Retirement Strategies To Meet Changing Goals [2022]

[@dipaknadkarni62]

My wife died on active duty in 2014. I turn 62 this year so I am claiming survivor benefits as long as I can keep my income below the SS limit. I will take my own benefits at age 70. I thank you for the video.

[@michaelswami]

Agree with Mary Beth. Most intelligent financial program on TV. Hats off to you Consuelo.

[@audiophileman7047]

This is good advice overall, but the question of when to collect SS benefits is a bit more complicated than presented here. If you need the money at the age of 62 to shore up a gap in your income, then it may be good to retire at 62. What Mary Beth doesn't say is that even though your benefit is less at 62, you will collect it for a longer period of time and have the time to enjoy it when you're likely to be healthier. Another issue has to do with spousal benefits. When you retire at 62, it opens up certain SS benefits to your spouse. If you're not healthy or you have a family history of early death, it would make sense to collect SS benefits at 62. It doesn't make sense to wait until 70 to collect SS and then die before getting the opportunity to collect it. Every person's situation is different. It would be wise to assess your own personal situation, goals, and financial needs to decide when to collect SS benefits, and it's a good idea to get expert advice and do your research before pulling the lever. Good luck everyone, and I wish you all a happy, long retirement whenever you decide to retire!

[@jameswitte5676]

If you’re financially able to, you should wait till age 70. Think of social security as an insurance policy to prevent poverty in old age. You cannot count on dying on time. You need to plan for a long life. The last thing I want is to be a financial burden to my children. If you are married, the longer you wait increases the survivor’s benefit. And should you die before collecting, you won’t regret it because you’ll be dead.

[@sarahthomas3562]

Mary Beth is an excellent advisor on Social Security benefits. I feel so much more knowledgeable about how to plan to receive benefits when I am eligible. Excellent guess. Thank you Consuelo Mack!!!!

[@chessdad182]

I am nearing retiring however one of the problems I have is switching my mindset from accumulation to spending. Even though I am financially fine, just the thought of switching to spending mode makes me a bit leery. LOL. I think the problem is my recollection of times in the past where I had money problems.

[@audiophileman7047]

You make a really good point. I came up in poverty; worked hard; sacrificed when others didn't; and now I'm in a good financial situation. Despite that, I still watch everything like I did when I didn't have much. I look for the best price. I'll repair things myself to save. I'll go without to save. Just start looking at it this way and ask yourself this question: how many more years do I have left to live? The average life expectancy is about 80 years old. Subtract your current age from that number, and that's how many years you have left to live on average, maybe a little less or a little more. Your mortality should inform your decisions on how to save and spend money. And remember, it's important to take care of yourself, but you can't take it with you.

[@1Daveable]

delaying SS is better than collecting and puttin all the money in a savings account and letting it sit -- the annual increase in SS for delaying is greater than savings account interest on the other hand, if you need or want to spend the money waiting to get older and possible sicker makes no sense

[@matt75hooper]

I am waiting til 70. Many reasons. But even if I hated my job and health was 'so-so' I would wait so my wife could get my much larger Soc Sec $ Pmt the rest of her life even if I dropped at 70 & a day. You take care of your family- period. Collecting at 62 in this day & age is ridiculous.

[@freeroamer9146]

Women chosing their childrens well being over their personal career. Clearly to the benefit of the children. Not enough can be said for chosing virtue over ideology. 😐

[@audiophileman7047]

Virtue is a difficult thing for people to grasp in a world lured by power and wealth. They just need to be shown a better way to live and focus on what's important. There is plenty of time to pursue virtue in retirement, and it's an excellent pursuit.

[@jameswitte5676]

Once you’re able to go back to work, you should so you can get the needed 35 years of credit for maximum social security benefits. If you have less than 35 years, social security replaces those missing years with a zero. For 2022 you need to earn at least $6,040 to get credit for the year. Obviously earning more also increases your benefit.

[@freeroamer9146]

@@audiophileman7047 Ther has always been power and there has always been wealth. Virtue learned in early childhood will reap lifelong rewards.

[@freeroamer9146]

@@jameswitte5676 Very practical. I'm sure your wife will benefit equally from your efforts. 👍

[@audiophileman7047]

@@freeroamer9146 It will if virtue is accepted, nurtured, and practiced. Unfortunately too many people choose power, wealth, and pleasure over virtue to their own detriment.

[@user-sm6te1gl4f]

How can she say "don't panick if they raise the age of retirement". She is talikg from a stand point that all people have good health to continue working until the age of 70 or 71.

[@audiophileman7047]

I agree with you. If you read my post to this video, I mention some of things that may make retiring at 62 the right decision for someone.

