When Is The Best Time To Start Collecting Social Security? - Dave Ramsey Rant

[@Robby767]

It’s true that delaying until 70 can give you the maximum benefit, but not everyone can wait. You’ve got to consider your health, your savings, and whether you really need the money now. Have you done a break-even analysis? It helps you see when delaying actually pays off.

[@Larry1-pl2wq]

I’ve heard a lot of people regret starting too early, especially if they didn’t need the money right away. It’s a permanent reduction in your monthly check, so it’s worth doing the math. If you’re healthy and have a longer life expectancy, delaying makes a big difference.

[@Johnwhite-c3n]

Another problem is not factoring in inflation or other income sources. Some people underestimate how much they’ll need later in life. That’s where having a good financial advisor can help. When I was planning, Joseph Nick Cahill guided me through it. He’s excellent at aligning Social Security with overall retirement goals.

[@Bigwilli123]

Joseph Nick Cahill? I’m hearing his name for the first time. How can he help with Social Security?

[@Johnwhite-c3n]

He’s a CFA with years of experience improving portfolios and retirement plans. I was confused about whether to take Social Security early or not, and his advice made it clear. He even offers free consultations, so you can ask all your questions without any obligation.

[@Annie2229]

I just found him on the web. I am impressed. I also scheduled with him too. His consulting page ranked top

[@KristinPMosher]

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.

[@mariaguerrero08]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@mikegarvey17]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.

[@ThomasChai05]

@@mikegarvey17Could you possibly recommend a CFA you've consulted with?

[@mikegarvey17]

My CFA ’Izella Annette Anderson’ , 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.

[@Grace.milburn]

Thanks for the info, i found her website and sent a message hopefully she replies soon.

[@wendywatkins628]

It took my ss immediately at 62. Since I lived a very debt free life, I'm actually banking most of my ss. I don't have anything fancy, but I never needed anything fancy. If I want something, I buy it. After listening to Dave and Clark Howard for many years, I learned to live on less than the average man. I'm so happy I did!

[@dantheman1534]

contentment is next to Godliness

[@wendywatkins628]

@John Dunn for you, maybe, for me, not at all. You do you, you dont know me. If you wrote that just to be cruel, then I guess you succeeded.

[@billvigus3719]

@@wendywatkins628 I don't know them but I don't think they meant to insult. You seem content with your life and it seems they were paraphrasing the New Testament where Paul said godliness plus contentment is great gain.

[@PR_GTR]

👍👍👍❤❤❤

[@matthewgardner2144]

@@billvigus3719 I bet the intention was good, but in general, people shouldn't blithely quote the Bible or make assumptions about religious belief to a total stranger.

[@johnpowell9169]

I took my SS at 62 , the wild card is your health , so if your in decent shape enjoy yourself , its later than you think . My wife and I worked and saved , everything we own is paid off , we did our traveling while we could , now my wife is having some health problems that limit her abilities , we stay close to home and that's OK our children and grandchildren are close and we can enjoy their company .

[@ChristopherAbelman]

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

[@HildaBennet]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@PennyBergeron-os4ch]

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

[@HildaBennet]

My manager is Rebecca Noblett Roberts. You can look her up online..

[@PennyBergeron-os4ch]

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

[@jesusislord3321]

So sorry to hear about your hardships. Look around your house to see if there is anything you can sell. They have been telling people to clean up their homes, inside and outside. You might be surprised by what you might find to sell. The next four years are going to be interesting. We all have to do our best to watch our spending, and even if it's $5 a week, put it in a jar or something. I wish you all well

[@christainjames]

I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[@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.

[@Pamala-p1t]

Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.

[@Anitasolomon-u4p]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@Pamala-p1t]

NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@Anitasolomon-u4p]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@melodymakingmelodies4896]

I’m retiring at 60, collecting at 62. I don’t need a calculator to figure that out or a graft. I am sick and tired of working. Make sure your home is paid off and you have no credit card debt and understand the Importance of living within your means...have a budget.

[@susanmarie2231]

I am glad for you that you can retire at 60. I am 66 with no retirement in site and I am okay with that. I get my first Soc Sec check in a couple of weeks. Gratitude! Best wishes to you.

[@mediaboyz9848]

What are you doing for health insurance ?

[@catlady2795]

@@mediaboyz9848 probably obamacare or Medicaid I would think. You can have 401ks and still get medicaid at least in California.

[@scotttracy9333]

@@mediaboyz9848 Exactly. Due to the gap In when you can get Medicare, I plan to keep working at least till 65, so makes sense to delay taking SS till at least then.

[@rickj1983]

I have lived well within my means but I've run into murphy's law way too many times and have come out behind the curve. I love to save too.

[@2-old-Forthischet]

I started taking my benefits at 62. The reason I did that is because my best friend waited till a later age (not 70) and passed just after he started receiving the benefits. It's a krap shoot when it comes to mortality. I've worked with people who seemed like in perfect health and passed in their 40s. Enjoy life while you can!

[@edhughes6854]

Are you worried about lying in a grave and regretting not taking your social security?

[@2-old-Forthischet]

@@edhughes6854 no and no. I'll be silt in the ocean when that time comes and am presently spending every cent of my social security checks.

[@susanmarie2231]

I am taking at 66 and so glad I waited. I need all the passive income I can get. If I take it at 62, I will get 30% less for the rest of my life. I know people who are now in their 80s and they regret taking Social Security at age 62 because they are struggling financially and can really use the extra money. Best wishes no matter what. I get my first S.S. check in January. Yay!

[@thepianist7084]

If your friend was married, then him having waited longer will benefit his surviving spouse for the rest of her life (assuming he had a higher Social Security benefit than she did).

[@PORTMIAMIMIKE]

@@susanmarie2231 those ppl didn’t have a Roth IRA?

[@russellfraser9826]

I retired from the union trades at 57, with good investment I lived very well. Enjoyed myself and took social security as a supplement to my income at 62. If your young save a portion of income and your future will be bright!!

[@andread8251]

You have had a blessed life. Many of us ruined our futures by chaining ourselves to the wrong partners, and having our earnings and savings taken away by all the vultures in the legal system that aid those takers. Then there are those of us broke because we can’t bring ourselves to stop supporting our failed grownup children. At the end of all our years of working, we are failures.

[@gosman949]

@@andread8251 sorry for the choices you made. But it isn't too late. Keep your chin up and start saving. Wait until 70 to collect SS.

[@mijuajua4820]

Russell, would you like to get married?☺️

[@hzleyes7087]

@@gosman949 jay you’re nuts. U must be a congressman? Take the money now and invest it in equities. Anything is better than SSA

[@suew4609]

@@andread8251 Not to mention all the taxes that we have paid, and that morons keep voting through, especially here in California. They are taxing us out of our home state.

[@karenhardie1132]

I'm collecting at 62. Over 40 years of working is enough. I want to enjoy what years I have left. You have no idea when you are going to die. Of course they want you to wait so they pay out nothing.

[@OurBelovedBungo]

Yep, I've had friends die while still working, so they never got the chance to enjoy the fruits of their lifelong labor aside from a few vacation weeks a year. I don't want to be one of them! Fortunately I'm in the position to pull the trigger and retire at age 52 and plan to do so in the next few weeks! Extra bonus: having greatly enjoyed WFH for the past 14 months I'll never have to return to the office! Planning to start collecting SS at age 62 as soon as I'm eligible. We all know what they say about a bird in the hand...

[@Erginartesia]

My husband was holidng out until 70. He died with no sign of illness or injury one night in his sleep. He was 69 years old. So you are right, you just don’t know. But I’d still go with the probabilities and your own feeling for your health. Too many people grow old on a fixed income during a time of inflation, and suddenly they are at the poverty line. SS is not fixed income, but it is fairly well agreed upon that COLAs do not raise equitably with inflation.

