The Best and Worst Ages to Claim Social Security - Don’t Miss Out!

[@annehersey9895]

I retired and took Social Security at 62 and it’s the best decision I ever made! I have a good pension and by taking Social Security at 62 with my pension I retired bringing home more than I did working. I went out early because my dad died at 44, his brother at 49 and my Mom at 66. I’ve seen too many people-mom included-who waited till full SS age and die within a year. The BEST age to retire is what is best for YOU! Each case is unique.

[@Dbb277-2]

You are the perfect scenario for someone retiring early.

[@keithmachado-pp6fv]

One reason I am delaying is taxes. SS is not taxable in my state and at least 15% is federally tax free. My other ordinary income is taxed 50% higher than SS (30% vs 20%) so I want a higher % of my income to come from SS and delaying maximizes both the payments and COLA.

[@kygent508]

70 is a great time to start if you believe you will live another 25 years and never have to go into a nursing home.

[@sammyocgirl7411]

BIG IF so live until 80 you are screwd....you will so much more at 67 OVER the years do the math

[@mikehocking4836]

62 for me never know when you will kick the bucket

[@rayhughel1508]

If you factor a 2% average cost of living increase for the Social Security benefit those aggregate annual numbers jump up rather dramatically (recognizing of course that the COLA is quite variable & subject to legislative change on how it is applied). This makes the delaying tactic even more enticing of course. I worked up a spreadsheet that used your mileposts of 62, 67 & 70. A template that factors exact retirement date and accurate monthly benefit is possible but more complicated than I am willing to design right now 😅

[@davidfolts5893]

Remember, when determining the best-claiming strategy for a couple, it's about the longevity of both, not one. That's why it's often ideal for the higher earner to delay to seventy.

[@scoutandscooter]

I'm 64. Took SS at 62. Why not? We NEVER considered SS as part of our saving and retirement planning process. It's just a little blip in our checking account each month. Don't depend upon government, unless you are a big bank or a big business.

[@GB57825]

As Thomas Sowell says, there are no solutions, only tradeoffs.

[@jackyeh7512]

Three of my friends DIED before withdrawing any SS benefits. Take it ASAP.

[@James4cycling]

I’m sorry to hear that but keep in mind there are over a million Americans over age 90. If they were married their spouse receives a larger survivor’s benefit.

[@heymoe1179]

That's no reason to take Social Security. SS is an insurance policy for old age. You should do your financial planning based on living...not based on dying. I doubt your friends are missing the money.

[@BrittMFH]

I've not taken SS but if I die tomorrow, that's okay. 😊

[@penelope5500]

@@heymoe1179 Taking SS based on friends dying before getting it always seems like strange reasoning to me. I can think of so many other considerations...do you need the money, how is YOUR health, what will the impact on your spouse be?

[@heymoe1179]

@penelope5500 Exactly. 💯

[@donaldwebb9148]

Do this. Take how much you'll make when you WANT to retire and when your full retirement is and the difference between the2. Multiply that difference times the months between when you retire and when your full retirement age is. Now take how much you'll get when you retire and multiply that times the months between WHEN you retire and when your full retirement is and see the difference between the 2. I'll use my personal example. My full retirement was 66 and 6 months. I drew my retirement at 66. Because I drew early, my check was about 120 less than full retirement. So 6 times 120 is 720 dollars. But I drew 2400 for 6 months because I started early. 6 times 2400 is 14,400. So it would have taken me 20 months to make up the difference between what I got in those 6 months and if I had waited till full retirement age. I was still working, but I didn't get penalized for making over the limit because my full retirement was the same year I started drawing. Clear as mud?

[@wandamoore2235]

I watch you all the time But has anyone thought about one thing that is going on with Social Security And if you think about it it does make sense when us old people get SS, the INS company comes right in behind us and jumps the Medicare INS up and so we really don't get the little bit of a raise every year, From the Government ?

[@kygent508]

You are right you never get a raise as inflation takes more then the tiny raise you get.

[@karrinorberg1411]

Great info

[@MedicareSchool]

Glad it was helpful!

[@geoffreyrhine8210]

Depending on your immediate spending requirements, waiting till age 70 vs taking SS at FRA, can take 12-15 years to breakeven with the higher payments at 70 vs all those months you collected nothing. That is conservative and doesn't even include investing the SS payments you started taking at FRA.

[@bill648]

Too many variables involved here to just make a blanket statement about what is best. Everyone’s individual circumstance is different. Millions of people die between the age of 62 and 70. Just a side note.

[@sheryllegg845]

I tried Bill. My reply has disappeared. 75 - 6 years MA

[@somersetcace1]

It really depends on your situation and how long you expect to live. There are many anecdotal examples of people taking early, and living into their 90's, and those who took it late and died within a couple of years. Given that, I don't see a set formula to follow in making that decision. If you can actually retire at 62 and live comfortably, then I'd say that's the way to go. Otherwise, I'd wait till 67, where you get not only the higher amount but have no earnings penalties. I personally wouldn't wait till 70, simply because I do not expect to live past about 80.

[@CD-ql9hz]

The Lifetime Benefits amounts shown on the chart are not reflecting future COLAS. COLAS are applied to the higher monthly benefits and can make delaying more attractive.

[@Groqx]

Given the numbers you provide on the face of your vid, it will take ten years (age 80) to break even if you wait until age 70.

