Taking Social Security At 65 A HUGE Mistake? Retirement Expert Explains! 🫣

[@MedicareSchool]

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[@diane.moore-]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@ThomasChai05]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@mariaguerrero08]

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

[@mikegarvey17]

@@mariaguerrero08Mind if I ask you to recommend this particular coach you using their service?

[@mariaguerrero08]

'Gertrude Margaret Quinto' maintains an online presence. Just make a simple search for her name online.

[@91ScottieP]

Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.

[@Beatricegove733]

Things arent getting any easier. The average social security check is $2000 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you. better start today

[@KaurKhangura]

i havent been playng. I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do you think I keep contributing to my 401k or look at alternative sectors to meet my goals?

[@brucemichelle5689.]

keep contributing! I'd suggest you consider financial advisory at this point in time, you cant do this alone, remember you are in for the long haul

[@NicholasHarmon-ow3jl]

I've been looking to get one mate, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help

[@brucemichelle5689.]

‘’Aileen Gertrude Tippy’’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@NicholasHarmon-ow3jl]

Thank you for sharing, I must say, Aileen , appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call. thanks again

[@barttfisher]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[@FinnBraylon]

Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

[@HildaBennet]

I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@PennyBergeron-os4ch]

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

[@HildaBennet]

Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.

[@PennyBergeron-os4ch]

It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.

[@RichRich1955]

I took it at 62. My math shows breaking even at approximately 78. I'm not working and happy and healthy. Work stress was hurting my health

[@christopherhennessey8991]

Same here, Richard .I’m a retired RN .The stress was destroying my health. I stopped working ,retired and began receiving my pension since 2014. Claimed Social Security at 62 in 2020. Big financial game changer,including a dependent benefit for my 12 yr old.Regained my health.Four former coworkers of mine have died, since I had retired. The largest percentage of those who claim Social Security do so at 62, so it’s not a mistake.

[@youngtimer964]

Just so that people know, you don’t have to take your SS when you retire from your job.

[@Leftists_are_Losers]

Remember, twenty percent of Americans die before age 60. For these people, the debate over when to take Social Security is a moot point. They pay into it, and are never drawing it out.

[@MedicareSchool]

That's understandable.

[@MedicareSchool]

Right, thanks for the comment.

[@rich6867]

I get $506 less per month taking SS at 62. I have 5 extra years to do what I want and I collect more $ up to age 80 and retire 5 years earlier. Loving life!

[@MedicareSchool]

Thanks for sharing.

[@johnscott2746]

If $506 is the 30% penalty then your FRA benefit amount would only be about $1680. That is very low. You probably should have waited for a larger amount especially since the yearly COLAs get added to your eventual benefit.

[@dantracy621]

@@johnscott2746The COLA gets added to all recipients, whether receiving benefits or not.

[@ScottysBackYardBBQ]

500 not worth working more years. 62, you make that up work a part time job at walmart.

[@lastuberman]

The goal of retirement is not about money. It's about enjoying what life we have left. What good is financial stability if you're not living long enough or healthy enough to enjoy it.

[@jayf6525]

My wife and I retired 10 years ago at age 60. Part of our plan was to take our SS at age 62. So, we're going on 10 years since taking our SS and we have ZERO regrets. ZERO. ZERO. ZERO. Did I say ZERO?

[@19MarkDavid]

Totally agree. Figured out the best percentage wise to take my SS. That turned out to be 64. Wife took hers at 62. Going on 6 years for me. Absolutely no regrets. When you wait to make up the income from that lost year takes between 12 and 13 years.

[@thyslop1737]

Jealous.

[@mariannwaddell8942]

I'm taking mine at 65. I am damned tired of struggling every month in this terrible economy!

[@BobbyGazo]

Im 52 im getting mine now $943 isn't much but when you're homeless it's enough

[@BobbyGazo]

​@@mariannwaddell8942don't worry the mark of the beast is happening now and will be a cash free society soon 😂😂😂

[@rlionheart8657]

Money can be earned anytime. Time can never be replaced. Your time is the priority not the money.

[@Mrmajellan123]

So what are you saying, don't wirk?

[@rlionheart8657]

@@Mrmajellan123 No, work your butt off until you have enough money saved to retire early and enjoy your time - your free time. Look at it like a race to the finish line. Get as much money as you can as fast as you can so you can have free time after you save enough to stop working. Retire ASAP.

[@RobDTom]

You can't make much use of your time if you don't have money.

[@JCox964]

Approaching 64 years this October. I’m still in my work industry of approaching 45 . I’ve not applied for SSI yet. I’m still learning the process.

[@Patriot1777]

Took mine at 62 and doin just fine😊😊😊

[@MedicareSchool]

Thanks for sharing.

[@colleenconger5265]

You could have secured 8% more a year there again depends on how long you live. Stock market can go down and it’s about to., Social Security is protected that’s why I’m holding on

[@c2shiningc176]

A great video kudos to you. However money can't buy time. I retired @60. I'm as happy as I've ever been. I am a changed man in two months time. People need to understand there really isn't no increase for delaying benefits, your amount is just spread over less years. Don't be fooled. Because giving 40 plus years to a sobb boss is long enough, the stress was enormous. Life's short, Enjoy life! I am visiting my 88 year old dad and building my dream cabin instead of making my boss rich. It's my turn!!! I paid in long enough and the land clearing exercise has made me stronger physically mentally and spiritually. Retirement is great 👍 I will collect at 65 when medicare kicks in, because I'm the higher earner and my wife is 6 years younger, if not for her I would collect at 62. You can't replace time.

