Your Social Security Benefits Are Reduced By 35%? Here's WHY! 🤔

What is the impact of claiming your Social Security Benefits early? What are the benefits of waiting till full retirement age? When is your actual full retirement age? Marvin Musick from Medicare School will answer all of these questions and more!
Social Security benefits are calculated based on your earnings history and adjustments for inflation, and you need to understand how these factors affect your retirement benefits.
Retirement Planning has never been easier, and as you are turning 65, it's never a better time to make sure you are doing it right!
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[@MedicareSchool]

✅ Watch the Internet's #1 Online Medicare Educational Workshop for FREE: get.medicareschool.com/45V4Rbw ✅ To get 1 on 1 Help from our Team, Schedule a Call Here: get.medicareschool.com/3PuKFq3

[@lidiyamala3344]

If I started my disability benefits at age 58 , what’s happen if I get my retirement age 67? Do I need to switch to Social Security retirement benefits?

[@HodgeChris]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[@foden700]

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

[@brucemichelle5689.]

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

[@PatrickFitzgerald-cx6io]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?

[@brucemichelle5689.]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@PatrickFitzgerald-cx6io]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@davidbenett1]

I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!

[@eabhaconnor]

I'm sorry about your brothers. Waiting for higher SS payouts can indeed feel risky. that's why it's important to consider planning for retirement early. Have you thought about working with a financial advisor? In my opinion They can help make your money work better for you in retirement and plan for unexpected expenses. It might give you more peace of mind and help you enjoy your retirement more. Best wishes!

[@stevenorris1]

Totally agree! Having a financial advisor can make all the difference. I've seen firsthand how they've helped me grow my portfolio from $200k to $2.8 million through stock trading. This was especially important for me because I'm new to investing and getting closer to retirement. It's great to have someone knowledgeable to guide you.

[@jackwpetrov]

I'd love to know who your advisor is. You see, I'm a Russian living in America with my family, finding my way around the market can be tough as a beginner and i know i am not the only one. I have $270k saved up and ready to invest, but I could use some guidance.

[@stevenorris1]

She is well known as - Diana Leayani Lara. please do your own research.

[@jackwpetrov]

I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.

[@reyinfante5553]

I took early Social Security at 62 and love it. A lot of people who retired at their retirement age and start to get their social security, lives only a few years after that. Too much stress.

[@tonymiles6281]

I was born in 1954,retired at 66. People ask me why 66 and not 72 when you'll get more in your check. I tell them I can always earn more money but I can't earn more time.

[@mypphh97]

You must take SS at 70. No such thing as 72. Yes, time goes by and we can’t get it back. Good for you

[@user-zm3dc7db4x]

Our most precious resource, time!!

[@prichter9798]

My wife waited to 65 to take SS. She passed away 6 Months later. You don't know what the future holds. So I say no answer on the internet can see the future.

[@pamcornelius9122]

My husband died unexpectedly at age 61. He never collected a dime of his SS.

[@jojowhite9296]

@@pamcornelius9122 sorry to hear this! I hope all his hard work did benefit you.

[@thegratefulzebra2126]

Exactly!

[@michaelsd284]

@@pamcornelius9122 But you may benefit from his SS by have a larger survivor benefit then your own benefit.

[@KMarik]

That’s why it’s called Social Security Insurance.

[@danielwymer1580]

Took mine at 62, seen too many people die at 65. !!! i’m 66 now and have seen my health go down big time

[@fredfinger7092]

@@josephrochefort9989 He also got three years of payments that he would otherwise have missed out on. If his health is bad, those three years may have been a higher priority to him.

[@margiemcgraw9849]

​@@josephrochefort9989BS My uncle did that but only goy 6 dollars more than if he had retired at 62.

[@dennistyler9852]

⁠@@josephrochefort9989Maybe his health wasn’t that great at 62. IK mine isn’t. Not going to work 2 more years for an extra $200.

[@mttrips4429]

@@josephrochefort9989The health of this person is going down. They won’t collect very long. Waiting longer would not benefit this person. No time to makeup what was lost waiting.

[@josmelser9869]

It could go either way. Listen to your gut. As far as health problems, some people don’t keep busy. When my mother in law was collecting she was going around almost with depression. I got a woman from the hospital to talk to her about volunteering there. She did and loved it! I also took her to play bingo and she met other friends her age and loves that. The bingo she thought was gambling. I had to assure her no one was getting rich off a $5:00 jack pot. Also it was through the veterans who did good things for people. She attends church on Sunday, has those friends. Let’s just say, she’s 70 now and happy.

[@bobbieriales8764]

My husband took his SS at 63 yrs and 9 months. He just passed at 64 yrs and 11 months. Folks you never know you will go!!! I really wish he had started at 62 instead.

[@johnepperson8867]

So sorry for the loss of your husband.

[@MrCPPG]

Sorry to hear that. My mother worked until she died at 63. She never got a penny of the money. :(

[@DLTJR1959]

@@solskengroupllp2758 He didn't. He died at 64 and 11 months. No one knows when they are going to die. That's the point.

