Social Security at 62 vs 65

Social Security at 62 vs 65 - Have you ever wondered if it's better to file for Social Security at 62 vs 65? If you are at the age of thinking about social security or asking what's the best age to claim social security, you will benefit from having social security retirement benefits explained.
Sometimes the best age to claim social security and start collecting social security, begins with knowing when to start planning in retirement. Whether you’re planning on both working and social security, it can be part of your Retirement Planning. Most have a goal of retiring comfortably and if you secure your retirement this video is a must watch.
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• Social Security at 62 ...

[@SecureYourRetirement]

Thanks for watching! You will also like the video "Documents for Estate Planning and Retirement"-kzbin.info/www/bejne/fIbXko1sa6drf7c

[@thebootielover]

He fails to mention that if you exceed the income limit for taking early retirement at your FRA SSA is going recalculate your those loss earning and you will be getting a larger monthly check. Also he didn't mention your breakeven age. If you die before breakeven age and take SSB at FRA you loss money.

[@marthathomas2829]

What about 64??.

[@FranciscoMartinez-li5bk]

Wait 70 en then u die

[@lorastanley4285]

What about if your disability started when I was 50years and when can I draw husband retirement checks

[@jackdreddle2740]

Why don't you urge people to wait until 70 to collect SS? Anyone who looks at their SS statement can see the right thing to do.

[@shellylofgren]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[@donna_martins]

Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.

[@Walter_hill_]

Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.

[@DavidRiggs-dc7jk]

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

[@Walter_hill_]

Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@DavidRiggs-dc7jk]

Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.

[@sarawilliam696]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[@brucemichelle5689.]

I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.

[@carssimplified2195]

My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.

[@foden700]

If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.

[@carssimplified2195]

I learned about govt actions from cfp in ny by name ‘’Aileen Gertrude Tippy’’ . Ms. Aileen explained the benefits of long-term Treasuries and alternative investments, which the govt doesn't disclose.

[@foden700]

I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

[@bernie9728]

I went thru this process a while back. I retired in 2016 at age 62. I did the math. Didn't need a special computer program, A pad and pencil will do. My "full retirement" age was 66. Yes, if I had waited till 66 I would have gotten more per month, but by retiring at 62 I got something that is far more valuable than money and that's time. The first thing I did was calculate my "break even point". By that I'm talking about when does the 66 year old money catch up with the 62 year old money. For me it was 78 years 8 months. That is the age I would be when the 66 year old money caught up with the 62 year old money. So I had to ask myself one question. Would I rather have more money when I was almost 80 years old, or 4 more years of retirement when I was still young enough to enjoy it. The answer was easy. Take the time, it's the one thing money can't buy. I'll be 68 in a couple of months and I can tell with zero regrets taking the money early was worth it. Trust me when I tell you this is the one place where you don't want to let greed get in the way of good decision. Life is too short to work one day longer than you need to. My whole life I never worked because I wanted to. I worked because I had to. I made sure the day when I no longer had to came as soon as possible. It's breaks my heart to see people older than me still working because the can't afford to retire. Being retired is the goal. Keep your eye on the prize and enjoy your life away from work. That's what I did. One more point if I may. Set your goal to be debt free by the time you walk away from work. You will be glad you did regardless of when you choose to walk away from work.

[@coolstan63]

Great advice 👍

[@jesusislord3321]

Yes....Life is too short! Period!

[@brianfoster7486]

Great advice Bernie. My sentiments exactly. 5 more years for me. I'll be debt free and 62, and looking forward to retiring and taking SS then. I may just invest all or part of it. Better in my hands than the gov't.

[@rocjackson5975]

I also took it at 62, and for the same reason…quality of life! But I know some people have no choice but to wait…

[@andreamorrison8419]

This is exactly how i think about taking my money and live my time.

[@suebowman7258]

Thank you very much for making it easy to understand withdrawing at 62 vx 65. The audio and format is excellent. I think displaying names for the speakers on the screen would be great. These 2 gentlemen are a great team.

[@lailaalfaddil7389]

That's great! may I ask who's your portfolio manager?

[@lailaalfaddil7389]

Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.

[@thebootielover]

40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.

[@leftyoverton4347]

My parents worked SO SO hard all their lives. Both waited until 65 to file. Dad died at 71 from bone marrow disease brought on by medication. Mom died at 88 from Dementia that started in her mid 70’s. For the last 6 years of her life she didn’t even know her only child. I had to file at 62 to be able to support myself but also help mother as well. I’m 68 now and am starting to feel the affects of aging. Not sure how much longer I’ll last but social security at 62 was a must for me. A BIRD IN THE HAND IS WORTH TWO IN THE BUSH! Get it while you can cause HERE TODAY GONE TOMORROW!

[@Hodenkat]

What planning? My old boss worked as a contractor for over 30 years. As he got older, fewer and fewer companies would hire him. He tried bringing on other contractors to retain his contracts. It just got to the point where he couldn't secure any contracts because companies wanted young blood. He had to take SS at 62 because nobody would hire him at a wage he could live on. If he didn't start taking SS at 62 he wouldn't be able to afford even a tiny apartment. He died of a stroke at age 63 after getting SS for 18 months. How many jobs will keep you up to age 70?