[@penguin12902]

@@OurBelovedBungo what are you doing for healthcare? Are you wealthy enough to just pay premiums in cash?

[@OurBelovedBungo]

@@penguin12902 I'll being paying for COBRA for the first 18 months ($1500/month, this is already accounted for as a line item in my budget), then switching to an individual ACA marketplace plan. I should be able to manage my taxable income in order to qualify for a subsidy, but I can also afford the unsubsidized premium if the subsidies go away.

[@penguin12902]

@@OurBelovedBungo nice. I'm only 40 but I'm trying to find a way to not work all the way to 65.

[@richardm5540]

Take it at 62! You b happier to leave that job.! Instead of being miserable at a job You hate .

[@deborahfarooq3492]

I took my early, I am glad I did . I work since young age right out of school. Put kids through college. By the time you get to 61 or 62 .... you deserve to enjoy some of your life. You never know when ur gone. I enjoy time with my grandchildren, my children , our Sunday lunches at my home and my Time on my patio with my beautiful 🌳 , birds of different colors and types that come through my yard , and my time meditation, to just sit feel the cool breeze across my face , to know that I work hard all my life , have great children and grandchildren, and can just enjoy my life . I earn it . I also took care of my bothers and sisters while mom and dad work when I was 12. So I am glad to be retired.

[@bigtime2413]

@@deborahfarooq3492 That's exactly what I want! I envy you Deborah😊 I'm happy for u😊

[@onlywenilaugh6589]

That's fine if you have savings. If not, you will be miserable in your late 70s and early 80s and beyond with tiny checks each month that may not pay your bills..

[@douglasthompson9070]

My dad passed away when he was 61. I contacted a SSA agent to find out if there were any benefits he was entitled to after contributing over 40 years into the system. If you watched this video you already know what his answer was to me. That's worse than a negative 4% return. That's a negative 100% return.

[@maxshiraz3447]

A total scam and a total disrepect to your dad. He deserved much better.

[@adventistlondon]

Social security was designed as insurance not an investment.

[@richardsnyder842]

@@adventistlondon We are better off when we negotiate our own insurance policy as opposed to having a government policy forced on us. One size fits all isn't working when it comes to the SS Program. My Dad died at 61. It didn't work for him.

[@douglasthompson9070]

@@adventistlondon So if it's a government mandated insurance then it should be challenged. The ACA insurance mandate was considered constitutionally unlawful. But since SS is a national tax then I would not call it an insurance policy. It's an entitlement.

[@mikeb8342]

@@douglasthompson9070 I'm sorry to hear about your father. Social security IS a compulsory insurance program. No one is "entitled" to benefits as Congress can change or abolish it at will. The payroll deduction to pay for it was specifically designed to give it an aire of an entitlement so as to make it nearly impossible to get rid of. Crying shame really as it's a horrible "investment" that lulls people into a false sense of security. My mother is living through this problem now.... at 80 with almost no nest egg.

[@classicrocklover5615]

I've known several people who worked hard all their lives and suddenly died unexpectedly before collecting a dime. It makes me sick!

[@baxakk7374]

@CJ DUNROVIN Their kids could get

[@calebgaddi1428]

They’re dead. Why are you worrying about them?

[@andrewdutton3831]

@@calebgaddi1428 "The dead only know one thing; it is better to be alive." Private Joker, USMC

[@marilynringel9228]

It's too bad we cannot assign someone else to collect for us if due before collecting

[@kasession]

@@baxakk7374 Only if they're under a certain age. I think it's 18.

[@jvolstad]

As a disabled veteran, I took it early. I don't need it, so the monthly check is usually donated to charity.

[@janethockey9070]

jvolstad Invest in Cds

[@factsoverfeelings9492]

@@janethockey9070 cds are to listen to music not to make money. Mutual funds stocks make money.

[@chicagohoosier1]

You must be close or at 100%.

[@beautiful20106]

U must be rich .

[@gosman949]

would be nice to donate a check at 70 and beyond. Will be much bigger!

[@kevind8752]

I retired at 65 as soon as I was eligible for Medicare and filed for SS. I also rolled my 401k into an IRA. After working for 42 years I was tapped out. My SS, a small annuity and dividend income from my our investments replaced my salary. My wife retired at 63 1/2 and we used my HSA to pay for her medical insurance until she reached Medicare. With our SS, annuity and investment income we bring home more than when we were working.

[@FlatFifties]

A couple of points: I know several people who, if they never had to pay social security taxes, would have spent all that money when they got it, and would not have saved any of it, and in the end would not have anything at all to show for it. People who saved some in 401k's, but not enough, and would be in really terrible shape if they did not have social security. Also I know several people retired from the same industry that I am retired from (farm service) who retired and took social security at age sixty two, who then a couple of years later. found that they had to go back to work as a seasonal temp to make ends meet. That is why I worked to my full retirement age, which not only maximized my social security but also added several more years of contributions and earnings to my 401k before I started taking distributions. My wife and I retired together and have much more disposable income in retirement than we had when we were working. If I had retired at age 62 that would not be the case. In my opinion talking about how much you will collect in your lifetime is in the theoretical world and is irrelevant. What is relevant and important is how much money you have every month for the rest of your life however long or short that may be.

[@PatriotSteve]

you don’t count the freedom and experiences someone had during those four or five years from 62 to full retirement age. While you worked for those four years they were out living life and not waiting for more arthritis to set in.

[@CaptainQueue]

Flatfifties -- you just described me. If I had taken it at 62 I would have saved little or nothing. I waited to 70 and therefore have enough saved now to pay off my forever home mortgage and a bigger SS payout to my spouse when I pass. I salute anyone who can retire at 62-65.

[@earlysda]

"Full retirement age". If 62 is that, then do it, there is no penalty.

[@dcg590]

Ss is not supposed to be lived on. It’s supposed to be supplemental. Your friends are not prepared for retirement

[@US_ARMY_25_INF._DIV.]

i am taking it at 62...my break even point will be at roughly 79.....what people forget having extra money by waiting until 67 or 70 does not mean much if you are in your 80s or 90s because at that point you can not do much...i am taking it at 62 while i am still mobile and traveling around the world and kicking ass...

[@CaptainQueue]

I waited until 70 and glad I did. Life dealt me a layoff and pension cut and small savings to make up and I finally have. I have a good job now, saving more in 401k and am in good health. I'm very thankful for what I have.

[@MB-gd6be]

you are working?

[@CaptainQueue]

​@@MB-gd6beI retired at 71.

[@lastuberman]

@@MB-gd6be Exactly. My Captain is bragging about working at 70.

[@llschnitz]

@@MB-gd6beBravo Well Done.

[@fueledbymusic3]

happy few more years of life. UNLESS you loved that job, waiting too long to retire is a NO GO for me.

[@DavePatrick901]

Given reduced inflation signals and as the federal reserve has halted take hikes, what are the best additions for a $500k portfolio to enhance the overall performance of my portfolio next year

[@VictoriaLisa959]

Look for stocks that have paid steady, increasing dividends for years and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with pointers on equities to acquire

[@hillaryrowland1]

True, some folks employ hedging strategies or devote a portion of their portfolio to defensive assets that performs well during market downturns and such pointers are provided by engaging the services of market experts just like I did in 2019, amid rona- outbreak, and as of today, I can boost of a 45% enhancement on my $1m portfolio after acquiring assets recommended by my advisor.

[@soniadonald152]

I need a guide so I can salvage my portfolio and come up with better strategies. How can one reach this advisor?