[@kjisnot]

I think average life for a male in the US is now about 76. If guys work until 67 and get 9 years of retirement that seems pretty dumb. It always needs to considered case by case for each person.

[@caspiana3623]

Working into the late years is hard. It will shorten your lifespan. Take it early and enjoy what's left, if you worked long enough and your benefit is OK.

[@Norm475]

I retired at 57 and I had a small company pension which I took the level income option. This means I get more income now and then it is reduced when I start taking SS. That pension and rental income from 1/2 of my duplex gave me enough money to live on until I could collect SS at 62. I am now 81 and I do not regret my decision at all.

[@dale1k878]

Simple math BUT… Cash in hand can be invested and earn interest… I didn’t see a calculation for that… I took mine at 62 and never looked back.. Best decision I’ve made… It’s not for everyone, but it worked out fine for me…

[@tombkk1322]

Marvin, his knowledge on Social Security and Medicare is amazing. He has a way of explaining things in a simple logical manner. I really appreciate his channel.

[@MedicareSchool]

Thanks for sharing, we're happy we can help in better understanding the system!

[@RadicalResponsibility]

Take your social security as soon as you can. There is no guarantee the program will even exist when you reach 65, or 67, or whatever it is raised to by the time you get there. A bird in the hand is worth two in the bush…. Some might say.

[@Phredbo]

I heard on the news the other day that ss will be in trouble in 10 years and if government does not address the problem an automatic cut of 35 percent will take place to balance the books Those same government officials should have never had access to that account to use as their personal piggy bank for pork Barrell projects

[@annsaunders5768]

Especially with what Joe Biden has been spending! That has cost us India, Saudi Arabia and the other superpowers have divested from the dollar partially and will continue because we can't crawl out our debt to China. It has become worse because he keeps printing more money while it loses its value for every bit he prints. The main media outlets don't report on this! You need to know to this to plan ahead! I say take it while it's there, cuz it's going away within a few years.😢

[@TakeTheWorldBackFromWallStreet]

could be because they die at 76. Take at 62 and enjoy 14 years or at 67 and enjoy 9 or at 70 and enjoy 6. It took me 3 years to unwind before I really relaxed into retirement. Enjoy your life and stress less, worrying about how long you will live, that is what actuarials do and they say we check out in our late 70's. If your goal is as many toys, work untill you drop. My blood pressure is 110/70. total cholesterol 136, kidneys and liver great, perfect blood work. Before retirement I was a mess. good luck to you all

[@kevindecoteau3186]

YES, I too retired a bit early and don't regret it at all. I don't need toys, just my life being mine.

[@bigd3104]

Or..... If your "grown" childrens bad decisions force you to change your retirement plans, you'll be stuck working until you're 70. As in my case, unfortunately.

[@reginamaraist3340]

I AM 94 AND STILL GOING STRONG. HAVE BEEN RECEIVING MEDICARE RETIREMENT BENEFITS SINCE I WAS 65 YEARS OLD.

[@reginamaraist3340]

I RETIRED AT 66 AND BEGAN GETTUBG SSI. NOW, AT 94, I AM STILL RECEIVING BENEFITS BEGINNING WITH $900.00 A MONTH. WITH COLA INCREASES, IT IS NOW $1898.00 A MONTH, AND WILL INCREASE WITH EACH COLA RAISE. IT'S TIME FOR MEDICARE SCHOOL TO FACE REALITY.

[@bigd3104]

@@reginamaraist3340 So which was it, 65? 66? Medicare? SSI? 🤔

[@jlevan1996]

I don't care if I break even. I'd rather just receive more when I decide to take it. If I leave some behind, that's just fine.

[@JD-tn5tb]

agree. better to have a bigger check than a check that is too little where you have to end up getting a job at 70.

[@alansach8437]

And for others, they don't care about breaking even, just not having to work as soon as possible.

[@frankwrogg2515]

Others planned for retirement, and this is just icing on the top.

[@bobblacka918]

Working until 70 can cause you to die sooner because work is stressful.

[@jlevan1996]

@@bobblacka918 Perhaps! Each individual must decide for themselves. No wrong answer, really, just higher or lower SS.

[@jamescostello6529]

I started at 62 and continued to work at amazon full time for the benefits. I retire Wednesday at 68. From 62 to 66 and 2 months I drew a SS check from July to December each year. I used this "bonus" check to pay down debt. I also mad sure to have withholding taken from it. SC does not tax SS. At 66 and 2 months it became every month. In essence doubling my yearly salary. By working those years it kept my wife and I off Medicare. So it was a win win for both of us. Take your money at 62. You worked for it and even if it's less monthly provided you don't die young you can get some of it back after working all those years. Remember the government is NOT your friend and they are always looking to screw you out of what's yours so get it while you can.

