was! A role model and god bless your mom! Beautiful parents! I will be 61 soon and I wanted to take ss early at 62 to be available to help my kids watch the babies when they start their families very soon. I am embarking on another area of my real estate career and plan to make more than 22k. I will have to give back all of what I collect at this rate. It’s very sad and makes me angry. If I want to earn more than that not only will I have a cap put on my potential And I have to pay 2x on taxes! If there was no cap on earning income at 62 I would seriously be taking it by then. I do not plan on giving this corrupt system any more of my earned money!

[@alfiewho1604]

Just over 62 but I tried to hold on to the job because I need that cheaper, group rate medical insurance, SS becomes a secondary consideration

[@wanderlust62]

I turned 62 7 months ago and decided to ignore those around me who don't struggle. I retired early, close to debt free, living within my means, I'm done going without. What is a projected $600 more in four years if taking it now would finally give me breathing room? I'm here today and would love to be comfortable buying gas and food, not one or the other at end of each month!

[@OFFGRID_Trucker]

I'm contemplating filing. Will be 62 next Sunday. Have a smallish savings, but still want to keep trucking for at least another year. I have already earned the credits.. but feel I've got the energy to keep rolling and earning. Would someone wish me luck and say a prayer. Thanx..

[@dennistyler9852]

If you’re working FT , I’d hold off on collecting SS. After $22,000 you pay a penalty. Continue your research 🧐. All the best.

[@OFFGRID_Trucker]

@@dennistyler9852 It makes sense.. Thanx..

[@OFFGRID_Trucker]

@@dennistyler9852 b. 5vn

[@DarkDelta-cw8xd]

Lord grant him health and length of days amen

[@pharoah1200]

I'm in that same category. I'm a 63 year old trucker, and I'm giving it one more year to the age of 64.

[@teams3345]

Yes. 62 is the best time to take SS.

[@mickinmich8877]

Something missing here. I was born in 1957. My SS allows me to draw at 62, 66.5, or 70 yrs. My 62 payment was $1700. That is way too low, I could hardly afford much. But at 66.5, I’m getting $2772 plus some of my retirement savings . I can afford much more. I agree waiting till 70 is risky, health wise. Also i benefited fairly well with COLA raises, the only good thing out of Biden. My wait was 4.5 yrs from 62 to 66.5. It was well with it.

[@teams3345]

@@mickinmich8877 Yeah I invested all of mine from 62 on. Living off the dividends of my 37 year old 401K.

[@carieyounginsurance]

@@mickinmich8877every administration will have cola raises lol- Biden has nothing to do with it

[@markr.1984]

For you maybe, I could not have done it. I'm 66 now. I'd be living under a bridge in a cardboard house even if I took SSA now, let alone 4 years ago. Not enough money, I still have $100k of mortgage to pay.

[@teams3345]

Mine is $2600 now. A lot depends on your highest 35 years earning. I invested in my 401k for 34 years. And I had a pension.

[@Kinypshun]

I'm 63 and work full time. Your video made me rethink my plans to wait until 70. Time to face reality. The chances of me making it to 79 are slim due to multiple health issues.

[@CentralNH]

Most people I know passed away between 60-70 and most who lived longer their mind was shot or body was shot. A few have had it all together through 80 but not many. Even the obituaries seems like most are between 60&70. Very sad to not enjoy some type of retirement.

[@william-fla-321]

True

[@susanmarie2231]

I am 69 and did not file until 66. This was the best choice for me. No regrets.

[@davepaturno4290]

Same here. Too many people default to 62 for collecting SS. That's like throwing money away unless there are reasons listed in this video.

[@SSNinja_on_YT]

It’s a great choice if you have a long life expectancy. If you don’t it’s not. It’s a real gamble believe it or not

[@davepaturno4290]

@@SSNinja_on_YT It is often YOU who determine your own life expectancy.

[@luckypenny4263]

@@davepaturno4290I agree to a point. Taking care of your self is key.

[@KnowledgeIsComfort]

@@davepaturno4290SS loves when people retire early and get less money I suppose

[@jamesalias595]

If you are married there are very few circumstances that taking it at 62 is advantages. However if you are a single male, then there are many reasons that 62 is a good idea if you are in poor health, but also if you are in good health and want to quit working to do other things while you are still younger. I always thought that 65 is the optimal age as that is when Medicaid kicks in and also as you pointed out a 65 year old male only has a life expectancy of 85, so the break even numbers don't matter, think of it as a 20 year annuity. Your 8 reason are pretty solid, but most financial experts only say you should work until 70 because that is always the best in the Monte Carlo simulation ignoring your individual needs.

