The Optimal Age To Claim Social Security Benefits REVEALED! 😳

[@MedicareSchool]

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[@LucasBenjamin-hv7sk]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[@ohyeah3750]

I retired at 62. Now 80. Best18 years of my life.

[@howardfriedman7077]

When did you start SS?

[@ohyeah3750]

2005@@howardfriedman7077

[@krissimons1339]

Well, I retired just before my 60th birthday and I will probably start taking SS at age 65 once I'm eligible for Medicare. Retirement and taking SS don't necessarily have to be done at the same time.

[@jazzzman1000]

Excellent! Good for you 😊

[@laurievanzon2126]

What are the most satisfying things you have done since you retired?

[@budscott1257]

Depends on your health I took mine at 62 and never looked back. It’s the best thing I ever did.

[@Cesarinaella]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[@Davidvictor6]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@Mariakevin-d9v]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@Pamala-p1t]

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!

[@Mariakevin-d9v]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@Pamala-p1t]

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

[@DanielRustad]

I have worked for a company for 41 years of my life. My body, mind, and dignity are shot. 62 is the optimal age for me. You can't take it with you... $$$

[@kevind8752]

Can always earn more money. Can’t earn more time

[@garyjones3142]

Sad sad

[@KentAndrewLang1967]

I’m 57 and I hear ya! Been with a company for 34 years and I need medical maintenance and recover time to get through the days. Sometimes it works well but there are days where I go to work taped up like a mummy. I have no aches and pains whatsoever using PTO time.

[@muth1997]

I feel as though I wrote your post. Glad you are out, and I believe you still have your dignity. Godspeed to you

[@Barbiedoll1959]

I started collecting at 63 1/2 Years old. I planned for retirement and just sold our Big home to down size. Why wait until you are not able to enjoy your life. Take the SSI as soon as you can and enjoy !!!! We have no way to know when God will take us to our forever home.

[@howardfriedman7077]

We are talking about SS retirement benefits, not SSI and you have to be more concerned about outliving your savings, than dying young.

[@dpayne1943]

@@howardfriedman7077 People use the wrong acronyms all the time. From what is being said, they took social security retirement.

[@edhcb9359]

@@howardfriedman7077Most people who think that prove themselves wrong. Just saying 🤷🏻‍♂️

[@wcottee]

I have always believed that the only way one can compute the "optimal" age to draw Social Security" is to know the year one will die. Anything else is a guess.

[@almoemason]

I took my Social Security at 62. I was in good health and most folks on both sides of my family lived mid 80's to 90's. Was it the best financial decision for me? NO. I also cashed out my Roth and bought a boat which was a really bad financial decision. That was almost three years ago. Those were the two BEST decisions I have ever made. Sooner or later you are gonna die, try and live some before you do.

[@h.s.levine2932]

@@almoemasonSounds like you’ve had a tough time trying to find a balance between the two.

[@pamcornelius9122]

I agree. My husband died very unexpectedly at age 61. I took my SSA survivor’s benefits as soon as I was eligible, at age 60. No regrets.

[@coastalhillbilly3419]

@@almoemasonWhat kind of boat?

[@Shizzle700]

Every situation is different. My wife became seriously ill and was drawing SS. I retired at age 62 but decided to wait to draw my SS. She passed away shortly after I retired so I was able to collect a reduced amount of survivors benefit. It was just enough to keep my head above water. At age 69 and 1 month I took my own SS. It is a considerable amount especially after the COLA increase from last year and the upcoming increase in January. If at all possible delay as long as you can. Even a few years can make a huge difference.

[@christopherhennessey8991]

Claimed at 62. No regrets.

[@DrSchor]

you forgot to say "yet"

[@MrEdwardCollins]

I'm curious why you chose to accept a *permanent reduction in benefits* ... for life. Did you not plan your retirement well enough... and you simply needed the money? Do you have a pretty good idea that you won't live to see your mid to late 70s?

[@donaldp9259]

I did the math and figured out that if I waited until my "full retirement" age to collect SS, I would have to survive to the age of 78, if I waited until I was 67, to collect the same amount that I would collect starting at age 62 until I was 78. Now....the average lifespan in the U.S., today, for a male is 77.6 years, and the oldest any male in my family for the last 3 generation has lived to is 71. Don't think for a minute the government is doing you favors by telling you you'll get a bigger check if you wait until that maximum age....as usual, they just want to pay you as little as possible. They know the figures as well as I do, and I'm no math whiz. I started collecting at age 62, I am now 70, and the extra five years of retirement is worth anything that I MIGHT not collect. We paid off both our homes and all of our debt before we retired, and now we live very comfortably on our modest pensions and SS, and invest a couple thousand every month into gold and markets. DON'T TRUST THE GOVERNMENT TO BE LOOKING OUT FOR YOU.

[@jazzzman1000]

The spoils go to those who think for themselves. Great job!