[@Queenbrenda989]

Risk management should always come first, the reason many traders lose money is not simply due to inexperience or a lack of knowledge of the market, but because of poor risk management

[@hillaryrowland1]

​@@soniadonald152Timothy Eric Meek

[@annahopp]

Haha. Love it. The only problem is that 80% of people wouldn't invest the extra money, but buy three more 75 inch TVs instead. 😀

[@mikestevens2053]

Boat and RV dealerships feel it best to take SS early :)

[@michaelm.3328]

Agreed. Many people in society have no personal/financial discipline, so we continue to keep this crappy government program around to protect them, since they have the mentality of children.

[@hubster4477]

Hahahahah

[@patfromamboy]

That’s exactly what I was going to write. My ex wife for example doesn’t have a 401k or anything else. I have a pension and my 401k and will get SS. I’m no investment whiz but saw that I needed to save for the future and was surprised by how quickly the future arrived!

[@US_ARMY_25_INF._DIV.]

i am taking it at 62...my break even point will be at roughly 79.....what people forget having extra money by waiting until 67 or 70 does not mean much if you are in your 80s or 90s because at that point you can not do much...i am taking it at 62 while i am still mobile and traveling around the world and kicking ass...

[@maingate7672]

I'm taking it at 62, my Dad told me, ''Get what you can while you can get it because it might not be there if you wait.''

[@jesusislord3321]

Great advice from dad. You can always fund a part time job if needed

[@July.4.1776]

Or you might not be around. Your number can come up any day.

[@Rogerederer-b2r]

I was reading this article that said Americans in their 40s are the least prepared for retirement. It makes sense when you think about it. Most people are busy with mortgages, kids, or paying off debt, so retirement planning takes a back seat.

[@GOODGIRL-w6f]

That’s true, but the 40s are also a crucial time to start catching up if you’re behind. You still have about 20 years before retirement, so compounding can work in your favour if you’re consistent.

[@KingRoh-t8h]

Exactly! I learned the hard way. I didn’t start saving seriously until I was 42, and I realised how much I was leaving on the table. Now I max out my 401(k) and put extra into an IRA. Better late than never, right?

[@WilliamsF-e8r]

That’s where working with a financial advisor, like Sonya Lee Mitchell, makes a huge difference. I Googled her name and saw she’s highly rated. I decided to work with her, and honestly, it’s been life-changing. she helped me organise my finances, reduce unnecessary expenses, and map out a realistic retirement strategy.

[@KingRoh-t8h]

Oh, I’ve heard of her! Didn’t someone leave a testimonial saying she helped them double their retirement savings in just five years? That’s impressive. Having someone like that guide you ensures you’re making the right moves instead of guessing.

[@WilliamsF-e8r]

Absolutely. Sonya Lee Mitchell even showed me how I could invest more aggressively now to build wealth, then transition to safer options closer to retirement. It’s not just about saving but knowing where to save and invest. I recommend her to anyone who feels stuck or overwhelmed.

[@outdoorguy845]

Take Social Security at 62 years old and enjoy life while you're still young and healthy enough to do things. You won't need the extra money when you're sitting in a chair in your 80s full of arthritis watching television

[@MehulP30]

Valid point

[@karolinascott8421]

Yep . I would get $650 /month at 62

[@rebelsixtynine1]

Exactly

[@alrbredwall]

It's a tiny benefit at 62. If that has any impact on your quality of life or enjoyment at 62 then you prepared for retirement poorly. But I understand what you mean.

[@MrScottx]

The thing is some people wont make enough money to live on if they take it at 62.

[@duneme]

THANK YOU FOR ADDRESSING THIS!!! DR-You need to put this out there as: FOR ANYONE THAT WILL INVEST ALL YOUR SS BECAUSE YOU HAVE MONEY SET ASIDE (Passive Income, etc.) FOR RETIREMENT, TAKE THE MONEY AS SOON AS YOU CAN!!!

[@nuleafonlyfe04]

I'm taking my social security as soon as it's offered. You don't know when you're going to die honestly, so I think it's wiser to take it ASAP. Don't count on it as your sole basis of income though, but definitely get it!

[@nostalgianeverland592]

Yes! Agree!

[@bigtime2413]

Also agree!

[@MrEdwardCollins]

If you don't know when you are going to die, isn't that just a valid of a reason to wait, and collect it later, when the benefit amount will be more? What are you going to do if you don't die and live to be, for example, in your mid 80s? Do you have a plan for that? I hope so... because your small SS check that you chose to take is most likely not going to be large enough to cover all of your expenses. If you wait until age 67 to collect, the monthly amount you will receive is 42.86% more than the amount you would have received at age 62! Obviously, that percentage is not large enough for you. Okay, no problem. That's fine. But how large would it have to be before you did consider waiting to file? 50%? 60%?

[@ChrisInvests]

I will consider social security as a bonus but I will certainly not want to rely on it 🤷‍♂️👎

[@markmirabella4066]

Chris Invests that’s not what this video is about. That’s an entirely separate debate.

[@janethockey9070]

Index funds chris

[@blackworldtraveler3711]

Chris Invests - Personal Finance Videos Play money for me.

[@nala3038]

Mark Mirabella calm down dude

[@tompain2751]

Same here.It's pocket money!

[@codis1625]

You get 8% more for each year you wait. Take it at earliest year and invest it in a high paying dividend stock or etf.

[@speedwayman100]

actually if you wait to take it it 67 then only years 68=70 do you get 8% but i looked at the ssa site and if i wait till 63 it's closer to 6.5% and a bit more at 64 .

[@DrDave-ub1uw]

Inflation makes the dollar you get later worth less than the dollar you get today. Also, better health now may also make the dollar you get today worth more than a dollar you get when you can no longer physically enjoy it...

[@juliareadscottishpiperandh4861]

excellent point about the health. I've known people who had mlns in old age but couldn't do anything with it other than pay for hip operations that they could have got on the nhs for free.

[@fayejordan175]

They do increase SS for inflation.

[@G31mR]

I took SS at 62. No regrets.

[@roza4jesus797]

Honestly, take it at 62, no one knows how long we are going to live, also your health comes into play as well. Enjoy your early retirement while you can. I heard of people die from heart attacks right after retiring after there 70's. Its not always about the money. Enjoy your life while you can. God bless

[@vitojosie]

Agree. While you still have your health.

[@justinacase2623]

@Randall Johnson Met those clowns! They are the ones who use terms like "my" job. Most are pompous jerks who hate on the younger workers and create unneeded drama, and the boss is scared to death to fire them. I do not shed a tear when they pass.

[@gosman949]

@Randall Johnson retire early but wait until 70 to draw SS!

[@gosman949]

@@justinacase2623 what are you talking about? We are talking about SS. You are too young to know about it!

[@dantheman1534]

WISDOM

[@Mimisams6]

something that wasn’t mentioned is if you draw Social Security and you’re still working you are limited to the amount of money you can make. 21,240 a year is the cap this year & if you go over that amount, they start taking money back so it would be pointless

[@damondiehl5637]

Yes. My wife retired at 62 and got bored, so she took a part time job that blossomed into a full time job. She made over the limit and the next year several months of SS payments were recouped until her account balanced out. If you plan to retire before your full retirement age, make sure you run the numbers correctly.

[@gloriagibb-zs4se]

The 1st yr you retire make as much as you can. Not counted.

[@MultiAnne36]

It only makes sense to take it early if you don't need the larger amount later to pay the bills. Eventually you will not want to work to supplement the lower amount taken at 62.

[@onlywenilaugh6589]

@@MultiAnne36 exactly, break even doesn't really matter, what matters is you get enough each month to pay your monthly bills.