[@frankfields2071]

I retired at 62 and it was the best decision I made ,i should say we because my wife also did the same, we're both in good health and at that time we decided to travel the country,, between both of us we live 0n 4,500 .We pull in on ssi 2,500 a month the rest is from our pension. We keep only 2 credit cards each and there kept at a minimum, but here's the kicker, we lived in California a month after retiring we sold our home for 350,000 paid off a 15,000 mortgage and moved out of California and bought a small two bedroom modular home out right in smith valley Nevada for 60,000 putting away 275,000 we bought a small used motor home for 20,000 and started traveling,, I'm 76 now and my wife 75 our health is holding out , finances are good and we still travel we're lucky, but it was all in the planning

[@SecureYourRetirement]

Sounds awesome. Congratulations!!

[@mmane257]

turning 62 in november.will retire at the end of 2021 with a union pension and SS. the old joint is paid off ain’t buckingham palace but it’s mine.will have to get the ACA. and don’t forget your health is your wealth.

[@SecureYourRetirement]

congrats!!

[@ranger2316]

I don't wonder ... I took social security at 62 and never looked back. It of course depends on your individual circumstances, but for our family, it was exactly the right thing to do! Thank you for the video!

[@SecureYourRetirement]

Well said

[@5thdimension625]

I agree, it doesn’t make sense to wait until you’re 70 especially if you invest it. That’s my plan. I can live off my 401 but plan on drawing mine at 62. We even have 3.7 for retirement.

[@ranger2316]

@@5thdimension625 Sounds like a plan! Now just find a state with no state income taxes and you'll be all set! Best wishes!

[@deedeecaryl8823]

The only reason I don't retire is that Medicare doesn't start till I'm 65. If I retire early, 62, any insurance would take all my money. I'm surprised you don't mention this

[@SecureYourRetirement]

Thank you. That’s a case by case situation. This particular video wasn’t about health insurance.

[@rrrttt1112]

@@SecureYourRetirement You still should have included that. That is a huge deciding factor.

[@BruceLee-xn3nn]

Older gentleman i know had to go back to truck driving because his wife was ill and not quit 65 and the treatment she was receiving cost 400 a week. 62 is for those that probably won't make it to 65 .

[@bobzelley5100]

@@rrrttt1112 you are 100% correct, health is paramount and only God is all knowing

[@ajf5823]

If you aren’t working or are low income you can apply for Medicaid in many states and it’s actually better than Medicare. You can probably get food stamps too

[@sammencia7945]

My break even points are April age 73 to July age 74. I am going to live far longer, I enjoy working very much, so I shall work to age 70. If things change I will reassess.

[@alansach8437]

I have seen too many "healthy" people get cancer and die at 72-73. There are no guarantees. To me, it was never a game of "beat the system", collect the maximum amount of money I can from Uncle Sam! To me it was always about maximize the number of years I am not working for "the man"! Time is more valuable than money. Again, I had a good friend who owned a furniture store. Never took vacations, works six days a week. Had tons of money. Planned on "traveling the world" when he retired at 70. Died of a heart attack at 68 moving a couch in his store. I retired at 50. Took Social Security at 62. Never looked back! I'll never be rich, but you can't buy time. I live in a beautiful part of the country with hiking, fishing, camping galore. A few times a year my wife and I hop in the RV and hit the road. No trips to Europe or Hawaii for us, but between Canada and the US, it would take us ten lifetimes to explore it all. Beats working until 70! I fully expect to live a long life, and enjoy every minute of making less money than I could have!

[@JohnSmith-dj5gf]

If you’re an old Dad like me, you can turn on SS at 62 and your kid(s) can collect half your FRA amount until they graduate high school. Makes it a no brainer to start collecting at 62 if you consider entire household SS income.

[@fredmunguia7451]

If your an Intelligent person, start getting your $ at age 62. A WORD TO THE WISE.

[@kdmil2002]

The only way a person should file at 62 is if they don't really need the money. If the person is going to live on their social security, that is really bad advice. Work and stockpile everything you can while you have energy to work. SSI is supposed to be for the time when a person is no longer able to work. It is like an insurance policy but people have forgotten that part.

[@jpaul4788]

@@kdmil2002 that is very true

[@MrEdwardCollins]

If you are an intelligent person, you look at the big picture and analyze YOUR unique situation to determine what is best for YOU. It is not best for everyone to file at age 62. A WORD TO THE WISE.

[@christopherhennessey8991]

Claimed mine at 62,glad I did.

[@SecureYourRetirement]

great!!

[@christopherhennessey8991]

@@SecureYourRetirement I’ll give you a little more info: needed the money,supplements my Nurses pension,one of my children is a minor so I receive an additional benefit for her. The combination of the mentioned factors leaves me fairly debt free.

[@Kmadison50]

Thank you so much for your video. It definitely helped put my confusion and anxiety around this topic in check.

[@billscruggs5170]

I could have wrote this myself. Know what you want live within your means prepare for Life coming at you. I retired at 62 after 38 years of working. I figured it down to the day when I could leave and that's what I did.

[@SecureYourRetirement]

Great job!

[@billscruggs5170]

62 and 38 = 100% time to go !

[@c2shiningc176]

My opinion, enjoy retirement asap. Just wait as long as possible to collect ssi. If you can wait til about 65 to 67 that seems to be about the most optimal age to me

[@c2shiningc176]

Ps my fra is 67 I am 60 and 4 months now and happily retired

[@leereader8235]

Videos like this could be helpful, but instead they pander to weak seniors. Resist taking a check at 62. You will regret this decision later.

[@aprilfieldsz23]

UNLESS Mary trying to leave money to someone, I would take my social security at 62 and supplement my income with My ASSETS. Last time I checked government is not looking out for you, they keep changing the retirement date because they dont wanna pay it, even though it is your money. why would I use my assets to delay social security when i payed into the system?