[@dushooter]

Congrats. Enjoy the retirement monies. May you keep yor heath and enjoy your time with your family!!!

[@really2345]

@james: Thank you for the story. However, why do you think the government is trying to "screw" you? What firsthand knowledge do you have or are you just not happy paying taxes?

[@mypphh97]

Only problem with this is that there is an income restriction if you continue working. SS takes $1 from your benefit for every $2 you go above the income limit. Wish congress would repeal it and taxing SS benefits. Once you go over $32K total income a year, 85% SS benefit is taxable.

[@DueBaci]

Thank you SO MUCH for your informative videos. 6 months ago I was confused and knew NOTHING. Now I’m pretty informed and send everyone I know to your website. I even knew by reading the title of this video that it was going to be about taking your SS benefits before your retirement age ! You’re a rockstar !

[@MedicareSchool]

You are so welcome, we're glad to hear this!

[@kevindepew8193]

Thanks for this video. This is the first time I have ever seen how they convert the numbers to determine your check. I knew they used the top 35 years of tax payments, but I did not know how they actually did the calculation. I have wanted to figure out what my Social Security check would be if I took it at my Full Retirement Age of 67 if I were to retire (stop working so nor more Social Security taxes, not claiming Social Security) at age 60. With this data and the information and my information from the social security government site, I can finally figure that out. And this really highlights how high earners get screwed due to the brackets that drop from 90% to 32% to 15%. Retiring early (again, not talking about when you take Social Security) doesn't have near as much of an impact on the payments as I thought.

[@DN-rg9nj]

Like sitting at a casino table wearing a blindfold. A game I wish we didn't have to participate in, but we are forced to by those that have endless power/control.

[@voodoodrug]

Yep It’s the house, they know they will win

[@bigd3104]

​@@voodoodrugThe "house" ALWAYS wins. Fact!

[@KMarik]

Most people would never be able to retire at all without this program.

[@margaretmarshall3645]

I stay away from casinos, for sure. And no one knows when they will die. But in this case, YOU have the advantage. The Social Security Administration bases their calculations on the actuarial tables, which you also have access to. These formulas are complicated, but the results are all laid out clearly if you sign in to their web site. The formulas do NOT have access to additional information that YOU know. How is your health? Have you been a smoker? Do you eat well? Drink too much? How long did your parents live, and what did they die of-or are either or both still alive today? How are your finances; can you get by now if you wait to draw SS? Etc. With all that knowledge, plus your own philosophy and financial specifics, YOU decide when to draw SS. So how are you the victim here?

[@KMarik]

@@margaretmarshall3645 💯👏👏

[@foreveryouwillbe1233]

You have just answered All my questions about Social Security. Thank you very much.

[@MedicareSchool]

You're very welcome!

[@johnthomas3143]

I took mine at 62 lost about 300 but I'm now 65 and I have gotten cola raises I'm almost at my full retirement age money

[@metalmike570]

Yes but that nymber you are reaching would have also gone up, do you know what I mean? I'm say your FRA, the real one would have gone up.

[@MrJchang27]

All government employees's salary should cut 35% minimum; higher positions should cut 60% to be fair. Seniors didn't do anything wrong. They have paid SS for over 40 years.

[@metalmike570]

That will Never happen!

[@LTVoyager]

I am in a similar situation. My wife is two years younger than me and had much lower earnings being a stay at home mom. So, she is taking her SS early since it isn’t that high an amount anyway so the money lost due to the 35% reduction isn’t that significant. Then, as I understand it, when I start drawing SS she can get an adder to her amount to bring her up to half of mine. I don’t think you mentioned that in this video, but I have seen others say that is the case. I then plan to wait until 70 if finances allow so that she will have a higher survivor benefit down the road if it is needed.

[@kevindecoteau3186]

They can cut mine, I'll still be making more than my last job. I did it intentionally because I knew I wouldn't be getting much, I live simply and don't spend a lot of "Stuff"

[@arthurshingler2025]

Also, you could talk about "monthly delayed credits", for those that file for their benefits AFTER their FRA date. How those credits are calculated, and when you actually will start getting those additional credits added to your monthly benefit.

[@stephenzies8867]

Marvin Your Knowledge Is Priceless. You Are Awesome ! Thank You For What You Do. 👍

[@MedicareSchool]

We're happy to help!

[@pubmeatman]

LOL

[@Rook98766]

I got mine an 62 still liveing 77 2024

[@donaldgarrett6577]

I retired at 55 on pension for 33.5 yrs then SS at 62 now making same aswhen I worked as a Powerplant Chief Engineer. Bilt up investments and savings ,pay cash for everything , lower tax rate . You dont pay Ss , pension, union dues , medical. Works good if you plan and live froogle so far so great !!!NO Debt

[@deeplansandbudgets]

In my experience with people, everyone regrets it when they take it early, however, they forget all the freedom that taking it early got them. The breakeven is also a bit difficult to quantify. If you are no longer working, taking it early means you leave your investments in the bank. The growth of these investments has to be computed. SSI is not taxed the same so unless you are still earning or have large investments earnings. This could also save you thousands. So many things to think about when making this decision. I love that this channel just gives you all the options to help you think through the process.