[@MrEdwardCollins]

Just to clarify, if you draw Social Security and continue to work, you are not limited to the amount of money you can make. That's not accurate. You can make as much money as you want. However, if you make more than the Earnings Limit, your SS check will be deducted a certain amount. HOWEVER, when you reach FRA, you get these deductions back... eventually. Unfortunately, you don't get it back in a tidy sum, all at once. (Too easy that way, right?) What Social Security does instead is increase your monthly benefit when you reach full retirement age to account for the previous deductions.

[@louiseherta7791]

Something that is not being taken into consideration is if you are still working your SS income is taxable so you really don't get "all of it" to invest. This income will also likely be in a higher tax bracket too. Just something to consider.

[@johnambro1590]

and 50% penalty for every dollar over the earnings limit.

[@SummerLove217]

@@johnambro1590isn’t that if you haven’t reach full retirement age of 66 years 4 months?

[@DonaldMains]

Yes, it is before FRA, but that is what Dave is advocating. 50% reduction in SS benefit over 20k plus you are taxed on the SS you receive Working and collecting SS is a bad idea. @@SummerLove217

[@marydeveraux3074]

I just hate the fact that nobody replies very fast on KZbin… Will someone pleeeease answer summerloves question???above👆🏻👆🏻

[@edwardglatzmayer5466]

@@marydeveraux3074 No. It applies to everyone at any age. Social Security is "Income" so when you take social security and make more that $34K per year, it (your social security) is taxable. The tax rate depends on how much income you make / and how much you taxable money you spend in a year. Google it or go to Social Security gov website.

[@jimshirey2293]

I'm 62 and my husband is 67. We both started taking it at 62 and both retired at 62 with pensions. Who knows how long we'll be around... might as well get some of our monies back.

[@trancendental5373]

Old people were starving in the street before social security. It's not perfect but it's better than nothing.

[@jeremybrown1578]

It’s bad. Been in a deficit since 2017 and currently… 18 year old kids are getting taxed for 65 year olds retirement. It’s a debt spiral and I can promise you that not a single kid paying into social security right now will *ever* see social security by the time they retire.

[@euenfheiejrj]

That’s my viewpoint as well. Do I need it? No and I’m not planning on having it when I retire since I’m 34, but it’s there for a reason. I don’t want old people on the streets again.

[@covercalls88]

There are too many people out there that can't save anything, SS does try and save something for them, if not they would have nothing at retirement.

[@gosman949]

@@jeremybrown1578 sure they will. Have faith in your country or leave it.

[@michaelgreer3767]

I’ve heard all my life that social security will not be there when I’m old enough. I’m just about old enough and it is still there.

[@andrewheffel3565]

Best advice on the internet. I retired at 65. My wife is still working and our monthly income is enough to live comfortably without me collecting SS. People advised me to wait until 70 to collect SS to max out my benefit. I didn’t listen. I started collecting SS at 66 and have been investing all of it (and more) in the stock market ever since. I’m 71 now and my SS investments are worth well over $200K. My health is poor and I don’t expect to live too many years. This was the best way for me to maximize what my wife will have to live on for her old age.

[@StopBeingSoldMedia]

I agree with those that take the money and run at age 62, especially if they have little to no debt!

[@mslonghair4570]

I'm retired, aged 57, and I'm taking it at 62. I can either invest it or, live on it and keep more of my nest egg invested. Either way, it becomes part of my estate instead of SS not paying me or anyone else back what I have paid in.

[@califdad4]

I took it at 65, I had parents who one made 80 and the other made 90, but since my older brothers only made 61 and 72 so I decided not to wait till I was 67, I had Medicare so I'm enjoying myself

[@robertavery6783]

many financial advisors say to wait to take SS until later. They ASSume average life expectancy, which no one can assume. My brother died suddenly at 65 after only a year in retirement. Average life expectancy didn't work out for him. I'm starting to take it this month at 62. Nice monthly cash flow while I sit on my investments until I need them. The reason that SS still exists is that there are so many people that lack the discipline to save for retirement.

[@ozarked2363]

My mindset has always been I'll never get a dime of the money we've put into it so draw it as soon as we can and whatever we get is a bonus. Then my wife turned 62 and I actually ran the numbers. Her full amount if we wait until she's 66 1/2 is about $2400 per month. She's going to work until then. With her income, the reduction in benefits, and taxation of the benefit, we would only net about $400 per month. We'll get more in the first year at full retirement age than we'll net over the 4 1/2 years if she takes it early. My conclusion is for most people drawing Social Security at age 62 only makes sense if you are not working full-time.

[@thankswillie]

seems to me, should have mentioned the income limits before FRA

[@hytresmith6402]

Yes - start taking SS when you have actually retired because of the FRA.

[@DrSchor]

Fascinating. If you know you will never get a dime of the money you have put into it how are you getting anything out of it at all? From where is the money coming from if you are sure you will get nothing from it at all?

[@ozarked2363]

@@DrSchor Please re-read what I posted. I did not say I knew, I said my mindset was that I would never see a dime. As in, my planning and approach to retirement was based upon receiving $0 from social security. I would never place myself in the situation of relying upon politicians for my retirement income.

[@US_ARMY_25_INF._DIV.]

i am taking it at 62...my break even point will be at roughly 79.....what people forget having extra money by waiting until 67 or 70 does not mean much if you are in your 80s or 90s because at that point you can not do much...i am taking it at 62 while i am still mobile and traveling around the world and kicking ass...

[@pedrofernandez8729]

If you start at 62, you will collect more years than if you wait till 68, The diff in the amount for me was not that much to make me wait till 68, so i started at 65.

[@gosman949]

foolish. If you have time, take it back and wait until 70.

[@RalphPrescott]

​@@gosman949 Arrogant. If you account for NPV and longevity risks delaying is often better but not as strong a case as it's made out to be. If you throw in reductions in 2030, 70 may not even be your optimal age.

[@gosman949]

@@RalphPrescott no it is called prudent.

[@Hesdrummingagainagain-oj6ei]

Quality of life was the biggest driver of my decision. I'm also in very good shape financially.

[@laureljade3476]

The sanctimonious comments nauseates me. To the people who say cut social security, God help you if you are involved in a financial catastrophe that eats up all your life's savings in your later years and no one will hire you when you are old and not in good health and have nothing else to rely on. Of course you can't rely on social security, but for many elderly, it's their safety net.

[@bosstime2010]

There not sanctimonious comments. The rate of return on ss is pathetic. You would have much more if you invested yourself. Also people sent advocating to stop payments to elderly.

[@wakeup6910]

If a later in life financial crisis wipes you out because you took ss early, I doubt waiting till FRA is gonna save the day, you missed out on 90 payments

[@jefferysurratt5650]

@@bosstime2010 Not true, I have done the math and everyone that gets SS benefits for 6 to 10 years gets all the FICA taxes back. I got all my FICA taxes back after 60 months Over $88,000 adjusted for inflation in 2018 dollars, the year I started reduced benefits at age 62. My older sister that made twice what I made each year, got all her FICA taxes back $250,000 in 9.6 years. My mother is 94 if my sister lives to 94, We have aunts that have lived to 100, she will get an additional $570,000 in SS benefits. Also, remember her employers paid half of her FICA taxes. So, I do not know what hat Dave pulled his -4% gain out of.

[@MBihon2000]

Retire at your FRA, (66-67). Apply for Medicare at 65, if you missed you will pay a penalty. Medicare Part B when you retire and pay a premium $164.90(2023). Buy a supplement to pay for 20% get the Plan N.($143-$150)a month to pay for original Medicare does not pay. Also, get Part D, Rx prescription coverage which cost around ($12-$15) a month, whether or not you are taking Rx medication.