[@dorothearobinson3455]

Money isn’t everything when it comes to your physical and mental health. I was good at 62. I have friends who worked longer and walked right into bad health. You decide.

[@jessetexeira9660]

I need help I'm about to turn f.r.a. I am going to collect it should I still work???

[@jazthing1]

@@jessetexeira9660 ... well, I know that I will. I can't afford to retire, but the extra money will help because I can save it... something I have not been able to do with my working income.

[@samuelfink4799]

Great content, I get tired of those trying to make blanket statements, especially those against taking social security at 62. I watched my dad live frugally and die at 83 and leave my mother a net worth over one million dollars only for her to die 8 months later. One of our last conversations we had as her health was failing her she posed this question to me, “ what good does my money do me?”, to which I replied not much. Here I set at 53, a widower, having had one knee replaced last year with no needs and no true wants with a net worth just shy of one million dollars myself and ask myself that same question almost daily. If someone would have told me at a young age the emptiness I would feel having accumulated the wealth I have I would have never believed them. For me money provides a level of security but nothing more. Well played Life, well played.

[@5thdimension625]

I take it you inherited the money

[@samuelfink4799]

@@5thdimension625 Split between my three siblings and myself.

[@howellwong11]

Taking care of your health is the top priority and acquiring wealth is the second. It works for me and I am 89 years old.

[@howellwong11]

A high level of security provided by money is very important. Ask any poor person.

[@samuelfink4799]

@@howellwong11 I’ve lived payday to payday so I agree it’s just as a young man I was naive enough to think if I had a certain amount that my happiness would increase exponentially with my wealth. Personally I’ve found that not to be the case as it can’t buy the things I long for most.

[@bobbyjohnson5432]

Thanks for the information because I'm 59 and considering 62 because of health issues

[@conductorjohnmthtrains2239]

I’ll wait until I’m 66. No hurry. I can make more working now and salt it away.

[@stevenmorris2293]

62 if you don’t have a house payment or rent to pay. If you do like me keep working and take it at 67 or 70 .

[@haroldcarson5677]

If you need the money collect at 62. If you were successful and saved some money collect at 70.

[@soblessed4844]

Hopefully, you will live another 10 years and be healthy enough to enjoy it!

[@haroldcarson5677]

@@soblessed4844 What does your comment have to do with taking a smaller check?

[@soblessed4844]

@@haroldcarson5677 In MY opinion, you are risking losing over $100,000 if you die before age 70.

[@doninmichigan]

@@haroldcarson5677 You sound insane

[@haroldcarson5677]

@@doninmichigan it is insane to want a larger check? Please explain

[@RetrieverTrainingAlone]

Be aware of the Windfall Provision which may substantially reduce the actual amount you receive. For example, my statement said at age 62, monthly check would be $860, but actually monthly check is less than $200 due to the Windfall Provision.

[@dave3657]

I definitely think that you need to look at more than one aspect when retiring. Fortunately I have both an annuity and 401K from work in addition to social security. If I retire at 62 and take SS I use less 401K money till my annuity kicks in at 65. But if I wait till 65 or 67 to take SS I use more 401K (IRA) with less left. But to get the same income going forward from 65 I need to buy another annuity at 65 if I take SS at 62. But surprisingly either way from 65 forward I end up with the same numbers. But I’m leaning toward taking SS at 62 because I know people who died before getting a dime.

[@phyllisadkins9208]

We don't have a promise of tomorrow. Just think of the kids and grandkids. The joy and happiness of them are more important than money, but I know sometimes it's hard But I'm not in the worlds kingdom, but in God's. He can bless your socks off sort of speak. God Bless you all.

[@JustMe-pu3xm]

Well one thing that is great about your situation is that you have a options

[@msbugan50]

If you had medical problems preventing to continue working take it early esp if there is no options. You are already on borrowed time so might as well enjoy wheat you can.

[@HowToHaveFunOutdoors]

Great video! 62! Take it early and enjoy the Outdoors! Our channel can help you with that!

[@Gypsy2057]

My PerSeptive is don't wait till retirement to have fun and enjoy life. Just make a list of things you want to do after you retire and do them now. Take a trip to Europe, don't wait, do it, want to take up some activity, go sailing, race formula V's, go on a long motorcycle trip, just do it. I'm still working because I couldn't decide when to take SS but my family has longevity so I'll probably have a while to enjoy retirement, but I'm 66 and am not going to wait. Everyone's life is different so you need to do what's right for you. I feel I need something to do so for now keeping my job and taking nice vacations makes sense for me, that's not for everyone.

[@richardargst157]

Rich people collect at 70. Poor people collect at 62. Poor people should stop making bad decisions. Collet at 70. Be smart!

[@ramonapolanco7462]

It’s opposite, rich people retire early because they don’t have to depend on SS. The poor people yes. LOL

[@LEB1415]

Claim it early you dont know what happen when the next virus will come

[@MrEdwardCollins]

Taking Social Security payments early because "you don't know what will happen when (and if) the next virus comes" is a poor reason to take it early. There ARE many valid reasons to take it early... but your reason is not one of them.

[@charlieporal1126]

When we were young we learned not to smoke and to graduate from college. As adults our goal should be to collect SS at 70 and wait until 72 to take money out of our IRA or 401-K. Be smart!!

[@charlieporal1126]

@@miguelgaitan3482 I have no idea what this comment means. Please clarify.