[@martincarr4204]

Yep, but there are going to be the naysayers that will wait till 70 to collect the enormous check , but they do not understand that there is no cure more mortality, I have not seen anybody who waited till 70 and said it was the best decision, maybe if they are still working but even then it still makes good fiscal sense to take it at 67

[@martywilliard]

The government is sending our tax dollars to protect foreign borders. Tons of money. Giving it away. No - you can’t trust

[@CaptainQueue]

@@martincarr4204 I took it at 70 because 1) was making peak lifetime wages. 2) overcome effects of a layoff. 3) Save enough to pay off house mortgage. 4) Max out my wife's spousal SS benefit when I pass. I had never planned to work past 66-67 but the layoff threw a major wrench in things.

[@AndrewBurbo-zw6pf]

try running a spreadsheet where you invest the money at 5% above inflation and draw out what you would if you wait. you will be over 100 before you break even, if you live until you are 70 you will have 8 years of income if you took it and 0 if you didn't. if you invested that 8 years of income it will beat anything you will ever get after 70. a dollar in your hand is worth 2 in the bush and 10 in the hands if the federal government. a wise man makes his money work for him, a fool works for his money.

[@shawn2380]

Break even has to be the most short sided plan ever. The bottom line problem is not what if I die and leave money on the table, but what if I live and have no money on the table.

[@ohiofarmer5918]

I was almost killed with one medical mistake and had to fight against very poor IV management to save my life later on. Now we are dealing with excess deaths that may be related to the nineteen treatments. According to a British Doctor...... allegedly.... We waited until full retirement age 66 and I took half benefits from my wife until she 70. We ran that option or me just taking my own at 66 and the lines crossed somewhere past 81

[@nyjets011269]

For the people who ask why work until or past 70? Aside from the financial and health aspects, many people enjoy working, at least part-time. Some have friendships from work. Many people don't play golf or have many hobbies or varied interests. Not everyone wants to travel. Me personally, I can't imagine not at least working part-time to keep busy. Do what's best for you.

[@clemzahrobsky2137]

if i had waited to 70 to retire i would have had only 10 years not 20 to enjoy retirement with my wife

[@martincarr4204]

that is what grand kids are for or do volunteer work at a hospital.....

[@Abraham.Lincoln22]

Working until death…interesting plan.

[@martincarr4204]

@@Abraham.Lincoln22 Some people like to socialize, so working keeps up with that, I know people who are bored being retired and I tell them that they a crazy, these types need regimented activities for them to to still consider themselves useful, so working is the only thing they know since they have been indoctrinated to believe that is for their betterment. Yep, they are really people that wants to work until they die, they just do not understand how to live without a job, and it is not about money, they want to keep active, it is just something to do, to socialize......

[@JohnEldon-wy3bv]

@@Abraham.Lincoln22 If you love your job, as I do, there are wose ways to go.

[@latintraveler1152]

It's not how long you will live collecting social security that's important but the quality of life while your alive . Collect as soon as you can afford to ... period.

[@zombieapocalypse3837]

The optimum age to start SS benefits is up to the individual because it isn't only about maxing out the dollar amount of your benefit.

[@KenJackson_US]

But it doesn't hurt to do the math.

[@zombieapocalypse3837]

@@KenJackson_US Sure by all means, I crunched the numbers every which way and came to the conclusion that I can take it now and enjoy it more while I am younger and healthier or wait/work longer and get MAX about 40% of what I received while working, when I am older and maybe not as healthy. Like I said tailor it to your situation but always keep in the back of your mind there are no guarantees how long one will live and live healthy.

[@steveludwig4200]

BINOG. 100% correct.

[@steveludwig4200]

@@KenJackson_US Problem with "the math" used by "the govt" is it does not take into account the "investment opportunities" of the dollars over time when SS is taken at age 62 for example. By my calculations that moves the "break even" point FAR forward at least 5-8 years in a lot of scenarios. The point is "the govt" wants to hold onto YOUR social security money as long as they can. In my case, sorry but I figured out the game.... It's also more advantageous because the earlier you have that extra cash, the younger and more healthy the person is to ENJOY that benefit and spend more money on doing what you CHOOSE to do as opposed to 5-8 yrs later when you are spending it mostly for "old age care."

[@KenJackson_US]

@@steveludwig4200 You can add in your other opportunities and STILL calculate an optimum. You afraid of math?

[@whateverittakes5580]

You need to calculate the difference in buying power with that money. If SS COLA increases are 2% and actual inflation is 8%.....that pushes 79 out further. Moreover, if they are taking money from a 401K vs SS at age 62...they are losing those investment returns & paying taxes. That pushes 79 out further.

[@clemzahrobsky2137]

retired at 60 took SS at 62 and now 90 still collecting. best move of my life

[@rayreyes8497]

Based on the calculations in his example, you could have received an additional $144 grand after your breakeven point at age 74. But perhaps you didn't need it. Cheers! :)

[@JohnBowl14690]

@@rayreyes8497 - Agree. For those who hate their jobs, they should retire and get the best bang for their SS. Nah...I'm not retiring. I have enough to retire right now, but I only work 24 hours per week and I like my job. Even if my SS didn't go up, I'd still keep working. Now if I hated my job, I'd quit today.

[@craigschray4486]

​@rayreyes8497 life is not guaranteed

[@dennistyler9852]

@@rayreyes8497I think he’s doing as well as my Dad who’s been retired more than 32 years.

