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Question. I assume the Avg wage index numbers do not change(even 5 years after turning 62) once you turn 62 (the multiplier), but do the bend point ranges change along with the % that is subtracted? (as time goes on, after you get older than 62) Or is everything locked in when you turn 62. Even if you do not take SS at 62.

This is sooooo confusing.

Course you pick up extra monthly payment money bridging SS but how much do you spend while bridging and how much do you miss of interest each year you take out money from investments? And then you die at 74 and leave your heirs with considerably less money. So as always, just depends eh. My RMDs won't be that much. RMDs get overblown because most people won't have millions left at 75. Even if have a million in 13 years, it will be worth less and you will likely need that 40K along with SS anyway just to stay afloat.

Thank you doing a realistic not just the million dollar 401k Great job New listner

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This shows you just how progressive taxation is in this country -even with SS benefits. The truth is, even though you (and you employer) pay a flat tax on SS up until you earn about $160,000 today, the benefit one gets one anything above $70,000 or so is tiny. I maxed out my SS contributions for 35 consecutive years, and just retired at 60. I’ll be lucky to even earn back, in real dollars, the total amount contributed. What a ripoff.

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Thank you 😊 Can u discuss Bridge strategy and how long can you use it for?

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

Excellent explanation

Subscribed! Now I’m 50 and I can’t work anymore, mental issues, and wait till 62 to collect my social security ! Does this mean 12 years of zeros? Even tho I have work for 31 years of my life already! Does social security takes 12 years of zeros and highest 23 years of my earnings, adding inflations to the 23 years of work and divided by 420 right?

Is AIME based on gross pay?

I would have cash and maybe CD for the case of at least 3 consecutive years of market downturn.

Those two funds are quite expensive, yet there are cheap target date funds with better performance.

Simple is good. I kept some money in cash/stable value 401K. Moved cash to my IRA during market down times for investment and monthly living expenses to delay SS. Averaged over 8% in pretax in 6 years of retirement. Dividends will now cover distributions. Now converting some to Roth in 12% bracket as RMDs will be a concern. Good problem to have!

For those moving cash from money market to other assets given the Fed pivot, what are some income-producing assets (not physical real estate) that you are prioritizing over the next year to offset your loss in income?

your intro is too fucking long~ shorten it pal

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

I originally wanted to wait as long as possible, but I found out about the minor benefit. At 62 I’ll have two kids under 18. I figured between the two the kids will get 10 years worth of part of my family SS limit.

I "retired" at 53 but then got another full time job while still working part time from the place I retired.

You did a beautiful job clearly explaining how to generate income in retirement. You seem to be a natural teacher that has the gift of being able to simplify concepts that the average person might find confusing and overly complex. Thank you!

None of this is as important as having a stable job with good retirement benefits. If you don’t have that, then SS will be just to survive. And taking it at 62 versus later on at 67 doesn’t matter, at age 80 you break even anyways (same total amount regardless). Most of this video is for people with lots of investments, a lot of us don’t have that, having a good retirement benefit with our job is of utmost importance, and most will not have that in another 10-20 years.

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That's a lot of "out of pocket" money having insurance. The health care in this country is outrageous.

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

Dont forget that retire needs health insurance and if not at full retirement how do we get something affordable

$2800 a month? Lol

Thank you for the very detailed explanation about SSA benefits. Excellent video.

Excellent, excellent information. Thank you!

Thank you. This confirms what my research said. I quit working at 64. It's gonna have almost zero effect of my draw when I decide to start drawing. I've had many high contribution years, so adding a couple years to the calculations, won't matter unless I can beat one of my highest 35 years. So paying into social security for me is just throwing money into the government black hole. No thanks.

What?! I can retire and get SS?

How does this work for retired military with va disability and currently working? I’d love to completely retire at 55.

Hi there, I just subscribed.

If you retire at 55 can you start collecting SS right away? Or do you have to wait till 62 to start getting paid.

When you mske a 12 minute video to explain a simple math eqaution, it takes me 30 minutes to decipher what youre sayong. I know this is your livelihood, but i just thought youd liken to knoe.

This is the best explanation i have ever seen....tks

But they will not pay until youre 62 - says the website?

What if I only work in the U.S. for ten years, from 52 to 62, but I maxed out every year?

I heard that my high incomes after I turn 60 years old is not going to be considered in my 35 years of income for calculation of my SSI benefit. Is this true ? I am 64 years old and my highest incomes are after I turned 61 years old. Could you reply to this question and shed some more light on this please ? Thank you.

this was actually interesting and informative... unlike 90% of the YT videos I see on the topic of retirement/social security which all basically say the same thing. thanks!

Finally, I know how to breakdown my stuff and predict my future earnings, like if I want to work minimum wage 55+ and how it may or may not be more than when I first started working as a teenager. Thanks

Get your social security at age 62. Enjoy your social security when you're young and healthy. After 66 your health is going downhill.

Thank you for explaining those complex concepts in an easy-to-grasp way. Where is your office located in the U.S.??

What if I retire right now at 59 and once ss benefits ends I go back to work at 80?

Bottom line ss benefits cannot be given to me if I early retire at 62 . I was born 1965. So idk where the heck retiring at 55 comes from. Unless u get seriously ill? maybe if you were born in 1912 ? . I thought it was my understanding no math would be inlvolved 😂

Retired twice, 47 then again at 53 and do not regret skipping out on the less than $200 increase continued work would increase my benefit. First retirement was from a 28year military career so already have a pension and medical which greatly played into the ability to leave the workforce. Most people don't have the luxury of retiring early due to medical coverage costs.

This was was clearly explained and to the point, Thank You

What if your total earnings in 30 years more then 50 million dollars? I am 55 years old.

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