Why MOST People File for Social Security at Age 62 | Are They Correct?

[@wrylife57]

I got my first job at 17 and was never unemployed until I retired. I had many jobs in my life, in a variety of industries. I liked some, I hated some, I was neutral about some. Regardless, I wanted to STOP working as soon as I possibly could. Period. I was sick to death of working. I had planned to take SS at 62 but that was 2020, the year Covid hit, and I was able to transition into working from home (a dream come true) so I continued to work another year and I started SS Jan 2021 then retired from work in June 2021. I do not care about the amount of money I "lost" because I have GAINED my life, my freedom and my happiness. Priceless things, one and all. Retirement ROCKS!

[@FRAME5RS]

Not to mention, the amt of money you collect between 62 and 70 takes approx 9 years to break even, or age 79. By that point you're near life expectancy.

[@BusArch42]

As long as you can afford to live on the reduced benefit you did well. I know two of our relatives who took SS at age 62 and both of them are in poverty. We send money when we can and they both live with one of their kids because they have to. Dependent on their children for daily needs now

[@bigdambluesband6295]

My favorite country song says it all "You can take this job and shove it, I ain't working here no more"

[@bigdambluesband6295]

@@FRAME5RS Actually way over life expectancy. Average life expectancy for males in America has been going down but I think that is mostly because of all the drug overdoses and gun violence. Still, for men it has never been close to 79.

[@wrylife57]

@@FRAME5RS exactly! I believe the system expects people to die before or shortly after starting SS. Now, some GOP lawmakers want to raise the retirement age even higher and I think it's for the same reason--they are counting on more people dying before taking it (won't effect those of us already on SS). Shameful!

[@nolongeramused8135]

I remember when my dad retired at 62. I was kind of shocked because he was capable of working, but he just so happy to be retired that it was infectious. I remembered that for decades, and when the time came that I could retire at 58 I jumped on it. Work sucks, retirement is great.

[@Lysander-Spooner]

Agreed. I was entitled to a pension at 62 and took that and SS at the same time. Works sucks and having two sources of income plus the wife's SS we make more than enough to enjoy life, do home reno etc.

[@keithmartin2039]

this is part of my sentiment, i'm lazy, however i have a strong work ethic. i want to retire as soon as possible and that's it for my work history. I'm not concerned about how much i could earn waiting til 70. I'm hoping to be alive for 15 years or more and cant wait because my payment might be higher.

[@cupidok2768]

I want to retire now

[@lemongavine]

My Dad was the opposite. He retired at 62 and HATED it. He went back to work within 3 months and worked until he was 76 when my Mom forced him to retire for good.

[@4himsanctified]

if you're loaded

[@chuck5898]

I was in pharma sales for 33 years and the stress of hitting a number every week year after year left me emotionally exhausted. I barely made it to 61 before hanging it up. My life is better than I could of imagined, no stress and enjoying simple things again! Less money, but a better life.

[@PapagenoMF]

Unfortunately you might have already damaged your body with that stress beyond repair. I would get regular cancer screenings if I were you. Long term anxiety = disease.

[@theshadowtalks]

@@PapagenoMFDebbie downer. 😂😂😂😂

[@seriejohnson698]

This is what I am talking abour. Enjoy 🎉

[@AnnaTMOW]

Former pharma rep here too. Leaving pharma was the best decision I ever made for my health and happiness. Congrats for reclaiming your life!

[@wk4240]

Shame to have a better life when you're older, when it's best to also have a good life when you are younger.

[@RH-cv1rg]

This decision is not about maximizing your return. It is about quality of life. There are two things to consider, money and time. Money is a variable, your time on earth is fixed. The problem is that you don't know the expiration date of the time. My Mother told me before I retired, if you have enough money to live on retire. Don't worry about getting the most money as when you delay retirement you are giving up something more precious, time. It is sound advice. I retired early and haven't ever awakened in the morning thinking, I wish I could go to work today. Wake up early, sit in the morning commute, listen to the traffic channel on the radio, slog through another boring meeting, wait for the weekend to have some free time, etc.

[@BradCampbellmn]

Great post!

[@wrylife57]

This is exactly my experience. I enjoy every morning waking up with the morning birds knowing I do not have to be anywhere and anyone's beck and call. NOTHING beats freedom.

[@jazzzman1000]

I don't see many mornings cuz I typically sleep 'til noon!! (musician)

[@RH-cv1rg]

@@chrisstrickland4433 We are on the same page. I'm glad you are enjoying YOUR time. If one can afford to retire, do it. Another year or two working won't make much of a retirement difference but it will reduce the available time you have to enjoy yourself on earth.

[@Milkman3572000]

Bravo, well said.

[@CyndiOyea]

I decided to take it at 62. I have a small pension as well. It’s not a lot, but with the miserable job I was working I found I was only losing about $100/month income and each year I waited was about $100/month. Then I got really sick when I did turn 62. I knew my horribly stressful job was a factor. Also, my Father died at 69, while still working. Mom died at 72, retired. Life is too short and I want to enjoy what’s left. Have a small art business that keeps me busy. It’s a stretch in this terrible economy but it will get better. No regrets at all! ❤

[@bond7459]

Same here,iam already 62,definitely i'll be starting collecting this year.

[@lorieburtt592]

Good! I’m with you! (I’m an artist/ artist type, too.)

[@maryshaffer5675]

If you have a chronic illness its not going to get better. Take your life back and enjoy as much as possible. I love my life not my illnesses as much.

[@fnhc2023]

Work takes up waaaay to much of our lives. Imo. To relax and not rush to do a bit of what you love doesn’t have a price !!

[@dennistyler9852]

Wishing you the very best Cyndi…😊

[@HectorSnipes]

I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early-might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.

[@VictorBiggerstaff]

Yes, building wealth comes from making smart investments. Having a mentor is really important. It can be tough to find someone experienced, but it’s a wise decision if you're not familiar with the market.

[@Greggsberdard]

I agree completely. I’m 60 years old, recently retired, with about $1.95 million in non-retirement investments. I have no debt, but not much in my retirement accounts compared to the rest of my portfolio from the past few years. Honestly, you can’t ignore financial advisors, just take the time to find a good one you can trust.

[@crystalcassandra5597]

My husband and i just had a relative conversation this morning. This is exactly how we wish to get our finances coordinated ahead of retirement. Can I get access to your advisor?

[@Greggsberdard]

Her name is ' Diana Casteel Lynch' Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@BateserJoanne]

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

[@strongjohn10956]

The "best" age to start collecting Sol Sec benefits depends on what your needs are relative to the benefit and your other resources, taking overall health into account as well. I was reasonably healthy and working full time until I turned 64 in late 2020. I checked what my benefit would be, and based on that info and some other financial planning, I pulled the pin. Basically, take it as soon as you can afford to do so.

[@franklee2683]

I did similar,except I worked a couple more years ,staying UNDER the max earnings ceiling of SS rules. Guess what. Got a letter from SS: they recalculated my benefit higher,as I had worked and pd in more to SS than when I initially started benefits! Awesome.

[@sandrataylor3723]

I'm 66 now but retired at 62. My reason is similar to most people's reasoning. I've been a nurse most of my working career but when my health started to decline, I knew I had to make some drastic changes. My daughter offered me a place to stay in her home, so I moved in with her and her family. I still worked at that time but changed my work to jobs that I could reasonably do due to my health. I chose to retire at 62 because I was finding it harder to find jobs to do with my health continuing to decline. I'm now on Medicare since last year and it has been a godsend for me. I now have 5 chronic diseases that are being treated with medications. I can barely hold out to do simple chores now. I don't know how much longer I have to live but I'm glad that I am on Social Security and that my daughter took me into her home. Without those two things, I would have been homeless and dead within a week. I used to feel guilty about retiring early but no more. I worked hard all of my life and paid my taxes, so I deserve some help in my declining years, no matter how long that takes.

[@rushfan9thcmd]

So true. You have to make the choice before health turns, not playing catch up. Health, car accident from idiots running stop signs and stop lights, you name it can change your life plans. Enjoy life as much as possible.

[@GalileanInvariance]

Very glad to hear that your physical needs are being met ... Don't forget to consider your spiritual needs -- which I believe means getting right with God before we 'depart' this life ... Be blessed on your journey.

[@johnjamesjoseph3814]

Absolutely!@@GalileanInvariance

[@ralphgreenjr.2466]

I started paying into social security in 1966 at age 16, as did my wife. We had no choice. We both filed when we turned 62 and locked in our benefits. I want to live long enough to draw out what I put into it. We are now 73 and like a lot of older people we have health issues, none immediately life threatening. I had a lot of friends that decided to wait until age 70. Guess what, they NEVER drew a dime, they died!

