Interesting points. Since my retirement my health has improved immensely, simply because I'm far more physically active. As for paying for travel - I'm finding that the reduction in my day-to-day expenses has more than offset the costs of airfares, accommodation etc.
I think this is all good advice- I have been mortgage free for the past 7 years, have no car payments (drive old cars that are well maintained) and have a decent portfolio to carry me through my older years - I’m 58 now- I still work but part time (~ 24 hrs per week) and it provides enough income to continue contributing to my job’s 401K and pay the bills- discretionary spending is still possible but I am careful. I can be at part time for years if needed, but at FT, it was draining on me. A shiny new car is nice but the novelty wears off after a while, then you’re stuck with the payments. Same with jewelry, etc. Part time status has been great for health as well as I’ve dropped ~ 40 lbs and exercise near daily now. I could not / did not do that when I was full time.
The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retiremen.................................................................................................................
sorry for your divorce, there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors.....
great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself Thanks, probably for the best.................................................................................
I own a business that I started 10 years ago that is very successful. My 33 year old son now manages the store full time and I love not working. However, Mr. Schmidt is right about doing something, anything to keep your mind active. I got an easy online job that I work when I want to and it's really fun. The extra money is nice too.
I quit working in 2021 for a few months. I could not STAND being idle!! nothing to do!! I was planning on living off my savings but I did not think about what I would do with my time. My budget did not allow for 'extras'. So I am back at work. I have learned that I am not an idle person, and sitting at home with nothing to do makes me fat and brain dead.
The biggest thing to remember when you retire is to not spend more than when you were working! Although we make about the same in retirement, we made the mistake of going on more vacations and eating out. Whoever said that retirement is boring hasn’t really retired! We love being retired! Blessed to be retired at 56 & 55 yrs old.
Your last point has also a lot to do with our environment and specifically our diets. The last 50 years has demonstrated a phenomenal growth in dementia, type 2 diabetes, cancer and heart disease. Much of which can be attributed to diet. Yes, stay busy but also go back to what your grandparents ate as well!
I know many retirees say that they'd never play golf, but believe it not, golf has been shown to be effective in delaying the onset of dementia. It gets you active, and it works the brain.
Your videos have always been quieter than most TH-cam videos, but this video was especially quiet. I had the volume on my laptop turned all the way up and I still struggled to hear what you were saying.
Most of our friends and family who began SS at age 70, are receiving more income after we began our RMDs than when we were working full-time. All of us have no debt so are quite financially secure. Some of us are still working but just not full-time.
Yes, indeed. By waiting to age 70, you receive even higher annual COLA amounts. Unfortunately, you also pay more in social security taxes. Because the social security tax table has not been adjusted for inflation since 1984!
''others lack in focus for their future'' what do we owe to those that do not provide for themselves? i have always held to the,'' your personal deciscions shouldn't effect my public policy''. wish that was the rule.i started thinking about my retirement when i got my first w-2 at 16. i have little sympathy for those that do not prepare. i self employed and stayed as low as i could on the tax table to afford for me and mine and have a paid for house in a hot market that will carry me thru to the end. ''can't save the world when your boat is sinking''.
I did not know that I would have to continue to pay for Medicare, and that it would come out of my social security check. I just thought when my income stopped, my Medicare payments would stop. A shock. I am fortunate that I have several other streams of income.
Your Medicare taxes paid for Part A or hospitalizations you may have and that’s the “free” part. Part B is the medical coverage your deduction from your SS income which covers 80% of your doctors office visits among other things. You’re still on the hook for the other 20% so if you don’t have a secondary insurance, I suggest you get one. That 20% can be the bigger shocker without having coverage.
@@Crymeariver227 If that's the 'old school' Medicare, and you also need to sign up for a prescription plan, too. Then there are the Advantage plans, basically MEdicare packaged into one comprehensive HMO/PPO-style package. The cheaper ones cost almost nothing (but can include expensive deductables and co-pays) so its best to shop around and find one you pay extra for but get lower co-pays. I have heard Advantage plans called Dis-Advantage plans.
Not living life as large in retirement? But I will have more time to fill and want to travel more. I plan to live at least a little larger (unless tied to caring for elderly parents). I'm sacrificing a bit now to hopefully enjoy retirement. I am still traveling every couple of years now while I'm in my late 40's just incase, but I don't intend to live less large than the not large I'm living now.
I will be traveling budget though, like you said. I already travel off season. When I have more flexibility I will let the flight deals tell me where I am going. :)
How about this fact: About 20% of the federal budget goes towards programs having to do with seniors. And 10% of the federal budget goes to programs affecting children, youth and families. Source: U.S. Office of Management and Budget, White House Task Force for Disadvantaged Youth.
$19 a day for parking is OUTRAGEOUS!!! Lyft is as low as $27 each way, and you don’t have to worry about driving! $140 for parking (and gas) versus less than $100 for a ride share.
Of those living on SS only how many lived bone there means when they we’re working and did not invest. I personally know several doing that and now complaining they don’t have enough.
The WSJ had an excellent column in its Thursday 4/20 'Encore' section about folks who never intend to retire. And this was not a group that needed to work. After reading the article and many of the reader comments (sorry, it's behind a pay wall) it's clear that there is no one right way. Some are glad to retire asap (e.g. the FIRE crowd) while others want to drop dead at their desk. Like Jack Benny famously said upon being given the ultimatum of 'your money or your life' by a mugger after a long perfectly timed comedic pause, "I'm thinking it over".