[@MedicareSchool]

Glad you're enjoying retirement and it's working well for you. Thank you for the insight. If you have any questions please, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@LarryCoburn-iw6cl]

Exactly 💯 %

[@dansalgado1592]

I reached my FRA and have continued to work. In my field I am fortunate that it's in high demand therefore I make better money than I had before. I'm collecting my Social Security and when I file our taxes each year. The amount I earn has been significant enough that Social Security has increased my monthly benefit while working. As long as your in good health and can continue to work it's a win-win. At least that has been my experience to date. Nice program explaining the benefit of waiting until you reach your FRA.

[@rodhonco5681]

One of my questions answered is taking SS at FRA. The other question is, does it make sense to wait from FRA to 70 and get the additional 8%?

[@johnromero2402]

All the years that you've worked and ss has taken your earnings through the years we all should have millions not 2000 a month?

[@johnromero2402]

It's like they don't want you to have your money

[@gregwhitford9684]

As a cancer survivor I’m collecting on my 62 birthday! If U all want to wait go ahead! More for us that are collecting!

[@MedicareSchool]

Thanks for sharing.

[@Patricia-Margaret]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@Patricia-Margaret]

@Yvonnephyllis1 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@MaryOlson7]

@Yvonnephyllis1 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@Patricia-Margaret]

@Yvonnephyllis1 I will give this a look, thanks a bunch for sharing.

[@Amelia-Elizabeth]

@@Patricia-Margaret Bridget Mary Turow is quite popular on Bloomberg I doubt if there is anyone who is serious about stock trading that doesn't know her. She has helped me quite a few times in growing my portfolio and it was blissful without any setbacks. she is a tough person in an industry that demands clairvoyance

[@ReflectedMiles]

Remember all that info made available all the time when we were in our 20s and 30s about how crucial it was to save everything possible as early as possible in a general investment account (index), or at least save enough to buy a share of Berkshire Hathaway, which was kind of its own index? American business has done very well for the poorest person who listened, was lucky enough to avoid any major medical crises, and was disciplined enough to stay out of credit-card debt and never touch that long-term savings.

[@jtixtlan]

I am 62 and would have to wait until 67. I find it extremely difficult to get interviews at this age, and I am trying to switch jobs because of pay inequity where I am now. I still love to work and have coworkers and accomplish goals. As I get paid less than when I started my career in the early eighties, I am lowering my average SS pay by staying at work.

[@MedicareSchool]

My team would be happy to assist you. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com

[@thomasmitchell3937]

This is all great for most people. But health insurance is critical until you reach Medicare age. Pre-existing health issues are an albatross for those wanting to retire early. I work for a large company that I am able to receive good health insurance for my younger wife's condition. Trying to get the same coverage on the market would cripple us financially. Health insurance is HUGE in making a decision to retire early.

[@markme4]

Everyone's situation is different, there is no one right answer for the masses

[@matt75hooper]

Enjoy your work + very healthy + married = Collect at 70. My work is done here.

[@edmartinez6946]

Both my father and brother past away before ever getting even a penny of Social Security. So waiting to 65 was a mistake.

[@MedicareSchool]

Sorry for your loss.

[@alisatjaden3906]

My fiance died at 60. Overworked himself to death, didn't get a drop of SS or pension

[@adphotoman8440]

I don’t understand, if he collected at 62 he wouldn’t have died? Once you’re gone, you’re gone. Eeking the most you can out of SS doesn’t seem like it matters much.

[@johnscott2746]

@@adphotoman8440truth

[@thyslop1737]

How old were they? What age have you decided to start drawing?

[@lorenzell3104]

Take it when you want. Many people work part time after retirement. Part time work plus SS can work out to a better income than just remaining in full time employment.

[@MedicareSchool]

Thanks for the input.

[@pharoah1200]

Yep! That can possibly be $21,240 plus whatever you're receiving from social security, for the year.

[@dantracy621]

AMEN! Especially part time in the job you retired from at an early age that you absolutely loved, but were required to leave, with a large guaranteed for life pension. We will be filing for SS when we both become eligible, 64 and 8 months for me, the higher earner.

[@anthonygambitta6220]

I am taking it at 62, and not one day later. I worked hard ( and stress.anxiety) for 40 years, and want my SS. The math shows that if you take it at 62, you will be way ahead of the payout if take it at 65 and you live till 80. My total payout at 80 will be approx. $396,000 if I start taking it at 62. Total payout of $330,000 taking it at 65. Of course these figures will all be adjusted for cost of living, hence it will be a win win taking it at 62.

[@MedicareSchool]

Thank you for sharing.

[@snave59]

That doesn't seem correct.It is supposed to even out in the long run.

[@51dbail]

Did you add in a 3% cola per yr? That will really add up after 18yrs

[@marystewart1125]

We’re taking it at 62. Better to get it now. Who knows what will happen to it or ourselves.

[@seanslattery6366]

Not to mention 3 less years of being Enslaved unless You are one of the vast minority that really loves your job and have no other hobbies or things that You may prefer to do. But it's everyones choice . Some need to work until 70 or more for whatever reason. Some can retire comfortably at 62 or Even before if they had a financial education and invested young rather than buying Cars , toys and a house that traps You like a prisoner . But hey , some people like , or feel a need to have material things or compete , while some are content to have less material things and more Quality time in this short life Even if You live to be 80 or 85 it's not long compared to eternity .

[@discobee7097]

Very valid points...but I feel what these experts forget..IS THE FACT that while you delay, you're aging..Life expectancy is a "crap shoot"...No one knows how long they'll live..

[@pkendlers]

True. But my mom, who has been in poor health since her 40s, has made it all the way into her '80s. So. Well tomorrow is not guaranteed, it is best to plan like you are going to live to a hundred, so you have saved enough so you are not living in the gutter for your very final days.

