The Optimal Age To Claim Social Security Benefits REVEALED! 😳

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When should YOU start taking Social Security benefits? Marvin Musick from Medicare School breaks down why the popular choice of starting benefits at age 62 might not be the best for you. Next, you'll determine your full retirement age.
Marvin doesn't just stop at explaining the basics. You'll get the latest longevity stats from the CDC and understand how they influence your decision.If you're still working, you'll want to hear how your income affects your benefits. It's time to make the most out of their Social Security benefits.
Tune in now and get the knowledge you need to make a smart, informed decision about your retirement.
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[@MedicareSchool]

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[@krissimons1339]

Just a nit, you mixed up mean (average) and median (middle). The average life expectancy is not a median value and so it's not a dividing point of half live longer and half live less than the specified age. Now the average age may be fairly close to the median age but it's probably not the same.

[@krissimons1339]

@@DonLicuala I'm nitpicking because it's a common but correctable error of equating median and mean and as an engineer it bothers me to see such errors.

[@masterlee4370]

This site is simply awesome. One day I believe it will have a million followers. I would love to see a video on someone who worked as an example 25 years for the state then worked another 15 years putting into social security and how it is all affected. I would say "Great Job" but you always go above and beyond that! I will say it anyway "Great Job" The Cajun Ninja's Dad

[@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?

[@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 🤷🏻‍♂️

[@budscott1257]

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

[@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"

[@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.

[@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.

[@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.....

[@abrahams.lincoln6749]

Working until death…interesting plan.

[@martincarr4204]

@@abrahams.lincoln6749 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]

@@abrahams.lincoln6749 If you love your job, as I do, there are wose ways to go.

[@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?

[@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

[@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.

[@cuzz63]

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

[@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?

[@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! :)

[@JKinLVN]

@@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.

[@flygirl5633]

Love that you still use an old HP!!

[@RBart-os6sy]

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

[@MedicareSchool]

Glad it was helpful!

[@OroborusFMA]

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

[@BSTatonka]

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

[@MedicareSchool]

Glad it was helpful!

[@kurtbilinski1723]

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

[@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?

[@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!!!

[@bobk4438]

I will.

[@dwalker6868]

Thank you for the explanation

[@vegasdave777]

great information ... thanks

[@zacattack4029]

Great info. Ty

[@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.

[@louisz8951]

Excellent explanation. Thans for clarifying it.

[@MedicareSchool]

Glad it was helpful!

[@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!😂😂😂😂😂😂

[@TarabUTK]

Excellent !!

[@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..

[@billylejeune7871]

Great Advice Thank you

[@richardpisarski3151]

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.

[@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.

[@jerrypeal653]

62 was good for me .

[@Synfulz]

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

[@i-on-u]

Very helpful video, thank you so much.

[@MedicareSchool]

Thank you for watching

[@tnsharpshooter8517]

Good info. Layed out nicely.

[@MedicareSchool]

Thank you for watching

[@RussCR5187]

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

[@charlesbaldo]

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]

@@charlesbaldo Congratulations. Your plan is working for you. Best wishes for the future.

[@JKinLVN]

@@charlesbaldo - 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.

[@nucman7529]

Love the HP calculator

[@gao57009]

Thank you for another helpful video.

[@MedicareSchool]

Thank you for watching

[@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?

[@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.

[@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.

[@user-eo2so7tr1t]

Thank you for the information. Would you provide information &/or a link for your screen?

[@SuperZekethefreak]

