8 GOOD REASONS to File for Social Security at Age 62

Personalized Social Security Strategy Analysis and Report: www.socialsecuritylane.com
Lane Martinsen gives 8 good reasons to file for Social Security benefits at age 62 as well as 8 good reasons to delay filing for benefits.
Personalized Social Security Strategy Analysis and Report: www.socialsecuritylane.com
Free Downloads: www.financialfastlane.com/

[@FinancialFastLane]

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

[@MsMaxinejoy]

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.

[@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!

[@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

[@MsMaxinejoy]

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

[@scottyg68]

I took SS at 62 last year. I invest 50% of that and do a side hustle. That works for me.

[@Tjcp292]

What do you do for health insurance?

[@vangchong3080]

You took your SS at 62 , you only got 75%of your retirement benefits, is that what you mean

[@scottyg68]

In my case, it doesn’t matter what percentage I received age 62. I’m debt free, including my house. Based on my total net worth, freedom from my job is more important.

[@bjcc91298]

@@scottyg68I would like to retire at 62 as well but can I ask what you do for insurance until 65?

[@scottyg68]

Spouses policy for two more years.

[@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

[@James-ql8bo]

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

[@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.

[@earlt911]

Better take it at 62 and before the system goes bankrupt.. It's a no brainer.. I took it at 62 and I'm happy I did.

[@davidhopewell9454]

The system won't go bankrupt. The taxes collected now pay 82% of the benefits, so that is a worst case scenario. Only one political party is committed to protect SS benefits. If you are worried vote for the party committed to protect social security

[@robp9746]

This system isn't going bankrupt. All they have to do is lift the FICA cap but Republicans don't want you to know this. They'd rather you work until you drop.

[@2010kb1]

@@davidhopewell9454keep voting Democrats and there won’t be a country to worry about SS.Illegals before vets and citizens.

[@YeshuaKingMessiah]

I have to wait till 67.5 to get full check I’ll never see a dime (I’m 59), SS is completely unsustainable I’ve known that my whooooole life

[@noreenn6976]

Please do some retirement videos for single people.

[@hectorquinones8382]

At 62 , not even one more day of work..... moving to cambodia 🕺

[@Ruzo-yc2wb]

There are many countries you could stay in. I visited Santa Marta in Colombia. It is a nice, peaceful place.

[@gauravipal9518]

Enjoy

[@Lillylim1]

I am Cambodian American. I love to move to Cambodia when I retire. Everything so cheap over there.

[@user-po5eb9tb9l]

I'm moving to Thailand at 54. I'm done.

[@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.

[@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😊🥰

[@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.

[@threewheelingwithgene4254]

No man in my family has ever lived past the age of 70. We all die of heart disease. No matter what kind of shape or health we are in, it comes on like a freight train. I was in perfect health with absolutely no issues and had a heart attack at 58. I will be retiring at 62. I will not see 70 sometimes. You just have to accept the inevitability of what life gives you and make the best of it

[@louisd95714]

This is so easy to say, but can I suggest to stay away from sugar and bad carbs completely? I believe this is what causes heart disease in the first place. Also, vitamin D3 taken with K2 NK7 can prevent further plaque in the arteries. Do whatever you can do to prevent it, and not accept heart disease.

[@auctionmoneyprocom]

I just did my annual checkup at my cardiologist today and they had a sign that said "Best Heart Attack Survival Rating in the US". The hospital is so advanced it's like a space station. 14 years ago I had a procedure using a million dollar machine and I was up and Adam hours later at home. It did cost $130k (5k out of pocket). But here I am 14 years later with low cholesterol and no symptoms. My point is it's so high tech and quick and it keeps improving.

[@threewheelingwithgene4254]

@@auctionmoneyprocom yeah and three years ago my uncle went to his cardiologist and got a bill of health. That was incredible. Super strong heart. You're never going to have to worry about yours going bad like everybody else in your family and what happened to him drop dead on the basketball court

[@louieadam251]

Wise decision.

[@Skyfoxx23]

Very well stated

[@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.

[@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!!