[@philmarsh3859]

I'm waiting until age 70. I view SSI as an emergency insurance coverage and I want to "pay my premium" to get the best insurance I can get. I don't like risk.

[@monterreymxisfun3627]

Remember that your "premiums" stop being indexed for inflation at age 60!

[@philmarsh3859]

@@monterreymxisfun3627 If so, an even better argument of SSI. For a very few people, e.g. those who really need the money and would otherwise need to rely on loans and those who could somehow earn enough returns on the money from SSI and who have sufficient diversity in income, i.e. rentals, to not need the SSI income, might be better served by taking SSI early.

[@alansach8437]

There's risk in everything. Heaven forbid, but you could die at 69. I retired at 50 and took Social Security at 62. Never looked back! I don't turn down "free" money!

[@marksmith4582]

I was born in October of 1958. I already need the extra income from this. I’ll try and calculate my benefits. Thanks! Mark in Iowa.

[@thatguy7085]

The break even is about 72 years old when you take early… but SSI inflation index isn’t increasing for real inflation. So, always better to as soon as eligible if you need the money.

[@steveludwig4200]

@@thatguy7085 No its not. Breakeven is about 79 years as he showed above,

[@stevebc957]

You don't need to calculate, just open a myssa account and you will have your options displayed for you as to what you will get at various ages. ssa.gov

[@calmeyer9662]

Insurance companies understand most die at or around 80. Understand your family’s life expectancy.

[@steveambrose2349]

You’re a good man Charlie Brown. Thanks for sharing your knowledge with us…

[@MedicareSchool]

My pleasure

[@richlittell5406]

Thankyou. Finally. That last circles is what I needed!! 70 it is.

[@timfrederick9992]

Yeah greed will make them hold out for more only to collect for 1 year and die.

[@bookmagicroe9553]

I took my Spousal SS benefits at at 64. My husband is 15 years older. Because he made enough money, I have saved my benefits in investments that have paid 4-6% over the years. I have a nice nest egg in an annuity that won't be reduced if they reduce SS in the future.

[@Alan-fr9uk]

Really good information Marvin. The only thing that could have a better explanation is how benefits are reduced before Full Retirement age at 8 min. and 20 sec. into the video. Each month for 36 months prior to FRA the reduction in benefits is .556%. So every year (for 3 years) prior to FRA equals a 6.672% reduction. (.556% * 12mo = 6.672%/year) Then for every month prior to the first 36 months the reduction amount is .417%. This equals a 5% reduction for each of those two years. (.417% * 12mo. = 5%/year) The full reduction in this example is 30%. ( 6.672% * 3 years = 20% plus 5% * 2 years = 10 % which when combined equal the full 30% reduction for a person having a Full retirement age of 67)

[@PaulBrannan-mb8wv]

Damn. Why make it so complicated

[@MedicareSchool]

Thank you for that!

[@Minnie--ru2ew]

Listening to your online lectures had me gained a lot of information to prepare for retirement. This gives me options on when I plan to retire. Thanks Marvin! You’ve always been helpful. - one subscriber here 👋

[@MedicareSchool]

Wonderful, we're pleased to hear this!

[@shannondelong3248]

Thank you for all the great information! I finally understand how it all works. There are lots of decisions to be made. Wow!

[@MedicareSchool]

You are so welcome!

[@philmarsh3859]

Thanks for your hard work on these presentations!

[@MedicareSchool]

It is our pleasure!

[@gpwrinkled]

I am surprised at the description you chose for this video of "Your Social Security Benefits are Being Cut By 35%...". That is not a true statement. I am drawing SS and mine nor none of the other millions of people who are currently drawing are impacted. Your description appears to be clickbait, which is very contrary to the professional videos I have learned so much from you on. If this was intentional, please don't buy into the less-than-professional majority of KZbin channels which focus on clicks and subscriber numbers. If this was accidental then just a heads up that it gives the wrong impression. Thanks and keep up the great videos.

[@danieljustdaniel9550]

To many health issues for me BUT I always had plan to start drawing it at 62. Also, with my adult son being disable his SSI converted to DAC benefits which goes into a account for him.

[@ddunvideo]

Thanks for the insight

[@MedicareSchool]

My pleasure!

[@fesenal9818]

Remember to add the inflation rate every year if there’s any, but then it may also bring you to pay SS taxes on that increases and Medicare IRRMA trigger for higher income. Nice video, thanks.

[@MedicareSchool]

Good point!

[@beckystrohl5539]

Thank you.

[@MedicareSchool]

You're welcome!

[@cheezit58]

In my opinion this was one of your best videos you have made. Very informative and good to know even though its to late for me since I’m already receiving SSA. KUDOS!!!

[@MedicareSchool]

Glad you enjoyed it!

