40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.
If you are still working fulltime and you retire you get a reduced payment because of penalties but when you reach full retirement age they basically give back the amount withheld for the years you continued to work. Not in one lump sum but added to your new monthly amount at FRA! You should know that! So you dont actually LOSE it, its just delayed.
Amen. All the utubers just say you get severely penalized and they never ever say that you get anything back. Not sure why they scare you away with that
Please correct your video. You stated that SS goes up 8% a year between 62 and 67. The actual early penalty is 1/2% per month you start collecting before your FRA. That is 6% per year. You may be thinking about the delay credit you get for claiming after FRA. The delay credit is 8% per year after FRA.
There is no reason that most people shouldn't try & get the full Obamacare subsidy & that is how you get cheap health insurance for those 2 or 3 years until Medicare kicks in. Remember Obamacare ONLY looks at income not assets. I plan on essentially living on Cash for a couple of years until I turn 65. Obviously if you are high income this isn't going to work but when when we retire we essentially don;t have income anymore anyway other than social security if we take it (I won;t apply until 65).
Depends of course on the person. Different people look at "retirement" in different ways. I was foolish and believed people (pretty much everyone I knew) said SS wouldn't be there when I was 65. So I figured I'd better get my act together. When a person prepares to finance their own retirement the age range 62-70 no longer means anything. Turned out I was ready at 45 so I stopped working at a salary job. Didn't mean I wouldn't be productive. I like being productive. So I did hobbies that could bring in money. Slow flipping houses was my main money maker. This meant I didn't millions of dollars saved. I also found I liked living simply so I did that and my expenses fell a lot (down to $600/mo). If I were to take SS today it would be $3080. But I don't need it. I look at SS as insurance, which is what SS was set up to be. Most people seem to look at SS as a 20-40 year vacation. If I wait until 70 I get $3800/mo (today's dollars). That's better insurance imo. Taking SS early and investing it would be silly for me. I'm not Warren Buffett. If I wait until 70 I earn 8% interest and I get COLA. I don't think I could come close to beating that return. Plus I'm retired. Investing is a job and it's a job I don't like. I've had no investments (other than house) for more than 25 years. When everyone else is stressed about stock market crashes I don't care. Or stressed when to sell when markets are up. And all those hours of watching the market and researching. Not fun for me so I don't.
Even though my 401 will be very healthy in my 60s (well above what the national average/median is), I am taking SS at 62. That's because I will have an 11yo child. So they get 50% of my FRA ! They'll get that for 88 months. Plus, my wife will get "Child-in-care" and receive 50% of my FRA for about 50 months till they reach 16yo. So while I am taking about a 2k hit from 62 to 70, combined I am making about 35% more than what I get at 70. When my wife's child-in-care ends, I'll make just $120 less then what I'd get at 70. Yes, before I am on medicare at 65 I have to get coverage (plus my family) But we are still ahead of the game. So for me, it's 62.
When taking SS at any age 62-70, do yourself a favor, consider your long term health outlook & quality of life (probabilities vs possibilities),,, because at 75-80 & your crappin your pants & can't remember your name, SS & your decision to utilize it varies from one person to the next, its not a cookie cutter mold, do your homework on it!
I took mine at 68 after calculating that my break-even point would be in 11 years (79 Yrs of age) if not waiting until 70 - at which time I would realize a monthly increase of $250.
Not me I took it at 60 no reason to switch to mine later his would still be way more than mine still so of course I earned way lesser I took a cut from his but am still good and because of Covid lost my job so it definitely was on time 😊
I turned 65 in 2024, my full retirement age is 66 plus 10 months. If I take my SS now then when I reach full retirement age I can work as many hours I want? I don’t know whether to wait or get it now, I want to keep working full time. Help
I 'm in the same boat as you. I turned 65 in March of 2024 and immediately went on Medicare, I thought I would wait until 66 and 10 months to collect my full retirement but right now I 'm just exhausted being a nurses aide and starting to have back problems so I 've just applied for social security and plan on supplementing my income with a part time job of my choice. We need to start enjoying life.