[@dennistyler9852]

Retired more than 28 years, that’s fantastic. My Dad more than 32 years.

[@tammyicious]

I was born in 1962 and my problem is I don't know what to do when I retire. Sadly, I always thought I would travel, but traveling is very stressful and causes me anxiety. I don't like being out of my comfort zone. I also love my job. I work a hybrid situation and make a decent salary for what I do... for now I'm thinking 67 as that is my full retirement age.

[@danamarie8718]

If you have savings ore retirement income, you could retire at 67 but not draw social security. Use those savings or 401k or other retirement income to live on, and start collecting social security later.

[@dennistyler9852]

You’ll figure it out as to what to do after retiring. I was born in 1962 also. The best thing about retirement is you can do what you want. All the best.

[@Javier_Rodri]

I’m 50 and want to retire in 6 months. I have a $40K annuity, plus a 401k depleted to $200K of money that I’m not sure what I can do with at this point. My retirement plans seem to be out the window. Is it a good idea to get professional help?

[@clintscott3300]

With everything going on, consider financial planning, … that is okay. You can get your money to work for you. but I would say delay retirement a little

[@Javier_Rodri]

I have heard how they can help you make the best decisions and to be honest I don’t want to lose anymore money or I will have to work till I die.

[@benalfredo]

And what if that is all you have, even with SS you may not have enough to retire with. If you opt to work with a financial adviser, Dyor, make sure they are certified from AARP or FINRA.

[@xavier_lucas]

It's a good idea to look for a fiduciary who works for your best interest, i and my spouse work with a retirement planner, monica mary strigle and advisor we met in NY, under her guidance, we split our investments, traditional IRA and the individual brokerage account where she copies her moves on our account from her master

[@Javier_Rodri]

Can i get the info of the person u work with?

[@RAVENOFTHENORTHWESTGAWOODS]

That's all good when you like the people you work for! I got out assoon as I could, and I've enjoyed every minute of my retirement , 16 years and doing a good life!😂😂😂😂😂😂

[@FFL61750]

The optimal retirement age is what is best for you. I retired at 64-1/2 and planned on working until 70 when my wife would retire. This way if I died before 70 she would have my retirement money in the bank. Either way it’s a gamble so I just played it safe to help protect her.

[@dennistyler9852]

Life insurance is protection too.

[@ocdmachine]

That last scenario is me, wife never contributed to SS, is younger than me, so I plan to delay to 67 for sure and depending on my health then, might still wait until 70 so she gets max survivor benefit from my delaying.

[@coopdr]

Your information is priceless, litterly! Especially what you provided concerning spouses!Thank you so much!

[@MedicareSchool]

Glad it was helpful! If you have any questions you can call our office at 1-800-864-8890.

[@pauljohnson1885]

No one ever comments about still having a mortgage and needing more income to make ends meet.

[@MultiAnne36]

It only works if ss is enough to pay your bills unless you have retirement savings. Anyone else notice all the 70+ still working?

[@WayneGreen-b4y]

I started my benefits at 62, because I COULD. I worked very hard to save money, and made smart investments. Social Security was NEVER intended to replace a full-time job income. Truth is, that older people are living longer and that is what's causing social security to run out of funds sooner. Plus you have SSI, and SSDI also causing social security to run out of money. Also didn't help that our "esteemed" public servants RAIDED the personal accounts of Social Security to pay for their pork projects, and never paid it back. I believe that's GRAND THEFT.

[@billwiley7216]

A lot determines the best age to start drawing and it differs with each individual! A person with major health issues may be better off to start drawing it at 62 as they may not live to their FRA! Another person with a big 401k and inheritance from their parents estate again may be fine drawing at 62 and getting some extra years of weekday golfing rather than heading off to work. And lets not forget the one that lives frugally, has everything paid for, a comfortable amount put away that just wants to live a quiet retirement maybe doing a little crappie fishing in local lakes out of their jon boat, that person may value the extra years of retirement as well and start drawing SS at 62! Not everyone needs or wants to be a slave for that extra few dollars working to what someone else has determined should be their full retirement age!

[@dennistyler9852]

I hope to enjoy those none 40-50 hours 5 day work weeks at 62. All the best.

[@RussCR5187]

You can't claim an "optimal age". It's always situation-dependent. I know because I spent many years as a financial planner.

[@charles-y2z6c]

Exactly, I started at 66 and 4 months. That was my 100 %. I still work with a substantial salary. I would have paid back every penny if I started at 62. I enjoy very much working and don't plan to stop. I collect max SS and the monthly payments are nice play money. I don't even save any, I still contribute max to my 401k through my salary. Like you said it's situation dependent All my friends retired and can't understand why I still work. Money has nothing to do with it. I enjoy very much what I do and will miss it when I an no longer capable. I joke and tell people my retirement party is also my remembrance party at my funeral

[@RussCR5187]

@@charles-y2z6c Congratulations. Your plan is working for you. Best wishes for the future.