[@philc.9280]

Both my wife and I kept working way past our FRA as we really enjoyed our fields, and it gave us purpose. I myself put in 51 years and will wait until 70 to collect SS. I totally get why folks collect at 62 but this is what worked out best for us. Our SS checks will be more than enough.

[@frankwrogg2515]

My wife was a stay at home mom, and I am thankful for everyday she could do that. But it's very sad to see how SS now penalizes that choice.

[@WPA33SC]

One point I've never seen in a SS video. If you are 62 and hear it's best to start drawing your money, think about this... Working say, 3 more years, if you are healthy and like your job could do a few things. First you could make a lot more by working than you draw. This money could be used to put you in better position for retirement. Next if you don't have the 35 years of work history they use to figure your amount, then working could help fill in those gaps with numbers that are much higher than zero. This could lead to a higher number when you retire. Seems to me anyway. If you already have the 35 years then you can probably knock off the bottom ones and replace them with a higher number. All to your benefit. If you work 3 more years then you are paying more into SS which should also help your final retirement number. If I am wrong let me know.

[@dennistyler9852]

You’re not wrong but why stop at 65 when 67 is FRA. We can move into our Summer home and leave our condo rental behind. I save over $2,000 a month not working so 62 is my goal. All the best.

[@Nepcat4-qt5kz]

For those waiting after FRA there is one more thing to deduct. You are on SS but keep paying into SS if you continue to work. The amount you have to keep paying into SS without getting any further benefit should be deducted also. My FRA was 65, and I delayed till 70. I am still working at 77, and I still hit the max a few months early. I think having to pay into SS should end after you go on SS, it should be like a policy that has been fully funded. The gov will probably be happy for me to get off the program, I am trying to stay on as long as possible. 2 points, deduct SS payments into SS after you claim for figuring break even, and paying into SS should end after you start drawing benefits.

[@marshajones8685]

Thank you

[@MedicareSchool]

You're welcome

[@arthurshingler2025]

You could have added in hypothetical COLAs increases, also....

[@jan3195]

Always enjoy these informative videos, Marvin. Thank you!

[@MedicareSchool]

Glad you like them!

[@donreinholz8121]

No one can tell you what decision is right for you. Good health, plan long term, bad health, plan short term.

[@dondenis1500]

Have a friend who took it early at 62, I told hime it is stupid to do that but he did it anyway because he doesn't want to work full time anymore. The problem is he has no investment income, no pension , no savings and now he can only earn $21,000 per year without being penalized by Social Security.

[@stevebc957]

The penalty goes away once he reaches his full retirement age.

[@annkrull9894]

The earnings of 21000 include his SS amount so earnings is really a lot lower. Many are not aware of this

[@stevebc957]

@@annkrull9894 From the SSA: When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2024, this limit on your earnings is $59,520. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year. When you reach full retirement age: Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. We will recalculate your benefit amount to give you credit for the months we reduced or withheld benefits due to your excess earnings.

[@dknowles60]

many people are forced to take early, it could be poor health in 99% of the Cases employers are mean and nasty to older workers and wount hire older workers even it they will work for less pay part time, just try to get a job over the age of 55

[@karyannfontaine8757]

My father, born in 1921 was a notch baby, as was my mother born the same year. My father had an executive position, but, due to poor health, was forced into retirement at age 59. He passed away 4 days after his 60th birthday. It was such a shock, as he was so sharp and active. No life insurance. My mother, who had never written a check, learned fast, made investments, worked until she was 73, when the Doctor and Psychology department decided to hire younger workers. Very sad, but she had her music and a nice social life. When she passed at 91, she left a sizable amount to her 3 children. I retired at 70 with a small pension, but very difficult to adjust to just a fraction of what I made while working. I was born in 1950. My husband died at 59 years old.

[@clandestine5959]

@@karyannfontaine8757 My father passed last last year. My mother died 1 mo. ago. My sister was taking care of her for dementia and will not speak to me about anything. I estimate the estate is around 2 mil. I wonder if there was a will. I don't have the funds to hire a lawyer. I'm at a lose of what to do. Edit: A life insurance policy was left from my father last year for 2500, however nobody did the proper paperwork to assign a executor or helper and I was unable to collect.

[@realRonPetersen]

At 67 years old I landed a job with the tallest hour wage I’ve ever received. At the Christmas party the owner told me that they love my work and that every superintendent wants me on their job.

[@dknowles60]

@@realRonPetersen lucky for 99% of the Us it dont work out that way, it must be nice to be in the 1%

[@karyannfontaine8757]

@@realRonPetersen Good for you! What do you do, if you do not mind my asking? I am quite sure you are a wonderful asset and appreciated..