[@pkendlers]

Eating cheap cat food in your '80s '90s and 100s because you failed to plan adequately and work long enough to support your future is not a good idea either.

[@MedicareSchool]

Valid point, no one knows the day or hour, if we did we would know exactly when to time taking social security.

[@lucywhitmore9]

​@@pkendlers exactly, altho we don't know how long we will live, waiting will guaranty a better lifestyle

[@LarryCoburn-iw6cl]

​@@lucywhitmore9depends on how long you live,could kick the bucket 1 month after you file s.s. then all those years in money you'd of had gose to the next person, 😂

[@nickthinkpainting1978]

Unfortunately today more than ever most seniors at least in my circle have limited assets. Especially with inflation he’ll look at food prices alone. If you have a pension great but most don’t. So it gets a bit more complicated. Great info but it’s still confusing for most.

[@MedicareSchool]

Thanks for sharing.

[@slodzinskithomas2406]

All the experts have different opinions but the only thing I could tell you is if you work all your life like I have retiring at 65 was the best option it's not about the money it's about getting some peace of mind for the hard work you put in because we are not promised tomorrow

[@MedicareSchool]

Thanks for sharing.

[@christopherhennessey8991]

I claimed in 2020 at 62 and it worked very well for me. I’ve been receiving my RN pension since 2014. The Social Security income, plus the SS dependent benefit for my youngest child was a game changer for me. Became debt-free within 10 months after claiming my Social Security benefits.

[@MedicareSchool]

That's great. Thank you for your insight.

[@christopherhennessey8991]

@@MedicareSchool You are very helpful regarding Medicare info.

[@jazzlegend]

Good for you. Tomorrow is not guaranteed, so you made the right choice for you.

[@cindypatrick785]

@traybernimpossible when you own a family run carpet cleaning business. Always have to invest in new equipment or vehicles. That means taking out loans. 1:22

[@cindypatrick785]

@traybern the bank thinks we’re indebted every month to make the loan payment 😏

[@mikefordguy3364]

Plan on taking mine at 62. Break even is 12 years if waiting another 3 years and taking at 65. Plus not having to touch my IRA. Keeping 75k more in my IRA locked in 7 year CD at 4.25 percent verses having to withdraw if waiting till 65. Its a no brainer to me. Yeah will miss the cola on a higher SS check if waiting till 65 or 67 but I dont want to work full time anymore. I have just found a 3 hour per day job that provides a higher hourly rate than my old full time job. New part time job has PTO and no weekends! Wont have to worry about claw back at 12 grand per year. Pension doesnt count towards claw back nor does IRA distributions. Only hit comes from increased cost for healthcare via the exchange as SS counts as income when it comes to the health market place so that should be factored in if your on the exchange. Just my two cents!

[@MedicareSchool]

Thank you for the feedback. If you need help with the Marketplace ACA plans to bridge the gap until Medicare, we can assist with that as well to help you find the most cost effective option until your transition to Medicare. If you have any questions please, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@dj3114]

Good factors and you've thought through the angles. Is your goal to leave the majority to kids, etc?

[@TheHardwickHomestead]

Depends on how long you expect to live. Very few people in my family have lived to be 62 years old. I doubt I will be alive at 65, but you never know. My older brother died last year at 59 years old. I'd probably take SS at 62 years old, at least I'd get something after decades of investments into this government program that never pays out, at least in my family.

[@JeanSchlemaan]

take ss at 62, and go live! im 53, scrimped and saved my entire life. i now travel the usa fulltime in an rv. cant wait for my ss!

[@deerrudy]

Most informative video on social security I have watched. Fresh new information I had not considered. Thanks

[@MedicareSchool]

Glad it was helpful!

[@alexsteven.m6414]

Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.

[@surrelljr]

Took mine at 62, have a pension also. I am still in relatively good health and I want to enjoy retirement, seen people go for that last “golden dollar “ and screwed themselves out of social security when they died, and there were others who developed health issues and couldn’t enjoy retirement. For me, I made the right choice.

[@mikepiper6077]

Several people i know and I was familiar with their financial situation took there S.S. at 62 because they were unemployed and broke. So for them a no brainer. Seems lots of people fall into this situation.

[@MedicareSchool]

Thank you for your feedback.

[@johngill2853]

And that is there situation, you should not put yourself in that situation

[@snave59]

@@johngill2853 It's their.Not there.

[@patrickodonnell9388]

I was born in 1968 and my full retirement age is two days after I die! I'm not working until I'm 70 no one should be working to live at 70 years old!!

[@MedicareSchool]

Good point! Thank you for the comment!

[@lucywhitmore9]

Many professionals work well into their 70s, doctors, lawyers, some people enjoy what they do or making a viable contribution to society

[@LarryCoburn-iw6cl]

Exactly 💯 %

[@LarryCoburn-iw6cl]

​@@lucywhitmore9 good luck

[@johngill2853]

When you retire and when you collect social security is two different things

[@jonnydougs]

The reason I decided to take the benefit is to take the monthly income and save it all since I choose to continue working….this little nest egg will be about 150 k by the time I reach the mandatory “take” age. Think about this, if you pass away prior to taking the money, you and your heirs get nothing, the feds keep it all. I intend to be around a lot more years but I like hedging my bets to…that money in savings will closely earn the equivalent payout if I waited til 70-72. Keep working on your time and take the money!

[@MedicareSchool]

Thank you for your insight.

[@cathyvine488]

@J Market I like your idea, but how difficult will it be to stay below the maximum income threshold? I have my 30 years in and would like to retire (age 57) and collect my pension, then start SS at 62. I plan on working a part-time job up to the max income allowed for as many years as my health will allow.