[@1Daveable]

office work is tough because sitting is bad for you those lucky enough to work in the trades like plumbers, masons, welders and roofers get plenty of exercise and can really look forward to working past 70

[@1Daveable]

SS's original full retirement age of 65 was chosen at a time when few people were expected to live very many years past 65 -- to keep social security working the same way some of the numbers and limits have to be adjusted every 6 or 7 decades

[@audiophileman7047]

@@1Daveable Trades work isn't easy. It takes a lot out of your body over time. There can be cumulative trauma injuries and because there is little concern for safety among people who work in the trades, trades people often develop occupational illnesses. For example, I have never seen a roofer who was over the age of 60. They're usually much younger than that.

[@audiophileman7047]

@@1Daveable Though you're right, it isn't just life expectancy that's affecting SS. Workers fund the program for retirees. People are choosing to not have children. That means fewer workers to pay into the system. Add automation related job losses, and there are fewer people working. It's a bit more complicated than people just living longer, although that is a very important point and must be considered when setting retirement age. It's a delicate question, because many employers don't want to employ older workers.

[@jw8578]

There are so many other considerations such as cash flow needs, genetics, general health, etc.

[@audiophileman7047]

Yes, you're correct. If you read my post, I mention some of them.

[@1Daveable]

same propaganda (does she work for nursing homes?) - delay collecting SS She gives no information on the downside. If you intend to collect when you are 70 and die when you are 69, you get nothing. If you collect at 62 and die at 75, then you will get more money than some one who collects at 70 and dies at 75 If you delay SS as long as possible then you do not collect during your best retirement years and the nursing home get more SS money

[@eatmorecoleslaw]

Strange it says 38 comments but I can only see 6 of them

[@1Daveable]

Soros

[@gbb82]

I will try to wait until age 67 for the full SS benefit.

[@1Daveable]

same propaganda (does she work for nursing homes?) - delay collecting SS She gives no information on the downside. If you intend to collect when you are 70 and die when you are 69, you get nothing. If you collect at 62 and die at 75, then you will get more money than some one who collects at 70 and dies at 75 If you delay SS as long as possible then you do not collect during your best retirement years and the nursing home get more SS money

[@jozzef40]

I like Wealthtrack but I think it would have been better to have a guest that would comment on the current sell off.

[@audiophileman7047]

This video was probably made before the current sell-off and was meant to be a general discussion about retirement planning. I'm sure a future video about what's happening will come out.

[@jozzef40]

@@audiophileman7047 Yes you're probably right about this. My bad.

[@jj4321]

To add national tax revenue, Congress should lower the threshold of estate tax from 12 mill to 3 mill. That won't happen because Congress members are richier than 3 up to 12 mill. They just won't set up the laws right for lay people.

[@1Daveable]

estate tax is like the NFL salary cap, more mythical than practical

[@jj4321]

Hahaha, that guy's dream just bursting. Bitcoin just dropped to about half from a year ago. That naive foolish guy will have no clothes to his retirement.

[@audiophileman7047]

I've repeatedly warned people about crypto and to avoid it like the plague. I have been bitterly attacked by people for it. I hate to see people lose money, but they get what they deserve. The really crazy ones will say that this is a buying opportunity with the potential to go to $1 Million! 😜

[@1Daveable]

Bitcoin remains an important vehicle for drug dealers, Mafia, and now for Putin and oligarchs to get around sanctions

[@jwc56]

Just wondering how this “Great Resignation” will impact Social Security and 401(K)’s? People are retiring early and many are dipping into their 401(K)’s to start their own business. I’m really concerned about The solvency of Social Security.

[@audiophileman7047]

Not to worry, the Fed's have the ability to just print more money. 😁

[@1Daveable]

entrepreneurs are great Most new businesses fail

[@pkl8811]

Buy GOLD. Loads of it.

[@audiophileman7047]

I'm with you on that, but asset allocation of around 10% of your investible assets in gold is wise. You can go a little higher, depending on your comfort level with risk, but 10% is a good number and will help get you through tough times.

[@pkl8811]

@@audiophileman7047 I'm in 100%

[@audiophileman7047]

@@pkl8811 You may be right, but I just don't advise a 100% allocation in gold, especially in some kind of ETF where you cannot verify if the the fund actually owns the gold. I'd go gold miner stock and/or bullion. If you are in retirement or close to it, you're taking a big risk going all gold. I'm overweight on gold too, but there are other things like certain real estate, inflation indexed bonds, inflation benefitting stocks, and other outside the stock market investments. I highly recommend having diversification across asset classes. I do.

[@brijeshkukreja7411]

If you need a financial advisor please look yourself in the mirror. You don't need to pay or hire one if you take interest in learning about personal finance