[@heymoe1179]

The right age to start taking is different for each individual. There is no hard and fast rule of when to start SS payments. Retire as soon as your finances allow. And if you can wait until at least full SS retirement age (around 67), then you will receive 100% of the SS you are entitled.

[@ChrisSadowski-pp1np]

62 vs 67 breakeven: 78.5 years 62 vs 70 breakeven: 80.5 years. Social security is not supposed to make up more than 40% of your monthly income, so as long as it's less than that, there's no issues with collecting at 62.

[@keithmachado-pp6fv]

Break even age is much higher when you take into consideration the growth on the money collected earlier and invested. The argument that you won’t invest it you will spend it so you can’t assume growth is flawed. The reality is that if you take it and spend it to live on then had you deferred you would have needed to draw down other income producing assets. Using conservative 4 to 5% growth which is available today risk free in long term treasury bonds, the break even is between 87 and 88 years old. A simple example would be collect $3000 per month at FRA vs $3240 one year later. Interest on the $36k collected in year one of $1800 offsets a big chunk of the extra amount by waiting thus the additional years needed to offset the extra $36k collected in year one.

[@ChrisSadowski-pp1np]

@keithmachado-pp6fv also 20% plus of all people will not make it to age 70. When it comes to living to age 90 only one every four people that make it to 65 will do that. Break it down by sex: 16% of men will do this and 34% of women will.

[@ChrisSadowski-pp1np]

@keithmachado-pp6fv and a little over 20% of all people will not even live to be age 70.

[@ChrisSadowski-pp1np]

@keithmachado-pp6fv 20 percent of people don't make it till age 70 also and only 1 out of every 4 people that make it till age 65 will live to age 90.

[@utubewillyman]

​@@keithmachado-pp6fvthat's exactly why I'll start at 62. If I wait until 63, it will take about 12 years to make up that first year's loss, and that's without accounting for the interest I would have made on having the money earlier.

[@skippermjm5713]

I’m 64 & retired why? Because @ the beginning of the year i was diagnosed with stage 4 cancer. I wouldn’t make it anyway near 70 !

[@johnscott2746]

I retired at age 61 and I’m now 65. I’m waiting on Social Security until age 70. My wife is 11 years younger than I am and doesn’t have a full work record. She is going to draw her benefit at age 65 when she signs up for Medicare. Then when I pass away she can get my higher benefit and I won’t worry about what will happen to her when I’m gone.

[@Groqx]

@@johnscott2746 check on this to see if it is right: If you take SS at age 67 she can claim spousal benefits (when she reaches 67) and will get 50% of what you are getting. You will collect 100% of your SS and she will get 50% of what you are receiving as a spousal benefits (assuming that amount is more than what she would be collecting on her own). Every year below 67 she looses 9%. But she can claim on her own at 65 and then at 67 claim on your earning if it is higher.

[@silver6054]

IMO, this is only half the picture. You will need something to live off if you delay. If this is work and/or pension etc, then delaying can make sense, assuming you live long enough. But if instead you are pulling from retirement assets (IRA, 401(k), 403(B) etc) you need to take into the account the reduction in growth of those assets due to your withdrawals. This might, or might not, exceed the gains made by delaying SS.

[@notalenthere]

Yes, this is the flaw in most of these videos. Goal is not to maximize ss benefit but to maximize total $. An example of what you are talking about is my wife who retire beginning of 2021-she took ss at 62. If not she would have taken money from her tsp and that money would have missed the 55% growth in th s&p 500. Taking ss also has additional tax benefits.

[@bruceeigsti5274]

Best 70? Not in my case..i don't want to use all my Roth funds while I wait to 70.im 63 now 😊 takung it now at 63

[@mysKhalsa]

Beautiful 👍. Concise and to the point

[@MedicareSchool]

Glad it was helpful!

[@jackyeh7512]

I have a life insurance ending at age of 77. If I drop dead after 77, I win. If I don't, my wife wins.

[@voodoodrug]

My dad did not need SS at all but waited to 67 anyway. Crazy im not making that mistake.

[@heymoe1179]

Your dad made the right move. By waiting he is receiving 30% more each month. That is a smart move.

[@voodoodrug]

Perhaps but he lived into his 80’s and left 5 mil in his bank….

[@sheryllegg845]

I have been approved by underwriting to switch from MA to Supplement plan which should be effective 01/01/25. How soon should I submit payment? Don’t wsnt to be caught without insurance. Also approved for Part D at no cost.

[@billwilson6670]

Sheryil do you mind if I ask you how old you are and how long you were on MA plan? I'm considering the same move.

[@sheryllegg845]

@ No problem…I am soon to be 75. Have been on MA about 6 years. Go to Dr once a year to get scripts..2 BP meds 1 cholesterol med. live in Ohio -go Bucks. Hope this helps you decide.

[@MedicareSchool]

You ca set up easy pay with the carrier so they would just draft it from your account every month to ensure you don't miss a payment.

[@sheryllegg845]

Thank you

[@sheryllegg845]

@@billwilson6670 did you receive my reply?

[@sheryllegg845]

Is this medicare info??????

[@Dbb277-2]

No. It’s social security only.

[@sheryllegg845]

@ oooops. Sorry. Guess I mis - read other post 🥴

[@Dbb277-2]

@@sheryllegg845 🥰

[@sammyocgirl7411]

than you drop dead at 71.....no thanks

[@utubewillyman]

I think that's kind of what the government is hoping for by encouraging people to start collecting later.