[@jonnydougs]

@@cathyvine488 Hi Cathy. This is what I learned from online info….be sure to do your research as this info could be out of date. If you take SS benefits at 62 and continue to work you are likely subject to income limits and pretty high taxes (as much as 33%) on the social security income. If you wait until full retirement age (FRA) as I did, (66 and 4 months) you can earn as much as you want with a portion of the SS benefits subject to income tax. For me, the taxes after FRA seemed reasonable as I chose to continue working and it’s always better to take the money in case your plans on living are curtailed. I’d rather have money on hand to,pass on rather than the Feds keeping it all.

[@cathyvine488]

@@jonnydougs TY I will look into this.

[@wisconsinfarmer4742]

@@jonnydougs I really like your thinking. My FRA is on Feb 2024. I am going to keep working [at 32hrs/week] and invest the SS. I am also marrying a 49 yr old math teacher. Summers will be fun in the sun. Life keeps getting sweeter. Don't know when I will retire completely. A guy I work with is 73 and the customers love him. Job satisfaction is super high. Guys like us will live past 110 and break the federal treasury, probably send out hit squads but they will miss because we will still look 80. harhar pass the beer nuts Norm.

[@frankmccarthy2624]

I’m taking it a year from now at 62. They’re running out of money in 8 years. Additionally my mother died at 68. I’ve done the math. If I take it at 62 vs 70, you only make a total of $39,000 more over the years by waiting. Meanwhile you can invest the money you get between 62 and 65.

[@diytwoincollege7079]

63rd birthday. Not a day later The most important thing is your health. Money is only money, your health and time are irreplaceable

[@MedicareSchool]

Thanks for the comment.

[@lzgbe.1961]

I agree completely especially with Stephen's assessment concerning spending down personal assets just to get more SS. BUT did I miss the part about how taking specifically at 65 could be a "HUGE Mistake"!! After all that is in the title. Or is that just click bait?

[@MrWaterbugdesign]

I'm 66. Live on savings for 21 years. Plan to take SS at 70. If I took SS today I could earn interest on the money I'm currently living off of. I could get about 4-5% that's almost as safe as SS (apples to apples). Right now that isn't keeping up with inflation. Not taking SS earns me 8% interest AND I get a COLA increase. Not really that complicated.

[@MedicareSchool]

Thanks for the insight.

[@gaiusgracchus7475]

Unless they cut SS benefits.

[@NIUHarrier55]

But those cuts would likely apply to both delayed benefits, say age 70, as well as standard full retirement age. If the government was forced to reduce benefits 20% across the board, at age 70, your benefit would still be higher than what you would have received at your standard retirement age.

[@Pahoe77]

Also, it depends on what your expectations are. If you have live within your means while working, & continue to do so after not working, then either choice works well. Personally, I've gotten by on very little, most of my working years. So, its not a big stretch, to do the same, when i fully retire. Peace of mind, is worth far more, than all the money in the bank.

[@MedicareSchool]

Thanks for sharing.

[@joegambs4505]

I retired after FRA. I did not want to replace work stress with money stress. Waiting until 70 for Social Security so my wife will have my bigger check as a survivor's benefit after I die.

[@David-jm6yo]

There are many reasons to take SS early. One being in our case. I have full SS benefit. My wife is 9 years younger and she is tired of working and wants to retire next April at 62 so she can stay home to take care of grandchildren. I’ve had some health issues and may not live into my 90’s ? If I pass before my wife does which is likely then my wife could draw on my SS benefit.

[@MedicareSchool]

Thanks for the insight.

[@lisaveta8565]

Are you sure she will get same as your ssa? It is look like it will reduce because she start her ss at age 62

[@snave59]

Take care of grandchildren? That is their parents responsibility!

[@lisaveta8565]

@@snave59 I loved to take care of my granddaughter. But she is 22. I would love to take care of my grand grand child if I lucky to stay longer enough

[@momof5kiddos]

@@snave59it says she WANTS to… probably instead of a babysitter … I don’t think he meant raise them. Or maybe before and after school etc

[@bman6502]

The problem with all these videos, it’s always from the financial perspective… I get income is an important factor but at what point is a few extra dollars per month worth it??? With that said, he gave a very good explanation of how SS is calculated…

[@ColdPotato]

Take it at 62.... The sooner the better. Waiting to get larger payments just means you're giving up early money and might not live to see it which is the ideal situation, just not for you. Waiting doesn't get you more money, it's just building up because you didn't take at 62. If you live a very long time, it might pay, but that's a gamble.

[@totaltruthnow]

This video cleared up all of our questions. My wife will take her social security at 65. Great video.

[@TakeTheRide]

It amazes me that they hold our money, making interest off of it and then tell us when we can have it back and how much we can have.

[@tracy6947]

Interest is earned off the taxes being exchanged for Treasury Securities and since it's all thrown together in a Trust Fund persee they are not holding your money. Your SS is based off of 35 years of your highest earnings.

[@Pje3ski]

Your money? Ask any federal government official, your money is what they let you keep. You didn’t earn that money! How dare you think it was your money.

[@MedicareSchool]

Thanks for the input.

[@hoosier_daddy65]

Yep - During COVID you never saw their (Congress) paycheck decrease !! Right n time every 2 weeks!

[@snave59]

@@hoosier_daddy65 Republicans in the house of representatives,just approved an $8000 a year raise for themselves.What do you think about that?

[@xessq1]

Ihave a monthly variable (commission based) income.. I was told by social security that not only do i get the "Permanent penalty" for taking it before FRA and take the monthly hit for exceeding the monthly earnings allotment but that if i exceed the Monthly eranings limit for a couple of months that it will stop my SS payments UNTIL i reach FRA and then it will resume at the reduced rate....