I had a similar conversation with my doctor (MD) and he said "culture" which surprised me but he is right. Some of us come from families that work, everybody works and being a non-workers is frowned upon. We were having the common
Another Great Video Grand Slam, Geoff! I’ll try to keep this text under 5 minutes! Love that “thunder” bit you do. Reminiscent of the film YOUNG FRANKENSTEIN!! Hope you’re familiar with it. Anyway, we’ve shared conversation before. I’m currently age 60 and retired last year. Thanks again for your sage financial advice. My ears perked up a bit when you mentioned travel and intellectual stimulation. Case in point: I honed my feature screenwriting skills for seven years with the professional writers group, the Virginia Screenwriters Forum, where I wrote seven full-length scripts, some finding national recognition (“Best Screenplay” Winner - 2021 Santa Barbara International Screenplay Awards and Finalist titles at the 2019 and 2021 Beverly Hills International Film Festival). This is where the “travel talk” comes in. I attended Beverly Hills in 2019 and was honored with another “Best Screenplay” Winner at the 2021 Block Island Film Festival in Rhode Island. Due to COVID, the fest was virtual and I accepted my award via a Zoom meeting. Was then nominated for the award in 2022 and traveled to the island. Nominated AGAIN in 2023 and will be hitting the island for a second time next month. So? Is THIS what you meant by travel and intellectual stimulation? : ) Be well. Love your channel!!
Just finished listening to a retirement vid. Unless there has been a major change in the last 12 years, you have misinformation on bankruptcy law. The estate of an individual’s debt does not pass on to others if the contract is solely in the name of the deceased. For example a car. The creditor can take possession, but can not pass the debt to another person. All unsecured debt up to the lawful threshold is forgiven. That is the whole point. It is only the secured debt..all unsecured credit card debt held by the sole individual, dead or alive is forgiven.
I believe the cost of living adjustment is also a weighted value based on the cost of food, electricity, natural gas, gasoline, housing expenses, etc. I live in California, so if food costs increase modestly but natural gas jumps significantly, my cost of living probably has risen a lot less than, say, someone in a colder state like Minnesota or Maine. It's a one-size-fits-all value for everyone in the country, regardless of region or circumstances. Better than nothing, but merely a crude average.
Divorced spouses & social security. My mom made far more income than my dad. They were married 16 years. My mom took her social security at age 62 (1997). My dad took his at 62 as well (1989). They divorced in 1972. Fast forward to 2020-mom passed away & my dad filed for spousal benefits. He’s getting an extra $300 a month. He now wants to file for back spousal benefits from 1997 to 2020. Does the government allow claims for back spousal benefits? I cannot find any info on this, so thought I’d ask an expert😀 Thanks for any info you can give.
Not to sound too morbid, but as Gen X moves into retirement, Boomers will be passing on. As I understand it, Boomers are a larger group. Wouldn’t they balance each other out?
Your hypothesis is sound. The numbers change when GenX lives longer and we are not talking about population through birth replacement alone. Immigration is a major factor.
@@stephenharper6638 sadly, lifespans are growing shorter. One might assume that would reduce the burden on Social Security. Today it is 76.4 as opposed to 77.2 in 2020. Such dark points to make, but this is our reality.
I wanna let you know that Amazons AUZ100X made it this year. What better way to start a global change? Don't get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more. We need players like them and we can always jump in the train at good spots such as this one
Thanks Mr Schmidt, First. Mr S, since I retired I have MORE money between SS and pension then when I worked! I placed all pay raises in 401K for the last 25 years of working career in. My 401K is my play money and my wife and I have been traveling the world with it! So if people only put money away when they are working they are ok when they retire. Live below your means in you working life.
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
@@richardhudson1243 I couldn't agree more, having an invt-coach is the best way to go about investing now, especially for near retirees, and folks like me that lack the expertise to deal with high volatility. My portfolio used to be up and down like a see-saw, until I employed the use of an advisor last two summers. As of today, I've realized nearly $800k after subsequent investments, cos I know enough to seek expert counsel before giving up.
@@tatianastarcic I've shuffled through a few advisors but “Laurel Dell Sroufe” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself..
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Jeff, I have been watching many of your videos over the past few years and haven’t taken the time to thank you for your thoughtful, informative, helpful and funny videos. You are a true blessing to many of us as you provide invaluable information. Thank you so much.
Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $820k.
I totally agree, I'm 60 and newly retired with about $860k outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of an advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@TomD226 The advisor that guides me is Laurel Dell Sroufe, most likely the internet is where to find her basic info, just search her name. She's established.
If you want to stay mentally stimulated how about just doing work around the house that you never had time for cuz you're too busy working. I do landscape projects
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. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My Husband and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@Mark Lofgren I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
@Mark Lofgren I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?
@Mark Lofgren thank you for this tip , I must say, Susan appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
You are the ONLY one who does NOT do a doom and gloom social security video. I see a pattern on the other channels that makes it seem they are being paid to do it. Shame on them. May God bless you and yours.
Thank you for producing another informative video! I’ve been trying to learn French since I retired in July 2020 at age 50. I also continue to prepare my taxes without any assistance other than IRS publications. I keep busy enough to keep my mind agile.
This was a good top ten facts about retirement. Typically, major news organizations or some click bait links tell you that they have a list of top 10 secrets about retirement and those top ten are the same regurgitated facts that everyone spews. I have viewed them and find them quite lacking. Good stuff, Geoff.
Geoff, I'd like to see you put out a video with the scenario of a spouse that works while the other decides to retire from the workforce. In my scenario, the age difference between my spouse and I is six years. My spouse enjoys her job and is not ready to retire. I recently turned 62 and have decided, at least for now, to retire. What is the best planning practices for this scenario? For now, I am planning on not taking SS income until at least age 65 when medicare kicks in. Thank you for your excellent content!