[@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!

[@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.

[@sdthrutheroof9161]

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

[@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.)

[@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.

[@DiFinni]

I was planning on taking at 62 for a while and now I've decided at 67. It's about $800 more a month if I wait until 67. I can live off my IRA until 67, then cut back on the withdraw once SS kicks in. I hope/plan on living past age 80. Good luck to all.

[@johnm3734]

If you have a substantial IRA (or other retirement assets), then taking SS early allows YOUR IRA (or other assets) to continue to grow (compound interest), which effectively offsets the SS "break even" point. Of course, this assumes that taking SS benefits early enables you to refrain from using the other assets.

[@robp9746]

@@johnm3734 Taxes WILL go up in the future to help with this growing deficit. You will pay higher taxes when taking future distributions.

[@markkrull556]

@@johnm3734 on the other hand stock market returns are not guaranteed but if you wait each year you gain 5% guaranteed and after 67 if you wait till 70, it’s 8% per year guaranteed

[@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

[@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.

[@walkingintheway]

I am so grateful for my comprehensive study. It is a wonderful tool when I start getting off.Track to remind me to look at my plan

[@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)

[@KerstinMcKitrick]

Really helpful video - as always. Thank you so much. As a very happy client of Lane financial, I cannot recommend your services highly enough. We started with your fabulous SS analysis - best few bucks I ever spent - and then switched our financials over to you guys. Couldn’t be happier.

[@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.

[@johnclement9370]

Very informative, a lot to consider, Thanks for that.

[@JakeTheSnake500]

I've been planning on taking ss at 62 because my health isn't great, and my dad died early 70's before he actually had a chance to retire. Lately though, I've been thinking about taking it later as a way of motivating myself to eat better, drink less, and exercise more. It's like I'm betting on myself vs just accepting that I'll probably die younger than average. Does anyone else think this is logical, or am being delusional?

[@hightide4782]

Good idea! Good health is like having money in the bank.

[@danielwebster7030]

Staying active helps. However, if you don't eat healthy, it matters not when you retire.

[@ForestToFarm]

Follow Dr Eric Berg. He teaches so much about health and how to treat your body right. You are what you eat! Good luck! Terry

[@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.

[@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.

[@beverlybennett9164]

Thank you so much becaused you are a blessing

[@ervc1]

I am 60 years old , My plan was to start drawing at 67 and still continue to work till at least 70 to eliminate any debts I may have and invest then fully retire, I have been led to believe from the SSI website I can start that draw at 67 with no penalty. Health wise Im great, I dont forsee needing it early,

[@YeshuaKingMessiah]

HA I was always sure my body would handle wkg till at least 65! I was srsly sure I could easily work FT and more, till 70! I am very health aware and not lazy. At just before 59, pinched nerves issues started. I can not work, like at times I can not dress myself. Absolutely no hint of this. It hit me like a freight train. It’s a sick situation to be in. Makes me angry honestly. (I’m in the have to wait till 67.5 cohort)

[@ervc1]

@@YeshuaKingMessiah As always there are unknowns, knowing that I've been blessed to work my way up in my career field and I don't have a need to risk my body anymore, plus I've gone on a serious health improvement over the last 2 years and improved my health substantially, but if an unforeseen were to happen I can only do the best I can with what I have and give over to our Lord the rest. Prayers, you make it.

[@mrcart497]

THANKU!!! and Thanks for sharing your Family with us!!! Im 59/5 and will take your advice!!!

[@FinancialFastLane]

Thank you!

[@bruceeigsti5274]

8 good reasons..1 dk when ur going to die...2) dk when ur going to die 3) u dont know when ur going to die..you get my point...take it while u can

[@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.

[@hightide4782]

@@allikat1352 Sure about that? I thought they changed the rules.

[@Uncommonsensetoo]

I will definitely wait until I am 70. Both of my parents are in their 90's. I am in excellent shape and health at 59. I don't need the money before 70. To me SS is simply considered "longevity insurance". With some luck I'll reach 100 and I want the max payout for the rest of my life with less chance of running out of money.