[@JohnBowl14690]

@@charles-y2z6c - Exactly. I was going to retire a couple of years ago. But covid hit and they locked down my job and I realized that I missed my job. Love the people at work and I had too much spare time. Since I only work 24 hours per week, I think it's the perfect balance. Not to mention that I still get paid more than the median wage for a full timer...why the heck would I want to retire? It makes no sense. If I died tomorrow, no regrets. They can keep my SS...I don't care.

[@mikespangler98]

The title should read "What is the optimal age for You to claim SS"

[@willydear4906]

I just started getting social security a few months ago at age 62. My situation is different then most as I have a 3 year old child who also gets social security. I calculated that I would have to live to 89 years old to make delaying social security. There is no one correct age for everyone. I'm investing both of our social security payments and will be miles ahead at age 89.

[@timking2822]

Excellent analysis and video. With the breakeven analysis, an important point is: when do you want to spend your money? Most people are more active before their '80s, this suggests one might want the money earlier. It's all based on individual needs. The analysis gives you the opportunity to make a more informed decision. It's not a deciding factor on its own.

[@ronhansen4786]

I retired at age 63 and now I'm 85 and glad I did if I would've waited I never could have full filled my bucket list. I never drank,smoke or used drugs or abused my body in anyway but hit the wall at 67. If you make it to 70 plus you can count on hip,knee or shoulder joint replacement and dependent on the pharmaceutical industries to survive. The thought of traveling long distance is about as appeasing as washing the windows on your house. Our dear government dangles the carrot in front of you so you'll continue working in hopes you'll drop dead so they won't have to pay you a dime. To give you some demographics on age the Washington Post and America's Health Rankings said of the 58 million Americans over the age of 67 only 4 million will live to age 80. You'll find a lot of out right bullshit on the internet saying 50% to 60% of Americans will live to be 80 or 90 plus years which is nonsense. The real indicator of how long people will live is check the cost of life and health insurance for older Americans its astronomical!

[@GoldAndSilver988]

I'll be 60 in January, and so my full retirement age is 67; but, I'm still going to take it when I'm 62, because I don't think there's any way I can keep going and survive in my small one-man business for seven more years. I'll be lucky if I can make it for two.

[@dennistyler9852]

Happy birthday 🎂. I want 62 too. What type of work do you do? My brother is a one man show washing windows. All the best.

[@GoldAndSilver988]

@@dennistyler9852 Thanks. I sell books on Amazon.

[@OroborusFMA]

All these videos boil down to "it depends, it depends on you, it depend on your goals, yadda, yadda, yadda."

[@meetjohndoe1078]

I DID NOT realize that it was Jan 1 of the YEAR you reach FRA! you can make up to $59,000! AND THEN unlimited after you reach the actual date of that year!!

[@Satjr35031]

Correct

[@surrelljr]

Sounds like another sponsored advertisement, I took mine at 62 and don’t regret it. I wasn’t going to get talked into waiting and die or become disabled so I can’t enjoy retirement. I think these commercials are designed betting a good percentage don’t collect, thus saving money.

[@sparksandchips]

Wow great info! I am 63 with fra of 67. I plan to go to FRA for the reasons listed…… The disappointment is my earnings test amount, so after i turned 60 my salary went up and that will not be used in my earnings test??? Given my genetics longevity is on my side and my break even will be the 80 plus range too. Damn crooks they are……

[@tamarabogart1284]

Same here!! 😢

[@jerrypeal653]

62 was good for me .

[@cuzz63]

Very informative, one of the few videos talking about how your life expectancy changes the older you get.

[@seriouslyyoujest1771]

62, and it was the best decision for me. 8.7 COLA last year. All medical covered, no deductibles, will continue with Social Security, and Medicare when I qualify for Medicare.

[@KMarik]

You get the increase COLA even if you wait.

[@aclem8246]

Most people want the max per month they can get out of Soc. Sec. if they don't have savings or a pension so will wait until full retirement regardless of life expectancy.

[@rodeowerewolf3004]

What value would it serve the CDC to tell people the best age to collect social security other than trying to push people to collect later for the benefit of the government not the individual. this feels so dishonest.

[@amaliahightower]

My friend’s sis died at 69. She was waiting until 70 yrs old so she could have more. So sad she didn’t even get to enjoy her full deserved pension.

[@sammencia7945]

Everyone who says "Take money and run at 62" has the exact same friends amd family. Everyone you know is dead the month before they collect retirement. That is not statistically possible. You all post the exact same stories.

[@amaliahightower]

⁠​⁠@@sammencia7945I It doesn’t really matter if you don’t believe me. Really sad that she could’ve collected her pension. Her FRA was at 66.

[@tonieplacide-oy4xx]

😢😢and thats really fucked up

[@karendjohn8803]

@@amaliahightowerWe must have the “same family”. Same thing happened to my father in law. One month after he retired (at full retirement age), he was diagnosed with cancer & passed away in 3 months.

[@steveludwig4200]

@@sammencia7945 And you are complete and utter fool to ASSUME anything about anybody other than yourself..

[@Kwood10]

People keep talking about retiring early but if you enjoy your work & it gives you joy happiness & social interaction why? Sometimes retirement can be over rated.