[@flyboy6258]

I'm 69.5 and will be taking my benefit at 70. I retired at 66. and have been living off investment dividends and an annuity. My wife is collecting a small pension that pays our utilities. There is longevity in my family and we are both in excellent health. If I make it another 6 months, it will pay off hugely. I always have looked at it this way. If I outlive my money, I'll be in trouble, but if I die before ever receiving it, well then I no longer have a financial need for it. I never worried about the payments I missed out on. Everyones situation is different. This was mine.

[@DefundTheFringes]

It's really an unknowable equation, a gambler's roll with one's health.

[@supermills03]

@@flyboy6258 sure, but you could have had 7 and a half years of payments by now.

[@glaucouswingedgull]

I was in a similar circumstance as Ralph Green, except I retired at 60. Now at 70, I just received my first SS payment. The difference between what I would have received had I started collecting at 62 and what I am receiving now is significant. It is a completely different standard of living. I worked out the math at one time and found the break even point to be in the mid 80’s, but I neglected the cost of living increases, which makes it even better. I lost 10% of my retirement savings in 2022 due to the democrats handling of the economy. I am glad I waited to receive my SS payments.

[@flyboy6258]

@@glaucouswingedgull Those cost of living increases are something I think a lot of people don't think about. I kept it in mind as I wait for my 70th birthday. Ex. 5% of $3700 is greater than 5% of $1800, $185 vs. $90.

[@tiazadobbs7475]

My husband retired last year and turns 62 this week. His first retirement check will be in May. After working 42 years in the Emergency department I would say he paid his dues !! We love having him home.

[@johnjamesjoseph3814]

And how do you like those checks? It's been 7 months. We hope all is well and retirement is great!

[@tomz9692]

I was blessed to work for 50 years and collected Social Security at 70 in 2022. Thanks Holy Schmidt!! for all the great advice on securing a healthy ( Physically/Financial) Retirement

[@wingandhog]

My plan as well. I have 7 years to go. But I can retire on my investments anytime I feel like it. I love my job though and look forward to mentoring the youngsters 🤔Congratulations!

[@jamescalifornia2964]

That will be a nice SS benefit 👌

[@summerforever6736]

Blessed to wor for 50 years? More like a curse!

[@HHuynh-DP]

The thing with retiring at 62 is envious younger relatives/friends/people keep pestering you with questions like "And what do you do all day?" as if we don't deserve our retirement. I found a fantastic answer on internet that I'll use in this situation: "I do nothing. But I try to do them in the morning so my afternoons are free."

[@Rattlecanjeff]

…and, “even if I do nothing, I don’t start until noon”.

[@rushfan9thcmd]

Tell them you've dealt with crap for 62 years. Payback time.

[@geraldmahoney4856]

Exactly. However, I’m starting to get bored doing nothing all day.

[@rushfan9thcmd]

@@geraldmahoney4856 doing nothing is a your choice matter. Make a better choice.

[@tammyicious]

That's brilliant. 😊

[@lancelotlink6545]

I was able to run the numbers based on my current SS estimates for ages 62 vs 70. Remember by taking at 62 you are getting 8 years of additional earnings. By calculating those earnings and diving by the delta (difference in payments from 62 to 70) I was able to calculate that it would take roughly 10.5 years to make up the difference. In other words I wouldn't START to see a benefit from taking SS at 70 until I was about 80.5 years old. This doesn't take tax considerations or investment opportunities into account but that is a good baseline. So the question is how old do you expect to live. Personally I see that it's a fair gamble to take early.

[@wyqid]

Brilliant response

[@andrewmiles3376]

Exactly!!! Also, he doesn't address those of us that are debt-free and have rental or other income every month. Definitely I am taking it at 62 - especially in light of your math about those 10.5 years before you break even.

[@c2shiningc176]

Not only that people but when you continue with the math if you would have gotten 600 more per month by waiting if you divide that by the 8 years where you did collect it comes out to about 3 dollars per month like that is worth waiting for not to mention if you pass sooner you have a little extra to pass onto the kids

[@1AXMRDR]

Maybe I missed it but I'm surprised that you didn't mention that when starting at 62 it takes about 11 years before you meet the monetary 'break even' point. After that you are losing money not waiting for FRA. That being said I am taking mine at 62. Every situation is different and I have thought about it a lot. I retired at 58 and found out that I had cancer within a year. I am cancer free now but we never know when our name will be called. Live life to the fullest starting today.

[@rodneybray3245]

I thought the breakeven was between 80 and 82. I am it depends on the method of determining the breakeven like discounted cash flow or other methods. Good point.

[@1AXMRDR]

@@rodneybray3245 nope, 11 years. IIRC it was 11.2 years. I'm not going to recalculate it to be certain, it's not that big of a deal to me. The age of break even point is 73.

[@leftylefty77]

I think this is point #1. My break even is over 8.5 years. That drops me in my late 70's or early 80's! The experts rarely mention this because the are focused on the "retirement benefit". If you love your job, work on! But I think the vast majority of people have had enough after a 20-25 year career. I am fortunate enough to have earned a modest pension so I think 62 is the right time. Thank you.

[@Autos389]

@@rodneybray3245 The break even where 67 and 70 catchup and surpass starting at 62 is 78 and 80 years of age. At least for my numbers I got off the SS estimate site and that I put into a spreadsheet. You can do the same - just put age on the left side of the sheet and use three columns for 62/67/70 (starting ages). Then put in the monthly amount (times 12 so it's annual) in the cell where the 62 column and 62 years of age on the left meet and fill down with that same value (you can try and estimate inflation adjustment but I used the beginning figures for each age). Do the same for 67 starting year and 70. If you do it so each column has a running total (each cell being the sum of the cell above it plus that cell's year (monthly * 12)) you can then see as your age increases where the sum of taking at 62 gets caught up to and surpassed.

[@RDQ30A]

@@Autos389The break even point depends on the rate of return you earn on your investments. If you earn 6-8% on your investments your break even point will be in your late 80’s to early 90’s. It’s all about the rate of return you earn on your assets.

[@dvorahmariscal7963]

My mother is 94 and going strong. Her mother was 98 when she passed. I am 68 and still working. I LOVE my job and will work as long as I can at it. At 70 I will start SS and taking minimum deductions from my pensions as required by law. The government will get MORE of my money in taxes. BUT I am looking at possibly living another 20-30 years as I have no health conditions other than some arthritis which is minor. I want to be sure I have the means to care for myself. Don’t want to be a burden on anyone.

[@lindabranch8294]

My take as well. I don't want to plan on spending the next few years saying what if I die b/c some of my friends die. That day will come for all of us. But for me I am content with my life the way it is.

[@bigjohnson7059]

If my late wife hadn't filed at 62, she'd have gotten nothing - she died before reaching her FRA. I filed at 67 when my IT contractor position went away - I'd intended to work until 70. Four years into retirement, I have no regrets about retiring earlier. The extra money would be nice, but time is the one thing you can never get back once it's gone.

[@joannemorris4451]

You are so right about time. I quit my miserable job at 64. So I have less $ per month, but more free time.

[@J_Neighbor]

Amen to that. I am taking care of my toddler grandson full-time now instead of knee-deep in the corporate rat race! And, my grandson is much easier to work for than some of my bosses ever were!

[@specialkay4329]

I'm confused. I'm 62. Must I be retired before I claim social security? I'm not financially prepared to stop working altogether.

[@specialkay4329]

@@J_Neighbor so much more rewarding.ill bet the little ones are glad you've got them. Best wishes 😃

[@J_Neighbor]

@@specialkay4329 you can file to collect at age 62 even if you keep working, but if you make over $21240/yr (prorated at $1770/month), the SS administration will withhold $1 for every $2 earned above the monthly limit. I retired at 63.5 when I retired so I wouldn’t have to worry about the limit! But there is so much more to this decision, and I’m no expert - just someone a couple years older who researched his own situation. So, please check with an expert before you decide - or keep studying videos like I did! It’s important to be aware that your benefit is significantly reduced when you take the money at 62 also.

[@KingDavid-jj7tk]

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

[@glenbert1396]

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

[@lisaollie4594]

@@glenbert1396 Please can you leave the info of your invstment analyst here? I overheard someone talking about how a couple made $200k during this red season. I need such luck lol.

[@glenbert1396]

@@lisaollie4594 My advisor is ‘’STACIE KRISTAL WEBER’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@lisaollie4594]

@@glenbert1396 -I just looked up Stacie online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a callaitlin.

[@thebootielover]

I took mine at 62. The rich Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age .

[@martysmom3328]

Can't leave our social security to our kids and grandchildren. Tomorrow is promised to no one. We choose to take ours and save our other assets in hopes we can leave them to our kids and grandchildren. Everyone's scenario is different so do what lets you sleep easy at night

[@johnscott2746]

My kids have more education and higher paying jobs than I ever had. They are all home owners and have more money and assets than I do. And I have a net worth of 1.3 million. So, I am using my funds in a thoughtful manner so that my wife qualifies for a full subsidy on her health insurance and I’m waiting until 70 to collect Social Security.