We do our projected retirement budget allocating 20K to travel a year. We do long stays, usually monthly. Doing that, we can rent a place, rent a car, buy groceries and go out a few times a week for food, entertainment. Travel insurance, admissions to some sites and all that we do on 5 to 6 K a month. So we can spend 2 to 3 months away with a single round trip flight for under our budget. In places where you don't need a car, our spending will be 3 to 4 K a month. Thus allowing us 1 to 2 more months away somewhere if we want. We know our baseline numbers and expenses without travel. If we had a really bad year or 2 in down markets, we just cut the travel a little bit and recover in up markets our cash bucket.
NO way does SS cost of living adjustments keep up with inflation . Gov keeps changing what’s tracked to make inflation look lower meaning lower adjustment
Great advise GS! I just started and I don't even call it "retirement" I call it "semi-retired" and the jobs I'm looking at getting are for fun, social interaction (a work family) and to keep me moving. Keep up the great work, Sir!
I am in my late 40s and I was eligible to retire over a year ago. My employer is offering major monetary incentives to me to keep working. I have overcome some major health issues over the last few years that are probably related to my stressful job. The hard thing for me is figuring out when I have earned enough and it's time to retire and enjoy my life and probably live a healthier happier life.
All I can say is that I realized after retirement that we don’t need a million dollars, which was recommended. We are both on SS and retirement accounts, and don’t see the accounts going down by much. Hubby has retired for 9 years and I for 1-1/2 years.
Great information as always. What’s the Social Security death index count each year? How many people are falling off of Social Security each year? Thank you for sharing your knowledge!
1) 80.8 million 65+ by 2040 2) more than 80% dont leave state 3) 40% living on just soc sec 4) poverty getting worse for retirees bc cola inflation increase lags 5)family responsibilities not end in retirement 6)standard of living will probably change downward 7)retirement portfolio is not keeping up 8)most retirees have not budgeted for travel 9) over 35% over 65 still have a mortgage 10)retirement may be bad for your health physically and cognitively
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US,
The most impactful, most cruel, and least known retirement fact is that if you retire before your full retirement age and take Social Security early, you will be penalized for working to supplement your income if your earnings exceed the allowed threshold of approximately $20K. To amplify the inequity, wealthy people who supplement their needed income with "passive" income (investment earnings) are not subject to the penalty because the penalty only applies to earned income. It's a harsh incentive to keep lower income people working (and paying into the system) until they reach FRA. Sadly, many will die before their 67th birthday and will never draw from their entitlement.
Simple answer. Lower income people do not have to keep working, Retire anytime you want, and take ss at 67. Fortunately many people will live well past 67 and receive a higher check for the next 20 years.
@DrSchor SCHOR The average Social Security payment is $1,600/mo at full retirement age. Lower income people get less than that. Roughly $1,250/mo. Subtract 30% if you take SS at age 62. You can't live on that alone. Most of them also don't have IRA savings. So they either have to work, or live in poverty. Also, the mortality tables show that low income people have shorter lives than the average American.
@@DrSchor The life expectancy gap between the 80 percentile income and 20 percentile income is 15 or 20 years depending on the survey. Life expectancy for the lowest 20% of Americans is ~67. Look it up. If you based it on net worth instead of income it's even worse.
@DrSchor SCHOR What is the income source that allows lower income people to simply stop working at, age 62, for example, if they are waiting 5 more years to begin taking Social Security?
Many current retirees are seeing $1,000/month for federal income tax and Medicare advantage. When they planned their retirement that was about $50/month. Many of them targeted $3,000/month as their plan.
I didn't achieve my retirement focus until I was 42. I am 54 now and I could retire. But I am still working because of the unknown factors. I also realize that every year I continue to work, I am improving my situation when I do retire. I am also a worker bee by nature. So much of my self worth is tied up in my work, I am afraid of the vacuum it will create in my life when I stop. So my tentative plan is to start a Donut cart/catering truck in retirement. I do not plan for this to provide income. In fact, it may cost me money. But I want a half step before falling into the deep end.
@@OhNoWhateverNextLOL I am doing that as well. My water well i plumbed has been producing water continuously for 8 hours today! I am thinking about a nice garden.
10:30 Living in poverty is kind of a weird concept in the US. I've lived in abject poverty for 21 years since retiring at 45. I live on savings and income excluded from income tax (cap gain on slow flipping house). So my reported income has be near $0 for 21 year. Poverty in the US is determined by income, not wealth. No mortgage, no car loan, no credit card debit, able to self-insure my house, eating healthy so never eating out, etc... also means my my monthly total spend is $600/mo which super makes me appear impoverished. Buying all my clothes at thrift stores because it's faster than roaming malls and trying to evaluate 37 different styles of jeans by Levi's and wearing clothes in disrepair even makes me appear in poverty...which is fine with me.
My mother lives on a $919 a month social sec check, food stamps, medicare/medicaid, and a $30 gov cable subsidy. Rent, also gov subsidized, takes almost all of her SS check. We pay her phone bill. Her savings will be gone next year. It's bad.
tell her and your family to stop voting for cockservatives. All safety nets, unions, funded education, retirement metrics, state funded pharmaceutical research, minimum wage, taxes for the wage earners, veterans benefits, all have been crushed by repugnants over the years. Everything they touch dies!
Good info as usual... One way to stay busy..volunteer one day a week at Habitat for Humanity...and the side benefits.. you donate a skill, and walk away with 2.. and you get to learn the building process..