[@SandraDee246Left]

Yes! I still travel and do fun things, not waiting to retire to enjoy my life. enjoying every day. I have it all right now. My job gives me the same joy as you and keeps my mind sharp. We are a rare breed that still loves working.

[@Snitzler4710]

No one works because they want to. Retire as soon as you can and if you can. Enjoy your life. Your employer won’t miss you or even think about you when you are gone. They will be looking for a new back to break.

[@tomkarren2473]

What a cluster. Just give me a refund on my deposits and let me invest it in my IRA.

[@arthurshingler2025]

It also helps to know approximately how much money you'll need to live, too. That too is unpredictable.

[@MichaelTheophilus906]

Hamburgers are now $10.00. Potato chips are $4.99 a bag.

[@arthurshingler2025]

@@MichaelTheophilus906 I've had to go on a diet now....!

[@tubler4u]

If the CDC says it's better to take your retirement at 67, Don't believe them take it at younger age. How many people are going to live past 70!!!

[@BobK58]

I will.

[@mikespangler98]

Both of my parents and three of four grandparents. The other grandparent died at 70.

[@MrEdwardCollins]

The average 62-year-old male will live to be age 81. The average 62-year-old female will live to be age 84. So yes, if you have already reached the age to collect SS, statistics say you will indeed live far longer than age 70. Taking SS early is fine... as long as you have a financial plan in place for if and when you DO reach the age of 75... or 80... or 85... etc. A financial plan that doesn't include your small SS check... a check that you willfully accepted a reduction in benefits... for life.

[@clarkmorrison7243]

It's not just about maximizing lifetime benefits: it's about optimizing your LIFE. My FRA is 66y10m (20 months from now) but I will be claiming (and going on Medicare) at 65. Certainly not waiting until age 70. I expect my "optimal" years of retirement to be from age 65 - 70 in terms of health, and in being able to actually enjoy not working. At some point it's "all downhill from here," and by claiming at age 65 I'll be getting a 5-year head start on the age 70 claimants.

[@danamarie8718]

I’m the same age. I retired several years ago and am living off of my savings. I will be going on Medicare in a few months, but will wait until 70 to collect social security. If at any time I find that I can get a guaranteed return of 8% or better long term, I will consider collecting earlier.

[@jackjohnsen-n1w]

I retired at age 62, and worked part time from then to age 62, , but I worked part time from then until 75, and now just take it easy. I worked hard my whole life to stay fit and healthy. it makes a big difference. m mow 79, and feel great! My doctor says age 90, is in my cards..

[@kurtbilinski1723]

Calculating the breakeven point is made much clearer and easier to understand if it's done on a graph.

[@BSnydr]

Best explanation I’ve seen to date. Thanks for explaining

[@MedicareSchool]

Glad it was helpful!

[@tomf429]

Personal choice. Do the math. My wife worked all her life, retired, and collected SS at 62. She died at 67. She got far less than she put in.

[@dpayne1943]

For me (early retired with a DB pension), I will need to take it at 65 so I can purchase the best Medicare combo allowing me to continue to live off my pension. Any funds left over beyond the medicare/supplement/drug costs would then go into savings for possible future needs. I feel very fortunate.

[@tomhenderson7972]

Other considerations, my fra was 66, my wife is 2 years younger, fra 66. She also had to wait until 65 for Medicare. I was on a job I liked with 20 weeks a year off. I waited until 68, when she turned 66.

[@sherip1270]

Thank you for sharing about spousal social security. I was a stay at home mom of 6 children and did a lot of volunteer work. After they all got into school I went back to college and became an R.N. planning to fix my S.S. deficit , but in less than a year after graduating I had serious medical problems that left me totally unable to work, leaving me disqualified for S.S. We are now just turning 60. Our plans are not always God's plans for us.

[@joeantos571]

If you are (or were ) married you are eligible for a SS spousal benefit

[@amaliahightower]

You should inquire about SSD if you’re unable to work.

[@jazzzman1000]

For those with considerable assets (401k, IRA's, personal investments) if you want to preserve that money and let it continue to grow vs drawing it down and losing potential future gains, consider taking SS earlier than later. My goal is to pass down as much inheritance as possible. I was planning on waiting until FRA but with the COLA adjustments, it turns out my SS amount is now equal to what it would have been had I waited another 2 years. I will not break even until ~79. I would rather take the SS income now and use it (along with my rental property income) to pay my living expenses while my nest egg continues (hopefully) to grown. I am still relatively young and healthy, another 12k a year will mean much less to me at 79 (if I make it that long) when I may not be able to enjoy it. I've heard too many stories of people waiting and dying never getting anything. And of course there is the issue of SS solvency to worry about. Carpe Diem!

[@RBart-os6sy]

By far the best info on SS. Great job! Thank you.

[@MedicareSchool]

Glad it was helpful!

[@1dash133]

IMO, anyone who can follow this explanation is in no need of the explanation. They already know what is going on. As for the people who really need solid advice, this video is way over their heads. And the biggest failing of this video is that it just discusses numbers. It doesn't address opportunity costs ... the value of money now versus money in the future and the options people have in making life decisions (downsize, live more frugally, part time employment, career moves, moving out of the country, etc.). Bottom line: There is no "optimal age" for retirement. Instead, there is an algorithm for determining the best retirement age for maximizing SS benefits based on assumptions of inflation rates and actuarial tables. It is a very shallow method that fails to account for human needs and life options. I'd suggest that it isn't the answer to the question of when to retire. It is just the starting point for decision-making.