[@FinancialFastLane]

Same with me.

[@TM-nu5vd]

TOTALLY AGREE!! I too will be taking mine at 70 to maximize my payout. As I can pull from my 401k and savings, my focus is "living" versus how quickly I will die. My glass has always been half full.

[@emmamartinsen1309]

Very enlightening 👏🏽👏🏽

[@oldskola3634]

These videos are so deeply appreciated. You really have no idea - but then again, you probably do… but you know what I mean.

[@FinancialFastLane]

Good to hear, thank you!

[@mhamedbelkhir2034]

thanks for the informations

[@ForwardThinkingIncome]

13:03 thanks for mentioning that. Health Insurance cost is something hard to figure in my model for retirement income. Then the income from our portfolio cash flow might be an issue for drawing SS early. Subscribed

[@larryfetterman6487]

Excellent….Thank you

[@ladivamarilyn5317]

Importante info!!!!❤

[@joeysocks5718]

This was excellent information. I hope to live as long, and be as fruitful as your father, he sounded like a great man

[@FinancialFastLane]

Yes he was, thank you!

[@nancywages7029]

Wait to get more money....might be dead by then. Know many people and family that died of cancer and never enjoyed their retirement. I will be taking mine at 63 end of this year....

[@josephjuno9555]

It's not just How much Total but WHEN you Need it? At most active time of Retirement?

[@DunRovinRanch-1969]

I am planning on waiting until FRA but reasons 4-7 are compelling. I need to work out the math again.

[@dianelim1655]

Good information and nice three generations of photo.

[@ItsEverythingElse]

It's hard to find examples of what taking it early means for reducing sequence of returns risk and allowing your assets to continue growing. I would like to see what examples of what the break even age is then.

[@TyroneSettles]

This assumes no reduction in benefit due to the strain on the system and a person's overall health. I would opt for 62. Great video.

[@FinancialFastLane]

Thanks! I would recommend this video to help address the reduction question kzbin.info/www/bejne/bHmpiqx9ppeXh7csi=Ktfy5TNFSVVeSPCA

[@TyroneSettles]

@@FinancialFastLane Thank you for the link!

[@daze8789]

What is the break even point for 65 and 67 compared to retirement at 70? Thanks!

[@FILMATION1981]

I have personal loans totally $7,000. I'm 62 and by the time I get to 67 I'll have all of my loans paid off and then I will apply for my SSN

[@victoriachanel2493]

New subscriber 😊Can you give some examples on how to boost your monthly social security benefit? This is of course pertaining to pre-retirement 😊

[@hightide4782]

Make more money by moving to a better paying job or doing a side hustle.

[@wchen315]

Could inflation be a factor? Would high inflation shift SSN age either way?

[@jeffmotes2129]

I haven’t decided when to take my benefits. But here’s my interesting situation. I’m 61. My wages in 2023 were around $125k. I have the ability to work more hours to increase my pay or the option to work part time. I have sufficient passive income to maintain our modest lifestyle even if I work part time. I set up my SS gov account and found my PIA to be around $3k at 67. I ran the SS scenario with increasing my wages to $150k. It change my PIA +$6 per month. I ran the scenario setting my future wages to $0 and it had no impact on my PIA. So I’m wondering why I should pay (me and my employer) an additional nearly $100k in SS taxes over the next 6 years with $0 benefit. I think I should just work part time.

[@LLTization]

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

[@user-qq5rn8dw1n]

What about if they took the money at 62 and invested the net proceeds in the S&P index

[@monhay4]

I took mine at 62. Could use a tad more money but I’m allowed to. I also get a little pension. I was forced to take that early after losing a job and having bills to pay. Anyway, it’s worked out because there’s no way I could’ve worked and cared for sick husband. I may go back to work a little at 65.