When I retire in five years I will still have a mortgage but my monthly payment is less than what a two bedroom apartment goes for in my city. I know this point gets debated (have a mortgage vs. pay it off) but my interest rate is very low and I like having it as a taxable write-off. This is a home I purchased new in 1997 and its infrastructure has been well maintained so I have little worry about its longevity.
If your interest rate is low, the tax deduction is not worth keeping your mortgage. The mortgage interest deduction can help homeowners save money on their taxes, but this break typically only benefits people with large loans or loans at high interest rates.
It would be interesting to know the percentage that leave their state by region. I wouldn't expect many folks who live in the south or west to leave their state but would expect folks who live in the Northeast or Midwest to leave in greater numbers. A blended 80% is misleading since it ignores regional variances
Perhaps we are weird, but we set a travel budget each year. For 2023 it is 50K. As we get older we realize that this is the main event and not a dress rehearsal. Going strong in our low 70s, but still a lot of the world to see.
No, you're not weird. We also have a travel budget each year. I thought our travel budget was generous, but yours sounds like more fun! I just turned 65 and retired. I'm starting to do the things I couldn't previously do because I was too busy working. Enjoy!
If you have early cognitive decline, demand that your doctor do a Vitamin B12 test. It’s not included in your regular lab work, rather it’s on a neurological panel of blood tests. A critical shortage of vitamin B12 can be fatal. Sometimes supplements don’t work because a prescription medication (such as Metformin) can block absorption, thus necessitating injections of B12. Neurological symptoms are one of the signs of a critical shortage, along with dizziness, anemia, lethargy and a magnesium deficiency. Typical “old folks” symptoms.
80 % don't leave their state. LOL. followed my wife out here 35 years ago to colo.she's gone now state is solid red to solid blue. retiring to tn in a few months. hi taxes, hi crime, illegals getting more care than vets on the street, more fees, higher utilities as they go green, less city services. i believe more retirees will move from blue to red in the coming years. we shall see.
Thanks for a very informative video. I was born in May 1958. My full retirement age for SS is Jan. 2025. I plan to retire in Jan. 2024 and claim SS right away. I plan to work part time thereafter. Is it the year 2024 that I can work up-to a higher income limit without losing any SS benefit or year 2025? If 2025, then that will make no sense in my case as in 2025 I will already be in full retirement age. Puzzling..
@@HolySchmidt Thanks for the reply. Since my full retirement age calendar year is (Jan.) 2025 which also coincides with me meeting my full retirement age requirement (also in Jan. 2025), sounds like I will never have that benefit of extra income allowance by the SS.
Interesting points. Since my retirement my health has improved immensely, simply because I'm far more physically active. As for paying for travel - I'm finding that the reduction in my day-to-day expenses has more than offset the costs of airfares, accommodation etc.
I think this is all good advice- I have been mortgage free for the past 7 years, have no car payments (drive old cars that are well maintained) and have a decent portfolio to carry me through my older years - I’m 58 now- I still work but part time (~ 24 hrs per week) and it provides enough income to continue contributing to my job’s 401K and pay the bills- discretionary spending is still possible but I am careful. I can be at part time for years if needed, but at FT, it was draining on me. A shiny new car is nice but the novelty wears off after a while, then you’re stuck with the payments. Same with jewelry, etc.
Part time status has been great for health as well as I’ve dropped ~ 40 lbs and exercise near daily now. I could not / did not do that when I was full time.
The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retiremen.................................................................................................................
sorry for your divorce,
there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors.....
great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself
Thanks, probably for the best.................................................................................
I own a business that I started 10 years ago that is very successful. My 33 year old son now manages the store full time and I love not working. However, Mr. Schmidt is right about doing something, anything to keep your mind active. I got an easy online job that I work when I want to and it's really fun. The extra money is nice too.
If I may ask, what is your fun online job?
Love retirement but hate my physical decline.
one word: gym
I quit working in 2021 for a few months. I could not STAND being idle!! nothing to do!! I was planning on living off my savings but I did not think about what I would do with my time. My budget did not allow for 'extras'. So I am back at work. I have learned that I am not an idle person, and sitting at home with nothing to do makes me fat and brain dead.
Instead of going back to work I focus on getting healthy. Good Health is true Wealth.
Enjoy your work. I work to 65 as retiring would make my enemies happy. Retirement is great let the young folks work. 😂😂😂
The biggest thing to remember when you retire is to not spend more than when you were working! Although we make about the same in retirement, we made the mistake of going on more vacations and eating out. Whoever said that retirement is boring hasn’t really retired! We love being retired! Blessed to be retired at 56 & 55 yrs old.
Well done!
Love your channel and your vibe. You are always trying to share new info and I’m here for it. Thanks Jeff.
Your last point has also a lot to do with our environment and specifically our diets. The last 50 years has demonstrated a phenomenal growth in dementia, type 2 diabetes, cancer and heart disease. Much of which can be attributed to diet. Yes, stay busy but also go back to what your grandparents ate as well!
I know many retirees say that they'd never play golf, but believe it not, golf has been shown to be effective in delaying the onset of dementia. It gets you active, and it works the brain.
Recently retired ( one year), did budget for travel, relearning Spanish on Duo-lingo and enjoying it.
Your videos have always been quieter than most TH-cam videos, but this video was especially quiet. I had the volume on my laptop turned all the way up and I still struggled to hear what you were saying.
Most of our friends and family who began SS at age 70, are receiving more income after we began our RMDs than when we were working full-time. All of us have no debt so are quite financially secure. Some of us are still working but just not full-time.
Yes, indeed. By waiting to age 70, you receive even higher annual COLA amounts. Unfortunately, you also pay more in social security taxes. Because the social security tax table has not been adjusted for inflation since 1984!