[@charlieporal1126]

@@miguelgaitan3482 Your comment is childish. Remove it immediately.

[@bernie9728]

Keep in mind, if you wait until age 70 the person who took the money at age 62 will have drawn 96 months of payments before you draw dime one. Based on normal life expectancy you won't live long enough to draw more money than the person who retired early. By the way you can't be retired and still work. The definition of "retired" is literally "no longer working". Never forget that. The other thing that is huge as you get later in life is that money isn't everything. It's not even the most important thing. That said, if you already have more money than you will ever spend why would you waste time working?

[@BruceLee-xn3nn]

BS...thats why many retire at 66 and then some so they can draw and not be pentilized for working.

[@bernie9728]

@@BruceLee-xn3nn No BS, just math and math never lies. There is no question that in life there are things more important than money, but there is also something that is more important than work. Work hard, save your money and retire early. It's the best of both worlds. Keep in mind that drawing Social Security and "being retired" are two different things. You can't be "retired" and still be working and that has nothing to do with Social Security. The reason you can't be retired and still be working is because the definition of "retired" is "no longer working".

[@skimanfree1073]

Not true, you can collect SS and still work. At FRA there is no longer a penalty.

[@raqueltrinchet9347]

Retirement money isn't enough, that's why.

[@doloresmorales6209]

I'm 56 yrs old and I can't wait until I' m 62. God willing,I will not wait one more min 😅. My house is paid for. That was my goal. will rent a couple or rooms if I need to..otherwise. I will be fine..I value time more than money. I just need enough money to cover my basics. The Obama care will work for me.

[@diaaljabiri8311]

With simple 3 minutes math if your Mary has $1600000 in saving her annual expenses 60k, she should be ok until the age of 93.thanks for the video.

[@SecureYourRetirement]

Glad it’s simple

[@G.R.CrowderJr.]

I understand all of this question/equation. My question for everyone is, what are you doing for health care when you retire at 62. Give me some constructive help here and I will have a lot to look forward to in 2 short years. (I just had my 60th BD). Thanks in advance. GRC

[@manuelr1405]

Calculating age @ 90 is quite a stretch protecting your assets and leave it anyway when you croak what's the point? pay for your nursing home bills? I say calculate @ 80 retire as early as you can enjoy life within reason of course travel while u still can.

[@joerogan5462]

. The best age to retire if you can delay it economically speaking would be age 66. The is the best age because you accumulate a higher future check which you will definitely need later on in life when the cost of living will continue to go through the roof. Think about the fact that the chances of homelessness and foreclosure will surely double as time goes on. You want to be as prepared as possible for future spending and emergencies. Collecting Social Security early will not help your future. It could only hurt it.

[@MrEdwardCollins]

Why 66? Why not wait until, for example, age 70, if you are able to do so? An additional 8% per year, from the age of 67 to 70, is quite significant. I'm happy with the 4.75% my CD is getting. I'd be thrilled to death if I could get an 8% increase.

[@doninmichigan]

I did the math, and took it at 62. They hold the banana in front of your nose, the promise of a few more bucks if you wait, but most people don't consider the money you lose if you wait, and the possibility that SS could be insolvent when you get there, or you might not be around to collect it. The government did the math, you can bet on it, and they win if people wait on collecting. It's all up to the person though and their life situation.

[@larrycoburn8787]

👍

[@MrEdwardCollins]

I also did the math... and I'm planning on waiting until age 70. The promise of a few more bucks? Well... actually, it's a significant amount, which is why many people DO wait as long as possible. If it was just a "few more bucks," if the additional amount was minor or meager, we wouldn't be having this discussion... because everyone would indeed take it early. There is no evidence at all to suggest that SS will be "insolvent when I get there." The time to believe in something, anything at all, is after there is evidence and a valid reason to warrant that belief. Not before. Social Security has been around for more than 80 years. There's nothing to suggest it is going away. Actually, you have it backwards. The government "wins" when people collect early. Since most people, since a larger percentage of the population DOES live to be in their mid 80s, the funds would run out much sooner if everyone waited until 70 to collect. I do agree with your final point... it's all up to the person.

[@doninmichigan]

@@MrEdwardCollins Maybe you haven't done the math of the break even point. If you wait until your 70, you'll be 80 before you break even. In other words, to make up for all the money you lost by not taking it at 62. Again, the government HAS done the math, and they're smarter than you, lol. They're statistically counting on the chances that you're not going to be around, favor them.

[@MrEdwardCollins]

@@doninmichigan Of course I've done the math on the break even point. In fact, I have more spreadsheets regarding Social Security benefits, that I've created and designed myself, than you would ever believe. First, the break even point will vary, a bit, with each individual. Second, to properly determine the break even point, you really need to figure in COLA, the annual SS Cost of Living Adjustments. And obviously that annual percentage increase can only be estimated. But yes, your proper break even point will be determined based upon that annual adjustment. As I mentioned initially, you have it backwards. A larger percentage of people WILL be around past their break even point, than the percentage of those who will pass away early, before that point is reached. Thus, if everyone waiting for as long as possible before collecting, the entire system would no be as solvent. Much MORE money would be coming out of the funds, even more so than what is currently coming out, than the amount of revenue going in. Fortunately, as least as far as "the system" is concerned, most people DO claim SS at age 62. (At least according the the speaker at a local Social Security Seminar that I attended just a few weeks ago, for fun.) The reason most claim it at that age, according to the speaker, was simple... because they need it. There is no best age to take it... it all depends upon the individual. But since I have good health and parents and grandparents that are either a) still alive, or b) lived into their early 90s, it's in my best interest to wait for as long as possible... because yes, I've done the math and have the spreadsheets to support my decision. If you simply take it early because you think "the government" has "done the math" and "they are smarter than you" and you think you are going to outsmart them by taking it early, because they say the "statistics say you won't be around, that's not true at all, and thus you are taking it early for very, very poor reasons.