New subscriber here. Thank you so much for this clear information on how ssi works. Im 54 now and am preparing myself to pay off any debt I have so i can make a better decision on when would be the best time for me to retire. 😊
I just subscribed to your channel, very good video, thank you. I work for the Postal Service and what I heard from this video my postal pension won’t count as income to affect my social security Thanks again Marco
A break-even analysis is basically useless when talking about more than 10 years into the future, because as you pointed out, it does not take into account that you can invest this money. The breakeven point also does not take tax impacts into consideration. I hate the term full retirement age. It is not really the age at which you get your full retirement benefits, since you can wait until 70 and get more. In my opinion, everyone gets their full retirement benefit no matter at which age they start benefits. They get 100% of what they are entitled to collect based on the rules. Full retirement age is just a nonsensical statement. For those born after 1960, they can just call age 70 full retirement age and then show a chart that displays reduction percentages if you start before this.
I’m divorced from a railroad worker so as per our Quadro and divorce agreement I’m getting half of his tier one Railroad Retirement instead of Social Security I’m also getting other things as well but I’m putting off taking Social Security until I’m probably 70 years old🎉
Anyone who plans to INVEST their Social Security, but needs this money at some point, is being reckless by investing it, since investment returns are not guaranteed, but increased checks for waiting are. Rich people can invest, but not regular folks should not.
Acording to the World Health Organisation The average life span of a man in the USA (2024) is ~64 years, the SSA is not truthful. According to the numbers ~40% of Americans eligible to receive SS die before receiving benefits.
It’s always lower starting at age zero, and always higher starting at 65 or 67. Someone who lives to an older age has a longer expectancy than someone who didn’t.
I will try not to take it too early. My goal for social security is to have it at least cover a small studio or 1 bedroom apartment away from the cities and cover my medicare too. At the least. I only have small dreams now, the main one is not being homeless.
If you still can work until age 66 is the best and if you are still healthy keep on working cause you do not have penalty . You can work as much as you can . The good thing when you retire at 66 and you still work full time you will save you Social Security money and your monthly income while working is your extra income
My wife passed a few years ago at 63. She was a stay at home mom most of her life and never earned the required 40 credits. How does this affect me and am I entitled to anything?
Not true - from age 62-67 (FRA) doesn't go down by 8% a year. The actual amount is 5% a year and goes up 6.67% the last 2 years before FRA (67) After FRA (67) it does increase by 8% a year.
Can I go on Medicare before I begin to collect SS? I’ll be 65 this December and may begin Medicare A and B with the medical plan. Do I have to claim my SS benefits at that point?
I am no expert, but your SS will be taxed. I am not sure how they calculate the taxes when you have other income. I assume they either calculate tax on what you are given, or 20% right off the bat.
Let me give you an example. Sixty five year old couple receiving $50,000 in SS and another $20,000 from a IRA,401K etc will pay no Federal tax after doing the SS formula and the standard tax deduction for people over age 65.
@@randolphh8005 File a federal tax return as an "individual" and your combined income* is Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. More than $34,000, up to 85% of your benefits may be taxable. File a joint return, and you and your spouse have a combined income* that i Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits. More than $44,000, up to 85% of your benefits may be taxable.
I was married for 26 years then unfortunately, got divorced. My ex-husband makes more than double than I do. He is 2 years younger than me. He might retire early because he does have a health issue. How is my social security affected? Do I collect off of his and do wait until he starts collecting?
This does not discuss is how later in life you typically spend less as activities decline due to age. More money when you can get around as well and dont spend as much may not make as much sense as getting money when you can enjoy using it. There is not one right time for everyone, it is an individual analysis that differs for everyone due to many goals, health and assorted variables.
If you take SS early and invest it it may or may not earn much, HOWEVER, that money will be in your family even if you die whereas the SS you did not take will not be paid to your beneficiaries. Just another thing to consider. Thoughts?
When you first consider the question of what is the "right" age, you might be inclined to believe that it's a more conservative approach to defer your payment until later. Good investors are taught that instant gratification is a vice, and there's a lot of truth to this; those of us who saved money our whole lives instead of spending it are in a better financial position. But in the case of deferring your SS payment, I don't think you're doing the "conservative" thing. Instead, you're actually making a very speculative bet that you're going to live long. Like the gambler at the roulette wheel, you're optimistically believing that things will work out on the next spin.