Continuing to do things makes a lot of sense.
''others lack in focus for their future''
what do we owe to those that do not provide for themselves?
i have always held to the,'' your personal deciscions shouldn't
effect my public policy''. wish that was the rule.i started thinking
about my retirement when i got my first w-2 at 16. i have little
sympathy for those that do not prepare. i self employed and
stayed as low as i could on the tax table to afford for me and
mine and have a paid for house in a hot market
that will carry me thru to the end. ''can't save the world when
your boat is sinking''.
I did not know that I would have to continue to pay for Medicare, and that it would come out of my social security check. I just thought when my income stopped, my Medicare payments would stop. A shock. I am fortunate that I have several other streams of income.
Your Medicare taxes paid for Part A or hospitalizations you may have and that’s the “free” part. Part B is the medical coverage your deduction from your SS income which covers 80% of your doctors office visits among other things. You’re still on the hook for the other 20% so if you don’t have a secondary insurance, I suggest you get one. That 20% can be the bigger shocker without having coverage.
@@Crymeariver227 If that's the 'old school' Medicare, and you also need to sign up for a prescription plan, too. Then there are the Advantage plans, basically MEdicare packaged into one comprehensive HMO/PPO-style package. The cheaper ones cost almost nothing (but can include expensive deductables and co-pays) so its best to shop around and find one you pay extra for but get lower co-pays. I have heard Advantage plans called Dis-Advantage plans.
Not living life as large in retirement? But I will have more time to fill and want to travel more. I plan to live at least a little larger (unless tied to caring for elderly parents).
I'm sacrificing a bit now to hopefully enjoy retirement. I am still traveling every couple of years now while I'm in my late 40's just incase, but I don't intend to live less large than the not large I'm living now.
I will be traveling budget though, like you said. I already travel off season. When I have more flexibility I will let the flight deals tell me where I am going. :)
How about this fact: About 20% of the federal budget goes towards programs having to do with seniors. And 10% of the federal budget goes to programs affecting children, youth and families. Source: U.S. Office of Management and Budget, White House Task Force for Disadvantaged Youth.
I've accepted I'm in a working retirement !
$19 a day for parking is OUTRAGEOUS!!! Lyft is as low as $27 each way, and you don’t have to worry about driving! $140 for parking (and gas) versus less than $100 for a ride share.
Inflation measures overstate the real increases in prices for most things.
Of those living on SS only how many lived bone there means when they we’re working and did not invest. I personally know several doing that and now complaining they don’t have enough.
The WSJ had an excellent column in its Thursday 4/20 'Encore' section about folks who never intend to retire. And this was not a group that needed to work. After reading the article and many of the reader comments (sorry, it's behind a pay wall) it's clear that there is no one right way. Some are glad to retire asap (e.g. the FIRE crowd) while others want to drop dead at their desk. Like Jack Benny famously said upon being given the ultimatum of 'your money or your life' by a mugger after a long perfectly timed comedic pause, "I'm thinking it over".
I had a similar conversation with my doctor (MD) and he said "culture" which surprised me but he is right. Some of us come from families that work, everybody works and being a non-workers is frowned upon. We were having the common
@@whatsup3270 My family was a mixed bag, most of the generation ahead of me retired in their late 60s. I am close to surpassing them - we'll see.
Another Great Video Grand Slam, Geoff! I’ll try to keep this text under 5 minutes! Love that “thunder” bit you do. Reminiscent of the film YOUNG FRANKENSTEIN!! Hope you’re familiar with it.
Anyway, we’ve shared conversation before. I’m currently age 60 and retired last year. Thanks again for your sage financial advice. My ears perked up a bit when you mentioned travel and intellectual stimulation.
Case in point: I honed my feature screenwriting skills for seven years with the professional writers group, the Virginia Screenwriters Forum, where I wrote seven full-length scripts, some finding national recognition (“Best Screenplay” Winner - 2021 Santa Barbara International Screenplay Awards and Finalist titles at the 2019 and 2021 Beverly Hills International Film Festival). This is where the “travel talk” comes in. I attended Beverly Hills in 2019 and was honored with another “Best Screenplay” Winner at the 2021 Block Island Film Festival in Rhode Island. Due to COVID, the fest was virtual and I accepted my award via a Zoom meeting. Was then nominated for the award in 2022 and traveled to the island. Nominated AGAIN in 2023 and will be hitting the island for a second time next month. So? Is THIS what you meant by travel and intellectual stimulation? : )
Be well. Love your channel!!
Hi Bill. You nailed it! Keep going!
Super cool.
Very interesting!
I wanted to hear this video, but the sound was too quiet.
Inflation of 5% isn't true at my grocery store. Thirty percent is more like it.
The Social Security inflation adjustment does not fully address the cost of living increases for retired people!
cost of living increase is not fully addressed for anyone; why do you think you are special?
Just finished listening to a retirement vid. Unless there has been a major change in the last 12 years, you have misinformation on bankruptcy law. The estate of an individual’s debt does not pass on to others if the contract is solely in the name of the deceased. For example a car. The creditor can take possession, but can not pass the debt to another person. All unsecured debt up to the lawful threshold is forgiven. That is the whole point. It is only the secured debt..all unsecured credit card debt held by the sole individual, dead or alive is forgiven.
Your volume was a bit low on this video, could only hear you in a very quiet room even with my phone volume turned all the way up
Can’t hear you. This my 5th video of yours and could hear the others
Fantastic video, great information! Please make more.