[@jackdreddle2740]

Did you watch the video?

[@johnscott2746]

@@jackdreddle2740yes, I was responding to martysmom’s comment. I have found that too many people deny themselves or make wrong choices with the idea being that they need to leave money to the next generation. In my case, my wife and I live independently and need no help. As I noted our kids are better off than we are. All of them have a room set aside in their homes for us with the understanding that at some point we may need to come live with them . I’m sure there will be funds for them to split up after we are gone but in the meantime we are using our money to have the best retirement we can.

[@jackdreddle2740]

@@johnscott2746 John I was responding to Martysmom too. Your comment was excellent.

[@johnscott2746]

@@jackdreddle2740 ah! My mistake! No harm done.

[@johndonaldson5126]

I am the family historian. I have all of the birthdates/ages of those in our family that have "passed". The average is 74. It has remained 74 for the past 30 years. I retired at 62 knowing I would be very unlikely to live to 80. Our family members tend to die of cancer or heart problems. I've had both cancer and heart problems, just like the rest of our family.

[@lynanderson2047]

Your decision makes sense because of your clear medical history. Most people who collect early do so because they haven't quite mastered delayed gratification. They just want it now and convince themselves against all reason that they probably won't live long.

[@rebeccaoliver7977]

Obviously, I know nothing about you or your family but after reading what you wrote, I wonder if it was worth considering lifestyle options that might extend your life?

[@suzyinstitches273]

I’m fully onboard with considering family history.

[@ariefraiser140]

​@@rebeccaoliver7977 it sounds hereditary if it's been going on for generations. Unless the cause has been how the family has been eating for generations.

[@1953childstar]

@@rebeccaoliver7977 That is something to consider.. My late parents chain smoked and were alcoholics.. Father died from lung cancer at 53 and mother died from lung cancer at 73… I rarely drink, never smoked, and eat well. There are no guarantees, but all of my grandparents and great-grandparents lived into their 80's+...

[@vagabondprime1691]

I've been in the work force for 35 years. The last job I had with a pension was over 20 years ago. I think the overall lack of pensions in the modern work environment is going to hobble a lot of us looking at retiring at ANY point in our 60s.

[@guytech7310]

As some that is two years junior to you, I don't expect to ever be able to retire. I doubt I will see a penny in SS, as I am sure they will raise the min. retirement age so I never reach that age. And\Or the dollar devalues to the point that SS monthly payments won't cover the cost of a single can of beans.

[@SpaceRanger187]

SS should be at age 55..

[@vagabondprime1691]

@@guytech7310 sorry Guy, that's bleak. I feel like we're in the same boat for sure.

[@Utah_Mike]

Half of my working life I have been self employed, I have never worked for a company that offer a pension. I chose to continue to work for the health insurance. The cost of medical insurance is what is dictating my retirement age not the lack of a pension.

[@JMcMillen]

Most pensions disappeared because people kept living longer and longer after retiring and the companies couldn't afford it anymore.

[@markkenney1498]

I really appreciate the videos!! Everyone has there own personal reasons for taking Social Security. In my case and maybe one reason why the 2022 stats are so high is when faced with going back to the office after working form home or other pandemic related changes in the workplace. Also, some companies, mine included, offered packages to retire. I did not qualify for a juicy package but the thought of returning to a cubicle, under flourescent lights, conditioned air and no window helped me make the decision to retire and focus on health, diet, exercise, less stress and working for myself outdoors. Personally, I believe this decision will extend my lifespan to better appreciate the benefits of Social Security.

[@tywebbgolfenthusiast8950]

I claimed at 62. Our financial planner was (as all seem to be) big on deferring until at least full retirement age of 67, and use our retirement savings to live on until then at which time I’d get a bigger check. That made no sense to me. I wanted to start recouping the money I paid in all those years and live off that, rather than depleting the assets I worked hard to accumulate.

[@virginiamoss7045]

Makes perfect sense.

[@ripvanrevs]

@@tywebbgolfenthusiast8950 Exactly. If you take the money at 62 and just put it into CD's at 3% you will have over 100k for every $1000 dollars you receive. Because you are still earning interest on that money as you withdraw it at age 70, it will take you about 15 years to break even. You still have to be able to live from 62 to 70 on your own investments though so you don't have to use the social security money.

[@garyodle5663]

I worked until I was 68 and filed for Social Security at that time. I was earning more by working those extra years than I would have made from Social Security and for every year I delayed past 66 my Social Security retirement payments increased by about 10% for an increase of over 20% over my full retirement age payment. Now my Social Security equals one of my monthly paychecks and my work pension equals the second so I retired with virtually no loss of income. One of the smartest things I ever did.

[@FaintlyTapping]

I also waited until 68 because I’m 9 years older than my wife and I’ve always been the much higher wage earner and her benefit amount would be far lower than mine. In case I should predecease her, then she can draw based on my beefed up benefit amount and I’ll go happy knowing I provided far more for her than if I had taken it at 62.😊

[@lasvegasbreakingnews1752]

You nailed it. AT 68 with good health your life expectancy is into the eighties! Retirement is based on a solid ground of cash flow. Not what you own. the combo of SS, Pension, and savings, with little to no debt makes retirement a vacation every day! Well done.

[@thebootielover]

I hope you in good health too.

[@WallaceDunn]

After your full retirement benefit age, the increase is 8% per year until age 70.

[@rogergardner7740]

Same Waited almost 4 yrs to take my social Am 73 now Those recent huge Cola increases were huge for those with starting higher basis No regrets still in great health other than the normal aches n pains if overdo it 0 debt too

[@Mexicobeanpole]

I believe it’s such an individual decision, and life expectancy is only one factor. My husband waited until his full retirement age of 66. He never considered waiting until 70, because at 66, he’d outlived every man in his family. He’s 10 years older than me and his check, if I collect at 62, is almost 3 times more than mine. But, those 96 months I would have waited is $106,000 more that we can enjoy together. Of course, at my full retirement age of 67, I would get his full amount if something happened to him. God forbid. Meantime, I feed him a lot of fish and broccoli to keep him around.

[@howardfriedman7077]

Given that you are that much younger, your best strategy was for him to start at 70 and you to start at 62. That would actuarially maximize your benefits.

[@butopiatoo]

How kind of you. What does he feed you to keep you around?

[@samsmullen991]

@@howardfriedman7077 Except should her husband dies when she reaches her FRA, she would receive 100% of her husband's SS benefit minus 30% since she started taking her spouse benefit at 62. She already said, 50% minus 15% reduction of her husband's benefit is 3 times more.

[@jet4415]

@@butopiatoo He doesn’t cook, obviously.

[@christina5588]

@@howardfriedman7077 you saw that she said he outlived every man in his family, I believe life expectancy played a roll in their decision

[@donb6474]

My job as a truck driver delivering gas to gas stations laid me off 3 months months after I turned 62. They wanted me to go too night shift. I said no, they laid me off and a month later they called me back to work. I said no. So I was about 62 1/2 when I started SS. So I am making about $2,800 a month retirement. Live is good.

[@dennistyler9852]

If that’s just SS , you worked long and put a lot into the system. Enjoy your retirement…

[@steinervision7643]

I’m glad you put your foot down! You know how dangerous working at night is, especially when you get into your 60’s.

[@danielcarroll3358]

It depends on ones health and family health history. My mother is still going strong at 100. So I waited until 70, seven years ago. So far, so good.

[@logicalblueberry]

Wow, good for your mom! I wish you the same longevity. God bless you.

[@danielcarroll3358]

@@logicalblueberry Thanks! May I wish the same for you.

[@mandatorym_y_o_c_a_r_d_i_t_i_s]

Congratulations.

[@SusanBame]

My mom died at age 96, after working from age 56-86 as a nurse's aid at a local nursing home -- something she did after raising 6 kids on the farm. I was kid #6, and she started working for herself when I was 16, in a year that was scary for farmers. They literally didn't know if they could pay their bills, and the nursing home job opened up, and she loved working there. That job saved our farm. Her dad's relatives all lived well into their 90s and her aunt lived into her 100s. In a few weeks I turn 66; I found the keto diet at age 60, something that would have extended my dad's life -- he had type 2 diabetes, cataracts, heart problems, all things he could have reversed on the keto diet. I have reversed my type 2 diabetes symptoms and feel fantastic. A couple of years ago I found a job at a local community college and love it. I don't want to retire until at least 70. I know I'm going to be around for a while.

[@DrSchor]

this is not about when to retire.