We would never know for sure which age is best to retire; therefore one of us claimed at 62 and one claimed at 70. We played both ways. We hope we do well by the average 😂❤
Keith, I can say I am waiting because I have a pension plus my wife will benefit from the 50% rule (she will be eligible to get a bump in her SS to up to 1/2 of my ss at my full retirement age). In our case it makes sense to wait. Also my break even point for just myself is about 89. My father died on his 89th birthday mom died at 87. This would all be so easy if you knew when you were going to die.
@@hightide4782 How can you make a statement like this when you have no idea what my numbers are. I can use a SS calculator and it would be wrong since it didn't count on ages how much out of pocket $$ I am spending yearly before I draw etc etc. PLEASE don't comment on something you have no idea about.
If you claim SS at 62 how much can you earn working until they take out $1 for every $2 you earn in SS. Than at 67 how much can you earn without being dinged on your SS?
I am now 63 and be 64 mid September i am wanting to retire April or May of 2025 i have pulled up my SS on compuer i could live off of it only thing worries me is no health coverage for a few months i am pre diabetic high blood presdure meds and taking ozempic any advise ....i work a very hot factory job epically hot in summer time i dont think.i can make another summer of it ...thanks any advise
The latest buzz in 2024 regarding Social Security is that the benefit as we know it now will not be available in 2034. It will be significantly reduced and FRA will be Much older.👴🏼⌛️👵🏼
SS says online that by waiting until 70 you can see an 8% increase per year in monthly distributions and equaling 32% increase from one’s FRA. Not exactly true. If my FRA is at 66-4 months, then if I wait until 70, the difference would be 3 yrs, 7months for a total of 28% increase. SS should calculate online a monthly increase X the # of months from one’s FRA to their birthdate when reaching 70 years of age.
At 65 and 4 months still working, not collecting yet. Why I waited? Well still healthy working at a job I love watching this video while working. Also If you take it early you are only allowed to make a certain amount before being penalized. One last point if you wait it will grow, unlike the stock market which can go up and down, So it was a win win for me. Looking at January 2025 as I will get $2,900 a month estimate. Still won't need it but feel like I will waited long enough. Great Video!
Hi,,four questions: 1-my father gets about $1,300 in deshability, his 60 years old, he plans to retire at 62,,,how much less money would he get ? 2-He just had a baby with a younger woman,, When he retires, would the baby get a check too ? 3-how much would the baby get ? 4-can the baby process to get SS be done on line?
@joeplacetas1 you have to be kidding us, right? Your father can't work with 60, but he can make babies? What a joke!!! Shame on you and your family! And then you are asking if he gets benefits and the kids as well?! OMG.. no wonder the system is broken!
That is not exactly correct. The penalty for taking SS before your FRA is 1/2% per month or 6% per year. If you delay starting SS after FRA, then you will gain 8% per year.
Yep, the other way to state it is that you take a 30% reduction for taking at 62 vs 67(FRA). The monthly calculations are actually slightly variable before FRA.
When you collect make sure you round up to January. I initially wanted to collect in November my birthday month and had to change it to January to get an additional $240 a month. Got my first deposit today at age 69. My check is 32% higher because I waited.And vote blue, because to GOP is coming for your SSI and Medicare, they even said so.
Your payment is based on full months. January has nothing to do with it. Your January payment, which you get in Feb. will include the new annual COLA adjustment. That is what makes your payment larger irregardless of when you start it.
The best age to take S.S. is when you are still healthy enough to enjoy it.
That would be vey true!
40 years of corporate America. I took mine at age 62. Then I cheated and filed for SSDI. It was a 3-year battle, but I won my SSDI. Getting FRB now. I have 1y left for my SSDI to turn back SSB. Downsize to Independent Senior Living. So I'm good.
Very true
@@thebootieloverwhat was your disability?
@mattdonna9677 ‘still healthy enough’- what is your specific measure?
If you are still working fulltime and you retire you get a reduced payment because of penalties but when you reach full retirement age they basically give back the amount withheld for the years you continued to work. Not in one lump sum but added to your new monthly amount at FRA! You should know that! So you dont actually LOSE it, its just delayed.
Depends on how long you live
Thanks for that information
If you are working and taking Social Security, your benefits may be taxed based on the provisional income calculation.
Amen. All the utubers just say you get severely penalized and they never ever say that you get anything back. Not sure why they scare you away with that
@@williamrogers1219 Put it into a 401 k or ira and that amount wont be taxed. Can put up to 8500 in a ira and 25000 in 401k
I took it at 70, retired at age 80 and am now 83. If we knew how long we would live, the choice would be easier.