Thanks Michael
I believe the cost of living adjustment is also a weighted value based on the cost of food, electricity, natural gas, gasoline, housing expenses, etc. I live in California, so if food costs increase modestly but natural gas jumps significantly, my cost of living probably has risen a lot less than, say, someone in a colder state like Minnesota or Maine. It's a one-size-fits-all value for everyone in the country, regardless of region or circumstances. Better than nothing, but merely a crude average.
Divorced spouses & social security. My mom made far more income than my dad. They were married 16 years. My mom took her social security at age 62 (1997). My dad took his at 62 as well (1989). They divorced in 1972. Fast forward to 2020-mom passed away & my dad filed for spousal benefits. He’s getting an extra $300 a month. He now wants to file for back spousal benefits from 1997 to 2020. Does the government allow claims for back spousal benefits? I cannot find any info on this, so thought I’d ask an expert😀 Thanks for any info you can give.
Ssn doesn't keep up with real inflation numbers...
SS Numbers?
Not to sound too morbid, but as Gen X moves into retirement, Boomers will be passing on. As I understand it, Boomers are a larger group. Wouldn’t they balance each other out?
Your hypothesis is sound. The numbers change when GenX lives longer and we are not talking about population through birth replacement alone. Immigration is a major factor.
@@stephenharper6638 sadly, lifespans are growing shorter. One might assume that would reduce the burden on Social Security. Today it is 76.4 as opposed to 77.2 in 2020. Such dark points to make, but this is our reality.
I rather think I will not be here in 2040
@@Bum_Hip That's covid. Over a million ppl died early, enough to change a statistic, but it's a blip in the longer view. Stay positive. :)
@@stephenharper6638 "Immigration? People sneaking over our borders & working off the books are not going to help w/ future SS payments.
The microphone is not necessary.
I usually lurk and never write but why wouldn't you be excited over Amazons AM2023?
The AUZ100X folks know what they do they keep pushing and pushing
Rumors were that Amazon would launch AUZ100X this month and judging from this it's pretty accurate haha
So this AUZ100X has multiple articles and videos on it. Sounds good to me but I'll not be part of it
Hell yes AUZ100X . Going to have a huge Q4
Jeff Bezos is a visionary. AUZ100X is a long hold
Fair opinion on AUZ100X now that a big brand is entering the scene I believe we can have big shifts at all markets not only the AMZ market
I wanna let you know that Amazons AUZ100X made it this year. What better way to start a global change? Don't get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more. We need players like them and we can always jump in the train at good spots such as this one
If you are into it or not does not matter, Amazons AUZ100X is the right thing for this world now
I`m having FOMO at the moment, everyone is talking about the new amazon AUZ100X
The last years drove me crazy and first time I smiled was with AUZ100X . I'm not kidding it's real
With everything going on I am fully putting trust in AUZ100X and I can give you three reasons why you should as well: Stability, utility, brand power
Thanks Mr Schmidt, First. Mr S, since I retired I have MORE money between SS and pension then when I worked! I placed all pay raises in 401K for the last 25 years of working career in. My 401K is my play money and my wife and I have been traveling the world with it! So if people only put money away when they are working they are ok when they retire. Live below your means in you working life.
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.
@@richardhudson1243 I couldn't agree more, having an invt-coach is the best way to go about investing now, especially for near retirees, and folks like me that lack the expertise to deal with high volatility. My portfolio used to be up and down like a see-saw, until I employed the use of an advisor last two summers. As of today, I've realized nearly $800k after subsequent investments, cos I know enough to seek expert counsel before giving up.
@@maiadazz I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
@@tatianastarcic I've shuffled through a few advisors but “Laurel Dell Sroufe” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself..
@@maiadazz just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Jeff, I have been watching many of your videos over the past few years and haven’t taken the time to thank you for your thoughtful, informative, helpful and funny videos. You are a true blessing to many of us as you provide invaluable information. Thank you so much.
Oh brother.
Wow, thanks
Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $820k.
you should consider financial planning.
I totally agree, I'm 60 and newly retired with about $860k outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of an advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@lowcostfresh2266 Do you mind sharing info on the adviser who assisted you?
@@TomD226 The advisor that guides me is Laurel Dell Sroufe, most likely the internet is where to find her basic info, just search her name. She's established.
If you want to stay mentally stimulated how about just doing work around the house that you never had time for cuz you're too busy working. I do landscape projects
That's what I do! More fun to complete these projects when you have the time!
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. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My Husband and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@Mark Lofgren I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
@Mark Lofgren I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?
@Mark Lofgren thank you for this tip , I must say, Susan appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Sheesh! The onslaught of these Bots is relentless. Let's just agree to ignore them!
You are the ONLY one who does NOT do a doom and gloom social security video. I see a pattern on the other channels that makes it seem they are being paid to do it. Shame on them. May God bless you and yours.
Thanks v much Dixie!
Loyal viewer here! (um, my wonky ears had a difficult time hearing your words.) Can ya boost the volume a tad? TY
I had to up the volume on TH-cam as well as my computer, but if that doesn't work, you can put on headphones. It makes a huge difference.
Thank you for producing another informative video!
I’ve been trying to learn French since I retired in July 2020 at age 50. I also continue to prepare my taxes without any assistance other than IRS publications. I keep busy enough to keep my mind agile.
Sound like you are doing the right things!
It would be helpful if you could time stamp each point in the show notes section, for reference for finding a specific topic....
Sound volume is too low. Please turn up. I can't hear your message.
Thanks for the feedback Fred.
Looks like the bots are busy in the comment section. sad
Thanks Geoff! Feeling even more inspired to retire early at 64!
Go for it!
that's early?
@@azhardav lol Yes! Fear of the health care piece, like many.