[@charleswright9957]

I took it at 62 and am glad I did

[@MedicareSchool]

Thanks for sharing.

[@JBoy340a]

Good information. We are waiting until at least FRA since we are still working and enjoy the work and the new challenges it provides.

[@MedicareSchool]

Thank you. That sounds like a good plan for your situation.

[@patrickodonnell9388]

There should never be a penalty you already paid in for decades through a unjust tax then they tax it when you draw out your money it's not a benefit because it's your money that you have paid in over your working life.

[@MedicareSchool]

Thank you for the comment.

[@jaygrenham]

The only $ taxed is what your employer put in Your ss money was taxed before it was taken out and you do not pay tax on it

[@mamazoni123]

So many of my relatives didn’t live long enough to collect any social security which they paid into in withholding taxes for more years than we can count. It’s like a lottery if you live long enough

[@blasien1]

I'm more interested in maximizing cash flow in retirement, not the total amount extracted from SS over my time of drawing it. But everyone's situation will be different

[@MedicareSchool]

That's true. Thanks foulr your input.

[@rchydrozz751]

Took SS at 62. I work part time doing something I love. I stay busy. I did at first fully retire for one year. It got old after a while. I wasn't happy with that. I still like having to be somewhere, just not every day. But only at something I enjoy, its not really like work. To stay young, stay busy and creative.

[@d6487]

I really appreciate your videos on Medicare so much!! Keep enlighten us with updated videos on Medicare for years to come.

[@MedicareSchool]

Thank you! Will do! If you have any other questions, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@bruceeigsti5274]

me and my wife who has 2 heart surgeries are retiring next year at 63 and taking ss at 65..will bridge the gap with PT work and my Roth IRa funds..so i dont deplete it much..then at 65 ss kicks in..and prob give up PT work and have a little taken out each month from my ROTH tax free funds..so nice to have no income or state taxes after next year

[@sirtedricwalker2979]

Sister went to file taxes....a man there nearly 70....waiting till 70 to take SS. His hands were shaking bad....how does he know he'll live that long? TAKE what u can as soon as available. 62!!!!!....If u take at 62...it will take u to 76 to just break even....how many live that long?

[@tracy6947]

Sounds like parkinson's if his hands are really shaky

[@GracieValenti1]

He might have been really smart to wait - you can live a long time with Parkinson's if that is what he has. He might have figured he'd need more income as he ages due to his medical needs.

[@RobertJ73]

You can live a number of years with Parkinson’s, but increasingly with substantial deficits and decreased quality of life

[@IJUSTWANNAFLYDJIDRONES71]

If he don’t live that long he don’t collect 😂….even if he started to collect he would only received a few years anyway……life is not about money it’s about quality of life.

[@randolphh8005]

Do you have a spouse that may live long? The survivor benefit can be a big deal. If you have the money to wait and not take Social Security, and not work, it’s a no brainer to have one person of a couple wait to take it unless both clearly have poor life expectancy. At age 65, the average life expectancy is about 84, so most people who take very early will LOSE money, not gain money. Taking at 65 or 67 is often a good compromise.

[@emerald640]

I agree with Steve 100%. If you are not working and have investments drawing earnings and capitol gains take the SS money and stop depleting investment earning. If you have no savings or investments then you need the money for current expenses. The advantage of drawing and living on SS is it is taxed as earnings once and it is gone, while money not taken from taxable accounts should accumulate at a capitol gains taxable rate minus the dividends earned at full tax rates. Many stock investments can can make more than the 7% gain in earnings and you have the money NOW rather than waiting on it. Lets say you die at 67 before you collect SS , you left all that money on the table,so to speak, could your spouse or heirs have used that money better than the Government? The difference could be as much as $120,000 ? making about 8% per year compounding. I know this is not a Monte Carlo simulation and there is risk in doing this but the stock market and earnings have been the greatest generator of wealth in history.

[@wingandhog]

Great discussion. I turn 63 in July and have been weighing when best to collect SS. I was thinking about 65 when I will choose to either take Medicare and retire or just wait until 67, and keep working until I hit my FRA. I love my job and am making bank so I might just wait. Lots to think about for sure. Honestly I work by choice and not by necessity which is truly a blessing.

[@MedicareSchool]

Thank you for watching. kzbin.infoDNx8YCNua4k?feature=share

[@russromito4903]

YOU DON'T KNOW HOW MUCH TIME YOU HAVE ! I TOOK MINE AT 64 AND 2 MONTHS. BEST DECSION I HAVE EVER DONE !

[@hoosier_daddy65]

If your happy and healthy I say continue and bank the cash for 2 years .. maybe a money market or high interest savings account.. take your medicare at 65 (you have to sign up) and then if you want to retire you can live off the cash and be IRS poor for 2 years while your SS gets to FRA !!!

[@wingandhog]

@@hoosier_daddy65 ... Nailed my approach exactly. I am one of the few who actually love working and my job and the pay is too much to just leave on the table. I love my lifestyle right now and am very healthy and getting more and more fit by the week.

[@snave59]

@@hoosier_daddy65 You do NOT have to sign up for medicare at 65,if you have an approved insurance plan from your employer! You are wrong!

[@jimbo3609]

If I claim SS early at 62 and when I reach my full retirement age later at 67 will I still be penalized if I make more than 22k? New sub here.

[@MedicareSchool]

Reach out to your local Social Security Administration for assistance

[@pigsgobroke9889]

This is the best SS advice I have ever heard and the clearest! Most advisors say delay no matter what to 70. Focusing on the asset piece makes the most sense in making the decision. Advisors talk about the SS bridge. That has never made sense to me. Thanks for clearing this up!