[@kristiG5259]

@@DrSchor Retirement and SS are linked so, yeah, it can be about retirement.

[@IowaKim]

I guess it doesn't matter when you take it, as long as you take it after considering all the factors for your personal situation. In that case you are way ahead of those who take it just because a random family member told you to. Thank you for your video and the gut check it gave me in my personal decision.

[@denniskirschbaum9109]

Jeff, what about addressing filing age for each partner in a marriage? Mike Piper's "Open Social Security" site suggests that it often makes sense for a married couple for one to file at 62 and the higher earner to wait until 70. Because the life expectancies of two people taken together is different than each alone. In other words waiting for the higher earner is a hedge against one of them living a long time while taking one benefit early is a hedge against one dying early. Would love to see you do an analysis of this.

[@Jacq892]

I'm 62 and have a layoff this year, after many years with my company. Plans change and you have to make the best decision you can.

[@TheSuzberry]

My husband and I both started collecting SS at 66. We needed the money. Our financial advisor wanted us to wait to 70, but we couldn’t afford to.

[@sct4040]

Thank god for social security! No matter when you collect, the money really help. I get $1953 per month, it really help with my 403b.

[@thebootielover]

I took mine at 62. The rich Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age .

[@Jaymilnere]

Sir this is an eye opener video and I would be retiring in 5 years and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $90,000 per annum but nothing to show for it yet

[@Aurierserge50]

do well to search for dividend aristocrats and choose six to ten companies with over 25 years of dividend payments. Consider working with a financial advisor to build a strong portfolio.

[@Higuannn]

@@Aurierserge50 Speaking from personal experience, I would say engage professional guidance. Not sure where you get an experienced one, but if your knowledge of the market is limited, it seems like a good bet.

[@Jaymilnere]

@@Higuannn This wouldn't be the first time i am getting the suggestions to use one, but finding a decent one has been challenging. Do you mind leaving some recommendations?

[@Higuannn]

I'm not one to give recommendations but The likes of Sharon Crump Cline does a good Job. I've been working with her for years. All the info. you need to set up an appointment is on her web page.

[@Jaymilnere]

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

[@dipaknadkarni62]

I may have mentioned that I now take survivor social security benefits last year when I turned 62. My wife and I were on active duty in the US Navy and she died on active duty in 2014 buried in Arlington National Cemetery with full honors. Since I was still on active duty until I retired in mid-2021 and decided to semi-retire I waited until mid-2022 to collect my survivor benefits. I will change over to my full benefits when I turn 70.

[@rebeccaoliver7977]

My condolences on your loss. Your service and that of your wife's is appreciated.

[@kathleenmcbride1471]

Doing the same thing as a widow. Sorry for your loss. It has been sad to retire alone.

[@arth.3899]

I noticed when I entered my 50's, my jobs became more difficult. I went from being a top performer, to being called in for performance issues. It pretty much all went downhill. I developed chronic insomnia from all the stress and I still have horrible insomnia. I left a terrible job last year because it was not worth the risks. I'm 58 and living off my IRA's of the past. 40 years of work is enough for me. Maybe I'll look for a job if this insomnia goes away, but I refuse to work like I did and get a very low income. I plan to retire out at 62. I'll live off my IRA's, penalties and all. The price of being free is worth it to me.

[@DrSchor]

i think you need shell out for the price of a business calculator. bonus: reading the manual will put you to sleep

[@kathleenmcbride1471]

I get that! In IT it becomes impossible to keep up. You go from being a hero to being a zero. Made it to 62. Good enough. I was the last oldie on my team other than my supervisor.

[@anibalty]

David Marvin Willis, a knowledgeable financial advisor, suggests allocating a minimum of 15% of your income to a 401(k). Utilize online calculators to estimate the ideal savings based on your age and income. Saving at least 15% in a 401(k) ensures a comfortable retirement, leveraging compound interest for potential growth over time.

[@ticosandoval]

This is a great summary and I very much appreciate the effort to not only be easy to understand but also still provide valid reasons to hold off vs. taking SS at 62. I like the unbiased/no judgement approach. Thanks for posting.

[@gracenotes818]

I waited until age 70 to take Social Security. Am in basically good health. I actually got one of my best full-time jobs at age 65 and stayed there 5 years. The years I delayed between age 65 and 70 not only allowed me to end up with a 7-8% increase in eventual benefits for each year I delayed, but I was also able to add more to the pot with some of the best earnings years of my life for the 3 of the 5 years I worked full time. I rarely see mentioned the benefit of adding more higher earning years to your working life as a bonus in receiving a higher amount upon retirement. The SSA chooses the years of your highest earnings to calculate benefits. Most people tend to have their higher earning towards the end of their careers.

[@gracenotes818]

@T Raybern Not everyone, including me, has significant income for a period of 35 years. In my situation it did make a measurable difference.

[@mandatorym_y_o_c_a_r_d_i_t_i_s]

@T Raybern Not true. SS increase 8% per year after FRA even if the 35 years don't have any impact.

[@kb1759]

Janette may I ask what that job was ?

[@louisz8951]

Thanks to point out the obvious. Too many folks only look at the SS numbers and don't realize that by continuing to work their wealth also increases.

[@danbouchard6780]

@@louisz8951 What good is wealth if you are dead?

[@mkwy8782]

This decision is very individual. I began at 62 because I could. We were very well set financially and my wife is 15 years younger and a very well paid professional-she then retired a year ago at age 54. We just returned from a several week vacation to Switzerland and then hooked up our camper and took our two grandsons on our annual "grand-cation"-this time to Rocky Mountain National Park. Generally, we walk 18 holes 2-3 times a week and take 2-3 15 to 25 mile bikes rides. We are living life to its fullest-and have calculated our risk/benefit carefully. Given my health and family history I will very likely live to 90.

[@bob.weaver72]

One thought is to buy the dip and then wait to break even, another thought is: Will buying low during a recession work if I'm retiring in the next 3years, I'm no way near prepared for retirement and I just need strategies to scale up to atleast 2million by the time I'm set to retire

[@hermanramos7092]

Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.

[@martingiavarini]

There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

[@kenanporubsky2122]

Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

[@hermanramos7092]

@@kenanporubsky2122 Impressive can you share more info?

[@kenanporubsky2122]

@@hermanramos7092 My advisor is ‘’Christine Jane Mclean’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@thebiblepriest4950]

Am still working full time at 75 and hope to do so until turning next year. I started SS at 70, and my benefits have continued growing because these higher-income years are replacing lower-income years of two decades ago, as well as the cost-of-living adjustments. My SS benefits started at $1400 and have risen to $1950 now. This is a bonanza for me, and one that I didn't see coming. Taken together with other sources, I will average $3400 a month and will be able to continue saving into retirement. I am glad that I didn't start at 62, because balancing my budget would have been tighter month by month indefinitely. I am also glad that I traveled when younger, because I have seen everything on my bucket list when it was cheaper and I was stronger. If I were twenty years younger, I would travel a bit more and save a bit more -- and still wait till 70 for SS.

[@ebirch90]

"I would travel a bit more and save a bit more" - what would've you cut from your lifestyle to accomplish this?

[@kathleenmcbride1471]

Widow(s/ers) - heads up. Started my survivors SS at 63 when I stopped working even though my own SS was already higher. Will change over to my own SS later on to "let it grow" (to avoid taking it before full retirement age which is almost 67 for me). Will TRY to wait long enough to max it out at 70 - only if my health holds and it becomes more clear that I may live quite a bit longer. But at any time, whenever needed, I can change over to my SS and get my "raise"!

[@jamesrecknor6752]

At 64 I am right on track to retire comfortably in only 36 more years. Doing good!

[@vegansinthewildover5023]

Thanks, this is hard to watch because I’ve been in denial for so many years since the great recession and just plugging along and getting deeper and deeper into credit card debt from having tried to sustain my business using credit cards back in 2011. I’m very glad you addressed the issue of credit card debt and I believe I have exhausted all options so I will be filing at 62. I’ll keep watching though thank you for your service to seniors.

[@travisadams4470]

There is a KZbinr named Cosmo Weems who travels in his Tear Drop. Great video and great guy to watch. 3yrs ago, he did a video titled "Do you have enough money to retire?" It was straight forward, good advise. In his example his advised against taking SS at 62. Cosmo died 4 months ago. He was in his late 60's or early 70s. I've been paying FICA since I was 16. I'm tired of working. At 62, I'm taking it.

[@patrickmckeegan5345]

A friend pointed out that the difference between 62 and 67 was a 14 year payback. In other words If I waited until 67 the the extra money I made would not equal the money I had not received until I was 81. A simple excel spreadsheet confirmed this. My wife and I were 63 at the time and both started immediately. Turned out good decision for my wife, she died from cancer last year at age 71. Docs say I should live beyond 81, as my father and mother did, but nothing is guaranteed.