[@Hosz688]

Government exists to take money from those who work, save for their future, and plan ahead, and give it to those who are too lazy to work, spend money as soon as they get it, and never plan for their future.

[@kotro88]

When my father retired and started drawing his SS, they reduced his SS benefit because if his pension under the WEP. When he objected, the lady at SS literally told him on the phone, "Somebody has to pay for people who don't want to work."

[@bigtime2413]

Couldn't have said it any better

[@schnoodle3]

@@kotro88 Bullshhite, no such thing happened

[@SandfordSmythe]

So who are the lazy people who get paid out of SS but didn't pay in?

[@mikehamack6347]

What a load.

[@CarlosRodriguez-hb3vq]

Social Security doesn’t just pay retirement benefits. It also pays disability benefits. You’d be amazed at what qualifies as a disability. No wonder the system is bankrupt.

[@jamesgossweiler1349]

I know a guy who claimed he was injured by an enzyme in milk...was on disability for decades. No evidence whatsoever this guy was disabled in any way.

[@hollyb6885]

Karl von Eschenhof My neighbor is on SS disability and even gets extra because he is “blind.” HE DRIVES EVERY DAY!!

[@sgt.grinch3299]

Do you decry the cancer survivor who can not work because of the treatments and has racked their body and the lives that depend on him?

[@EG-hw8re]

@@sgt.grinch3299 who is saying that. This is the second sour comment I caught from you. No one is decrying that, they are decrying the fraudulent use of SS. I have a neighbor who laughs and says her kid gets social security, he never worked, neither did they, but he has heart issues. She says of course they'll take it, its not her fault for the stupid laws. And she is right! And it is a stupid law.

[@justincase2830]

@@hollyb6885 Or the so called disabled couple that we saw go out of the SS building. He tucked the crutches under his arm and walked to the car and she snapped off her neck brace and pitched it into the back seat.This was seven years ago. The scheme is alive and well!

[@mariejones7136]

I took it at 62 ..i needed the money ..life is short..i want to enjoy my life while I can still function ..but now I have to win the lottery lol

[@damiand7000]

Marie Jones Hi Marie

[@mariejones7136]

I feel squeezed out of the job market now that I'm 65 ..i don't think I want to deliver pizza lol

[@mariejones7136]

@christopher hennessey that was a joke ..lol

[@baxakk7374]

@@mariejones7136 so how are you holding up? Started pizza delivery yet?

[@mariejones7136]

@@baxakk7374 no Im not delivering pizza lol..

[@thullraven1]

It's different for everyone. It's not a "One Size Fits All" situation. People with health conditions probably want the early retirement so they can travel or do things they enjoy before their conditions make that impossible. I have been diagnosed with heart disease. I feel fine, and I see a doctor. The vast majority of my family members died in their 70s. I may or may not take it at 62, but I sure won't wait until full retirement age just to get more money. That would be foolish given my family history and personal diagnosis.

[@kotro88]

Taking it at 62....it's "play money" for me anyway. I've invested with the assumption it won't be around when I'm 62....

[@tomsassurance]

Social Security is for funding everyone, including non working spouses, disabled, handicap. We forget it is a social safety net, not our retirement.

[@lexusls4305]

Exactly - it is a benefit for the 50M plus who save nothing- not for the 1%ers like Ramsay. Don’t like it, Dave? Donate it

[@dennistyler8746]

Some Workers lost money with their 401k, others don't make enough to save. Not everyone earned a Pension. Others had health problems.

[@happytrails699]

@@dennistyler8746 I don't know anyone who has a pension. I thought those where done away with years ago.

[@celested9588]

SS was originally for retirement. It turned into everything else later.

[@classics-wz1bz]

@@lexusls4305 that's the problem, the 50M who choose to save nothing because they are told and buy into the belief it's going to supply their needs. Give me my money back, I'll do a better job securing my financial future than uncle sam.. my future is my responsibility, no one else's.

[@susanmarie2231]

I was going to wait until age 70 but because I am claiming on my ex-spouse’s Social Security I will not get yearly annual increases past my full retirement age which is 66. I start Social Security at 66 in January and I am so glad I waited!

[@MaximilianFischer497]

Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.

[@henryallard245]

Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.

[@EvelynBrooks0]

I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment by diversifying but how can I do so given that the market has been in a mess for the majority of the year?

[@TicheDebb0]

I’ve heard that good investment advisors can make a big difference. Can you share more information about your financial advisor?

[@EvelynBrooks0]

Rebecca Noblett Roberts is based in the U.S. but works with clients everywhere. You can find more info about her online.

[@MarshalWagner457]

Thanks! I’ve been meaning to start investing but kept procrastinating. I’ll definitely look her up and see what she advises. This was really helpful!

[@marybreinholt3688]

My husband and I feel we have a 50/50 chance of a past 80 life. We are retired, home is paid for, and absolutely no debt We are both 59. We lost my mom at 64 and his dad at 62. Our other parents lived into their 80’s. We don’t need SS at 62 but we are considering taking it at 62 and investing it, as Dave suggests, in a mutual fund that will grow and be there when we may need or want it later.

[@damondiehl5637]

If you are already retired, there is no reason not to file at 62. Get that income stream flowing and like you said, invest it.

[@DrSchor]

If that is your philosophy, since you dont need the ss money now, and are not going to spend it anyway, why not wait untill 70 when you will get the largest check possible for as long as you live for when you may need it or want it later?

[@earlysda]

@@DrSchor Schor, didn't you listen to what he said in the video?

[@jmb-cm7mr]

@@DrSchor It will take most people 12 years to break even if you take it at 70 as opposed to taking it at 62.

[@jimbo3609]

@@jmb-cm7mr, will be more if you start investing at 62. Maybe you are looking at 20 years....

[@cliffart7398]

don't forget the salary cap when taking it early. full age = no salary limits.

[@Ejy64]

A bird in the hand is worth two in the bush. I'm taking it at 62. Who knows if something will happen to me or the system if i waited longer. I'm getting it while the getting is good. Love the idea of taking it at 62 and investing it. I saved my entire career and never lived beyond my means. It's payback time.

[@miketracy9256]

Everyone we know who waited (we are mostly age 75 now) are happy with the choice. Those friends and relatives who began at 62 now all regret it. Dying early is not the risk, living to older than age 90 with less income is the problem.

[@terryhill4732]

No one's guaranteed of living longer or even long enough to collect their social security that is not a given

[@antipsychosoup6709]

@@terryhill4732 He didn't say it was a given, he said it was a risk. Every financial decision you make carries risk. With respect to Social Security, for most the greater risk is filing too early and locking in a lower benefit, and then living longer on a lower income.

[@terryhill4732]

@@antipsychosoup6709 life is a risk that's just something we face everyday and have to be willing to live with the consequences of our decisions

[@antipsychosoup6709]

@@terryhill4732 That's right, and that's why the earlier you file for Social Security benefits the better prepared you have to be for the consequences of having a lower income.

[@grantguy8933]

His point is if you already better off to be ok with the SS money to take it at 62 is a better choice. For People count on SS to get by is safer to go with 67.

[@beautyRest1]

I decided today to die when I’m 83, so hope all goes well and my math will work!

[@lawrencethompson3668]

Priceless. I too have an age I need to leave. God Bless.

[@justwannasay5454]

😆

[@hzleyes7087]

Not. E, I will live forever, at least that’s the plan. I see no upside to dying. 😂

[@margaretsilva196]

I remember doing some type of health survey that concluded I would live until I'm 83...now I can't get that figure out of my brain.😑

[@ashleesimons981]

My grandmother said she was going to die at 93 when she couldn’t drive any longer. She drove until she was 92 and died at 93, we all wore smiles at her funeral. ❤️

[@pt2729]

...because the reason why we lose 4% on what we put in is because we’re paying for ppl who haven’t paid in, ie ssdi collectors who claim unable to work.