[@doninmichigan]

@@MrEdwardCollins Wow, you must sit on this string, all day and every day, monitoring the replies to your comments, and answering them right away to try to quash any differences of opinion to your infinite wisdom on the subject, lol. You're the one who's got it backwards on all these points, but it's pointless to argue this subject, as there is a lot of variables about one's life situation to consider. And once again, and for the final time, you will be 80 before you see an increase in your check, and statistically you might not be around by then, and if so, only for a few more years. By then, a few hundred dollars more a month will not make a difference, especially if you haven't made wise life and financial decisions from early on to secure your retirement, and not depend solely on Social Security. Sounds like you're in that boat?

[@josecolon3265]

I am retiring at 62 but I'm not living in the US in the Philippines is way cheaper

[@SecureYourRetirement]

I’ve heard that’s a great place to retire!

[@josecolon3265]

@@SecureYourRetirement with $1,000 a month you live comfortable

[@slprn67]

@@SecureYourRetirement I'm planning to do the same.

[@platoon1081]

I was considering that too but have been watching how they are dealing with the pandemic, and couldn't imagine living there now.

[@oaklandathletic]

@@platoon1081 same here...planned to go this year...but now? Not so much...forced jabs and lockdowns..

[@jamesy4003]

Started at 64 - six months after I retired - no regrets here - I did the math - waiting till 65 would have taken me nearly 12 years to break even by waiting that additional year - not worth it for me

[@SecureYourRetirement]

thank you for your comment

[@lawrencedonaldscism1241]

Lets examine the what ifs....what if you wait for your full retirement age to collect than a few months later you die than what would you have gained by waiting ...

[@DrSchor]

you are dead. it now makes no difference to you now

[@C5drummer]

To make $3500/mo at age 67, Mary had an approximate Salary of > $140K per year for > 20 yrs. Way to go, Mary!!

[@BruceLee-xn3nn]

Depends on health. Many are dieing at 65.

[@jazthing1]

... and 65 is not old, that's unfortunate. That's why it is so important, barring any unforeseen catastrophic illness, to take care of yourself throughout your life.

[@BruceLee-xn3nn]

@@jazthing1 I've been at my job for 25 years, they're other older coworkers been there for 30 or more. The past few years I've watched alot of them die before retiring age and maybe a year or two after retiring. Trying to live a healthy life does play a big role but you can have hereditary illness too. My grandfather is 89 and still living. He's outlived all three of his wives and two of his kids but his eating habits and lifestyle is TOTALLY different from ours. You're right, 65 is not old.

[@briandarnell1809]

My wife is 63 and will be working through May. She wants to collect right away. We have done a ton of math and that makes sense to collect now. But since she worked half a year she is way over the $18k for 2023. Aren't we better off waiting for her to retired in Jan 2024 because of the way her SS would be penalized this year?

[@markj9346]

No, because there's no $18k income limit in the year you claim. No need to wait until '25 as long as income after filing is not over annual limit/12

[@matt75hooper]

LOL $1.6M at age 90. Great example guys. Her kids & grandkids will enjoy that money. I hope they visited her often.

[@Birdylockso]

I have not heard anyone address the stated fact that by 2034, the benefit payout will be reduced 21%. I think that's being optimistic.

[@florakilgore2533]

Have a question? I won't be getting much either at 62 or 67 or 70 to be able to live off SS and this is using my ex SS. The numbers say that I need to conitnue working until I die. The cost of living doubled. Say if I start collecting at 62 with my ex alive and then he dies in a couple years, does my benefits go up or stay the same?

[@michelleannunziata3699]

Bravo Gentlemen! Great transparent information here. Wow just wow!

[@walterbrooken1722]

Right the thing is will live to enjoy it and the answer is we don't know good advice 👍

[@timshull59]

I'm 63 32 years working commercial construction it's all about Medicare for.last couple a years been a grind but what ya gonna do...

[@kennethhall9202]

I take mine at 62 no guarantee that how long anyone will live no waiting for me

[@lawrencedonaldscism1241]

Im going on 63 as of December 2023 i filed for my retirement at age 62 because my medical conditions forced me out of the work force It would be counter productive to wait untill 67 to file if i have no idea if i will be alive for that long. Got a extreme case of kidney stones and bleeding from damages done to my urethra and this has been a problem sense 2017 and have no insurance to be hospitalized and no emergency room will treat me because they say its not life threatening so i have to suffer by passing these stones and constantly bleeding all of the time. So no i do not believe i should wait any longer.

[@paulreeder5241]

I agree with @DeeDee Caryl. Medical insurance is the one thing that HAS to be considered. Sure, if you make enough money to get $5,000.00 or more a month in SS, you may be able to retire early because you can afford the medical insurance. In my case I am retired military, so medical isn't an issue. I was covered until age 65, that's when Medicare took over. Also, numbers don't lie. Currently my breakeven point is 78 years old. So, I will have drawn 4 more years of not having to work. Getting more time is always better. It really does matter how much you are making in your current job. It will definitely be a determining factor. Also, what @Bernie said, "Set your goal to be debt free by the time you walk away from work." I was 100% debt free when I retired. I was extremely fortunate that my house was paid off at the same time I started SS. Actually the same month, February 2016.