Also don't go by the generic rate SS calculator gives you. You need to sign in with your SS and get real numbers huge difference from generic calc.
Yes!
Correct and if married one needs to look at the impact of when you are taking benefits and the impact on survivor benefits.
Please correct your video. You stated that SS goes up 8% a year between 62 and 67. The actual early penalty is 1/2% per month you start collecting before your FRA. That is 6% per year. You may be thinking about the delay credit you get for claiming after FRA. The delay credit is 8% per year after FRA.
Yep. I was going to take at 62 and now will wait until 67. That's a little over $800 more a month difference.
Yup!! He’s incorrect. good job.
62 for me 👍☺️🙏
@@DiFinni GREAT! I'll be 66 this winter and I'm going the same route. I wasn't aware it was THAT much of a difference!
There is no reason that most people shouldn't try & get the full Obamacare subsidy & that is how you get cheap health insurance for those 2 or 3 years until Medicare kicks in. Remember Obamacare ONLY looks at income not assets. I plan on essentially living on Cash for a couple of years until I turn 65. Obviously if you are high income this isn't going to work but when when we retire we essentially don;t have income anymore anyway other than social security if we take it (I won;t apply until 65).
70... I work maybe 10 hours a week, my job is easy, no reason to retire...
Sounds awesome
Depends of course on the person. Different people look at "retirement" in different ways. I was foolish and believed people (pretty much everyone I knew) said SS wouldn't be there when I was 65. So I figured I'd better get my act together. When a person prepares to finance their own retirement the age range 62-70 no longer means anything. Turned out I was ready at 45 so I stopped working at a salary job. Didn't mean I wouldn't be productive. I like being productive. So I did hobbies that could bring in money. Slow flipping houses was my main money maker. This meant I didn't millions of dollars saved. I also found I liked living simply so I did that and my expenses fell a lot (down to $600/mo).
If I were to take SS today it would be $3080. But I don't need it. I look at SS as insurance, which is what SS was set up to be. Most people seem to look at SS as a 20-40 year vacation. If I wait until 70 I get $3800/mo (today's dollars). That's better insurance imo.
Taking SS early and investing it would be silly for me. I'm not Warren Buffett. If I wait until 70 I earn 8% interest and I get COLA. I don't think I could come close to beating that return. Plus I'm retired. Investing is a job and it's a job I don't like. I've had no investments (other than house) for more than 25 years. When everyone else is stressed about stock market crashes I don't care. Or stressed when to sell when markets are up. And all those hours of watching the market and researching. Not fun for me so I don't.
In reference to the penalty withheld, don't you get that money back after you reach FRA? Meaning basically it's deferred until FRA?
Even though my 401 will be very healthy in my 60s (well above what the national average/median is), I am taking SS at 62. That's because I will have an 11yo child. So they get 50% of my FRA ! They'll get that for 88 months. Plus, my wife will get "Child-in-care" and receive 50% of my FRA for about 50 months till they reach 16yo. So while I am taking about a 2k hit from 62 to 70, combined I am making about 35% more than what I get at 70. When my wife's child-in-care ends, I'll make just $120 less then what I'd get at 70. Yes, before I am on medicare at 65 I have to get coverage (plus my family) But we are still ahead of the game. So for me, it's 62.
I found out about that when I retired at 62. they keep that benefit very secret. I was shocked
FDR said it would not be taxed and many other lies because government.
When taking SS at any age 62-70, do yourself a favor, consider your long term health outlook & quality of life (probabilities vs possibilities),,, because at 75-80 & your crappin your pants & can't remember your name, SS & your decision to utilize it varies from one person to the next, its not a cookie cutter mold, do your homework on it!
And we have Biden and Trump running for President oh lord help us
Yeah, look at the crazy Brandon, shaking hands with demon's and loosing load from diapers in front of king Charles
I took mine at 68 after calculating that my break-even point would be in 11 years (79 Yrs of age) if not waiting until 70 - at which time I would realize a monthly increase of $250.