[@daf62757]

If you sit down and you do the math. it all comes Out to be about the same amount of money. The difference is, once you turn 62 you can start drawing your money. if. you wait till you're 68 or 70 or 72 you do make a lot more money per month But. the difference. goes away when you calculate all the money you could have drawn versus all the money you did draw at 62. if you die anywhere in between those years of 62 and when you did start drawing your Social Security funds your family gets nothing. zip. Nada. and you're trusting the federal government to actually be around by the time you retire. I think if you look at the current landscape of our federal government, they are too incompetent to even tell you what day it is let alone have billions of dollars available for citizens. in 10 years.

[@flygirl5633]

Love that you still use an old HP!!

[@philipmartin2622]

I retired at 62 and calculated that I would have to live to 82-84 to break even with a later retirement. No one knows how long they will live but I can guarantee that your health will decline starting at 65 and decline even faster after 70. What good will more money do you if you are too sick to enjoy it. The younger you retire, the healthier you will be. Remember, you will not get good advice from people profiting from your retirement money. I went to a seminar where they tried to convince everyone to invest long term because they had a good chance of living to 90. As I looked around the room at all the people in their 60s and noticed how many were using oxygen, walkers and canes, living to 90 was wishful thinking. If I run out of money because I live to 90, GREAT.

[@jazzzman1000]

Exactly. The Government also has a vested interest in getting people to wait.

[@danamarie8718]

You can retire (stop working) early and delay collecting social security. The two dates do not have to be the same. If you think you can get better than a 6%-8% guaranteed return on investments (6% from age 62 to FRA, 8% from FRA to age 70), collect early but make sure you also consider the tax implications. If you need the money in order to retire, collect early. If not, consider delaying collecting SS and live off your retirement funds if you have them.

[@mildredwilliams5715]

Everyone needs to try and live healthy.Eat right.Not junk food excess meats.Dont smoke we can control some of that.not retired yet and refuse to sit in a chair 8 hours a day after I do retire

[@danamarie8718]

@@mildredwilliams5715 One of the first things I did when I retired was to start a large fruit and vegetable garden. It is so fulfilling, great exercise, and good healthy food. Win-win.

[@billsmith2212]

My uneducated opinion : Most people mess their pants and grab the money early . Their checks would be at least a third higher or more if they wait to the maximum . If you think you will die early , go for it . However , and there are no guarantees . If you think you will live into your eighties , go for the max . Many people live and most checks are $ 1500 to $1700 . They started early . You can't a room , own a car , eat and pay bills on that ! There is no turning back .

[@mfoley1479]

I plan on working under the table in a machine shop and collecting my SS checks, $$$$

[@Synfulz]

I just filed for 62 and will be receiving it starting in April. The amount that I receive justifies collecting now.

[@MrEdwardCollins]

But why accept a permanent reduction in benefits... for life? Do you need the money now? Do you know for sure you won't live to see your mid 70s?

[@leemcfarland4769]

If you don't need the money, invest it. Take the $105k at 8.5% you will make up that $750 monthly reduction you took at age 62. So you make the same at age 67, and you have $105k in the bank that you wouldn't have. Best answer is actually age 62. Convert all IRAs before you take Social Security to avoid the torpedo tax, widows tax and those painful RMDs. Live tax free at that point on.

[@SanchezArep]

I retired at 62 since what I get in SS is enough for me to live well with my 2 other forms of non taxable income. Why wait?

[@MrEdwardCollins]

Why wait? Uh... because there's a chance you might live a long life, and in doing so, you might outlive your income. The best way for most people to prevent that scenario is to delay Social Security for as long as you can. That's why you should wait. Each month you delay increases your benefit amount. A person who waits until age 67 to collect receives a monthly benefit amount that is 42.86% larger than if they collected at age 62. That's a worthwhile increase. The average 62-year-old lives longer than the break-even age.

[@SanchezArep]

@@MrEdwardCollins My 2 other income streams are not from any savings except my home. I have a life tenure HECM and an apartment we built for my Mom who lived in it for 19 years until she passed. Now it brings a nice rental income.

[@susanw2869]

FRE is the best... you get a full benefit and are young enough to enjoy it! 😊

[@rmwarthen3715]

If you retire at 62, take SS in Jan. Say work 3-4 mo. of that year, hit that 22k wages or more, but you drop everything into your 401k to effectively bring your take home to zero. Would they look at your actual earnings (W2) or your take home (zero)?

[@Chris-s1k6y]

I take the stres of working into consideration. As I get older its harder for me to find good jobs and the ones I do these days are draining me, like talking on headsets for hours. I want to retire at 62 to live at least a longer stress free life and worry less about catching another new virus out in public. I don't mind living with someone else and splitting thr costs, and there's benefits for seniors if you look for them. I also have no desire to travel anymore or go anywhere for that matter... I'm a real homebody. It allows you time to find a new hobby or go back to an old one you now have more time for. My companion is already retired and I think it would help us if I wasn't busy working and waiting to retire later or I'll just be retiring when he's even further up in age .. He might not be alive if i wait too long.