[@MedicareSchool]

You're very welcome thank you for watching!

[@MedicareSchool]

If you have any other questions, or need help getting your Medicare coverage set up correctly, give us a call to schedule an appointment: 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@kathelineblain7224]

They want you to die before you can collect , that’s they keep pushing it back

[@jsd354]

I retired at 68 after 50 years of self employment. The factoid of paying 7.5% matching your employer’s 7.5% is so much government BS. Since I was self employed I payed my 7.5% and being my employer I paid the other 7.5% for a total of 15%. I paid the maximum contribution to SS all 50 years. I had many high end employees who maid the maximum before the year ended and I increased their pay by 7.5% when they went through that gate. Most years I received a propaganda flyer from the SS Administration with a 2 column breakdown accounting of what I had paid broken down by year in one column and what my employer paid in the second column. The government has always been bad about distortion and I always wanted to send them a correction showing a proper accounting of me paying the whole 15%. Well at 68 I decided to take my SS. I could have received more monthly if I had delayed receiving for 2 more years but what if I died? As it stands now I need to live to 79 to get back my principal. You might want to rerun your numbers again before advising late retirement taking into account the mortality tables and health of retirees.

[@dannyl6507]

One of the top reasons to claim later is you love your job and your income, but another reason is that your cola increases are compounded and are higher the longer you wait. Most break even calculations on when to claim do not include the effects of cola compounding. The break even is significantly sooner if you include compounded cola.

[@MedicareSchool]

Thanks for the comment.

[@tessa1158]

I will take it as soon as I can because I don't know if I'm still here tomorrow.

[@MedicareSchool]

Thanks for sharing.

[@anything9988]

Funny, I thought April was designated by the number 4 not the number 3. Sorry couldn't help pointing that out, great videos. 😁😁😁

[@MedicareSchool]

Thank you for catching that.

[@benitaedwards]

I wish I had taken mine at 62. Just the raise coupled with the upcoming one would have me catching up😢😢

[@jerrythomas758]

Im 67, retired and holding off taking SS for now to remain in the 12% tax bracket. I have a monthly military pension and a survivors benifit. I'm also doing annual IRA rollovers to my roth while staying in the 12% tax bracket as long as i can. This is the main reason im holding off on SS for now. I believe this is the right strategy for now. Plus I'm in good health. For me it's not so much waiting for a higher payment, it's more remaining in the 12% tax bracket until the RMD's kick in. But I'm looking for other opinions to this strategy. Any thoughts??

[@MedicareSchool]

kzbin.infoDNx8YCNua4k?feature=share

[@July.4.1776]

Run a Monte Carlo simulation it will give you a great starting reference of where your at and you can alter the inputs for different end results. 👍

[@MedicareSchool]

Thank you for the comment.

[@robschaller9061]

This choice is IMO very straightforward. The bottom line is if you take SSI prior to your FRA(full retirement age) your ability to have earned income is VERY limited. For 2023 every $2.00 above $21,240.00 you lose $1.00 of benefit.

[@MedicareSchool]

Thank you for the feedback.

[@cathyanorris2483]

I understood it to be you don’t lose it, you get it back later.

[@BlueLineGroovy]

@@cathyanorris2483 that’s my understanding, too.

[@sprtplt]

And that tax law is criminal.

[@ktc32]

Another consideration in delaying and spending down one’s assets is the ability to maximize Roth conversions from ages 65 to 70. One could convert approximately $1 million over those years with $0 income tax. That’s valuable!

[@kevinmccumber7489]

Marvin - great presentation of the calculation of the Social Security benefit. Video was very informative through 12:57. The last half of the video could have been less than a minute in duration with the message simply "everyone needs a plan".

[@MedicareSchool]

Thanks for the feedback, Kevin.

[@EricInboden]

Wish I could have took it at 62. I am 63 now but the fact is I will lose my insurance when I quit my job, and cant afford to pay a supplemental before 65. And am currently going through some serious medical issues so I need my insurance.

[@Pontiacman1964]

Very informative! The most important point that I gathered from this video wasn't said, but I think was implied... and this is what I already believed. If you haven't made it by 65, you're not going to make it - at least by counting on social security. I'm going for 62.

[@MedicareSchool]

Thanks for the input.

[@jillharling]

It’s all personal and different for every individual, I took mine out at 64 years old, 45 years in nursing, and it just was not fun anymore. I’ve done my tour of duty, my car is paid for my home is paid for. My husband is still working, I have a decent nest egg, and an annuity that I will be taking out next year. some people do not have any of these luxuries, some people have much more than I. There is no set formula for every single individual.

[@berniekirk1397]

My wife retired and started collecting SS on her 62nd birthday. I was the primary wage earner, and also retired on my 62nd birthday. I have continued to work and plan on taking my SS when I reach 65 and 8 months, which is my FRA. At that time the earning limit is done. I may or may not continue to work for a short time longer. My question is, since my SS Benefit will be more than double my wife's, (since I earned more and took benefits later) will she be able to discontinue hers and take %50 of mine.

[@pkendlers]

At 59, I am looking at retiring at 70. Medical eats up most retirees budgets. I want to be ready for that. I Don't want to be eating cat food when I'm 90. I should also mention I do not have investments, except my house at this point which we only just acquired. We are building our investments now, for as long as possible, until we become incapacitated. When one becomes incapacitated, that is when you stop working and building for your future. I may have to work until I die. But I am okay with that. I can find things to do that are age appropriate. It would have been nice if I had been wiser in my youth and had worked harder then, and put more away - although raising two children and the economy took most of what I had. The time went by so fast. I'm making the best of the situation at hand. No one is entitled to retirement, or even another day alive. We all endeavor to do our best everyday, that's all we really can do.