I'm going to use my situation to help others understand what their options are. The following numbers may be slightly off, but they are basically close enough to have a discussion. I'll be 59 this summer, and with congress talking about raising the early retirement age, I need a plan. The age of death for the average American male has now fallen from 78 to 73, and while waiting until full retirement age might make sense to some, for most men this means we will only get 7 years of retirement before we die. That's obviously not a good thing, so we'll need to take early retirement, which means we only get 70% of our social security benefits for the rest of our life. If you are like me and ran sole proprietor businesses, you didn't pay much into SS, so reducing my benefit by 70% will give me $595 a month and $7,140 a year. I can still work and earn income up to a soft cap over which the IRS will take $1 for every $2 I earn, which is obviously not optional, so I made the following chart to help me understand the total amount I can make per year. The cap goes up slightly every year, reflected in the first set of #s. My 70% reduced benefit is added next and the third set of #s represents the total of these two figures. The fourth set of #s represents how much I will make over time after retiring at age 62 in 2027 and living until I'm 72 in 2037. • 2023: $21,240 + $7,140 = $29,370 • 2024: $22,230 + $7,140 = • 2025: $23,220 + $7,140 = • 2026: $24,210 + $7,140 = • 2027: $25,200 + $7,140 = $32,340 • 2028: $26,190 + $7,140 = $33,330 ($65,670) • 2029: $27,180 + $7,140 = $34,320 ($99,990) • 2030: $28,170 + $7,140 = $35,310 ($135,300) • 2031: $29,160 + $7,140 = $36,300 ($171,600) • 2032: $30,150 + $7,140 = $37,290 ($208,890) • 2033: $31,140 + $7,140 = $38,280 ($247,170) • 2034: $32,130 + $7,140 = $39,270 ($286,144) • 2035: $33,120 + $7,140 = $40,260 ($326,700) • 2036: $34,110 + $7,140 = $41,250 ($367,950) • 2037: $35,100 + $7,140 = $42,240 ($410,110) Knowing what my soft cap is allowed me to make charts of hourly wages from $12 to $25/hour. These charts will help me understand precisely how many hours a year I need to work to max out my soft cap. Obviously, the more $$$ I make per hour, the less hours a week I need to work, and here is where early retirement can really start to pay off. I rounded all of the hour numbers down for the sake of convenience. IF you choose early retirement in 2024, your soft income cap will be $22,230. IF you work 50 weeks a year, you can find your hourly rate on the left and get a fairly accurate idea of how many hours a week you will need to work to reach your soft cap. • $12/hour = 37 hours a week • $13/hour = 34 hours a week • $14/hour = 31 hours a week • $15/hour = 29 hours a week • $16/hour = 27 hours a week • $17/hour = 26 hours a week • $18/hour = 24 hours a week • $19/hour = 23 hours a week • $20/hour = 22 hours a week • $21/hour = 21 hours a week • $22/hour = 20 hours a week • $23/hour = 19 hours a week • $24/hour = 18 hours a week • $25/hour = 17 hours a week Here is where knowledge is power. Obviously, we want to make the most $/hour so we can work the least number of days per week. I assume most of us can find a job paying $18/hour in our hometown, which caps our weekly hours at 24 hours a week. That's only three separate 8-hour days, giving us a four-day weekend, every single week. That's not so bad, is it? Additionally, I've found no stipulation that the $22,230 can't be earned in, say, 6 months or less. So, if you have a seasonal job where you earn a decent amount of money, you could potentially work four to six months and take the rest of the year off. You can still take Medicaid until age 65 I think, and you also get to take advantage of rent controlled apartments. If you took early retirement in 2023, you can make up to $29,400 to have your rent capped around $700, and most property management companies who take advantage of these State and Federal grants have a sliding earnings scale where the less you make the less you pay. Just as importantly, working into our retirement is healthy for most of us in various ways. We just don't want to be working any more than necessary, right? I hope my charts have given hope to some of my fellow low-income earners. We can still have a good retirement, taking advantage of everything mother nature offers us, while working enough to keep our minds and bodies from turning into mush and keeping us engaged as a contributing member of society.

[@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.

[@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.

[@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.

[@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.

[@ricoma6037]

Thank you for the information you provide!!!

[@Letitgo1975]

Pretty good explanation!!

[@MedicareSchool]

Thank you for watching

[@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.

[@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.

[@pam7002]

Each individual person can be different but basically take it as soon as you are eligible.

[@notreallyme7465]

The important thing is living long enough to collect the small pittance you will receive. Otherwise, you get nothing, and it just vanishes into the blackhole.

[@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....!

[@janetstotler399]

You will know when it’s time.