[@jazthing1]

Unfortunately, my home won't be paid for, however, my mortgage is really low because the [family] building was paid for and I had to refinance it. However, my goal is to be debt free from creditors, working on that now. Also, having property I don't think I will really ever be completely debt free because of maintenance and upkeep of the building. I am opting to work and pull my full benefits when the time comes... I'm going to save as much as I can, & use the money to help with the property.

[@skipjack6974]

Oh my Goodness!! what a great video. It really has helped me start to get my husband and I though the steps. We have a lot to consider notwafter watching this video, I don’t feel doomed into the 67-70 trap.

[@ew1usnr]

What is the point of dying at age 90 with either $1.5 or $1.75 million?

[@SecureYourRetirement]

It’s better than living at 80 broke

[@doninmichigan]

No point at all.

[@leereader8235]

Videos like this could be helpful, but instead they pander to weak seniors. Resist taking a check at 62. You will regret this decision later.

[@lokken1961]

How can people afford to retire at 62 if that means not having insurance through an employer? Market place insurance is fairly cheap, but it doesn't cover much.

[@MrEdwardCollins]

For some of them, it was by working their ass off from the time they were about 35, up to the age of 62, and saving and investing everything they could for 27 years.

[@lokken1961]

@@MrEdwardCollins I did that too, but you didn’t answer my question about insurance.

[@MrEdwardCollins]

@@lokken1961 Well, I suspect most people, like myself, are simply paying their monthly insurance premiums on their own. It sucks and is a huge expense... but the alternative is to not have insurance at all, and that's not ideal.

[@johnmycroft3065]

I am 59 and I am so ready to pull the plug

[@jackdreddle2740]

"Pull the plug" when you want to. Start collecting SS at 70.

[@rdking8001]

Omg 1.2 million and age 90 I’ll never see either

[@markbajek2541]

But SS at 70 is cola adjusted at a higher dollar amount than the age 62 amount.. And the IRA dollars aren't inflation adjusted it's just what ever happened in the market .

[@bk2ink666]

If you need 5k per month to live at 60 or 62 you are clearly doing something wrong! Obviously you still have mortgage payments and car payments!

[@SecureYourRetirement]

Thank you but it could be if you saved enough to be able to spend 5,000 per month you did something very right!

[@user-qc8vj3vp9v]

EXACTLY BK2ink66.

[@patriciaswearingen8980]

Awesome thx

[@JustMe-pu3xm]

Heck, I wouldn’t wait till 70 years old. I might not be around long after that to enjoy the money.

[@earleneslay7977]

I agree!!! I have seen too many people die before hitting 70 years!

[@MrEdwardCollins]

@@earleneslay7977 But don't you see many more NOT die at 70?

[@doninmichigan]

Average life expectancy for males is around 73 right now I think. If you wait until 70 to collect, it would take until your 80 just to make up the money you lost.

[@MrEdwardCollins]

@@doninmichigan Yes, the overall life expectancy for males is about 73 years old. But that includes ALL males, including infants. And many infants and children die at a young age, lowering the overall figure. What is a more important statistic is that if you are ALREADY a 65-year-old male, your life expectancy is about 82 or 83 years of age, depending upon which life expectancy table you read. If you are ALREADY a 65-year-old female, your life expectancy is about 85 or 86 years of age. Furthermore about half of these males will live to be in their LATE 80s, and MORE than half of these females will live to be in their early 90s! Unless you know for sure you are not going to live to be in your mid 80s (if you, for example, have a terminal illness or are in otherwise VERY poor health), the percentages and the statistics say yes, you are more likely to live to be at least 83 years old, than not. For me, with a COLA adjustment of just 1.5% each year, it will take me until I am 79 years and 3 months before I will have then collected more money by waiting until 70 than at age 62. (With a COLA adjustment of 2.0% each year, it's 78 years and 10 months.)

[@doninmichigan]

@@MrEdwardCollins Well according to your statistics, you're banking on living to 82 or 83, and maybe late 80's if your lucky. So that only gives you 2 or 3 years of extra money, maybe a few more if your lucky. So what actually is your point, in the midst of all that rambling, lol?

[@billpasaki4769]

I was able to avoid being fired while I worked. Therefore I am not financially desperate. I'll collect at 70

[@soblessed4844]

I hope you live that long to enjoy it!

[@geoffdevore6321]

You might want to rethink that. No one is guaranteed tomorrow!!

[@billpasaki4769]

@@geoffdevore6321 Of course. What does your comment have to do with accepting a small check?

[@Vesper_Songs]

The problem is...none of us know how long we will live and not having that information makes it really difficult calculate the best time to take SS. Sure, we can venture a GUESS as to how long we will live based on various factors, but really it's just a guess.

[@SecureYourRetirement]

I absolutely agree but is it all planning-based a little bit on a guess when you don’t know the exact outcome?

[@dresser6135]

And that's okay...there is really no requirement to get every last dime possible out of SS. Just figure out when you want to retire, figure out the effects on your spouse (if you have one), ...that's what to look at, not if you're going to dredge every last penny out of SS that you possibly can. People didn't used to think this way.

[@thebootielover]

He fails to mention that if you exceed the income limit for taking early retirement at your FRA SSA is going recalculate your those loss earning and you will be getting a larger monthly check. Also he didn't mention your breakeven age. If you die before breakeven age and take SSB at FRA you loss money.