[@deanrotering879]

If they are saying work until 70 they are not experts.

[@william-fla-321]

The government wants everyone to work until you die. They want you to delay social security and keep paying in until 67, or longer. As a example (me), I would pay in this year 10k & my employer pays 10k, now delay collecting 2,800 SS monthly 33,600 plus 20k, for a total of 53,600 dollars in one year. Now times that by 3 or 4 more years at 200k. Now you can see where government wants you working until you’re died.

[@vernshird711]

I'm retiring from my f/t job at the end of next year (age 60). I'll get a pension and have pre-tax savings and a small ROTH. I'll be 64 when my wife retires so I plan on working p/t until she retires. I'll start SS when the p/t job ends.

[@robertfalcon6083]

I am 52 and retired from the military at 39 with pension and medical…plus I had a heart attack this year and also have early onset emphysema from deployment issues…so I think I will def consider a 62 retirement!

[@Alone-in-a-dessert]

I am 61, as of this past May. I had enough years of service ( 27 1/2 yrs ) between state and county. I decided to retire this past March. We talked to our CPA and she told me to file for my SS benefits 2 months after my next birthday. I forgot why she had told us that. But, we will discuss it again when we file our taxes for 2024. Thank you for breaking it down for all of us. My daddy turned 91 in August. EDIT: My State time ( At a Max Security Prison ) was excepted as time and moved to my County job, like Military time in many jobs, when I became a 911 Dispatcher. I was vested the day I started because of that time. So, with all my service time both State and County, added with my age, is why I was able to retire “early” at 60. I did work an extra year, now that I think about it, because we had a new Sheriff and we lost 2 Dispatchers that he was not going to “ rehire “. He called me before he actually took Office and asked me to stay to help train new Dispatchers ( which takes about a year) So, I did that as a favor to him. Anyway, if there are any younger people ( I really hope there are ) that watch this video, please keep in mind your retirement and plan it now. I realize that you think it’s a long time away. It’s not, don’t wait. I didn’t actually think about it until my late 20’s. My parents were absolutely amazing examples of work ethics, such as being loyal, don’t call in ( unless you are truly sick ) or just not show up, do your absolute best at what ever job you have chosen, be respectful to your management, coworkers, the community and planning ahead. One thing to also keep in mind is that you represent your company even when you are not at work. I think my parents had somewhere between 77- 78 years of service between them in the school district here. I’m sorry this is so long, I just really want people to understand the importance of planning ahead. Do not wait. Especially in the times we are living in now, with so many uncertainties. It is truly worth paying someone to help you figure it all out. Just like “Financial Fast Lane”. And no, I am not a paid promoter, for anyone wondering. I just stumbled upon this video. Thank you again sir. I thought I had subbed to you, I am going to do that now. Novel #1. 😊 ( obviously just joking. This is just chapter 1 😂)

[@kevindonovan121]

My dad retired 32 years ago Soc security 2 pensions He’s 94 Stepmom same soc security 2 pensions They make more retired than they did while working.

[@noreenn6976]

Please do some retirement videos for single people.

[@diannebartkus9893]

Amen❤🎉

[@cherylhumphrey1710]

If I retired at 62 I would still have to work to pay rent and expenses

[@jhillestad]

@@cherylhumphrey1710 at age 32 you should have bought a house with a 30 yr mortgage and it would be paid off at the right time... you messed up kid

[@TinMan-kd2gv]

@@jhillestad Bought my first home at 25 and traded up to the 4th house 10 years ago. I’ll be 50 when done with the mortgage less than a year from now. The best part is the house worth over $2mil. So I’d say buy a house as early as possible.

[@TimMartinBlogger]

Save your money, work as long as prossible, and pray for good health and markets. It's easier to work a few more years in your 60s or 70's than trying to go back to work in your 80s.

[@davebryant8050]

By all means, keep working until you're sick and can't have one single day of stress free retirement. Have at it. get back with me when you're actually 60 something.

[@colormebrave2231]

I purchased a house with a guest house and have used the rent of $1865.00 month to funnel into my retirement portfolio. I'm collecting at 62

[@napfreedom2153]

Taking mine at 62!! If I don't need in I'll add it to dividend ETFs. To keep building wealth for my son.