[@dennistyler9852]

I like that…good advice.

[@mikeparker2520]

Depends on how long a person can avoid the Reaper...

[@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……

[@f.k.f.s.c.t.2243]

Explain how the top 35 years rule was arrived at rather than taking the totality of your income producing years ? An example 55 years of producing income - am I missing something ? Thanks

[@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)?

[@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?

[@lanceburger3789]

I was set to retire 3 months before I turned '67 but my employer asked me to stay another year . I ended up retiring at 69 and only because I had heat surgery(my employer got me better ins.(they paid for it) and the day I formally retired I got very nice bonus . The only reason I retired after surgery is because I didn't think I could do my job the way it should be done . I worked in a machine shop running large lathes . I am now 79 and still wish I could work , especially there .

[@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

[@AJ-bp9th]

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

[@MedicareSchool]

Glad you think so!

[@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.

[@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.

[@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

[@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

[@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

[@ayyoobjan]

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

[@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.

[@psuee3927]

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

[@richardpisarski3151]

The government will always get their share of undeserved money.

[@johnkowalkowski4269]

Do you have any tutorials on how to handle the Windfall Elimination Provision and Government Pension Offset? I'm a CSRS Federal retiree with a lot of part time SS payments in the past and currently have a 100k yr. retirement job. Just turned 64.

[@michaelandreas2177]

For you I think WEP applies but not GPO. WEP begins to phase out if you have more than 20 years of "substantial earnings".

[@davidsy0utube]

Re: those who have had less than 35 high-earning years. If they are at the Full retirement age, will the primary insurance amount be recalculated if they keep working before taking Social Security? Does the PIA get recalculated if one ƙeeps working after starting to collect Social Security?

[@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 ?

[@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 .

[@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.

[@jamesjuma3396]

This has been very informative. My question is this: I retired at age 63 years old and worked 33 years for the hospital. What will my social security check be when l apply for it when l am 65 years old please?

[@DrSchor]

if you think you will get an answer on youtube, you got some studying to do

[@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?

[@f.k.f.s.c.t.2243]

What happens to all the sums withheld for say years 36 - 55 , as in my case ? 20 plus years of loss witholdings ?

[@dplj4428]

12:23 Seems like you may wait if you are still employed and otherwise (savings, health insurance, no major expenses, etc) can afford to.

[@KenJackson_US]

It seems like there should be a formula for *maximum lifetime benefit* independent of our PIA. It should require only two inputs, *birthday* and *assumed lifespan,* and yield the *optimal start* (the number of months before or after FRA to start). Where is that formula?

[@christopherort2889]

You take it when you want to.

[@David-uk1kb]

What a f-en confusing subject! Thank you so much for taking the time to explain this for the average person. It will be a little more involved for me because I'm collecting a municipal retirement now, but I had worked prior to my municipal job and have enough quarters to qualify social security. I'm almost 65 now and plan on waiting at least til 67, but will probably wait to 70.

[@uninsurable9028]

I’m trying to wait until 70 as well.

[@martincarr4204]

That did not make any sense , waiting for what, with all the money lost, it could have invested it in a index fund like SP500, or large cap stock like Apple, it would have made more in the long run.......I am on a government pension too , I did not need my SS but I took mine a 64 when I found out about this, anyway everybody is different

[@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.

[@susanw2869]

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

[@gao57009]

What about the time value of money if you take benefits earlier?

[@coldflu]

The best time will be before it runs out.

[@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.

[@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.

[@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.

[@user-dx6jo1cm9c]

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..

[@mtnairpilot]

Good info but it still boils down to if you need it early take it; if you don’t don’t.

[@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.

[@TarabUTK]

Quick question about the 35 yrs determintation. Say I started working 40 yrs ago on July 1st and I am going to retire in 2024 on July 1st. What happens to 6 months in 2024? Do they get dropped because it not full yesr?

[@RH-ib7bg]

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

[@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.

[@johnchase9054]

Considering a spouse with minimal benefits - this was confusing (especially the part where I die). Would like this portioned explained a little better about benefits while living vs. benefits to the surviving spouse.