[@user-zm3dc7db4x]

Just retired and plan on taking SS as soon as possible at age 62. It’s not going to be a lot, and still won’t be a lot by deferring until FRA. With all the uncertainty about SS, it makes sense to my husband and myself to have access to this money sooner rather than later. We have retirement accounts and an annuity that takes care of expenses. There is no way we could survive if SS was all the income we had. Too many people I know that waited too long only to find out that their most precious resource was the time they will never get back! Good luck to all, life is full of decisions and we are all trying to make the right ones!!😊

[@kennethreynolds8]

I'm so glad you mentioned the survivor benefit portion, my wife same scenario a stay at home mom no income of her own. I may wait till 70 now myself.

[@MedicareSchool]

Glad we we're able to help

[@davidpowell3347]

I believe that the higher "full retirement age" translates for each year that full retirement age is increased to a smaller benefit by 8% every thing else equal even if Social Security income is postponed to age 70. In other words my benefit started at age 69 would be the same as your benefit at age 70 if your "full retirement age" is 67 while mine was 66. Taxation of Social Security sets you up for IRMAA penalties when you go onto Medicare and also may adversely affect your capital gains /qualified dividends tax rates as well as your overall tax marginal rate.

[@pzdf8v]

The numbers deal in nominal dollars not real dollars. With inflation so high right now you have you ask yourself, "Do you want to paid in 2024 money or inflated 2028 money?

[@cometcal2]

PIA means primary insurance amount OR...

[@donreinholz8121]

I think many people forget that survivor benefits are 50% only if both spouses wait till their full retirement age. Thanks Marvin.

[@jgibbs6159]

No, if the survivor is FRA they get 100% of the survivor benefit - assuming its more than their own. Or, if the survivor spouse was between 60 and FRA it will range from 71%-99% of the benefit..

[@jdgolf499]

Breakeven analysis should never be used as a tool to determine whether to take SS early or not. In your example, you stated breakeven was abut 12 years, and if you lived longer than that, it was a bad decision to take SS at 62. However, if taking it early allowed you to retire, and enjoy those 5 years with great health, then it was well worth it, regardless of how long you live.

[@MedicareSchool]

Great way to look at the situation!!

[@patchrat1]

Well I’m taking mine after my full retirement age just to get the bigger check also my highest earning years have come later in life weather I have a long or short life the bigger check today will matter more to me I will keep working until I’m 68 but I’m taking the benefits at full retirement age 67-4 months

[@tedjohnson4451]

I have a Pension that will pay 72% of my Contract Pay [excludes overtime] starting at Age 62. I'm taking my Pension & letting my Social Security grow until Age 65 when I get Medicare... I can tap my Roth & 403b to make up the difference until then... If i want, I can also work without many Restrictions for additional income. If things get tight, I can always file early for Social Security.

[@clintjohnson7023]

I only know 2 people that took social security and beat the system. Both started drawing at 62 and both lived to 100 and 101. They were regular working people that worked hard saved everything they could invested wisely in rental properties and acers of land in a down town area before the town grew . So they got their social security. Their income off their rentals and the land they had in the down town area. Ha at 80 a huge developer wanted it to build 5 story apartments on the 6 acers of it they sold it for 10 million. The developer didn't want to by a 60×100 lot across the street. But AT&T did bad enough to lease it for 30 years at $4500.00 a month to put a cell tower own.

[@annkrull9894]

My hubby retired at 62 and lived to 83 he beat the system

[@MrCPPG]

Marvin, your analysis assumes you keep working until 67. Can you please do a video with an example in which you stop working at 62 but do not start getting SS until 63 ....67. What is the difference? Presumably your amount would increase at .5% per month until you took. But continuing to work, typical your amount goes up as our final years of employment we make more money. SSA used to provide this on their calculator but dropped it a few years ago.

[@MWS1960]

Taking mine at 65..not waiting till 67. I want my money from the feds. Spend it while you can enjoy it.

[@2dodger2]

Question: I took soc sec at 70 years old. I only had 30 not 35 years of work history. But I am still working at 72. Will soc sec add in the extra years I work full time over 70 to hit the 35 year mark? Or is everything frozen at 70?

[@tonieplacide-oy4xx]

This shouldnt be a debate to wait until 65 im okay; but 67 ? Its a no no

[@randy74989]

Deciding when to take Social Security (SS) is a complex decision that depends on many variables. If you're having trouble figuring it out on your own, it may be worth hiring a fee-only registered investment advisor (RIA) who charges by the hour. They can provide you with information on your various options for taking SS, and the money you spend on their services will likely be well worth it.

[@cometcal2]

Great computation video. If only the government would stop making the guidelines worse...

[@MedicareSchool]

We're glad we can help!!

[@michelelindseth8250]

My SS experience was different. Born in 1947 but put on SSDI of $941@ age 60. At age 67 my SSDI stopped but the $941 then came as plain SSA.

[@davidfolts5893]

Those who watch videos such as Marvin makes will most likely have greater longevity and would be best served to plan accordingly. Plan based on the law of large numbers; do not frame your decision on anecdotal experience. Social Security benefits by delaying past Full RetirementAge were based on longevity assumptions made in the nineteen eighties, which are now too generous given the average greater longevity of today. Take advantage of that fact if you are able.