I’m 61, collecting survivors benefits now, I’ll wait until 70 to collect my SSi
Not me I took it at 60 no reason to switch to mine later his would still be way more than mine still so of course I earned way lesser I took a cut from his but am still good and because of Covid lost my job so it definitely was on time 😊
The best age to take social security is the age you take it
Could be the worst age too...lol
I turned 65 in 2024, my full retirement age is 66 plus 10 months. If I take my SS now then when I reach full retirement age I can work as many hours I want?
I don’t know whether to wait or get it now, I want to keep working full time. Help
I 'm in the same boat as you. I turned 65 in March of 2024 and immediately went on Medicare, I thought I would wait until 66 and 10 months to collect my full retirement but right now I 'm just exhausted being a nurses aide and starting to have back problems so I 've just applied for social security and plan on supplementing my income with a part time job of my choice. We need to start enjoying life.
It all depends on your health. No one knows when we leave this world .
New subscriber here. Thank you so much for this clear information on how ssi works. Im 54 now and am preparing myself to pay off any debt I have so i can make a better decision on when would be the best time for me to retire. 😊
Thanks for subbing!
I just subscribed to your channel, very good video, thank you.
I work for the Postal Service and what I heard from this video my postal pension won’t count as income to affect my social security
Thanks again
Marco
A break-even analysis is basically useless when talking about more than 10 years into the future, because as you pointed out, it does not take into account that you can invest this money. The breakeven point also does not take tax impacts into consideration. I hate the term full retirement age. It is not really the age at which you get your full retirement benefits, since you can wait until 70 and get more. In my opinion, everyone gets their full retirement benefit no matter at which age they start benefits. They get 100% of what they are entitled to collect based on the rules. Full retirement age is just a nonsensical statement. For those born after 1960, they can just call age 70 full retirement age and then show a chart that displays reduction percentages if you start before this.
Then need to subtract the medicare cost from it.
I’m divorced from a railroad worker so as per our Quadro and divorce agreement I’m getting half of his tier one Railroad Retirement instead of Social Security I’m also getting other things as well but I’m putting off taking Social Security until I’m probably 70 years old🎉
Leech
@@Mrmajellan123 I was thinking Blood sucking leech.
Exactly why I never got married!
In the building trades, I can’t afford a divorce from a leech!!!
Anyone who plans to INVEST their Social Security, but needs this money at some point, is being reckless by investing it, since investment returns are not guaranteed, but increased checks for waiting are. Rich people can invest, but not regular folks should not.
Nor necessarily. There are investments that have downside protection, and that produce dividend income.
Acording to the World Health Organisation The average life span of a man in the USA (2024) is ~64 years, the SSA is not truthful. According to the numbers ~40% of Americans eligible to receive SS die before receiving benefits.
It’s always lower starting at age zero, and always higher starting at 65 or 67. Someone who lives to an older age has a longer expectancy than someone who didn’t.
@@Dave--gp1qx
I will try not to take it too early. My goal for social security is to have it at least cover a small studio or 1 bedroom apartment away from the cities and cover my medicare too. At the least. I only have small dreams now, the main one is not being homeless.
Bs don’t wait,take it asap.The way it looks right now you won’t be able to retire till 65
Problem is Medicare
Medicare is actually pretty good.
Medicare and Social Security have nothing to do with each other, except that the Medicare premiums comes out of your check if you are getting one.
Ideally it would be available at 62 instead of 65
I worked in Healthcare administration for almost 28 years. Your statement is ridiculous.
What about Rental income?
If you still can work until age 66 is the best and if you are still healthy keep on working cause you do not have penalty . You can work as much as you can . The good thing when you retire at 66 and you still work full time you will save you Social Security money and your monthly income while working is your extra income
My wife passed a few years ago at 63. She was a stay at home mom most of her life and never earned the required 40 credits. How does this affect me and am I entitled to anything?
Not true - from age 62-67 (FRA) doesn't go down by 8% a year. The actual amount is 5% a year and goes up 6.67% the last 2 years before FRA (67) After FRA (67) it does increase by 8% a year.
In addition to the 8% increase after age 67 you also get the COLA on the increase. A 3% COLA makes it 8.24% more each year delayed.
Good things happen to those who are patient. If I can survive w/o ss until 70, there'll be more $ to live on.
And 5-8 less years to enjoy it. YEARS.
How much do you charge for a consultation
No charge
Thank you for this and all your videos!