[@danamarie8718]

Retiring (not working) and drawing Social Security do not have to happen simultaneously. If you have savings or have a retirement plan, you can use those funds and let Social Security payments grow/increase.

[@Chris-s1k6y]

@@danamarie8718 Not these days. I don't have my own home and when you apply for an apartment or a loan you need proof of income. Now they want proof of earnings 2.5-3x your rent, which has gone up sooo high, many people in my city now live in their vehicles. Having cash in savings or retirement doesn't help in an application, especially for a single person living with an older friend, and on a fixed SS income. Until I get my steady monthly SS I need to work til I know I'm getting it. And with the proposed provisions now being made to increase the SS retirement age again, I'm just borderline affected by the next proposed provisions. I just hope the early retirement age doesn't go up after this next primary election. Trump doesn't want to touch SS & Medicare, but other Republicans do. I don't agree with the Democrats wanting to give free medical to all the illegals either...US tax money should go to those who pay SS and Medicare taxes through their paychecks. Pandering for votes is not a way to make reforms. I feel this country needs Trump back, whether you like him or hate him.

[@davestraley5919]

You need to look at the average age people enter a nursing home. Once you go in a nursing home they take all of the SSN weather it is big or small an bill Medicare. So if the average person spends 3 to 5 years in assisted living or a nursing home it does not matter if you have a bigger check.

[@bobmac9070]

It’s all perspective! It all depends on your health, your home being paid for, most of your bills gone, having a good savings, a good investment in a 401k or IRA, etc. Had I retired at 66 I would have lost a lot. Now my SS is double what most people get. I’m fairly healthy, my homes paid for I have money in bank, my IRAs. I’m blessed.

[@jumpinjehoshaphat1951]

It doesn't make any sense that money you earned after age 60 isn't adjusted for inflation.

[@Satjr35031]

It wouldn’t make that much of a difference

[@SurpassMoney]

Another thing to factor in is the minor child benefit when you retire. When I turn 62 my kids will be 14 and 12 and they can get part of my SS benefit until 18. Doing the math thats 10 years worth of SS benefit combine between the two. Based on my max family benefit, its around 220k that they will get while I'm collecting as well. Seems like a no brainer in my situation.

[@janetstotler399]

You will know when it’s time.

[@dennistyler9852]

I like that…good advice.

[@rickcarroll7797]

I don’t want to be scratching and scraping for every penny. I don’t care about break even. I want bigger checks for however long I live.

[@Satjr35031]

Then wait till your FRA or a year or two later

[@bruced.370]

Then wait till max 70yrs and not enjoy your 60s

[@MrEdwardCollins]

@@bruced.370 Waiting until age 70 to collect and NOT enjoying your 60s are not mutually exclusive. (Meaning, they can both occur at the same time.)

[@Redfour5]

I did this kind of math and since my family has a deep history of heart problems and dying from them, I said, OK, 64 years, Oct 1... I actually was able to do a bit of consulting from home during Covid and added to the income...

[@jazzzman1000]

And you can continue to earn up to $22,320 in 2024 without affecting your SS benefits.

[@Redfour5]

Nope, I'm done, but yes that is nice... @@jazzzman1000

[@Semiam1]

Another consideration is your own parents and their longevity. You may have to retire before your FRA because you need to take care of an elderly parent.

[@dk99745]

Regarding the break even point…yes your check is reduced by $750, however if you wait till fra, the difference is ($750 x 60 = $45,000) why would I not want the $105,000? I have 60,000 more money? Don’t I? Assuming you still have other sources and not relying 100% on the ss

[@DennisRusso632]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

[@Yahoo886]

Give it me…i spend for me

[@kevind8752]

The closer you get to retirement, the more conservative (less risky) your investments should be. Need to protect your principle.

[@teekay_1]

Well, you won't find out asking on the internet. Go to a professional, and not people who create fake conversations about how they found an investment advisor that's making them $20K a month.

[@alansach8437]

But don't get too conservative because you still need some growth or you will run out of money.

[@teekay_1]

@@alansach8437 Yes, you should be trying to average at least 4-5% so you can afford to deal with inflation.

[@wickedbird1538]

😮😮I did the numbers on my lifetime pension plus my social security. I expect to see 90+. My break point even was 64. I retired at 64 and 4 months on 1/1/2019. Best decisions I could have made because my pension plus SS was pretty.close to my working wage. So why work. Different for everyone.

[@GrimmJaw496]

same with me!

[@JohnJohn-wr1jo]

I found this to be an easy decision like most people. If you need the income take it early. If ya don't wait as long as you can. As far as taking it early to invest, most people aren't disciplined enough. I had considered this but after speaking with my financial advisor he explained that he had dozens of clients who had planned on utilizing that strategy but had yet seen anyone follow it through long enough to where it benefitted them. I decided to wait.

[@edhcb9359]

Actually, if you don’t need it you should take it early and invest it. If you do need social security to survive then wait as long as possible because you will need every dime.