[@ForwardThinkingIncome]

8:25 yes

[@ethanwaynebell]

Great info

[@user-wu5rc6rf2w]

I wrote a check for $4,662 to Social Security last year and will again this year. I took Social Security at 62 and continue to work..because I can’t live on Social Security alone. Once I pass $21,000 in income I owe my Uncle Sam $1 for every $2 I earn at my job. Frustrating especially because THEY STILL HOLD OUT SS FROM EACH PAYCHECK! Why couldn’t they take the $4,662 out of that money? I’ll have to work til the hearse picks me up at my job…

[@davidhopewell9454]

When you do take social security they will recalculate the amount to account for those extra payments. You will get a higher check for life

[@ItsEverythingElse]

No one ever talks about suspending payments and restarting them later. In some circumstances that could be a huge factor in starting early.

[@FinancialFastLane]

I did talk about that in this video: kzbin.info/www/bejne/h57FfWuvntt9nJIsi=-23uCUWAht7FasN4

[@brianfrancis2862]

im 54 had a heart atack got layed off dc wrote up unable work do i have a chance at it

[@robertdavis106]

What about Railroad Retirement?

[@liverpool3469]

I am 51 y.o., my wife is 51 y.o. We have 600k invested. What is the point to wait till 70? I am going to retire the first available day and claim SS. It gives me a chance to take money NOT from portfolio, but from the government... And let my portfolio grow.

[@FinancialFastLane]

Did you watch the video? Point #4 is when I explain your situation as a good reason to start early.

[@blueunicorn8665]

If I retire at 63, my SS would be 750.00 only, I have to work until 70 to get 1400.00 and I am planning to retire at 67 to get 1200 and go to live to my country home. Here, I couldn’t afford the rent and utilities.

[@tedjohnson4451]

Retiring at the End of August, 2024 at Age 62. I'll take my 72% CalPers Pension & defer Social Security until Age 65. My take home will be within $100 of what I get now. I'll use my Roth & 403b [If needed] to get me to that point. The Three year deferral is worth just under $400 monthly in increased Benefits. After Taxes, Medicare & Medigap Premiums, I'll get more than $1000 in additional Monthly income.

[@yaousa5475]

My husband will be 62 soon. He has health problems and still have around $40,000 for his personal debts. If possible he still wants to work but because of his health so he wants to retire at 62. Just in case If he file bankruptcy, Can he collect the Social security money?

[@rpw612willi4]

Is a wife able while working to claim spousal benefits on her husband’s SSDI? Thank you for any advice.

[@excellent952]

Contact your local SS office. They can run the numbers for you.

[@Susanhartman.]

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.

[@mikegarvey17]

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-advsor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@ThomasChai05]

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

[@mariaguerrero08]

@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?

[@ThomasChai05]

Credits goes to " Gertrude Margaret Quinto " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@Grace.milburn]

This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@hightide4782]

The Social Security Expansion Act (S.393), a bill introduced in the Senate on February 13, 2023, would prevent Social Security benefit cuts. The bill's provisions include: Increasing the primary insurance amount for certain beneficiaries, raising Social Security benefits by $200/month or $2400/year, and establishing a new minimum benefit for certain low earners. Using the Consumer Price Index for the Elderly (CPI-E) to increase COLAs, and reflecting the disproportionate amount of older Americans' income spent on health care and prescription drugs in the formula. Lifting the cap on Social Security taxes for all income above $250,000, increasing the net investment income tax by 12.4 percent, and raising and then eliminating Social Security's payroll tax cap cost-of-living adjustments. Reinstating student benefits for children of deceased or disabled workers up to age 22, and extending benefit eligibility for children who are full-time students.

[@barbarahudson932]

I will be 65 in Nov 2024. I am a widow (since 10-2014). My SS amt is higher than my deceased Husb. I do not have retirement funds. I work full time & have minimal savings. I am in Great health. I’d love to collect SS but I don’t think I can until I turn 70 (full SS amt) ?

[@excellent952]

Contact your local SS office. They can run the numbers for you.

[@charlesfrench9557]

Next time can you show the accumulation graphs assuming all the social security assets remain untouched and appreciating at 6% per year. I think the break even point might move to the right in that case due to the early claim having more time to grow. Thank you.

[@deanrotering879]

I agree. If I don’t need it and add it to my investments then the benefits later will never equal what I get starting at 62.