Can I go on Medicare before I begin to collect SS? I’ll be 65 this December and may begin Medicare A and B with the medical plan. Do I have to claim my SS benefits at that point?
You can defer SS benefits after age 65, but you will be required to take it at age 70.
When you say SS will be taxed are you saying that I will be taxed on the income from SS or is it income outside of SS ?
I am no expert, but your SS will be taxed. I am not sure how they calculate the taxes when you have other income. I assume they either calculate tax on what you are given, or 20% right off the bat.
Your SS payment will be taxed :(
Most people who only get Social Security won’t be taxed, but ANY other income can change that, including IRA/401k withdrawals
Let me give you an example. Sixty five year old couple receiving $50,000 in SS and another $20,000 from a IRA,401K etc will pay no Federal tax after doing the SS formula and the standard tax deduction for people over age 65.
@@randolphh8005
File a federal tax return as an "individual" and your combined income* is
Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
More than $34,000, up to 85% of your benefits may be taxable.
File a joint return, and you and your spouse have a combined income* that i
Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
More than $44,000, up to 85% of your benefits may be taxable.
Once you get SSB are you allowed to work? or No?
Is there a phone number that I can call and speak with you about the Medicare plans? I just turned 63. Please let me know when you get a chance.
8977-885-3784 or fill in your info on my website www.medicareonvideo.com
I was married for 26 years then unfortunately, got divorced. My ex-husband makes more than double than I do. He is 2 years younger than me. He might retire early because he does have a health issue. How is my social security affected? Do I collect off of his and do wait until he starts collecting?
You are entitled to 50% of what ever he gets. If you didn’t remarry until after 60 you would be entitled to 100% of his if he kicks off.
What happens when you calculate inflation into the equation?
You get less per month.
This does not discuss is how later in life you typically spend less as activities decline due to age. More money when you can get around as well and dont spend as much may not make as much sense as getting money when you can enjoy using it. There is not one right time for everyone, it is an individual analysis that differs for everyone due to many goals, health and assorted variables.
I’m thinking 64
If you take SS early and invest it it may or may not earn much, HOWEVER, that money will be in your family even if you die whereas the SS you did not take will not be paid to your beneficiaries. Just another thing to consider. Thoughts?
He covers that aspect of it briefly between minute 12 & 13 but he doesn't spend very long on it.
Getting taxed 85 percent of SS is better than getting taxed 100 percent of the withdrawals! Age 70 is best time to take SS for me!
I took mine at 68, after factoring that the break-even point for me if waiting to take distributions at 70-would be in Nov. when I turn 79!
When you first consider the question of what is the "right" age, you might be inclined to believe that it's a more conservative approach to defer your payment until later. Good investors are taught that instant gratification is a vice, and there's a lot of truth to this; those of us who saved money our whole lives instead of spending it are in a better financial position. But in the case of deferring your SS payment, I don't think you're doing the "conservative" thing. Instead, you're actually making a very speculative bet that you're going to live long. Like the gambler at the roulette wheel, you're optimistically believing that things will work out on the next spin.
We would never know for sure which age is best to retire; therefore one of us claimed at 62 and one claimed at 70. We played both ways. We hope we do well by the average 😂❤
Keith, I can say I am waiting because I have a pension plus my wife will benefit from the 50% rule (she will be eligible to get a bump in her SS to up to 1/2 of my ss at my full retirement age). In our case it makes sense to wait. Also my break even point for just myself is about 89. My father died on his 89th birthday mom died at 87. This would all be so easy if you knew when you were going to die.
@@hightide4782 How can you make a statement like this when you have no idea what my numbers are. I can use a SS calculator and it would be wrong since it didn't count on ages how much out of pocket $$ I am spending yearly before I draw etc etc. PLEASE don't comment on something you have no idea about.
If you claim SS at 62 how much can you earn working until they take out $1 for every $2 you earn in SS. Than at 67 how much can you earn without being dinged on your SS?
Best age depends on circumstances. If you don't need it but take it early, it's still not a bad choice
No tax in Fl
He is talking about fed tax.
I am now 63 and be 64 mid September i am wanting to retire April or May of 2025 i have pulled up my SS on compuer i could live off of it only thing worries me is no health coverage for a few months i am pre diabetic high blood presdure meds and taking ozempic any advise ....i work a very hot factory job epically hot in summer time i dont think.i can make another summer of it ...thanks any advise
You can look into individual plans for the time in-between. Depending on income, may have subsidies.