This was a good top ten facts about retirement. Typically, major news organizations or some click bait links tell you that they have a list of top 10 secrets about retirement and those top ten are the same regurgitated facts that everyone spews. I have viewed them and find them quite lacking. Good stuff, Geoff.
Thanks Ted. I appreciate the acknowledgement!
Thanks Geoff. Your information is always useful and relative.
Geoff, I'd like to see you put out a video with the scenario of a spouse that works while the other decides to retire from the workforce. In my scenario, the age difference between my spouse and I is six years. My spouse enjoys her job and is not ready to retire. I recently turned 62 and have decided, at least for now, to retire. What is the best planning practices for this scenario? For now, I am planning on not taking SS income until at least age 65 when medicare kicks in. Thank you for your excellent content!
1. Go back to work. 2. Take ss at age 70
We do our projected retirement budget allocating 20K to travel a year. We do long stays, usually monthly. Doing that, we can rent a place, rent a car, buy groceries and go out a few times a week for food, entertainment. Travel insurance, admissions to some sites and all that we do on 5 to 6 K a month. So we can spend 2 to 3 months away with a single round trip flight for under our budget. In places where you don't need a car, our spending will be 3 to 4 K a month. Thus allowing us 1 to 2 more months away somewhere if we want. We know our baseline numbers and expenses without travel. If we had a really bad year or 2 in down markets, we just cut the travel a little bit and recover in up markets our cash bucket.
NO way does SS cost of living adjustments keep up with inflation . Gov keeps changing what’s tracked to make inflation look lower meaning lower adjustment
Great advise GS! I just started and I don't even call it "retirement" I call it "semi-retired" and the jobs I'm looking at getting are for fun, social interaction (a work family) and to keep me moving.
Keep up the great work, Sir!
Thanks OT!
I am in my late 40s and I was eligible to retire over a year ago. My employer is offering major monetary incentives to me to keep working. I have overcome some major health issues over the last few years that are probably related to my stressful job. The hard thing for me is figuring out when I have earned enough and it's time to retire and enjoy my life and probably live a healthier happier life.
All I can say is that I realized after retirement that we don’t need a million dollars, which was recommended. We are both on SS and retirement accounts, and don’t see the accounts going down by much. Hubby has retired for 9 years and I for 1-1/2 years.
Buy a modest home...under $30,000.. So that when taxes skyrocket you don't lose your property to taxes and insurance
And have a couple friends choose to buy a house in the same town and join the church
Great information as always. What’s the Social Security death index count each year?
How many people are falling off of Social Security each year?
Thank you for sharing your knowledge!
1) 80.8 million 65+ by 2040
2) more than 80% dont leave state
3) 40% living on just soc sec
4) poverty getting worse for retirees bc cola inflation increase lags
5)family responsibilities not end in retirement
6)standard of living will probably change
downward
7)retirement portfolio is not keeping up
8)most retirees have not budgeted for travel
9) over 35% over 65 still have a mortgage
10)retirement may be bad for your health physically and cognitively
I can’t believe no one has thanked you since your post. THANK YOU!
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US,
Sorry Schmidt for a moment there I think you forgot that your audience doesn't go to dinner parties
My house tax is $10K a year. I will scale down.
The most impactful, most cruel, and least known retirement fact is that if you retire before your full retirement age and take Social Security early, you will be penalized for working to supplement your income if your earnings exceed the allowed threshold of approximately $20K. To amplify the inequity, wealthy people who supplement their needed income with "passive" income (investment earnings) are not subject to the penalty because the penalty only applies to earned income. It's a harsh incentive to keep lower income people working (and paying into the system) until they reach FRA. Sadly, many will die before their 67th birthday and will never draw from their entitlement.
Simple answer. Lower income people do not have to keep working, Retire anytime you want, and take ss at 67. Fortunately many people will live well past 67 and receive a higher check for the next 20 years.
@DrSchor SCHOR The average Social Security payment is $1,600/mo at full retirement age. Lower income people get less than that. Roughly $1,250/mo. Subtract 30% if you take SS at age 62. You can't live on that alone. Most of them also don't have IRA savings. So they either have to work, or live in poverty. Also, the mortality tables show that low income people have shorter lives than the average American.
@@DrSchor The life expectancy gap between the 80 percentile income and 20 percentile income is 15 or 20 years depending on the survey. Life expectancy for the lowest 20% of Americans is ~67. Look it up. If you based it on net worth instead of income it's even worse.
@DrSchor SCHOR What is the income source that allows lower income people to simply stop working at, age 62, for example, if they are waiting 5 more years to begin taking Social Security?
We need the French solution😂
Many current retirees are seeing $1,000/month for federal income tax and Medicare advantage. When they planned their retirement that was about $50/month. Many of them targeted $3,000/month as their plan.
Thank you, Geoff...Great Video !
Thanks Jim
I didn't achieve my retirement focus until I was 42. I am 54 now and I could retire.
But I am still working because of the unknown factors.
I also realize that every year I continue to work, I am improving my situation when I do retire.
I am also a worker bee by nature.
So much of my self worth is tied up in my work, I am afraid of the vacuum it will create in my life when I stop.
So my tentative plan is to start a Donut cart/catering truck in retirement.
I do not plan for this to provide income.
In fact, it may cost me money.
But I want a half step before falling into the deep end.
@@OhNoWhateverNextLOL I am doing that as well. My water well i plumbed has been producing water continuously for 8 hours today!
I am thinking about a nice garden.
All retirees need to play pickleball!
Barring health issues, I will not retire with a mortgage. Too stressful.
Really low audio levels on this one, Geoff.