[@johnjamesjoseph3814]

I'm sorry for your loss, Patrick. I hope you both made some great memories in those years of retirement!

[@vinnyg2619]

Great advice Jeff! When I was in my 50's I thought I'd retire at 62; I turn 64 this year and am still working ... Plan on going out at 65. The thought of how much money we would be withdrawing waiting to 70 instead of FRA is a little scary. I did do the calculations and If we wait until January of the following year we hit FRA we get about a 5% bump each. Retiring at 65, waiting a little past FRA and getting that bump will make the withdrawal somewhat lower going forward without draining too much cash. Getting whatever COLA adjustments will be helpful as well. Of course if the 401K/IRA goes up enough to help fund waiting a while longer the plan could change. I think if you have the money and know it should last you the rest of your life (can't really know with 100% certainty - none of us can) then going out at 62 can be a plan. It didn't work for us although my wife retired 4 years ago, not collecting SS and we are doing OK on 1 paycheck. We have friends that retired at 62 due to the wife has a family history of health issues and the husband was tired of the job but the husband has a municipal pension and free health insurance and that makes a huge difference.

[@suzyinstitches273]

What’s FRA?

[@vinnyg2619]

@@suzyinstitches273 FRA = Full Retirement Age

[@RJN82]

Thanks for your great series of videos on Social Security and other topics. "Ignorance is bliss" doesn't apply when it comes to many of the retirement related financial issues as a few poor decisions can seriously impact how you live for decades.

[@jonathanfoster2263]

I am 58 and plan on retiring at 62, my sister has just been diagnosed with cancer at 60 and my twin brother has COPD, these things got me to thinking "how long should I work really". Another factor is that my wife is 9 years older than I am, if I wait until full retirement she might not be able to enjoy it as much as she might. Mathematically it also makes more sense to take SS at 62, the break even is 78 years old if you take full retirement compared to 62. That doesn't even count how much less I will be drawing down my portfolio for those 15 years allowing it to grow more than if I waited to take SS.

[@MrWaterbugdesign]

I don't know this case, but everyone I know with COPD was a smokers, If you smoke then yes, absolutely I wouldn't wait. But dying from smokings, drug use, obesity are choices, not genetics.

[@timothykeith1367]

Most who are diagnosed with cancer live years several years- many will live more than 25 years

[@jamescalifornia2964]

​@@MrWaterbugdesign "If you smoke - you croak " 🚬

[@leereader8235]

Retire at 62. Take SS at 70.

[@janetmartin9372]

​@T Raybern frequently but not always. You don't know this family. He could be a vet with chemical exposure for all we know.

[@iseektruth64]

It seems to me that the key to this decision is the question of what you want to do with the rest of your life. I am 58 and have lately been faced with just how many healthy active years I may actually have left in the world. Even if I never have any significant health issues and live to be in my 90s, I will still be old and rickety! Whether I like my job or not isn't even the issue! It's whether I want to spend the majority of the truly active years I have left working at any job! If for you, going to work every day until you are 70 is the way you want to spend the youth of your old age, then more power to you! I would much rather draw social security as soon as I am able, scale down my life in terms of spending on stuff, and live those last youthful years exploring my world. It doesn't have to be done in luxury either! Remember that even poor people in the West live way richer lives than poor people in the rest of the world!

[@lynnz109]

Well said

[@jazzzman1000]

Exactly. It's not how long you live, it's how well you live long!

[@RobDTom]

Wow. I could have written this myself as this is exactly how I feel and I’m 58 too.

[@danbouchard6780]

I retired at 58 and stated collecting at 62. Best decision of my life.

[@paulfullenkamp6263]

It simply amazes me that so many of my customers chose to retire early. Then they sit down body shuts down as if they don't have a purpose. If you decide to retire early at least have something to do. Also many of them come to the realization that after retiring their bills and possibly the market forces them back into a job that they or may not like. Choose wisely and consult an advisor.

[@johnharmon3972]

Everything you said makes sense. I feel you are leaving out an important piece of the puzzle. How do you feel at 62 vs 67 or 70. I am retired at 60 and going to draw SS at 62. The money is more important earlier when I have the energy to travel and see the world. By 67 I can see myself slowing down a lot. So if I wait, at 67 I’ll have more money but really not need it as I will be more of a home body by then.

[@randolphh8005]

Sounds like you have poor health, which is unfortunate, and a good reason to take early. My 86yo mother is going to Europe in June, just like the last few years, so is my 72yo aunt, and my 65yo wife. Most peodomt slow down too much till their 80’s.

[@JBM425]

In his other videos about the virtues of drawing SocSec at 62 vs. FRA vs. 70, he does mention health as a factor when making the decision.

[@sergiohernandez-fz2xx]

I agree with you if you wait until 70 you would have more money for diapers

[@johnharmon3972]

Actually I am in great health. But I am not willing to bet that I will feel this good in 6 or 7 years. The risk is not in how much interest I’ll gain or lose. The risk is will I have a stroke, cancer, or just poor health. Health is the real risk. And yes I do plan on living till I am 100😀

[@charlieporal1126]

@@johnharmon3972 Do you always make important decisions with such a reckless disregard of publicly available information?

[@tracy6947]

Very Educational and things to consider. Thank you 😊 Am 55 and still building my nest agg. FRA sounds good to me and makes the most sense.

[@monabiehl6213]

I worked for a company that fired people as they were turning 62. They'd find a reason. They were working on me, giving me difficult work while my co-worker got easier work. This was so I would not make my quota and they could fire me. I was planning on working until 63.5 but I decided I wanted it to be my choice to leave.

[@nationalzero269]

That's illegal.

[@clwest3538]

@@nationalzero269 Still happens though (in US) ... they 'terminated' the position my dad had when he reached 70 (yeah, he was one of those guys - healthy as a horse, militarily dependable, etc.) and two months later reinstated the position ... When I was an Executive Admin Assistant in my 20s and 30s I could get a job almost anywhere. When I turned 42 I had a recruiter actually tell me it would start getting harder and harder to find a job because of my age - I also said "but that's illegal!" His response was, "... yes, but 'they' just find a reason to fire or not hire .." . This was true. Therefore, I changed careers (self employed) and actually am happier for it.

[@PatriotSteve]

why not let them fire you and collect unemployment for six months?

[@guytech7310]

That makes no sense, since older workers that can switch to Medicare instead of paying the insane health ins. premiums because of ACA (Obamacare). Maybe this happened years ago.

[@Superduper666]

What gets me us those people who try to fire the person nearing 62 will someday be 62. I hope they get what's coming to them and think about what they did to the older employees as it happens.

[@michaeltheboatinglife9359]

Love your videos & agree with all the comments. I’m seeing a lot of people talk about life expectancy, which is a major factor. Being in my late 50s, I guess my worry is the government raising the retirement age for my generation. I do plan to take it at 62 and I’m retiring in a couple of months. I want to enjoy my retirement in my young retirement years as I do worry about life expectancy.

[@sammencia7945]

They won't. Only anyone 45 and younger need account for increased retirement age.

[@CentralNH]

My attitude is take it as early as you can. I read the paper every morning and a good chunk of the obituary section is almost always between 60&70 either didn't make it or just settled in to retirement! We are not getting any younger.

[@kathleenmcbride1471]

Agreed. You can pretty well guess your odds of living to 90 or beyond. And honestly, for most of us, a lot of those oldest years if you DO live that long are going to be in a nursing home where even if you had money you won't any more. So my theory is to plan for your "mobile years" up to about mid 80s if you are very fortunate. To figure out the odds of living beyond that take an honest look your own health - as in how much effort you are making to improve it and how lucky (or not) you have been so far - and then look at the health and longevity of your parents and siblings.

[@leereader8235]

First you did not paln/save for retirement. Now at 62 you will accept a smaller check? Big mistakes

[@kathleenmcbride1471]

@@leereader8235Actually... you have no idea what we all did or did not do as far as planning - not to mention all the circumstances along the way that brought us to this moment in time plans or no plans. Personally - I took survivors SS first and will start my own SS later, probably at 70. It is for each person to weigh their odds and priorities I am finding that I "want" and "need" very little now and am spending what life remains to me in volunteer work and giving to and through my church. I have great joy and fulfillment every day. No regrets. It is complete freedom for me, being out of the rat race. I have never been more content than I am now with my beautiful and very simple life. The only thing I miss is my husband. It was sad and lame to end up retiring alone. Making the best of it but it is not what we planned.