[@jackdreddle2740]

What is the rush to be first in line at the Federal welfare trough? Your check will be larger if you wait until you are 70.

[@turfking2000]

LOTS of people never live to age 70. Good Luck.....

[@jackdreddle2740]

@@turfking2000 What is your point? If I don't make it I'm not going to care about SS LOL

[@MrEdwardCollins]

@@turfking2000 But more than half of the population does live that long. Much more than half, in fact. For a somewhat healthy 65-year-old woman, there is a 72% chance they will live to be at least 85 years old. There is 54% chance that same woman will live to be 90. Finally, there is a 31% chance that same woman will live to be 95!

[@donnakreye8339]

Thank you

[@Gypsy2057]

I don't think you can not adjust SS and increase her standard of living with cost of living. That's a slight of hand to make it seem like she needs more $$ than she really does. Playing with stats so Financial advisors get more $$$.

[@DD-kz9lq]

I took my retirement at 62,I figured I would enjoy it now instead of getting older and wouldn't enjoy it.Always hearing SS giving ya something,..wrong! I just let SS hold it for their own doings.!.

[@jimmytheexpat5719]

what about being realistic most people don't have a savings and are living paycheck to paycheck ... where's the video for someone with no savings and no home ... do they give food stamps too? this information doesn't help me and it's sound over complicated

[@whatwhome6914]

64 for me. 62, 65 and 67 are not the only options.

[@SecureYourRetirement]

You are correct. Anytime between 62 and 70 and any month. Which gives almost 60 options.

[@michaelg6641]

Keep working for your best pay, which is high now no one can find workers...the last highest paying years are what matters most for soc sec benefit, WAS THIS MENTIONED HERE?

[@88888gerald]

taking at 62 costs you about seventy five percent of your earned retirement....plus...every cola after that might cost you seventy seven percent....unless your health is bad....wait for 70

[@ramonarcilla888]

hi I’m going to retire this coming October 12 I’m 65 years old I need your help guy’s

[@raygordonteacheschess5501]

My mom could have taken a widow's benefit at 60, then her own at 67, and let me run her business but she didn't do that. She should have. She died at 68 so 62 worked out for her.

[@jazthing1]

She was relatively young at 68... so sorry for your loss.

[@larrycoburn8787]

Exactly ,there's no promise when we gotta go , I'm taking it at 65.

[@raygordonteacheschess5501]

@@larrycoburn8787 It's not just that, a small check at 62 becomes bigger than a "big" check when you qualify for SNAP, Medicaid, and all kinds of subsidies. It's often more total money if a regular worker takes it at 62.

[@ck1ogbo]

What if Mary only saved 400 to 500k rather than being the exception to the rule at 1.2m, This seems like a very unrealistic example or a very elite few.

[@SecureYourRetirement]

Very common for good savers

[@jackdreddle2740]

I have been a heavy smoker most of my life and I'm about 75 pounds overweight. I'm 61 and I plan to begin collecting Federal welfare when I turn 62. If you have taken better care of yourself you should wait until you are 70. Your SS check will be much larger. Most people should wait to begin collecting their monthly Federal welfare check.

[@daveturner7958]

not really welfare Jack, you paid into it for years

[@jackdreddle2740]

@@daveturner7958 What does "paying into it "for years have to do with my comment? SS is an undeserved Federal welfare check.

[@MB-uy5kh]

@@jackdreddle2740 Seriously? You must be a troll. I have been paying into SS since I started working at 16 years old. Why would I not deserve to get SS benefits?

[@jackdreddle2740]

@@MB-uy5kh You paid in so others could receive a benefit. You did not pay in for yourself. Today young people are struggling. You had your whole life to save for retirement. You should not be dependent on your children and grandchildren.

[@f430ferrari5]

@Jack. What do you plan to do for medical insurance if you retire and draw SS at 62. Medicare doesn’t start until 65.

[@DistrustHumans]

Ummmm... SS full benefits depends completely on the year you were born, not a universal age of 65 (which changed in 1983). You can still take early benefits at 62, but the percentage you lose, again, depends on the year you were born.

[@megabandit1200s]

There shouldn’t be an earnings limit.

[@SecureYourRetirement]

there’s not after full retirement age

[@genamarrapodi8158]

Hello! Advice please! June 5, 2024..I want to know if I start my social security at 66 and 8 months is that full retirement age for me my birthdays is 01/08/1958! I wanted to go on partial retirement but if I can retire fully....?? I am self employed and in this economy need some help! How much can you make $$ without getting any penalties? Thank you so much for your time!

[@whiteniteJeffrey]

I'm 60 dying of cancer and won't live to see 62 why can't I retire I paid in since I was 15. I filed for disability in 2015 and was denied because I had 8 credits and I needed 10. In the last 7 yrs I have lost everything and live in poverty and if I have to die a burden on my children it will be a sad day for America.

[@georgeandrews1586]

If you are fat or smoke take SS at 62. If no to both, you should live a healthy life well into your 80's

[@SecureYourRetirement]

That means nothing on when you should start

[@georgeandrews1586]

@@SecureYourRetirement Of course it does. Both of these are self inflicted health wounds that might prevent you from making it to 80.

[@georgeandrews1586]

@@SecureYourRetirement Health? Probably the only important consideration.