[@MedicareSchool]

Very well said. 👏 What a great mindset. 👍

[@Dbb27]

Good for you to see the reality. I’m aghast at how many people ‘retire’ at 62 and have to work part time forever. I’m working because I want to and I enjoy working.

[@ledout7733]

If you get to be 70 , good luck with that .

[@hoosier_daddy65]

True - this week a friend of mine left to go to the store .. never came back .. freak accident ..

[@Dbb27]

@@ledout7733 69. I think I’m good on this. 🤓

[@gregthomas2448]

The most valuable statement here is the fact that drawing 40K a year from social security is equivalent to 4% of 1 million cash draw from, for example a savings portfolio. Feel much better now ⭐️🇺🇸

[@edhettwer7920]

Yes, agreed. I think this line to be the most invaluable here. That and not necessarily taking the highest SS benefits but seeing the overall impact to your savings drawdown.

[@MedicareSchool]

Thanks for the comment.

[@kennethvaughn5967]

virtually nobody other than the rich are drawing 40,000 from social security. People that use numbers like this are not worth listening to by most people.

[@johnscott2746]

The most valuable statement was basic math? A fifth grader could figure that.

[@bman6502]

$40k annual would require $3,300 per month of SS… I would be interested to know what % of folks get that much each month??

[@mjohnson2227]

I’d rather retire at a younger age and enjoy vs waiting

[@MedicareSchool]

Thanks for sharing.

[@drumlover1687]

Man plans God laughs! Never lose sight of that when making a final decision on taking SS. My wife and i just had an unfortunate encounter while driving home the other night in Pennsylvania on a pitch black 176 at 11:00 pm when out of nowhere we hit a 1,200 pound black angus cow that got off a farm that was right off the road that made its way onto the highway and into my right lane. We survived the crash by the grace of God. Unfortunately the cow didn't, and neither did my car. We're both 63 and we could have both been seriously injured or killed hitting an animal that size. So our FRA benfit wouldn't much matter at that point now would it.

[@MedicareSchool]

Glad you're okay, thanks for sharing.

[@johnscott2746]

I’m 64 and I haven’t been up at 11:00 in years, let alone driving anywhere. You want to take your life in your hands that’s your business but it has nothing to do with Social Security.

[@drumlover1687]

@@johnscott2746 I never suggested it did John!

[@johnscott2746]

@@drumlover1687 the first and the last sentence in your post were all about timing of Social Security.

[@drumlover1687]

@@johnscott2746 My comments, ( which by the way were about a personal experience my wife and I had) was simply meant as something to consider when making the decision to file John. I realize thats a personal decision for all.And please understand that obviously it matters not to me, when you or anyone else files for benefits John. I'm sorry if you misconstrued my post that was never my intention!

[@51dbail]

There are a lot of factors! What do you need to live on? The biggest one for me. I’m already retired 4 yr now. Pension +widower SS. Will take my SS at 64 1/2. Why? That’s when the Benifits looks best in my case. Everyone is different with different needs

[@MedicareSchool]

True. Thanks for the comment.

[@AccordionJoe1]

Take SS as soon as possible and enjoy the extra money when you are still young enough to golf, ski, travel, etc. You will not need the extra money at 75 or 80, assuming you live that long.

[@MedicareSchool]

Thank you for the feedback.

[@rocqitmon]

what if u need assisted living after 75?

[@whatwhome6914]

I am planning to start SS at 63 1/2. About two years from now.

[@MedicareSchool]

Thank you for the feedback.

[@jeangreen432]

Great practical real world advice, thank you for this fantastic channel. You cover the most important aspects of retirement. Most of us nearing retirement don't have a $1M portfolio (not including home value). Many of us are single with under $500K. Other channels are prompting 'retire now! Retire early!'. After viewing them it is absurd for the majority and all I see are positive comments which makes me think 1. They are paid 2. They are wealthy 3. They are uninformed. These big smiling financial advisor channels avoid diving into the warnings of early retirement for the majority. I'm tempted to paste your channel all over them to help the misguided. Many blessings to you, I gladly subbed and always give a thumbs up. Great job!

[@MedicareSchool]

Thank you for the comment and for watching!

[@snave59]

There 's a 4th reason.They aren't too smart.

[@billyhorton5779]

Financial advisors are always experts at telling other people how to invest their money, but all the advisors I have spoken to were not wealthy. Instead, they had a shingle on the wall saying they were an expert after attending some course.

[@Dbb27]

Something I don’t hear mentioned, although not relevant to this video, is that if one has been married for ten years, even if divorced they can base their amount on their ex spouse benefits if it’s more.

[@MedicareSchool]

Thanks for the insight.

[@vistahawk1688]

I liked Stephens comment about $40,000 annually in Social Security representing a 1 million dollar annuity.

[@MedicareSchool]

Thank you for the comment

[@dantracy621]

Yep. People completely forget that.

[@nala3038]

Claiming SS can be a complicated process with a lot of moving parts: What other resources do I we have? How is my health? How will it affect my/our taxes? What about my spouse after I croak? But often it's just, "I'm sooo done with work, lemme outta here..."

[@ericinla65]

BIG TIP: If you family lives to over 90 years old. Taking SS at 70 is a great idea to get more money. If your family has a history of dying around 65-75 years old. I would take it at 65.

[@martinlaulunen7189]

genetics play less than 30% in determining longevity.