[@ChristysChannelYall]

I’m a 50 year old nurse and if I can get my SS at 62 I will be there with bells on. I have worked nonstop since age 16 and for 23 of those years as a night shift nurse. Worn out is an understatement 😅

[@DrSchor]

this is not about when to retire...you can retire at 62 and wait for a bigger check

[@darrylk808]

Ok, you convinced me to wait. I was thinking of taking it at 62 (this year for me) and investing it, but your argument of a risk free 7% return plus COLA makes sense. I have enough savings to support me till age 67...

[@DrSchor]

there is no 7% return; the extra money comes from what you give up by not taking it early.

[@darrylk808]

Yep, but the payout amount increases by about 7% each year you don't take it. Now that I think about it... Using round numbers...say at 62 I get $2,000/mo and 5 yrs later at 67 I get about 30%+ more, say $3,000/mo. If I take it at 62 in the 5 yrs to age 67 I would have over $125,000 invested (assume a 7% rtn on a index fund and it would be even more). If I wait till 67, I wouldn't have that $125K+, but woul have $1,000/mo more. It would take me 125 most to save that amount(OK, less with compounding growth, but still more than 5 yrs, closer to 10 years, but my $125K would still be growing at $8,000 a year. Close to that extra $1000/mo?). Rough numbers...Hmmm?

[@randolphh8005]

Go read about sequence of return risk, and lost decades. No such thing as a 7% per year return on your portfolio, they are just long term averages. What if your return is 0% for the next 7 years? The return on SS is real and inflation adjusted even after the monthly increase for waiting. Make sure that you are using inflation adjusted stock returns!.

[@johnnyadams1755]

​@@DrSchor there are 7% returns but only if you live past your break even age.

[@myvenusheeler]

My health is very good at age 70 and I retired at straight up 65 when I became Medicare eligible. My FRA was exactly age 66 and I knew full well what I would stand to collect at age 70. That being said there was no way I had enough trust in the markets to use my portfolio to spend down in such a way just to get $500 a month more in SS pay while waiting for age 70 to come around. Also, I was an electrician and working for four more years was an untenable thought. I have been retired exactly five years as the end of this month and I know absolutely I made the right decision.

[@priola7587]

This is very similar to my immediate pending decision. Thanks for sharing.

[@deanc2000]

I will probably be one of those that can wait till 70. I actually am starting to believe that going to work is GOOD FOR ME. I had 3 months off between my active duty retirement and going back to work as a civilian. Those 3 months my lifestyle was the pits. I stopped exercising, I stayed up at night and slept during the day. I think I need the structure of a job to force me do healthy things. Great video!

[@carlamckenzie3521]

You are so reasonable and don’t talk down to people. I watch a lot of you videos and appreciate the great advice!

[@harrymyhero]

My dad died at age 66 and my husband's dad died at 68. We took that into account, and also wanted to be financially solvent before we left a mess for our son who has Asperger's Syndrome

[@sammencia7945]

Lifespans are INCREASING. If your dad died young it doesn't mean you will. Just opposite. If you are 62 your lifespan is to 82+.

[@pamcornelius9122]

My husband died very suddenly and unexpectedly at age 61. I was fortunate to receive SS widow’s benefits five months after his death when I turned 60.

[@harrymyhero]

@@pamcornelius9122 What did you do in the five months interim?

[@harrymyhero]

@@sammencia7945 I have some of the same issues as my dad, genetics do count.

[@jstephens2758]

@@sammencia7945 You are right about these longevity figures. They are true ON AVERAGE. The older you get, the longer your life expectancy. But individuals need to consider family history because genetics, personal health and lifestyle are major contributing factors.

[@mcarlo52]

Always enjoy watching your content. I was able to retire at 68 after 50 years of employment and use some savings and inheritance money to wait until 70 to start Social Security. I'm glad I did it that way because by waiting until 70 I'm now able to use just Social Security for my basic necessities. Hopefully I won't have to tap into my IRA until the RMDs are required. That consideration was the major factor for waiting until 70 instead of starting at 68 (or any earlier age) and having to use money from the IRA.

[@mandatorym_y_o_c_a_r_d_i_t_i_s]

Nice move.

[@louisz8951]

I thought about tapping into my 401 at 66 and start collecting SS at 70. What I found out is if i use my 401 instead of SS, I'll taking out 163k until 70. I'll be receiving an extra $900 a month at 70. In about 15 years I will recover the 163k. That is cutting it close to my longevity. I decided to take it at 66, continued to work until the end of the year.

[@mcarlo52]

That makes sense to me. I didn't have enough to last that long and enjoyed my job enough to continue working.

[@tinalippincott9823]

Excellent content, as usual. You have a great talent for presenting all sides and nuanced ideas many would never have considered. Thanks, Geoff!

[@BuckeyeNut123]

Thank you! I turn 62 in 5 months and have been wondering exactly what to do (just knowing that I can collect gave me added peace of mind). I currently make less than the max earnings so I will more than likely collect and continue working.

[@glaucouswingedgull]

What you say makes absolutely no sense. Did you actually listen to the video? Are you looking forward to paying back one dollar for every dollar you earn, over $21,000, at the same time reducing your monthly payment from SS by up to 54% from what you could have received had you waited to age 70. You can always retire and put off receiving SS for many years.

[@rickdunn3883]

Mr. Schmidt: as usual, great video. Consider this: In the video you first refer to test groups A and B, then later call them test groups 1 and 2. You message can be more clear if you use the same terms.

[@MsCherryKiss]

I like the "investment vs insurance" discussion starting at 3:04. I had never thought of social security in these terms. After listening to this, waiting for as long as possible, up to age 70, makes a lot more sense to me. I think there's a good chance I'll eventually need that "insurance policy" of social security, where I may simply need the money eventually, rather than just wanting the money, or wanting to retire early, when I don't really need to. reading the top comments it feels like a lot of people prefer to go for 62 instead though. I guess I still a lot to think about... glad I have 10 more years to figure it out :D

[@LG123ABC]

Remember, tomorrow is never guaranteed for any of us.

[@livinginthenow]

I'm currently 56 and living on just VA disability. I'm not at 100%, so I have to be rather frugal to get by. With all the health problems I have, I would be genuinely surprised if I lived to an old age. Filing for Social Security at 62 makes sense from an actuarial point of view, and the extra income will make a real difference for me. It's only six years away, and I'm looking forward to the bump in my income with bated breath.

[@wes326]

😊

[@wes326]

😊😊😊😊😊😊😊😊😊

[@wes326]

😊

[@wes326]

😊😊😊😊😊0😊😊😊

[@UNCLETQB]

According to the CDC, the average life span for men in the US is 73. After 62, men's health is on the faster rate of decline . I retired at 59 and was able to walk 10 miles every day. Today at 62 my body can only handle 6 miles of daily walk and 4 hours of tennis each on Saturday and Sunday mornings. I just received my first SS check in May 2023. It's a nice icing on the cake bonus. My goal is to get back all $360K that I put in SS system. That would not be possible if I waited until 67 or 70 to receive SS since I may be dead at 73. Many of my friends at work already passed away at 50, 55, 60, 67, 70 in the past year.

[@BigORat]

My Dad took SS at 62. He had money the first 2 weeks of every month...the last 2 weeks of the month my Dad was broke and waiting for his next check to come. And this was the way it was for my Dad. All the way until he died at 83 years old.

[@oommdtube]

Your VERY good at presenting this dull subject! I value your work and very timely for decisions coming up for me, thanks all of the comments also , all very thoughtful inputs

[@HolySchmidt]

You're very welcome!

[@jimmyamico4713]

Hi Geoff, Great video as always… You truly are a genius and it very well spoken individual … I can see why you get a lot of awards for your public speaking… you are Harvard level as far as I’m concerned… Respectfully, JimmyUSAF 🇺🇸✈️🌎⭐️😇👍🙏

[@markhospers8264]

Any chance you could incorporate the risks of SS either going away, being diminished or means tested in the future and how to factor these risks into a decision of when to begin SS payments? Thanks for all the good info you provide on a regular basis ( and the humor 🙂).

[@jaystrickland4151]

Those are political risk so it is hard to quantify that.

[@kristiG5259]

I think you'd need a crystal ball for that...

[@ggjr61]

My Father who had had poor health for years chose to take SS# at 62. It turned out to be a good bet and gave him a few years to relax before he died. It might even have extended his life a little. He wouldn’t have been able to do it if his company hadn’t offered bridge coverage for medical until he was 65.

[@kathleenmcbride1471]

Glad he was able to do that. Most companies don't do that. Sorry for your loss.

[@wrongwayconway]

We 🇨🇦 can collect CPP (Canada Pension Plan) as early as 60. The government website has a retirement calculator so you can plug in different retirement ages and see what you'd receive monthly. A nice tool indeed. I'm 62 working full time and I started collecting CPP 3 months ago. I'll retire from work next November, after I turn 63 and will collect a Defined Pension from my employer. At age 65 I will also collect OAS (Old Age Security) a benefit paid to all Canadians who have lived in Canada 20+ years. I am so looking forward to retirement ❤

[@boathemian7694]

It’s not that people like me actually hate our jobs, it’s more that we’d rather have more time for things we enjoy… while we still can.