[@bookmark692]

Non citizens too?

[@tupelohoney622]

I understand that in many cases SSDI goes to undeserving individuals but it also goes to those that truly need the help. My 26 year old son had a head-on auto collision at 18. He remains in a minimal state of consciousness (a limbo land between awake and in a coma.) His only work experience had been summer jobs in high school. We care for him at home. My husband will continue to work as long as his body holds out because our son needs premium insurance, not Medicaid. His $700/mo goes toward the numerous items he requires that insurance doesn't cover. So it does also provide a support net for our most vulnerable.

[@snow40741]

I plan taking it at 62-63....I am totally debt free no mortgage...scale back to part time for some income but more for the health insurance and save as much of it until Medicare!

[@savannah0113]

You brought up a Great point!!! Invest the money💰collect early.

[@Michael-Joseph123]

If you're going to invest it, then you will have to have other income to live off, your limited to how much you can earn before fra.

[@cherylbroadenax1006]

If you do it early, you have to make less than 21,000 a year

[@edrodgers4581]

I'm 67 and recently retired. If I start collecting SS now, my monthly check will be $3,760. If I wait until 70 it will be $4,719. Collecting now would be foolish

[@allinoneto8659]

Just make sure you live past 70

[@edrodgers4581]

@@allinoneto8659 Live past 70? What does living past 70 have to do with this decision?

[@kellyj5610]

@@edrodgers4581 Well, if you happen to wait until your 70 to collect, then at age 69 and 364 days just happen to pass...you collect nothing. That 135,000+ you got from age 67 to 70 could have been reinvested and then passed onto your wife/kids (or even church or other charity if you are so inclined) and made their lives significantly better.

[@jefferysurratt5650]

In 36 months until age 70 you would collect $135,360, it will take you until age 81.7 to get the additional $135,360 @ $959 per month. If you die before then you have a loss. If you live to 86 your life expectancy you will collect $49,484 in additional benefits. A couple of big ifs. If you invested the $135,360 you might of done better.

[@edrodgers4581]

@@jefferysurratt5650 The $135,360 is pretax so this number needs to be adjusted. There is no investment that will return a guaranteed 8% plus inflation like waiting until 70. Please don't be foolish. Collect at 70.

[@bigtime2413]

If u wait til your 70 to take it and die a month later WHAT WAS THE POINT AND ADVANTAGE OF WAITING!

[@2Greenlid]

My wife replaced a lady who worked until 70, didn’t have to financially as they had money, she died within the year of a brain tumor, what was the point!!

[@justinacase2623]

Exactly, unless your family tree has mostly centenarians in it, every year is precious.

[@MrEdwardCollins]

If you take Social Security at the age of 62 and live to be 85, WHAT WAS THE POINT and ADVANTAGE of TAKING IT EARLY?

[@laureljade3476]

For many elderly, social security is their sole source of income. Take it anyway before the criminals who run the country cut it.

[@ClearwaterBeachBum]

@@cruisinusa5110 good financial stewardship is being conservative. This is why Dave rants against the congress and the way the congress spends money they don't have.

[@lzgbe.1961]

I've been following Dave for many years but this may be the first time that I have agreed with him.

[@DrSchor]

why do you follow someone you dont agree with

[@lzgbe.1961]

@@DrSchor All information has value IF you know how to use it. (i should have totally agreed with him)

[@DrSchor]

@@lzgbe.1961 Fascinating. Seems like a clever trick. How do you use information you don't agree with? Thanks.

[@lzgbe.1961]

@@DrSchor I don't!

[@BigORat]

Dave...you're wrong. Social Security is one of the best things in life for seniors entering their darkest days of their life. Thank God for social security. For some people...no matter how much money they made in their lifetime...they are not savers... So without social security, they would have nothing in their greatest time of need. Thank God for Social Security.

[@CarlosRuiz-qk9hq]

We had our entire working lives to save. SS should be abolished.

[@richardargst157]

Why do you thank God?

[@DrSchor]

it is thank FDR

[@richardargst157]

@@DrSchor Right. A Democrat, not God.

[@calebdoner]

"They are not savers." That's not a condition, it is a choice....you reap what you sow.

[@tarapaul8212]

That broken disaster saves families that are in need when the breadwinner dies. It saved our family when I was young and my dad died.

[@jesusislord3321]

Dis you hear that the next sdministration stated they are going to cut Medicare, Medicaid, and thw social security benefits. Ans to rwpeal the Affordable Care Act will be catastrophic for those who have and newd it. Also, when one loses a spouse, they are only eligible for one, whichever the one is the most. To me, the surviving spouse should be able to receive both, depending upon the surviving spouses income.Its hard living off of one. It is a broken system though.

[@geriroush8004]

Social Security is NOT an investment. It is for SECURITY in old age. But nobody minds supporting the military-industrial complex, or tax cuts for the uber-rich. I've seen my 401K take some terrifying dips and I am glad to have the SS to back it up, in case I lose it all.

[@samrescignosr688]

I’ve said that since I was 18 I’m now 76 and self employed, I would have been a multi millionaire !!!!!!!!

[@gimcrack555]

When you're ready. Not even thinking about collecting SS until I'm at least 65. But I'm really holding off until 67. I will regulate my health at age 62 and up. Will draw earlier if I don't think I can live at least the age of 84-86 years old. I believe right now I can wait until I'm 67. I'm currently 61.

[@usafdirtboyz2797]

they say the only people who should take the money at 62 are people who are in good shape as far as money and use the extra money for play time like travel etc....

[@jefferysurratt5650]

I started SS benefits at 62, in 2018, not working with a small Military pension and it allowed me to get out of debt, purchase a new 2020 Ford Edge for $37,700 that is now paid off. In Dec 2024 I will have $25,700 in my 5.25% savings account and will be able to add my SS benefit every month to the balance, life is great.

[@philochristos]

It's a no-brainer for me. My dad died at 57, and his dad died at 64, so it's doubtful I'll make to to 70. Therefore, I'll take it at 62 if I even make it that far.

[@zee7130]

I hope you live beyond 90 yo

[@cynthiaolson959]

Dave didn’t consider the reduction Tracy would get because he is still working. He only addressed the reduction due to age.

[@NaamWynn]

Always learning something new from Dave!

[@patrickmoore6407]

The other thing to keep in mind is that you can’t start getting Medicare until 65. So if you’re thinking early retirement, you’ve gotta figure out a way to keep health insurance coverage until your Medicare eligible

[@MC-vg1tl]

The break even age is 82 years old. If you know you’re going to live longer than 82 years old, then waiting until Full Retirement Age before you collect your SS benefits would make sense. Otherwise, it’s better to collect at 62 years old.

[@gosman949]

don't forget your spouse! She/he will collect your full SS if she/he SS is less than yours. Wait until 70 to draw your SS!

[@mrjv750li]

3:03 when your mom asks what have you eaten!

[@tadious9415]

Social security may fail the people like Dave but it’s not for him. It’s for the people who can’t afford to put money aside so they have a source of income. And it has worked at doing that where the rate of elderly people living in poverty went from 50% to 10%. I agree if the returns are that bad there should be better investing with the fund and we have to stop raiding it but for the person who’s going to be fine in retirement it’s not for them.

[@Jenniferde2007]

Well said, Dave is a millionaire...he will never "need" SS benefits to live on.

[@leahwilson542]

The people who don’t need it should be able to opt out then and do their own investments.

[@tadious9415]

@@leahwilson542 and then the whole program will collapse because everyone wealthy will opt out and everyone poor won't have the benefit they need.