[@MusafirsSoul]

I will not be getting more than $700 @ 67 just completing 40 quarters by then. So if I continue working till 70, will that add to benefit after 70?

[@FinancialFastLane]

Yes, to get the maximum lifetime benefits you would work until age 70. There is no benefit to go past age 70.

[@MusafirsSoul]

@@FinancialFastLane thank you

[@joycecox8285]

Good evening. My issue is my husband will start collecting at 62. I’m younger than he and I have made more money. How will this affect my future Social Security benefits?

[@FinancialFastLane]

Your benefits will not be impacted by your husband starting his benefits.

[@joycecox8285]

@@FinancialFastLane, thank you. No one would ever answer this question. I plan on collecting at 62 as well. Too many folks from my agency die between 60 and 65. I won’t be 62 until Aug of 2031.

[@hightide4782]

If you have a pension or annuity that doesn’t include a full COLA - basically all of them - you may decide to delay taking Social Security benefits until the inflation rate declines, perhaps to less than 3%. The larger Social Security benefit will ameliorate the loss of buying power to the pension or annuity.

[@user-tn7ph2ym5v]

What if I’m married to a younger woman who works and has both a good income and healthcare. My mother died at 45 and father at 73. I’d use the extra money to enjoy the time I have left while I’m still active and mobile? Good to take it now?

[@FinancialFastLane]

Maybe maybe not there are too many unknown variables for me to say.

[@DN-rg9nj]

It's becoming more apparent that SS (and Medicare) are headed toward insolvency. Likely at least a guaranteed 20% cut upcoming. Strongly considering taking what I can now (65) although had originally planned to wait.

[@FinancialFastLane]

I would suggest this video kzbin.info/www/bejne/bHmpiqx9ppeXh7csi=4Crsyeoisf-SOEvB

[@ForestToFarm]

Question. I never see this issue addressed in these ssi videos. My wife is older than myself. She took ss already. Can I drawl spousal benefits off her and let my own ss grow to age 67 or even 70? Terry

[@FinancialFastLane]

You are referring to the “file and suspend”strategy. It was a viable option for many years, but it has been phased out.

[@ForestToFarm]

@@FinancialFastLane Thanks!!

[@dawndarling2277]

That changed in 2016 as outlined in the Bipartisan Act of Congress 2015. Sounds morbid to share, but you can do that with Survivor Benefits.

[@nolongeramused8135]

My concerns are 1) I have no faith that social security is going to be around in it's present form in just a few years, 2) shouldn't replacing some of my 401(k) disbursement with social security payments allow me to keep that money in the market and generate higher returns than just waiting a few years to collect a higher SS payment?

[@FinancialFastLane]

This video may be helpful kzbin.info/www/bejne/bHmpiqx9ppeXh7csi=mVTaWAulbd8Dsaat

[@jimtillapaugh5551]

What would happen if SSA cuts benefits in 7 years from now?

[@user-yc6bj8yg1j]

I’m 60 years old and on disability. Will it turn into social security when I turn 62? Will it decrease or stay the same?

[@FinancialFastLane]

It turns into retirement benefits at your FRA not at 62. It generally stays the same amount.

[@user-yc6bj8yg1j]

@@FinancialFastLane Thank You! Very relieved

[@dawndarling2277]

It won't change at all. You'll just have zero restrictions.

[@keithsavageone]

Inflation throws it all out the window. 62 it is.

[@TheVenom8343]

I'm proud that I have my state retirement to look forward to. I'm 41 right now and I'll be eligible to retire at 48!!!

[@hightide4782]

That suggests you’ve been working for the state since age 18.

[@TheVenom8343]

@@hightide4782 No sir, I started when I was 23. I'm on a 25 year retirement plan.

[@vitaraa223]

Can we take ss money lumpsum?

[@FinancialFastLane]

That would be nice but no. it is an insurance/annuity program not a savings program.

[@jaynewohl5405]

Social security told me I do not qualify for spousal benefits because they stopped offering the benefit for persons born after 1954. Is that true? I was married 28 years, I'm still working and my ex-husband is collecting social security.