[@earleneslay7977]

Amen!🙏🏾

[@davidsebastianelli1326]

I've enjoyed surfing since I was a 10 year old grommet and in spite of how gracefully some of us are able to ride a wave, it is a physically demanding sport. I retired last year at 65, in a large part due to ageism. I started taking SS right away due to the expenses required to continue to live in LA without draining all of my savings. My best friend from 4th grade in Fort Lauderdale died from cancer in 2015 and since we were kids surfing the beaches in Florida we always said when we could, we would retire in Mexico. As we got older we joked that because I was the one making the money while he continued to live in Florida and pursue his career in music that our plan would work out. I reassured him through the years that I would be fine supporting him in Mexico as long he kept singing the blues and playing his guitar (just one of the multiple instruments he had mastered!). I kept the dreams of our youth together alive and moved to Mexico last year without him. I live a great life on half of my SS that I receive each month, even if it's not as high as it could have been if I had waited. It was a no brainer and I am happy I did it. Some people would do anything for more money and others would do anything just to be happy. He was one of the most genuine and funniest person you could ever meet. I still miss him everyday but especially while I'm out surfing and the dolphins come close to me to say hello.

[@kathleenjohnson3645]

@@davidsebastianelli1326that’s a lovely story. My best friend died at age 59 we had plans for our golden years too. I think of her often and enjoy what retirement means to me. I know she see me and smiles.

[@BoxOfRain]

I retired at 63 but waited until 66 (my FRA) to take SS. The difference the three years made added up to about $600 additional SS a month. I didn't wait until later because I was tired of seeing my savings being depleted. Plus, at 66, with my wife at 64, I was able to provide her with spousal benefits. She then could let her personal SS increase up to the age of 70 and when she will finally take her SS, she will have about $700 more in benefits than me.

[@penelope5500]

I thought anyone taking spousal benefits (unless they were born prior to 1954) had to take their own SS first. (?).

[@BoxOfRain]

@@penelope5500 ...and we were both born prior to 1954. We thought that we had been screwed because you used to be able to take and defer SS and then let your spouse get benefits while your SS increased - but that was changed shortly before we were to take it - and so I took SS at 66. We did a lot of research and got good advice - so the moral of the story is to ask around and do your research.

[@July.4.1776]

Nice presentation. The problem I see with people taking it early while working is they allow lifestyle creep to come in. They start living off of both.😬😬 This is a disaster as they have trouble replacing their income from employment if they do not have enough saved. 🤔

[@randolphh8005]

You are only allowed to earn $1700 per month while drawing SS, before FRA, after that they start taking back one dollar for every two you make.

[@stevek7068]

Thank you for producing the informative and helpful video! It's the first time I've actually heard someone discuss the option of taking social security at 62 and investing it rather than waiting until FRA or 70. However, I'm not sure I totally agree that taking it at 62 means withdrawing money from a 401K (or IRA) while investing the SSA money. Let me explain based on my circumstance. I'm blessed to have a large 401K and IRA balance. Enough to live comfortably for the rest of my life. But, like most people, I'm greedy. I want to make the most out of my nest egg, including social security. Clearly, I could wait until 70 to take SSA money and the check should be larger. (I say should be because we don't know what congress might do to social security between now and 10 years from now.) This means withdrawing from my retirement savings to fund my lifestyle and paying taxes on the withdrawals. I could take the SSA money at age 62 and spend it to support my lifestyle. This would allow me to keep more money in my retirement accounts. Functionally, this is the same as investing the SSA payments and spending my retirement accounts, but preserves the tax advantages. Does this change the calculation on when to take SSA?

[@kb1759]

Steve do you worry about the volatility of the markets for your 401K and IRA or just trust that we can count on a 10% average return in the long run? I am trying to figure that out for myself.

[@stevek7068]

@@kb1759 I don't know that worry is quite the right word, but I'm not sure what is. I recently started living on a lump sum retirement. I keep my spend between 3.5 and 4% and feel comfortable that it will last me. However, it is more than disconcerting when we have a bad week and it is down by more than I spend in an entire year! One week later and it is back up and I feel like spending it! I'm learning to live with an emotional roller coaster.

[@Happybidr]

So glad I found you. I find it interesting that I’ve yet to see a site that discusses this that also asks about spousal income. My husband is 7.5 years younger, and he will continue working and he makes a lot of money. Thus, knowing that I’d pay a lot of money to the IRS if I took SS now, I am waiting until age 70 when I must take it. That also helps make up for the lower SS amount I would have earned due to a sporadic earnings history due to family obligations.

[@karrenwebb3341]

Took retirement at 62. The BEST DECISION I'VE EVER MADE 🎉😂

[@rickylalonde2317]

What did you do for medical insurance

[@jazzzman1000]

61

[@jazzzman1000]

@@rickylalonde2317 Obamacare, totally subsidized in California. I pay like $120/Mo.

[@karrenwebb3341]

@traybern not throwing money away, I'm LIVING MY LIFE! My situation is different and unique from everyone else. No one has the exact circumstances. I'm happy.

[@truthmatters9594]

I appreciate the sound advice that you give about SS planning, to me the biggest thing about when to start SS depends on each persons situation and I see many comments from people planning on taking SS at 62 that do not seem to do careful planning but use poor reasons to justify their decision on when to start SS. I waited until I was 70 to start my SS and for me I believe it was the right decision, my parents both lived until they was 96 and 98 and I am in good health so have a very good chance of living a long time yet, on the other hand my wife who is several years younger then me started her SS at 65 ( we both retired at the same time I was 72 and she was 65) but her family health history was not as good as mine. One big benefit of waiting to age 70 to start SS is that the COLA increases will be on a larger amount which over a number of years can make a significate difference in the monthly SS payment. Another big consideration to me was that by maximizing my SS if I pass away first then my wife will have a bigger survivor benefit in that she would start getting my SS instead of her present SS payment.

[@RealMrObvious1]

@HELPLINE-2.1 I honestly think a lot of the talk about waiting to 70 is just a marketing ploy encouraged by the gov. The longer you wait, the less the gov has to pay out. Seriously. Average life expectancy and all. If you are too old to enjoy life, but get a fat SS check, what good does it do you? It's doesn't. It only helps the gov. People need to step outside of the box and look at the bigger picture.

[@kristywhited8857]

Knowing my family medical history, I used 80 as a hopeful estimate of how long I might live and for retirement planning. I did the math. If I draw at 62 for 18 years vs 66 for 14 years vs 70 for 10 years, I found the total $$ of benefits to be not so terribly different....not life-changing different more or less. And I could be dead by age 70 and draw absolutely nothing. That's my primary reason for choosing to draw at 62. I'm pretty sure the government is hoping everyone will wait until 70. That definitely works in their favor.

[@Blayze1017]

How did you manage health insurance? I’m 61 and would Love to retire at 62 but can’t get medicare until 65.

[@MrKFitton]

The breakeven point for most people (taking at 62 or 70) is usually around 78 or 79...so looking at 80, yeah not much of a difference. The real issue is do you realistically plan to live beyond 85 or so. If yes, then taking SS later on is usually a better option unless there are other mitigating factors.

[@guytech7310]

Recession trigger mass retirement. Already lots or retired in 2020 & 2021 when the pandemic hit. We will likely have another major recession soon.

[@stevebc957]

Hate to defend the government but the system is designed to pay out the same amount overall based on average life expectancy, lesser amounts for longer vs larger amounts for fewer years. The gov't gets no real benefit from you waiting till 70 in fact it has offered some people a six month lump sum to try to entice people into retiring earlier ( this was covered in a Lawrence Kotlikoff book, highly recommend his stuff ). From a recent interview with Larry: "Social Security is running scams. For example, they call up people who are close to age 70 and say, “We’ll give you a check for six months’ benefits retroactive, and you can start your benefits right away.” What they don’t tell people is that this means their monthly benefits from that point on will be significantly lower than they would be had they waited till age 70 to collect. Interviewer: Is Social Security doing this to save the Administration money? I presume to save money, or somebody thought it was somehow going to help people. My dentist told me that Social Security called him and gave him an extra six months’ benefits. I explained to him that they had actually given him a lower benefit without telling him. I called someone I know in management at Social Security and told him. He had no idea this was going on, and he was aghast. As far as I know, this is still happening.

[@howellwong11]

@@MrKFitton My life expectancy was not a factor. My retirement age was the factor and I would retire only when my pension and SS benefits are enough to pay for my living expenses. It occurred when I was 68 years old and here I am at 90 years old. It worked out great for me.