[@ronniwalsh8985]

There are a lot of moving pieces to a good retirement plan. I'm 58 with no debt and assuming I do have enough to retire at 60, 62, or 63 - I have to consider medical given that 65 is the age I would be eligible for medicare. That being said, I need to keep my income low enough to be able to get healthcare (from the open market - Obama care) at an affordable rate given social security is considered income. I would have to ensure that the annual amount of social security allows me enough to pay the medical costs as well as living expenses. If not, I have to make sure I can take from my cash reserves to close the gap because if I take from a Qualified account, my income goes up which could disqualify me for the lower premium healthcare amounts as well as put me into a higher tax bracket. I could consider taking from my Roth a higher tax bracket, but withdrawal from a Roth is considered income when determining eligibility for healthcare costs. This is why I assume many people wait until 65 to consider social security unless they have a blueprint/plan for retirement that addresses all the possibilities and risks with each scenario.

[@bigjohnson7415]

I don't think that's correct. Only regular 401k and IRA disbursement are "Taxed". Roth and the cap gains on Roth aren't because Roth are funded "Post Tax", and not "Pre Tax" like the others.

[@kennethbeatty5265]

How does it work if you're receiving 100% disabled veterans benefits

[@Sailor2Soldier]

For non-citizens aka, permanent residents in The US, can we go back to the Philippines and continue to receive benefits?

[@leonardoaragones2738]

Thank you for showing us 😊

[@SecureYourRetirement]

My pleasure 😊

[@heymoe1179]

@ 15:30..."I've got only a million six." LOL! At 90...a million six or seven and a half...I think she's ok.

[@louiswhite805]

62 when you first qualify. You paid in from your first pay check. It's your money, why wait, they didn't wait to take it out of your check.

[@bradleyvanzile1111]

Took at 38 on disability did not need any help from any lawyers or agencies! Social security is a big money, making bunch of wannabes and scams

[@michaelsimmons2759]

What if your 66 and Disabled when should you retire and try going back to work?

[@Millerman57]

What about her health insurance costs from 62 until 65 when medicare kicks in ? What about the 5k monthly she needs but is drawing 2400 ? You guys are not giving a true real example. Good day.

[@iammireyaa]

For me at 55,but I have no other choice lol 62 will be and that’s if I make it to that age haha

[@bobzelley5100]

Growing the women's 1.2 million using equity stocks is unwarranted risk for a 62 year old . 11% drop in market in 2022 she lost about $130,000. Americans are to heavy in equity at retirement age

[@SecureYourRetirement]

Risk is personal

[@michaelcoughlin8238]

This really hard for me to follow without a graphic of some sort. I'm more of a visual learner.

[@raysboatingandadventure1277]

Your example is every year past 62 your benefit will grow. This is a misnomer. Your benefit is discounted. The discount is less as you wait, not grow. Your example shows biases to "full retirement". People should only take the benefit if health is an issue, or unable to work. Good luck to most who go early, less money when older is not good. You will live longer than you think.

[@SecureYourRetirement]

You have to look at the individual situation. You can say that one way is the right way.

[@doninmichigan]

You don't know that, no one can predict how long you live, and you'll have to live until 80 to break even for all the money you lost by waiting until 70 to collect. The government has done the math, and they're smarter than you, lol. They're counting on you not being around until then, and the odds are in their favor. But if you think you can beat the odds, by all means, go for it, if SS is still solvent by then.

[@janellmurphy6361]

What if you are disabled and on SSDI and SSI. They are telling me I'm on SSA now. I'm 63 and I'm not sure what to do.

[@SanePerson1]

With Required Minimum Distributions from a tax deferred IRA, will someone really have so much left? As one gets up there in years, the amounts you must withdraw get to be sizable fractions of the remaining balance.

[@SecureYourRetirement]

Yes in the later years the distribution percentage increases. But we have many (most) of our clients with sizable Ira accounts late in retirement.

[@DavidEVogel]

If you take from a tax-deferred account, no one says that you have to spend it.

[@SanePerson1]

@@DavidEVogel True. It does argue for not bothering with tax deferred account contributions before retirement once your balance gets large. Your required distributions will get large enough, especially when combined with (85% of) Social Security payments, that the marginal tax rates are likely to be as large or larger than the tax you would pay today.

[@howellwong11]

I converted most of my IRA's into Roth, when it first came out. Paid the taxes, but don't have to withdraw after 70 years of age and if you do, it's tax free. I still have one Traditional IRA, where I had to take out the RMD, but thanks to the stock market, the remaining amount kept going up. Lucky me.

[@ws775]

You dont have to spend it.

[@joesphrisser4803]

Why the big rush to begin collecting Federal welfare at 62? Have you looked at your statement? You will receive much more if you wait until you are 70.

[@SecureYourRetirement]

It comes down to looking at the big picture of your financial plan. If someone does not need their SS or are still working they shouldn’t.

[@doninmichigan]

Much more? You're not looking at the overall picture. If you wait until 70, it will take until you're 80 to make up for all the money you lost by not taking it at 62.

[@bk2ink666]

If at 60 years of age you have 5k a month in expenses, you’ve done something wrong!

[@SecureYourRetirement]

or you have done everything right.

[@michelesackman6617]

Why?

[@michelesackman6617]

@@SecureYourRetirement Yep!

[@SecureYourRetirement]

@@michelesackman6617 let’s be happy if you couple spend 5k a month in retirement

[@Brigitte724]

Is a pension considered earnings that will reduce your social security payment??

[@SecureYourRetirement]

No

[@itsdiane2you11]

Depends on the pension. Mine will affect it due to the WEP. If you did not pay into Social Security but instead receive a pension, yes, it will reduce your social security payment. If you paid into Social Security during that time then no, it won't reduce it.