[@tommanley5855]

@@edhcb9359- how many of those choosing to take their SS early and invest return 7%?

[@oldfredbear]

​@@edhcb9359this is 100% the right answer.

[@danamarie8718]

@@edhcb9359I disagree. Where are you going to get a guaranteed return of 8%, without taking risk or tying up those funds long term?

[@danamarie8718]

@traybernOnly if you can afford to wait. If you need it to pay your bills, you may have no choice.

[@rontalbert4507]

how does the CDC have any control over social security??? Don't know that I can trust this BS at all

[@RH-ib7bg]

I can't imagine going even one year after it was available and not getting at least something out of it.

[@ryanwilliams989]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

[@BiancaSherly-qt6sb]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@maryHenokNft]

I completely agree; 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.

[@maggysterling33254]

@@maryHenokNft bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@maryHenokNft]

The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@StellaMaris-lv2uq]

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

[@challenger4992]

So if I wait to take my SS at full age and it is say $3,000. If my wife waits until she is at her full retirement age she could collect $1,500 as spousal benefit. If something happens to me she will get my $3,000 but will loose the additional $1,500 she was collecting. Is that correct?

[@jjj32801]

correct

[@dragonfly264]

I’ll be full retirement in Sept 2024. What month should I go online to claim? I heard I need to file ahead 3 months.

[@psuee3927]

When you start hitting the required minimum distributions from your 401K's you may wish your social security checks were less.

[@FFL61750]

The government will always get their share of undeserved money.

[@geraldsahd3413]

Deferring benefits, one item missing in equation is the total Net Worth impact. For an individual the break even from a total wealth perspective is about 93 years old. Again the formula is very complicated based on spousal benefits and medical needs.

[@juliusmushkin8194]

PIA is a set of initials. It’s not an acronym. An acronym is a word that can be pronounced made from initials. NATO is an example.

[@coldflu]

The best time will be before it runs out.

[@KenJackson_US]

There's another consideration. Property tax. I get a big reduction in property tax as long as I have no income (living on savings). But when I start receiving SS, I'll get walloped with the full bill annually.

[@Basta11]

You have to consider inflation 4% conservative and cost of capital (what can you do with that money). For example, if you can pay of your credit cards with that money today, that means the bank is not charging you 24% interest which is like getting 24% return per year on that money. Money saved is money earned. Let’s say you buy a home with that money assuming you can. That is like putting it in a piggy bank (equity) and you’ll benefit from the appreciation of the asset (assuming it’s a good location).

[@Basta11]

You’ll also benefit from the mortgage by stabilizing your cost of housing. Assuming you are renting and don’t have a home already.

[@ayyoobjan]

How does annual inflation adjustment of social security payment affect break even year? We know that inflation adjustment has compound affect.

[@donaldwilliams1697]

Question: if I elect to wait past my full retirement age, does that added 8% per year apply to me only, or would it also apply to a spouse drawing from my earnings?

[@thatguy8005]

I’ve known so many people that die before getting a dime

[@jimdenbo955]

I retired at 55 years old, and now am 72. I served 4 years in the US Navy, worked 30 years at PCC and absolutely 💯 ❤️ retirement ❤️

[@PaloDuro1021]

I’m waiting out the 17 months till I turn 65 and can get Medicare as well. Don’t need the money right now.

[@kevind8752]

That’s when I retired mainly due to insurance.

[@cherimorrison2388]

Do you have a video that talks about how your SS benefit affected if you continue to work at full retirement age and collect a SS check?

[@kevinking5079]

The time value of money was not considered. For example, if someone starts taking SS at 62 and does not need it for living purposes, it can be invested. This would affect the breakeven point. Also an estimate of the annual standard of living adjustments was not factored in. These considerations would make for a more complicated, but more accurate, analysis. Another factor is the potential for SS to be reduced in the future if the SS system is underfunded.

[@jameswitte5676]

I’m glad you mentioned the surviving spouse benefit as being an important factor when determining when to begin Social Security benefits because the break even method should NEVER be used. Each person needs to decide based on their financial situation, health and marital status. Worrying about whether you’ll live or die before your break even point is a fool’s errand. Should you die before your break even point you won’t care because you’ll be dead. If you live many years beyond that you may suffer the financial consequences of a smaller payment. Health expenses grow exponentially when you get older. Social Security is an insurance policy against poverty in old age, it is not an investment account. Official Name: Old Age, Survivors, and Disability Insurance.

[@johncarnettie6804]

CDC states take the COVID-19 vaccine and you do not have worry about it

[@randy74989]

It's whatever is best for you based on numerous factors. If you can't figure it out, then hire a fee-only RIA to give you your options regarding when to take Social Security.

[@AJ-bp9th]

This is one of the best videos on the Social Security breakdown! Thank you sir!!!

[@MedicareSchool]

Glad you think so!

[@henrywilloughby2327]

The best age to claim it as soon as you can since who knows how long it's going to last or if the government will take it away.

[@IrishSpursFan]

I turn 62 in may 2024 I now live in the UK and file taxes here and have no income in the US anymore how will the income streams I have here affect my SS benefits if I choose to receive them ?