The latest buzz in 2024 regarding Social Security is that the benefit as we know it now will not be available in 2034. It will be significantly reduced and FRA will be Much older.👴🏼⌛️👵🏼
I want to start at 67 but work until 70 it gets more complicated then to if it is worth it.
Does your pension or rental income count toward reducing your Social Security amount
No
No. I receive rental payments monthly.
😃👍No limits on earnings at FRA
😩👎Medicaid premiums & Taxes ⬆️
SS says online that by waiting until 70 you can see an 8% increase per year in monthly distributions and equaling 32% increase from one’s FRA. Not exactly true. If my FRA is at 66-4 months, then if I wait until 70, the difference would be 3 yrs, 7months for a total of 28% increase. SS should calculate online a monthly increase X the # of months from one’s FRA to their birthdate when reaching 70 years of age.
You said you would tell us exactly when you personally would choose to take your SS, but you never did. Please let us know.
Not to be mean. How many times you spoke about this in your channel? 😊
It gets views!
Thanks 🙏
You’re welcome!
The average life span for the males in my family is 85 years.
At 65 and 4 months still working, not collecting yet. Why I waited? Well still healthy working at a job I love watching this video while working. Also If you take it early you are only allowed to make a certain amount before being penalized. One last point if you wait it will grow, unlike the stock market which can go up and down, So it was a win win for me. Looking at January 2025 as I will get $2,900 a month estimate. Still won't need it but feel like I will waited long enough. Great Video!
Awesome!
Are you sure about that $2900 figure? It sounds pretty high.
it's not really a penalty because they just put the money back into your account to be paid out after FRA
@masterlee4370 If I had a job and time during my scheduled hours to watch videos about retirement, I would work a lot longer. Must be nice as h***!
For social security purposes, is military retirement taxed.
Yes. And your SS too if you make a certain amount from other income including pensions and IRA and other retirement account withdrawals.
1956 FRA is 66 + 4 Months
lol - it sounded funny when I said it!
I'm 1 1/2 years away from medicare. So I'll be watching your videos.
Is there a certain age that you can take money from your 401 without penalty to pay off debt
59 1/2.
What about 64 year
Retire when you want to
If wait until you full retirement age to retire can you still work fulltime and make as much as you want without penalty?
Yes!
Hi,,four questions:
1-my father gets about $1,300 in deshability, his 60 years old, he plans to retire at 62,,,how much less money would he get ?
2-He just had a baby with a younger woman,,
When he retires, would the baby get a check too ?
3-how much would the baby get ?
4-can the baby process to get SS be done on line?
@joeplacetas1 you have to be kidding us, right? Your father can't work with 60, but he can make babies? What a joke!!! Shame on you and your family! And then you are asking if he gets benefits and the kids as well?! OMG.. no wonder the system is broken!
you might not live to get to full retirement age so take it soon as possible
You are all over the place gets confusing
At 62 I will get $2650
Maybe
If you are 60 or over probably safe. If 50 or under who knows. Current retirees won’t see cuts in benefits.
WHY ARE YOU YELLING?!?!?!
before gov deplete it
Every year wait you gain 8% per year until 67
That is not exactly correct. The penalty for taking SS before your FRA is 1/2% per month or 6% per year. If you delay starting SS after FRA, then you will gain 8% per year.
Yep, the other way to state it is that you take a 30% reduction for taking at 62 vs 67(FRA). The monthly calculations are actually slightly variable before FRA.
When you collect make sure you round up to January. I initially wanted to collect in November my birthday month and had to change it to January to get an additional $240 a month. Got my first deposit today at age 69. My check is 32% higher because I waited.And vote blue, because to GOP is coming for your SSI and Medicare, they even said so.
Good point!
Your payment is based on full months. January has nothing to do with it. Your January payment, which you get in Feb. will include the new annual COLA adjustment. That is what makes your payment larger irregardless of when you start it.
@@randolphh8005Wrong, I been over this with SSI. They even stated I was correct. The 240 is not my COLA.
@@PianoUniverseSS and SSI are two different things.
Joe Biden is on video on TH-cam promising to cut Social Security. What a ridiculous statement.
Few Years before u die