[@lovinglife3954]

Some people take asap because they actual need the money to live on. They don’t have the luxury of waiting. I will likely delay until FRA, especially if I’m still working, but I’m mental keeping my options open.

[@MsGail61]

I started taking it at 62 last year but now I’m going back to my old job in June, so last week I turned in my application to withdraw benefits.

[@JD-tn5tb]

Congrats and good for you for applying to withdraw.

[@dennistyler9852]

I think it has to be done before the 1st year is up.

[@patriciaestis8092]

With withdrawing, all money received has to be paid back to SS. Thankfully, I can suspend my check in June (after reaching FRA) without paying back.

[@HarryJensen-kr4qz]

I drew at full retirement age 66. Many of my friends never made it, they died before collecting a dime.

[@Momtocam1997]

I’ve already concluded by the time I turn 65 in three years, the Medicare premium will drain a huge chunk from my SS check. I’m drawing at 62, so filing in June. I realize my check will be reduced, but I’m not banking on waiting till 67 which is my full retirement age.

[@jamescostello6529]

Your Medicare premium is $174 and change. I just signed up for a Medicare Advantage plan that will refund me $100 a month so my net monthly premium will be $74. It has low co-pays, $3500 OOP maximum and other benefits like vision, dental and health programs. Granted the shopping can be a bit of a circus but if you are careful you can find a great plan at a cost that's right for you.

[@davidverhoef3129]

What about the time value of the money and inflation? That money you take early is worth more than the money you get later and if you invest it it will grow over time. You have to take that into consideration as well.

[@targetguy777]

I was able to draw ss at age 67 with retirement age at 66 2months so i was able to get a good check plus i am still working and it is recalculating so things worked out good even able to draw at 67 which turns into 68 or 69 because recalculating each year.

[@ChrisW228]

I have never regretted taking funds as soon as available and investing them myself. I will do the same when I’m 62 and there’s no doubt in my mind that when I do the math in 7 years (God willing) I will come out ahead once again.

[@thomasdavis3869]

My Medicare monthly premium was removed from my social security . Now I'm really struggling. I don't know what to do.

[@josephjuno9555]

Both of my parents are Alive and well in their 90s! I had other relatives live into late 90s! But no guarantees live ai will live that long? I am 62, hope I mate it to mid 80s? That is only 20 yrs away? I a. Delaying now but won't wait until 67 or 70?

[@bradabbott4892]

I'm now 73 had too go on disability at 54 after a hemorrhagic stroke then converted too regular social security at 67

[@TheHavocdog]

I cant pay the bills at $1860 per month plus my small pension and 401k funds. I can pay the bills if i get $2600 from SS.

[@lorielundgren7169]

Is it possible to begin collecting 50% spousal benefits before reaching my FRA of 67 and wait until after my FRA to begin collecting my own benefits? I will be 65 in January 2025 and will not be waiting to begin SS benefits any later than that. Bottom line is, we need the $$ now and my husband is 10 years older than I am, and has had cancer. If this is allowed, we could potentially increase our monthly income now, and then I would switch to my own benefits until age 67. Thank you for your helpful videos. I'm sure many people are very thankful for your knowledge and willingness to educate us.

[@MedicareSchool]

To get the 50% of spousal benefits you would have to wait until FRA. Collecting before that will automatically reduce your benefits.

[@beautyRest1]

Since no one can know how long they live, I would say don’t wait too long and don’t draw at 62 either. I took it at 64 ,born in 56, so I lost 12%. In my case it was ok, because the company gave us a retirement account where we get reimbursed for Medicare premium, healthcare cost, dental and so on. (When covid hit they wanted many out so they offered a good package) to me it made up the money I lost due to drawing early.

[@SFH1819]

I was totally uninformed about SSI benefits when I called to file for it at my earliest eligible date..( don’t recall). I was born in 1946 and virtually worked my whole life. When I spoke with the woman with SSI and informed her of my lack of knowledge of how I should file, she informed me I could draw from my husband’s account and my Account would continue to grow until my full retirement age, at which time it would switch over…it grew something like 8% per year…my current retirement check is $2,339.00 after my Medicare deduction. My friends were amazed at how well it worked out for me, I told my younger friends how it worked and they said they couldn’t do it that way now…is that true or are they just misinformed?

[@MedicareSchool]

It could be that their timeline for the marriage doesn't meet the qualifications for them to collect off of a spouses benefits. If they feel their timeline for the marriage has been long enough to meet them, it wouldn't hurt to ask for higher up at SS to re-evaluate to see if it's something the other didn't catch.

[@SFH1819]

@@MedicareSchool Thanks so much for the feedback …I will certainly let her know. They have been married for over 30 years. 😉

[@user-eh3qz4zv1o]

The best way to decide on taking benefits early is on your own budget. Hopefully your monthly payout is less at retirement so we can enjoy what's left longer!