[@lolal2502]

@@tadious9415 I think, most of the poor would opt out too. They want money here and now.

[@tadious9415]

Lola L that’s fair if someone’s living paycheck to paycheck it’s hard to think 20-30 years down the line when you have hungry children now. All the more reason why a universal program is more helpful.

[@garyporter73]

A very important rule that people who are considering taking social security before full retirement age is the maximum income you can earn before they start taking it back. In 2019 that max is $17,640.00 for people age 62. The amount penalized is one half of every dollar earned. In 2019 if a person earned over 52,920 he would have to pay back all of his SS earnings for 2019. You would find this out when you filed your 2019 income taxes. You would also lose 7% of your SS for the rest of your life even though you did not get to keep any of your first year payments.

[@garrettstevensen2467]

Gary Porter thank you for your insight. I did not know the devil was involved in this Ponzi scheme.

[@MrEdwardCollins]

Lose 7% of your Social Security for the rest of your life? That part I don't understand. Note that if you work while collecting SS, and if you are subject to a deduction in your benefits, you get this reduction back... eventually. Oh sure, you don't get it back in a tidy sum, all at once. (Too easy that way, right?) What Social Security does instead is increase your benefit when you reach full retirement age to account for the previous amount that was deducted. But you eventually do get it all back. Furthermore, if by working you alter and increase your top 35 indexed earnings, your Social Security amount is adjusted to reflect the increase. You don't lose anything when it's all said and done.

[@jefferysurratt5650]

I disagree with Dave on this one. I started SS benefits @ 62 and by 67 I had all the FICA taxes back that I and my employers paid in 27 years of work covered by FICA taxes. $88,000 total FICA taxes paid in inflation adjusted 2018 dollars. My wife never worked so the spousal benefit helped me get my total FICA taxes back faster. What Dave does not understand is almost everyone that gets SS benefits has all their FICA taxes back in 8 to 10 years of collecting benefits. SS also covers children when a parent dies and there are disability payments if you can no longer work. If I live to my life expectancy of 85, my wife and I will collect an additional $329,868 in SS benefits, not inflation adjusted. I think that is a great return on investment. In January 2025 once I pay off $7,000 in interest free credit card debt, I will be able to invest $20,000 per year. I would of never saved the FICA taxes, so SS has been a win win for me. I do not know how Dave came up the -4% return, once again Dave is full of it. My numbers show Dave is wrong.

[@haroldcarson5677]

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

[@OroborusFMA]

I have an easy job, easy side gigs, and all four of my grandparents lived to be about 90. So why would I not wait until I'm 70. Between Social Security and my 401k and some passive income I'll be making 50k to 60k a year without working at all.

[@OroborusFMA]

Calling Social Security "robbery" is just stupid. It's the best thing going. You're just full of libertarian BS.

[@gosman949]

Now here is a prudent man/woman? Please use a name that is gender based!

[@magicpony9]

-- Percentage of seniors (over 65) living in poverty w/ SS: 9%. W/o SS, the % of seniors living in poverty would be 40%. -- Prior to the enactment of SS (1935), 50% of seniors lived in poverty. Could it be better administered? Prolly! But I sure don't want to go back to not having it.

[@GGGarrison]

That's just it. It's a scam and a ponzi scheme but the most of the populace is so broke that they have to have it (or starve to death).

[@rebeccashields9626]

It should be privatized and 30% (or a sliding scale based off income) put into a general fund for the disabled, really indigent and needy. The other 70% put into private mutual funds you can access when you retire. So it’s still forced savings but it’s invested so it earns interest and it’s tied to the person. Right now it’s not invested so it’s going to be bankrupt. No one is helped if they are promised money that doesn’t exist. I would love to get rid of it entirely but you are right people are stupid and don’t save. Plus there are actual disabled people that need to be taken care of.

[@DietTimboSlice]

Using the Great Depression as a benchmark of success compared to today doesn't really set the bar high.

[@paulbunyan1682]

Go back and read some history. . . . It was set up very different until LBJ decided he was going to create the “great society.” It was its own separate fund until LBJ saw that huge pile of cash that was not in his control to spend. That is when he decided it was time to bring it under the control of the federal government and create welfare. Look it up.

[@SandfordSmythe]

@@paulbunyan1682 Don't tell that false myth about LBJ. He used its figure to fudge the US debt, but the fund was kept separate. He did not take that money to pay for Great Society.

[@FarukStingl]

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.

[@TerrencesSheldons]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.

[@JoeWilmoth-k2w]

@@TerrencesSheldons The reason I decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became so much(I should be retiring in 17months) so I've had a brokerage adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@FarukStingl]

@@JoeWilmoth-k2w How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@JoeWilmoth-k2w]

@@FarukStingl The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.

[@FarukStingl]

@@JoeWilmoth-k2w Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.

[@jason60chev]

I agree, Dave. It's a disaster. What do we do about it? I,by myself, cannot do anything, to change it.

[@bigtime2413]

I'm taking at 62 WITH NO REGRETS!

[@Toughtune]

One thing I've learned about life is that it's unpredictable. If I live to see 62, I will request mine immediately.

[@matthewmaurin9054]

Kinda hard to regret something you haven’t done yet.

[@MrEdwardCollins]

Let us know if 15 or 20 years if you still have no regrets. I suspect you might. At the age of 79 you will have already lived past the break-even age, and would now be on the receiving end of a 42.86% larger check each month... with just as much benefits in the bank.

[@booterone1]

Today’s dollars have more value than tomorrow’s dollars.

[@gosman949]

SS will give you cost of living raises to keep up with inflation. Wait until 70 to collect and watch the yearly increases come in! Next year will be a big one.

[@ivanfuentes1035]

I think you gotta remember is that 50% of all seniors when social security was implemented lived below the poverty line. It has always been a pay it forward mentality. It was just not managed well in the 80s when it should have been changed.

[@christopherallen9580]

right on

[@billvigus3719]

That and the retirement age was set at 65 due to using misunderstood statistics but the idea was most would die before collecting much. Now we have people living +25 years beyond that and fewer people paying in.

[@damondiehl5637]

When it was implemented, it was for widows and orphans.

[@US_ARMY_25_INF._DIV.]

i am taking it at 62...my break even point will be at roughly 79.....what people forget having extra money by waiting until 67 or 70 does not mean much if you are in your 80s or 90s because at that point you can not do much...i am taking it at 62 while i am still mobile and traveling around the world and kicking ass...

[@RusuSilva]

Getting your social security number at 62 allows early benefit access. Investing in the stock market can aid retirement by providing long-term growth potential and higher returns. A diversified portfolio matched to your risk tolerance and goals can help you achieve financial security.

[@RichardMoore-jg5tl]

It's not really a complex thing to do. You just need to pick quality stocks that have long term potential. If you're not conversant with that, then you should use a financial advisor. Or invest in an index fund, which has its own risks. It all depends on what is more convenient with you.

[@RossiPopa]

I had this same dilemma when I was 59. I wasn't very familiar with the market, so I employed the service of a financial advisor. I'm currently 64 now, and my money has grown by 3.4x.

[@FusunTumsavas-cq7tp]

I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.

[@RossiPopa]

Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@FusunTumsavas-cq7tp]

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

[@imxploring]

The secret is if you don't need it take it at 62 and save or invest it.... If you need it at 62.... you need to keep working until your full retirement age or 70 and then collect. Simplest way to think about it!

[@peztang.9459]

Sometimes the Company you work for decides one day that you cannot keep working for them, and getting a job at 62 that pays what your old job did can be difficult?