[@mickinmich8877]

Something missing here. I was born in 1957. My SS allows me to draw at 62, 66.5, or 70 yrs. My 62 payment was $1700. That is way too low, I could hardly afford much. But at 66.5, I’m getting $2772 plus some of my retirement savings . I can afford much more. I agree waiting till 70 is risky, health wise. Also i benefited fairly well with COLA raises, the only good thing out of Biden. My wait was 4.5 yrs from 62 to 66.5. It was well with it.

[@boilerbink]

True , but the 1700 @ age 62 would also have gone to around 2170 by age 66/67 because of those great COLA’s …. So the difference is more like 600 dollars . Still big , but not as large as the 1,100 difference you’re showing

[@mickinmich8877]

But at age 62 I had no idea those COLA increases would have come.

[@indianajones3315]

How much would you have earned if you had taken those payments from age 62 and invested them in the S&P 500? You probably don’t want to know the answer.

[@mickinmich8877]

That’s not the issue I was concerned with. I was looking at how much I had to maintain a residence, buy food and have a car. I can’t get rent for $1700 a month. Couldn’t work full time.

[@kannermw]

How can you say COLA increases were good thing from Biden? That is preposterous statement since COLA has been part of SS all along. Yet high inflation has much worse impact on modest income people and those in retirement as it affects them more than COLA benefit provides. The less income you have the higher the percentage of your income that is consumed by food, health care, and housing (rent) expenses that have risen more than COLA. COLA is based on a weighed average of various expenses for average person. At best you may remain on-par versus losing buying power relative to what you had in past.

[@SamanthaSanchez-sj5el]

I don't anticipate SS being cut. I think something will be figured out. I just hope it isn't turning it over to Wall St.

[@Donalddavies-gc9rb]

I'm 100 percent in US Stocks and will be rewarded handsomely, if SS is investing in the stock market like HSA accounts 😁

[@kendavies8351]

Privatizing Social Security could actually be a good thing. Here’s why- as it currently stands, if you contribute for 40 years and then die before reaching retirement, your family/heirs receive nothing. With privatization, beneficiaries could be designated and your account passed to your heirs.

[@Donalddavies-gc9rb]

also, people might not take SS at age 62 and take it at 67 or 70 because they don't want to die at age 62 and get 0 bucks. People like me don't have to worry about dying early and spending my 401k down and only getting like 2 years of SS money, if I delay to age 70 and die at age 72, if invested like HSA account, that SS money invested would go to the heirs

[@kendavies8351]

my dad paid into SS for 35 years, retired at 55 and died before ever collecting a dime.

[@TonyRiley-qb7sw]

They’re already addressing the problem. Taxable SS income went up by 4.4% to 176,100.00 in 2025. Up from 168,600 in 2024. While COLA’s went up just 2.5% for 2025. Look for this trend to continue.

[@donnawanna9833]

I used the 3 extra years to build up my City retirement check, to build up my SS, and sock money away in my IRA's, and deferred comp. accounts. At 62 I would have made a fraction of what I now get.

[@FemiNelson-sb1em]

So truly sorry for the loss of your precious father. 94yrs, gosh, a very long life n what a blessing. Bless your Mum that you still have her. Gracias for this info. It's somewhat confusing, however; I'm forwarding to many of those who are nearing their retirement age. I'm disabled & so grateful I began to work my SS at a very young age, worked 2 jobs for several years, plus ALOT of overtime. I didn't realize it then how that helped. Padre God help us all regarding Trump's intent on our SS, bc for many, this is it. 😢 Paz be with us all 🙏. Feliz Christmas "24". "Sra Isa"

[@Baba-Baba513]

My mom claimed at 62. She’s 85 now and relies on SS to live. She smoked for 40 years, three heart attacks, lung cancer in 2020 and was on chemo when she got COVID. Fortunately she has a bunch of children well off. She’s a fighter. I’m 65, strong as a Bull, stopped smoking, drinking in my mid twenties and exercise regularly. I’ll wait to collect.

[@louisd95714]

I'll be 65 in a few months, and currently not retired. Both my parents lived into their mid 80s but cancer and heart disease run in the family. So far I am very lucky with no health issues, except for a stent implanted in me to prevent a heart attack, which I didn't suffer to any as of yet. I think I will roll the dice and wait until I am at least 68 years of age before I retire, because at that age I can earn unlimited income while I collect my SS benefits. There is no one size fits all solution to at what age to retire, and each person is unique to their necessities.

[@markkrull556]

67 is full retirement age

[@louisd95714]

@@markkrull556 Correct, but the longer to wait the more money that can be earned from Social Security. Hopefully I will live long enough to enjoy it.