[@mikesimpson9325]

If both me and my wife have met the working requirements for SS, do we both get full SS benefits when we retire ? just checking, can't seem to find someone talking about this...

[@MedicareSchool]

If both of you were to wait until your FRA. You can find your FRA here: www.ssa.gov/benefits/retirement/planner/ageincrease.html

[@idessaoutlaw]

Take the cash & let the credit go.. Don't heed the rumble of a distant drum..🥃😎👌

[@tonieplacide-oy4xx]

Why shoud i wait til i get (not 65) 67 years old to get my benefits with no garantee i will live to see 67? I am taking mine at 62. Thank u!

[@JD-tn5tb]

He's telling you why. Take early, more checks, take later bigger checks. You have to decide whether it's better to take early or wait based on your health, family history and life circumstances.

[@tonieplacide-oy4xx]

@@JD-tn5tb even if i was healthy i would have taken early at 62. While i stil can f* k. run , do all kind of Sport and more.. Just becacuse retirement age 67. Man ! Tô wait 5 more years is just too much..

[@EdgarDeem-yc7ml]

@@JD-tn5tb wait so the nursing home gets more money you mean ! 62 enjoy life unless life is working then wait and done soon after working but you did what made you happy.

[@JD-tn5tb]

@@tonieplacide-oy4xx - Just because some people wait to take ss, doesn't mean they wait to retire. I have retired way before retirement age but using other funds to live off of. If I take my ss now, by the time they take out medicare and taxes, it wouldnt be as helpful as if I wait to get a better check. If I die before taking ss, then it wouldn't matter, but if I live, it will make a big difference. I hear far too many stories of people who took it too early and had to go back to work because their check was too small. I would rather sacrifice a little while I'm healthy and flexible than be in misery working again when I'm in my 70's. Everyone has to do what is right for themselves. I hope I am doing the right thing. If my health does down hill, then I will re-evaluate.

[@JD-tn5tb]

@@EdgarDeem-yc7ml -Just because some people wait to take ss, doesn't mean they wait to retire. I have retired way before retirement age but using other funds to live off of. If I take my ss now, by the time they take out medicare and taxes, it wouldnt be as helpful as if I wait to get a better check. If I die before taking ss, then it wouldn't matter, but if I live, it will make a big difference. I hear far too many stories of people who took it too early and had to go back to work because their check was too small. I would rather sacrifice a little while I'm healthy and flexible than be in misery working again when I'm in my 70's. Everyone has to do what is right for themselves. I hope I am doing the right thing. If my health does down hill, then I will re-evaluate. Reply

[@bartsexton1652]

I called and ask if I go to full and that was 66 and 8 months how much would I get . Then I ask how much at 62 and I took the 62 because it really for me wasn’t that much more if I had waited. But then a year later I went on disability and that increased it a lot more . But what gets me is why when I hit 66 and 8 months they put me back to my regular SSI . So I’m disabled looks like I would be able to keep that about till I die.

[@jdtravels5140]

For me, it was all about opportunity costs. Taking at 62.5 allows my investments to grow. I plan to start drawing from my Roth and 401k at 68.

[@CATownsend777]

I agree, but that 35% discussed here is not where the real losses are. The real losses are the continued loss in the annual CULA calculation that increases the SS dividend payment each year. That increase is not a true reflection of inflation. A broken COLA, which the Congress or the SS committee broke on purpose in my opinion, is where the real losses are. The checks are only 2/3rds of what they should be from this year. Every year the payment is always worth less in purchasing power and that is being compounded every single year. The whole system id flawed.

[@annamosier1950]

Wow

[@perugino25]

there are many things we cannot control but we can control our health and minimize the likelihood of getting sick. Having said this, it will be reasonable to delay filing for SS. if you are already sick by 62 then it is a different circumstances. I am reading comments below and most cases people are already sick or family events losing family members around retirement age. there is no magic formula but we must be honest with ourselves and look at all the facts around ourselves and make an educated decision; after that the bets are off.

[@robinkneer5296]

Is the social security calculator on the website accurate?

[@MedicareSchool]

Yes it is accurate www.ssa.gov/benefits/retirement/planner/ageincrease.html

[@stevecress44]

What if you were married over 10 years and divorced and 10 years after the divorce he dies. Can she still collect off him?

[@MedicareSchool]

Based on the time line it sounds like they would qualify to collect. But, essentially it would be best to verify with SS so they can track the timeline.

[@joeplacetas1]

Hi,,four questions: 1-my father gets about $1,300 in deshability, his 60 years old, he plans to retire at 62,,,how much less money would he get ? 2-He just had a baby with a younger woman,, When he retires, would the baby get a check too ? 3-how much would the baby get ? 4-can the baby process to get SS be done on line?

[@MedicareSchool]

You will have to contact SS directly so they can evaluate.

[@joeplacetas1]

@@MedicareSchool can you give me an idea?

[@dq7143]

Another point of view is to stay working as much as you can now - before you can't.