[@larryreynolds007]

I hate to tell people, when you are 62 you feel like going places and doing things. when you 72 you do not feel like going place as much. Since no one can say I going to be healthy for the next 20 years. Do not wait and live in a day you do not know will happen. If you want to go on a cruise, go to Europe, or just sit back and enjoy life. DO IT TOday. PS I took SS early, and I never have looked back. Retirement is next to Heaven on earth.

[@jeffb.2469]

Social Security was never intended to be an "investment", but rather Insurance.

[@SandfordSmythe]

FDR called it whatever he needed to in order to sell it.

[@godsdozer]

insurance of poverty

[@maxshiraz3447]

If we could only get out of the social security ponzi scheme and use that money for private savings then we'd all have a better retirement.

[@mslonghair4570]

Only problem is that so many people wouldn't save if they weren't force to. Then there would be an even bigger problem of seniors with no savings and no income. If it was put into some type of account automatically out of paychecks, like an IRA, that could work.

[@jason_v12345]

No, the problem is that so many people COULDN'T save enough. It's not a personal savings account; it's a social welfare program. My God the heartless, self-centeredness among Dave worshippers.

[@HighCountryRambler]

Bush provided a option for just that, like usual the democrats lined up their sheeple to prevent him from "stealing from your funds", where in the real world most American SS funders would have been 'millionaires buy now'... Democrats place their priorities in funding welfare and illegals benefits that us who pay for it.

[@MrBrewman95]

Yep I would rather have it to myself to invest. If people blow it on stupid things, your fault.

[@mikehamack6347]

​@@HighCountryRamblerYou poor misinformed repug. Your little shrub did nothing for this country. Sad thing is, he's 10 times better than the past orange the minority wants back.

[@garrycole8909]

You know, I agree with the "poor investment" of social security. But the fact is, we all have to pay (have paid) it. I want whatever return I can get out of it now. Especially since I am approaching full retirement age. I don't plan on taking it until 70. Mostly I am waiting so that it will help my spouse should I die before her. We really don't need the money right now. Finally, I remember over 50 years ago as a child, listening to my uncles and parents lamenting that SS would never be paid out to them. Well, it is and has been for many, many years to them. I don't know what will become of it but I want back all I can get. For younger people, they should allow other options. But a lot of people won't do anything, then be on welfare. Sad, but true.

[@rampant59]

It is not true that "all" have to pay it. Many do not and have a 15% save advantage

[@UserNameAnonymous]

Every penny you put into social security was spent immediately. Nothing was ever invested.

[@SandfordSmythe]

@@UserNameAnonymous It was used to buy federal securities and bonds.

[@brucefredrickson9677]

@@rampant59 And many would probably spend that 15% "advantage"

[@bradbruggeman6745]

The government is talking us into it, you say?? As if we have a choice?

[@dheckman1]

Notably, your check is not reduced based on income once you reach your full retirement age...only before (basically 62 - 66 1/2).

[@earlysda]

Your SS check is never "reduced". It starts out small, and gets bigger the longer you wait.

[@jimihendrix8535]

@@earlysda Not true. If you continue to earn money before your full retirement age (in my case 67), your retirement benefits are reduced during those years to the extent your earnings exceed the minimum allowed earnings. This is why I am waiting until 67 because I earn way more than the minimum and I would basically be getting very little SS from 62-66.

[@earlysda]

@@jimihendrix8535 jim, thank you for the clarification. My statement was based on the assumption that the person had no other income, but you are correct if you do.

[@raustadt]

Be careful of telling people to take it early, especially when that will be all they have to live on. My parents took that advice and are back working at 78 years old.

[@uncareid5557]

Best advice I got: "Don't worry about 'breaking even', worry about being old and broke". I encourage everyone to collect at 62, as it will help keep the system solvent with smaller payouts. I'm waiting until 70.

[@justinacase2623]

Sounds like they saved nothing with the hope that SSB would be enough.

[@DrSchor]

@@uncareid5557 Fascinating. Please explain why you are not doing what you are telling everyone else to do?

[@uncareid5557]

@@DrSchor ??? Please be specific. I'm not yet 70, and I'm not drawing SS, is that what you are talking about? These comments are over a year old, refresh my memory

[@billmartin1010]

With the income offset before full retirement age (66 or 67), if you are still working you may not receive any social security benefit before full retirement age, anyway (depending on your income) -- even though, by triggering at 62, you've reduced your monthly benefit, for life, by 25%.

[@justinacase2623]

You are taking a huge risk unless most in your family live to be 100. The trick is to be retired, not knocking down $100K per year at 62. Know one too many guys who have the trophy wife, new luxury home with pool in gated community and luxury cars at 62, they are hosed. Add in if said trophy wife wants kids...double hosed.

[@edrodgers4581]

According to the SSA the life expectancy of a 65 year old today is 20 years. It is crazy not to wait until 70 to collect SS. Don't be stupid.

[@DrSchor]

According to the SSA, it makes no difference if you wait or not. Don't be stupid by thinking there is some way to game the system.

[@edrodgers4581]

@@DrSchor "Game the system"? Please explain.

[@jefferysurratt5650]

@@edrodgers4581 Do the math, if you start SS benefits at 62 like I did you get 52 months of SS checks before full retirement age = $66,976. If I waited until FRA it would take me until age 80 to get the additional $66,976 in SS benefits. No one knows how long before the dirt nap, that is why more low income people take it early. They need the money and cannot afford to wait.

[@Astrocop17]

Your opinion and you’re certainly entitled to it. But the SSA ESTIMATE is not a guarantee is it? It’s not crazy to not follow YOUR OPINION. There are many factors to consider. Dave said, the secret is (which nobody knows) how long will you live? Nobody including the SSA knows that. If you wait til 70 as you advise, and your family history suggest you won’t live past 75, then waiting (and working) to 70 would be stupid wouldn’t it.

[@edrodgers4581]

@@Astrocop17 Did you take any statistics course in college?

[@robertneville2022]

I disagree I retired at 63 , my house and cars are paid for and i have no debt I slaved full time from 17 to 63 and HATED every second of every day i was on that hatefull tredmill It will be a cold day in h before I even work again

[@Nutajel]

I retired at 70 but started my SS at 65 when still employed. I know now that it was the right thing to do then instead of waiting until 70 so I could collect more per month. The thing is that I saved all of of my SS while working even though my tax increased somewhat each year. I no longer pay taxes because my IRA withdrawal is the minimum required (RMD) and no more. For me, it was a good decision.

[@markreichman5922]

Forgot to tell the guy that he will most likely have to find a lower paying job at 62 if he takes SS because you are limited on how much you can make if you take it early.

[@davidwarnke5990]

There is no law however that keeps you from making as much as you want or can, regardless of age

[@TR4zest]

@@davidwarnke5990 If your earnings are over $12,000 per year, and you are taking SS, your SS will be penalised as in you get a reduced amount compared to if you were not working.

[@davidwarnke5990]

@@TR4zest understood, but the point is you can still earn as much as you Want To or not, and take the SS penalty hit. Eyes wide open. Good reply thank you.

[@bosstime2010]

@@TR4zest it's more like $18,000 plus you don't lose money. Anything over the threshold you have to pay back half but you get it back at full retirement.

[@sobernow11]

@@bosstime2010 When I spoke with the SS Office in my state, I was told that I was limited to earning just under $1,100 per month. The reason they look at it every month is that if you earn more than the threshold you are penalized the next month. I cannot remember the exact penalty, but it is pretty harsh. It's not like they are taking your money from you, they just keep it your SS account. The feds want to keep you in the work force as long as they can, so they are not paying anything out of your SS account , but rather still collecting SS on every dime you make. Also, by increasing how much you will be payed each year you are not on SS, they're, feds are banking that you will die before the "break even" point. The other thing with the "how much you can earn" stops at full retirement. You are then able to earn as much as you want without penalty.