[@JohnSmith-dj5gf]

For all the old Dads out there, if you still have minor children when you turn 62, you can turn on your SS and your kids are eligible to collect half your FRA amount until they graduate high school. So while you take a 30% hit your household SS dollar amount is way higher. In my case, my daughter was born when I was 50, she’ll be 12 when I’m 62 and will be able to collect about $1800/mo for 72 months. That’s $130k and could pay for college or be a down payment on a house.

[@leonardbutler2231]

Thank You I'm in the same situation as you, I'm 62 years and have 2 minor children, 15 and 6. Have you applied yet and is it fairly easy to apply? Thanks.

[@robertclark9]

They want you to think it’s a mistake. In reality you’re just giving away two years you could be enjoying life, in exchange for an amount of money that won’t amount to a hill of beans.

[@MedicareSchool]

Thank you for sharing.

[@xfiles4792]

The SS optimization programs all assume that SS will be around for the rest of your life. That's a BIG assumption considering the program is expected to go insolvent in less than a decade. People say that retirees take out more money than they put into the system. However, the dollars I put in were worth a lot more than today's dollars. When I was a kid you could get a hand scooped ice cream cone for 5 cents. Today that same cone is nearly $5. The SS cost of living adjustments didn't even try to keep up with that. I am taking SS at 62 in a few months to get the most back before the system goes broke. Talk of future benefits is talk. I'm a big believer in "A bird in the hand is worth two in the bush". Finally, the reality is that SS will not even cover my rent. I am seriously considering moving overseas where I can live like a king on my SS, where taxes and crime are low, and they speak English. The Island of Cyprus in the Mediterranean is at the top of my list.

[@forwimp]

You keep giving me information I need and I can use. Thank you. The points made by by Stephen about taking SS at FTA and banking the money for 3 years until age 70 was something I hadn't fully considered.

[@MedicareSchool]

You're welcome!

[@Swist1213]

That's what I plan to do. Take SS at my full retirement age and banking it while I still work. It's not worth it to wait until 70. I did a spreadsheet and figured out the break even point and found that I'll probably be dead at that age.

[@allanfifield8256]

This adding months to full retirement for those born 55 or later is is repudiation of the social security promises to the American people. Also, taking at 65 may be less than optimum for some but it is never a HUGH mistake. I took at full retirement - now have 8 years in the bank.

[@MedicareSchool]

Thanks for the input.

[@hdvictoryford5329]

My fiduciary rec 62, which I did. In PA you can triple dip. And my projected at 72, was just a tad short of what I am currently getting at 72. Most of my friends kept working and did not start SS at 62. Now they regret that decision.

[@johnscott2746]

Sounds like bs to me .

[@Corbrwl]

One thing I don't see accounted for in any of these "when to take social security" videos, is discounted cashflows. If you account for the time value of money (which is reality), then the breakeven analysis is much later than the videos show, and therefore you should be more inclined to take the payments earlier rather than later.

[@billyrayband]

This is a complex decision, but you can overthink it because 1) You don't know what future tax brackets will be 2) You don't know when you will die 3) You don't know what your return on investments will be. But if you have few assets and are in good health, take it later. If you are in poor health, take it early. If you are married and spouse has a much lower benefit, take it later.

[@MedicareSchool]

Thank you for the insight.

[@IP0Monsturd]

I would take social security at 22 if possible. But I need the health insurance my employer provides me. So, until the lower the Medicare age I’m working until 65.

[@Emg2463]

so if you take ss at the age of 62....what options are there for insurance until you reach 65 and can sign up for Medicare ?

[@MedicareSchool]

There are under age 65 health insurance options, we can get you the info. It varies in different States.What State are you in?

[@miamivicefanatic9736]

I got an ACA (Affordable Care Act, aka Obamacare) health plan until I reached age 65. If you are able to keep your taxable income low, the ACA subsidies can be very generous.

[@Emg2463]

@@MedicareSchool thank you ! Connecticut

[@MedicareSchool]

You're welcome! If you have any other questions, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@jimfarmer7811]

@@miamivicefanatic9736 I retired at 62 and my wife and I went on Obamacare. We didn't pay any premiums for three years and we were lucky with our health and didn't have to pay much out-of-pocket. In addition I had socked away $40,000 in an HSA.

[@Bob-yh7ir]

Probably the best layout I have seen for how SS numbers work. We are leaning towards the conclusion that I will turn my SS on at 65. I will still be getting 2850 a month doing so early. That 34,200 a year is just about our household expenses. Our investments will easily provide more than enough to do whatever we want. Once my spouse turns on her pension we are covered more than 100% for base household expenses. Then when her SS activates at FRA, we will have more money than we can spend. Investments will just grow. But we will try to use it. Don't worry. ;)

[@MedicareSchool]

Thank you for watching and the positive feedback. Sounds like you're doing well.

[@benjaminrobelo6044]

Best comment I heard on this issue: "I'd rather be walking with $50 in my pocket than with $100 in a wheelchair". Time waits for no man...or woman.

[@LarryCoburn-iw6cl]

Also the s.s rules change more each year, are they going to cut payments?, are they going to raise the age limits? Government has been dipping there hands in the s.s. funds for many years, t!!

[@MedicareSchool]

Thanks for the comment.

[@LarryCoburn-iw6cl]

Exactly!, this guy won't tell you this.

[@hongs8867]

Retired, age 62, do not need the money, ever so take SS now or wait till FRA or age 70 wife works is 15 year younger????

[@timothysmith7436]

I’m taking it at 62. Period, end of discussion. You may die or Social Security could go broke. Get it while you can.

[@michellebilodeau3882]

Amen brother.

[@cynthiacastillo9048]

This is exactly what I needed to see. My current situation, unemployed but taking class in medical field. In june I could take SS, & start working, pt, earn n receive full benefits.

[@MedicareSchool]

Glad to hear this has helped you!