[@noreenn6976]

That doesn't sound right. Are you remarried?

[@bonnessacoy8990]

I've heard that same thing too.

[@13hiker]

I know it’s important to be prepared for the future, but isn’t the life expectancy in the US going down (gradually)? With rampant diabetes and heart disease, how are we going to have all of these 100 year-olds?

[@theraptureisnearbelieveinj448]

Numbers 8:24-26 (KJV) 24 This is it that belongeth unto the Levites: from twenty and five years old and upward they shall go in to wait upon the service of the tabernacle of the congregation: 25 And from the age of *fifty* years they shall cease waiting upon the service thereof, and shall serve no more: 26 But shall minister with their brethren in the tabernacle of the congregation, to keep the charge, and shall do no service. Thus shalt thou do unto the Levites touching their charge.

[@joeplacetas1]

Question, my father is getting about $1,300 per month in desabibility,,his 60 years old,,he just had a baby with a younger woman,,,if he retires at 62,,how much money will he get every month and how much will the baby get every month? Thanks,,,just give me a close idea .

[@excellent952]

Contact your local SS office. They can run the numbers for you.

[@michaelpace8429]

Is there a difference in benefits between retiring at 62 and deferring to 67 to collect vs working until 67 and collecting at 67? In other words, using your example at 24 seconds. This person would collect $1807 at 62 and $2537 they deferred to 67. Would this persons age 67 benefits be $2537 regardless if they retired at 62 and and started collecting at 67 or worked to 67 and started collecting at 67? I'm debating retiring at 62, but deferring collecting Social Security until a later time. I just want to make sure I'm working with the correct numbers to make this determination.

[@rodneylw10]

I made a decision like your scenario. It depends on what you have to live on from 62-67. The benefit will be more at 67 but if you would have taken the discounted benefit at 62 your break even is about age 80 to equalize any discount and, you may have drawn down savings at living retired w/o ss from 62-67. At 67 then, you get the extra $10K per year or so but have much less liquid cash living from check to check (my take on it). I am going for the get it earlier, keep the money in the bank and lose the 10K per year at 80 route myself. I believe the only difference in retiring from work at 62 versus 67 and collecting would be how many years you worked (make sure to have 35 years of work for ss) and if you would make significant higher salary those last years 62-67 for the 35 highest years average.

[@michaelpace8429]

@@rodneylw10 Thank you. This is very interesting.

[@Wayneman50]

@@rodneylw10 From 62-65 you will need health insurance. A illness could bankrupt you in a hurry. If you go through the ACA you can get subsidies to help you pay for it. However, those subsidies are related to your TOTAL family income. Thus, it is a balancing act and a complicated one.

[@ryanwilliams989]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

[@djenning90]

You said “most people underestimate their longevity”. Does it occur to you that all the people who overestimated their longevity are dead? Im pretty sure you can’t conclude anything from people’s estimate of own their longevity.

[@davidhopewell9454]

SS is insurance of outliving your other income. Like all insurance some people get more than they paid and some people get less. It doesn't seem fair but all insurance works that way or insurance companies would go bankrupt

[@ninamoreno8116]

❤

[@JACKPAVAL]

Earning limits is a terrible and unfair design.

[@fcwwang]

What if the husband is 62 and he only have $1200 a month, but wife is 54, and still working with good income, and when the wife ready to retire, she will have over $3000, should he wait for just retired at 62?

[@RRD111]

in 8 good reasons, #5 please re-check

[@GregorySloanCLUChFC]

The extended lifespan is not the primary factor; rather, it's the demographic shift caused by the baby boomer generation. This shift has led to a larger population of seniors, consequently increasing the number of centenarians due to the expanded pool of elderly individuals.

[@jamescc2010]

One point that I am thinking is SS will run out of money sooner than later so take it now if you can.

[@FinancialFastLane]

That issue is discussed more in this video kzbin.info/www/bejne/bHmpiqx9ppeXh7csi=Vs6rpsShpIMM4hnb