[@howellwong11]

I took my SS at 68 and here I am at 90. I made the right decision.

[@charlieporal1126]

Yes you did!

[@johnnyadams1755]

Congratulations on your continued success. You are winning in my book. I'm glad to know someone who is 90 is still interested in social Security videos. Kudos to you.

[@halletts1171]

Great information Geoff, For me December 30 can't come soon enough. 66 and 10 months!

[@davidcattin7006]

Retired at 56 after 23 1/2 years of federal employment. My pension was just enough for a while but, with an old house to care for, needed the SS. Happy I did it. Plus, you never know how long you'll live. Better to get it while you can. Retirement - best job I ever had!

[@grandmaraps]

I'm filing for social security at 62 because my husband is 7 years older than I am and made the higher income. He's waiting for FRA to file. When he leaves this Earth I will receive his spousal benefit which will be higher than my work earned benefit.

[@ytr8989]

My dad passed away at 64 and never collected anything. I’m healthy, but was laid off last year and can’t find a company who needs a 60 year old man. My reason for taking early social security, though less than half of the benefits I get at 70, my reasons would be not employable. I’ve also considered applying for disability, but I’m healthy and have no major problems, except for an increasing depression that’s been happening for the past few months. 😕

[@DrSchor]

my reasons would be not employable. That is a reason to retire, not a reason to take ss. You can still get your double benefit by waiting till 70. I'm healthy. how are you going to claim you are disabled? delete your comment before somebody sees it.

[@clbcl5]

I filed at 63 during the pandemic. I was living on the high unemployment payments and the stimulus payments but when those were announced they were not being extended I did the math for S.S. and found no matter when I started, I would get the same amount of money at the same time, approx. 15+ years in the future. I filed and all that money is just siting making 4% right now, untouched. I did not have a F.T job, self employed.

[@wingandhog]

I could be wrong, but adjusted for inflation, I think SS gains roughly 8% each year after 62 up to age 70. Seems like you will take a loss if you can only get 4%. Edit: I wrote this comment out before the 8:00 minute mark where he discusses this very thing. I guessed 8% per year, he said 7%

[@MrWaterbugdesign]

@@wingandhog I thought I heard him say 7% but at that 8:00 mark he says "almost 8%". I think it increases "almost 8%" regardless of inflation. COLA is on top of the "almost 8%" increase. In fact you earn COLA on that 8% increase. For those delaying thru 2023 you will see a 16% higher benefit at the end of 2023 compared to the beginning of 2023. The COLA for 2024 will compound that 16% increase.

[@wingandhog]

@@MrWaterbugdesign … yeah, most believe it hovers around the 8% mark historically. That’s still not bad when we just let it ride. In my case the year over year estimates are pretty robust so I would be stupid to take it early if I don’t need it, which I don’t.

[@markkeller9378]

SS increases 7% per year from age 62 until your FRA (full retirement age). From your FRA to age 70, the amount increases 8% per year. Remember, these increases happen automatically and are separate from your COLA increase. Thats big money each year you can wait. Plus, the longer you wait, the higher your amount which means the higher $ COLA you will get for the rest of your life. Zero income lost to inflation. This is why many people will use their 401k money to live off of until they get to 70. Most economists believe we will be hard pressed to see anything more than 5% returns in the market for the next decade. If you can separate the “feelings” part of you and stick with raw math……and you can easily live without it until 68-70…then do it.

[@whatsup3270]

@@markkeller9378 that is bad math, generally if you work to delay SS it is good math but if you use IRA to delay SS it is bad math

[@herb7877]

Excellent presentation....again... You hit the nail on the head. I have heard most if not all these type of things from my clients all the time. When asked, I usually reply pretty much as did in this video. Sadly, most have their minds made up and file early. In the mid to late 80's I had several clients use the ; "I've paid in since the inception. I've paid the max in every year and will never see anywhere near what I paid in". I would remind them until recent years the amount they paid in was not very much.. The SS Admin use to have a chart showing the max you could have paid in under the max withholding. I got the look of shock from one who thought he had paid in 5-10x more. He would actual get back all he put in, in just a couple of years. During the origination, most only collected for ~2 years. People for get that it was never meant to live on, just a small lift. It has turned into a defined benefit for many.

[@jeffjones4736]

At 62, most construction workers have completly worn themselvse out, while an office worker is still very likely to continue working till age 70. This is a bad system for picking a retirement age...

[@ABab-jf2jb]

I lost my 6-figure salary job at age 62 1/2, and spent 5 months trying to find employment but was unsuccessful. I will file for SS when I turn 63 in April. Not something I planned on but will collect whatever I am eligible for.

[@rockrecordreport7136]

Hopefully you bought the right things with your money while the gravy was coming in and you saved some as well while you were high on the hog. So you'll be just fine with the reduced ss check coming in early.

[@dalepasswaters4898]

I took mine at 62 I’m now 72 . No regrets. Tomorrow is promised to no one. Saw too many people die before they ever got a penny of SS back .

[@pinkfreud62]

Same. I also seen nearly a dozen coworkers pass before 60 & my old ex bf passed at 40 due to heart. I'll be 62 next Dec.

[@vinyl1Earthlink]

I retired at age 61, and took SS at age 65 in order to invest the money. But I had and have enough income from my taxable investments so that I don't have to take anything from my retirement accounts - and after four years of investing, I have a lot more income. Another factor is that there is no guarantee that Congress might alter SS to reduce benefits, or increase taxes, to high-income retirees. If you are retired and have a six-figure income, it may be a good idea to take SS before the rules change.

[@jjj32801]

Fortunately Republicans control the House for the next two years and changes you refer to will not occur. But if Dems take House and Senate they will make the changes retroactive to the beginning of the year. Watch the 2024 election results and consider taking SS before 2025.

[@jackdreddle2740]

Watch the video. If you did, watch it again.

[@fishuntr]

Geoff - Good Channel. Rather than only offering the option up of taking it at 62 or waiting till full retirement age say 67/70, Why not the option of deferring a year or two see how the money is holding up, the current politics, how things are looking with your health and and other circumstances? Easier pill to swallow for sure.

[@devonswink9627]

I just applied for Social Security at 62 & 5 months. I was planning to work until 67 or 70 to get the bigger checks. Life had other plans and due to a serious injury and extended recovery I went ahead and filed. Social Security Disability wasn’t an option because the recovery will be less than a year. I will work as I can find work within my restrictions and if I see I will earn over the limit I will contact Social Security but for now it will help us survive and since I have worked since I was 15, I am looking forward to only working part time.

[@dennistyler9852]

Stay under the maximum allowed amount so you don’t pay money back. PT sounds good. All the best…

[@deplorablecovfefe9489]

Grandfather died of a heart attack at 58. Mother had a severe stroke at 58. Right on time I had a crippling heart attack at 59. Wiped out my retirement savings living off it while "disability" took 2 years to approve me.

[@happycook6737]

Have a look at Dr. Caldwell Esselstyn's work in reversing heart disease through dietary intervention. Amazing stuff. He has presentations on KZbin. You can get his book at the library.

[@paulnovello1393]

Consider medical coverage as well. If you wait until 65 you are also eligible for Medicare. The monthly benefit from 65 to 67 is not much different. Also, holding off for the larger benefits at age 67 -70 will only provide more money to the nursing home. They will take your social security and any pension benefits you get.

[@DrSchor]

you can take ss at 62 and still wait to 65 to start medicare; they are not linked. Most people are not in a nursing home at age 67; only the unlucky are

[@elliottpinkham7401]

Don't let the word retirement fool you,at 70 you are not gonna do a lot of fun stuff,at 62 take the money and run ! Paul Novello is much more accurate than this Schmidt guy.

[@clwest3538]

@@elliottpinkham7401 "... at 70 you are not gonna do a lot of fun stuff ..." is a matter of perspective. "Fun" is a relative term - my parents took their first European vacation (visiting grandson in Germany) at 73 - both could walk a horse into the ground so they really enjoyed seeing all the places they wanted.

[@artfuldodger7838]

I know why I did. I was sick of background checks, drug tests, being paid crap, being treated worse. Tired of being ripped off. FYI, most home health agencies will pay for the background check and drug test, then take it out of your first paycheck. I knew I'd not get as much. My job went overseas when I was 53. It was hard enough just to get an interview. Fast food wouldn't give me the time of day. I ended up homeless. Worked ranches, then, when I finally qualified for subsidized housing, I did home health. Sick of a boss that gaslights, ignores your needs for paperwork for your landlord. I just got sick of it.

[@jumemowery1050]

Thank you Jeff!! I really appreciate your excellent videos and all the ork you put into them!

[@mt-nv4jd]

I waited for my FRA and kept working after I started receiving payments. Correct decision for me. Everyone needs to figure it out for themselves.