10:30 Living in poverty is kind of a weird concept in the US. I've lived in abject poverty for 21 years since retiring at 45. I live on savings and income excluded from income tax (cap gain on slow flipping house). So my reported income has be near $0 for 21 year. Poverty in the US is determined by income, not wealth. No mortgage, no car loan, no credit card debit, able to self-insure my house, eating healthy so never eating out, etc... also means my my monthly total spend is $600/mo which super makes me appear impoverished. Buying all my clothes at thrift stores because it's faster than roaming malls and trying to evaluate 37 different styles of jeans by Levi's and wearing clothes in disrepair even makes me appear in poverty...which is fine with me.
My mother lives on a $919 a month social sec check, food stamps, medicare/medicaid, and a $30 gov cable subsidy. Rent, also gov subsidized, takes almost all of her SS check. We pay her phone bill. Her savings will be gone next year. It's bad.
tell her and your family to stop voting for cockservatives. All safety nets, unions, funded education, retirement metrics, state funded pharmaceutical research, minimum wage, taxes for the wage earners, veterans benefits, all have been crushed by repugnants over the years. Everything they touch dies!
But she is very lucky to have you!
Thank you for your advice as usual. Is something new in your life? You seem different in some way. All for the better, just being nosy!
Hi Darlene. I’m traveling a bit more on business, but other than that all pretty normal. Perhaps being on the road suits me :)
thank you! love watching your videos and learning about retirement
Thanks Rocio!
Good info as usual... One way to stay busy..volunteer one day a week at Habitat for Humanity...and the side benefits.. you donate a skill, and walk away with 2.. and you get to learn the building process..
When I retire in five years I will still have a mortgage but my monthly payment is less than what a two bedroom apartment goes for in my city. I know this point gets debated (have a mortgage vs. pay it off) but my interest rate is very low and I like having it as a taxable write-off. This is a home I purchased new in 1997 and its infrastructure has been well maintained so I have little worry about its longevity.
Same for me. Retired at 62 and am happy to pay my low interest mortgage.
If your interest rate is low, the tax deduction is not worth keeping your mortgage. The mortgage interest deduction can help homeowners save money on their taxes, but this break typically only benefits people with large loans or loans at high interest rates.
I don't see an issue with having a mortgage, seems better than being a long term renter. Rents costs are ridiculous right now.
@@noreenn6976 I agree, Noreen!
As a single person, with the newer standard deduction I am no longer to use my mortgage interest as a taxable write-off.
I love working and focus more on developing and maintaining the skills to be marketable than just working.
It would be interesting to know the percentage that leave their state by region. I wouldn't expect many folks who live in the south or west to leave their state but would expect folks who live in the Northeast or Midwest to leave in greater numbers. A blended 80% is misleading since it ignores regional variances
Supposedly many are leaving California and Illinois, migrating to Tennessee, Texas, and Florida (lower taxes).
@@dougb8207yes leaving Illinois in droves
🤗I can see moving to a warmer place, easier to get out winter and smaller heating bills🇨🇦
Perhaps we are weird, but we set a travel budget each year. For 2023 it is 50K. As we get older we realize that this is the main event and not a dress rehearsal. Going strong in our low 70s, but still a lot of the world to see.
No, you're not weird. We also have a travel budget each year. I thought our travel budget was generous, but yours sounds like more fun! I just turned 65 and retired. I'm starting to do the things I couldn't previously do because I was too busy working. Enjoy!
I don’t understand that much travel. But it takes all kinds. Living the life you want is great. Glad you can do that.
good content but noises are annoying
If you have early cognitive decline, demand that your doctor do a Vitamin B12 test. It’s not included in your regular lab work, rather it’s on a neurological panel of blood tests. A critical shortage of vitamin B12 can be fatal. Sometimes supplements don’t work because a prescription medication (such as Metformin) can block absorption, thus necessitating injections of B12. Neurological symptoms are one of the signs of a critical shortage, along with dizziness, anemia, lethargy and a magnesium deficiency. Typical “old folks” symptoms.
fascinating. what is the symptom of a magnesium deficiency
@@DrSchor Magnesium deficiency is associated with anemia.
This is a scam. RUN....... The comments are probably all from the same person trying to get their hands on your money. This is a VERY common scam.
Your retirement plan may refuse to give you the health service it is obligated to provide. Bay Area Delivery Drivers is doing this.
80 % don't leave their state. LOL. followed my wife out here 35
years ago to colo.she's gone now state is solid red to solid blue.
retiring to tn in a few months. hi taxes, hi crime, illegals
getting more care than vets on the street, more fees, higher
utilities as they go green, less city services. i believe more retirees will
move from blue to red in the coming years. we shall see.
Surprised at the very high level of poverty amongst retirees in the US. In Denmark only 0.7% of retirees are "poor".
I will just stick my thumb out and hitch hike like I did as a teenager in the a 1970s. That's my retirement travel budget.
Thanks for a very informative video. I was born in May 1958. My full retirement age for SS is Jan. 2025. I plan to retire in Jan. 2024 and claim SS right away. I plan to work part time thereafter. Is it the year 2024 that I can work up-to a higher income limit without losing any SS benefit or year 2025? If 2025, then that will make no sense in my case as in 2025 I will already be in full retirement age. Puzzling..
It is the calendar year you are going to reach full retirement age.
@@HolySchmidt Thanks for the reply. Since my full retirement age calendar year is (Jan.) 2025 which also coincides with me meeting my full retirement age requirement (also in Jan. 2025), sounds like I will never have that benefit of extra income allowance by the SS.
For some reason, the Audio was not nearly loud enough. Usually it is fine but this one was not. Come on Jeff, we are old and deaf.