Best Age to Take Social Security - 62? 65? 70?

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  • เผยแพร่เมื่อ 21 ธ.ค. 2024

ความคิดเห็น • 209

  • @williamwaters4506
    @williamwaters4506 6 หลายเดือนก่อน +18

    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.

  • @Peterl4290
    @Peterl4290 2 วันที่ผ่านมา +7

    The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans

    • @larrypaul-cw9nk
      @larrypaul-cw9nk 2 วันที่ผ่านมา +2

      More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

    • @jerrycampbell-ut9yf
      @jerrycampbell-ut9yf 2 วันที่ผ่านมา +1

      I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

    • @sabastinenoah
      @sabastinenoah 2 วันที่ผ่านมา +1

      This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

    • @jerrycampbell-ut9yf
      @jerrycampbell-ut9yf 2 วันที่ผ่านมา +1

      Finding financial advisors like Annette Christine Conte who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

    • @sabastinenoah
      @sabastinenoah 2 วันที่ผ่านมา

      I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

  • @DesignBuildFixReview
    @DesignBuildFixReview 10 หลายเดือนก่อน +15

    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.

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน +4

      Yes!

    • @williamrogers1219
      @williamrogers1219 4 หลายเดือนก่อน +1

      Correct and if married one needs to look at the impact of when you are taking benefits and the impact on survivor benefits.

  • @mattdonna9677
    @mattdonna9677 10 หลายเดือนก่อน +118

    The best age to take S.S. is when you are still healthy enough to enjoy it.

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน +10

      That would be vey true!

    • @thebootielover
      @thebootielover 8 หลายเดือนก่อน +1

      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.

    • @ForwardThinkingIncome
      @ForwardThinkingIncome 7 หลายเดือนก่อน +2

      Very true

    • @JimzAuto
      @JimzAuto 7 หลายเดือนก่อน +1

      @@thebootieloverwhat was your disability?

    • @JimzAuto
      @JimzAuto 7 หลายเดือนก่อน

      @mattdonna9677 ‘still healthy enough’- what is your specific measure?

  • @pizza4me298
    @pizza4me298 หลายเดือนก่อน +7

    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.

  • @alexcorsten9583
    @alexcorsten9583 10 หลายเดือนก่อน +18

    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.

    • @DiFinni
      @DiFinni 7 หลายเดือนก่อน +8

      Yep. I was going to take at 62 and now will wait until 67. That's a little over $800 more a month difference.

    • @markkrull556
      @markkrull556 6 หลายเดือนก่อน +1

      Yup!! He’s incorrect. good job.

    • @soniagarza8686
      @soniagarza8686 4 หลายเดือนก่อน +1

      62 for me 👍☺️🙏

    • @JamminClemmons
      @JamminClemmons 3 หลายเดือนก่อน

      @@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!

  • @produxy1949
    @produxy1949 28 วันที่ผ่านมา +8

    Not me Son,but Who said we will live to be 64,but I am 63 now,I want to enjoy what I worked for

    • @produxy1949
      @produxy1949 28 วันที่ผ่านมา

      My name is Lois Sterling

    • @Sword_of_justice103
      @Sword_of_justice103 8 วันที่ผ่านมา

      What happens when you love to 90

  • @MrWaterbugdesign
    @MrWaterbugdesign 5 หลายเดือนก่อน +5

    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.

  • @midnittkr
    @midnittkr 7 หลายเดือนก่อน +27

    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.

    • @ptk7240
      @ptk7240 7 หลายเดือนก่อน +4

      Depends on how long you live

    • @sunnersky5996
      @sunnersky5996 5 หลายเดือนก่อน +2

      Thanks for that information

    • @williamrogers1219
      @williamrogers1219 4 หลายเดือนก่อน

      If you are working and taking Social Security, your benefits may be taxed based on the provisional income calculation.

    • @krakhour2
      @krakhour2 4 หลายเดือนก่อน +1

      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

    • @krakhour2
      @krakhour2 4 หลายเดือนก่อน +1

      @@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

  • @dianagorden9171
    @dianagorden9171 7 วันที่ผ่านมา +2

    SSA has made me take my retirement early, I am now being charged for living here in the USA for the last 62 years, of $334.00 a month and my medical expenses are now due of $770.00 , because I have been on SSI for a while with all the medical problems I have now, so I am only going to be receiving a 354.00. Our government has made this system a complete waste, they have not been updating their programs for a good 40 years, and these people on this program are living so far below the poverty level it is just completely wrong. They have no problem killing off the USA people. I am refusing to pay our government any money for living in the USA my whole life, the government should be ashamed of themselves. I absolutely cannot believe our government wants to treat us this way. They are of no help to the American people.

  • @TheK9Shepherd
    @TheK9Shepherd 5 หลายเดือนก่อน +5

    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.

    • @AndrewBurbo-zw6pf
      @AndrewBurbo-zw6pf 4 หลายเดือนก่อน +1

      I found out about that when I retired at 62. they keep that benefit very secret. I was shocked

  • @derkong7114
    @derkong7114 10 หลายเดือนก่อน +12

    70... I work maybe 10 hours a week, my job is easy, no reason to retire...

  • @Medmann48
    @Medmann48 10 หลายเดือนก่อน +7

    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).

    • @mcc9040
      @mcc9040 5 วันที่ผ่านมา

      NObamacare.

  • @JustJ-gs3rx
    @JustJ-gs3rx วันที่ผ่านมา +1

    People that tend to wait till the end of their careers and take SS income are employed in jobs that don’t require them to work hard 40 hours a week 5 days a week…
    Fire fighters here make over 100k a year just staring out and the rank chiefs make much more and they all bank tons of money in overtime same as the police departments here…Overtime abuse is rampant here but it’s a city issue and no one seems to ever want to cut the budget when it comes to so-called first responders here…
    During COVID they all got a $10,000 pay increase because of the Flu virus!
    They make more money than the average citizen and those jobs are filled by DEI hires and friends who know someone.

  • @mariaquintino1670
    @mariaquintino1670 2 หลายเดือนก่อน +1

    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. 😊

  • @davidpitchford6510
    @davidpitchford6510 6 หลายเดือนก่อน +7

    FDR said it would not be taxed and many other lies because government.

    • @mcc9040
      @mcc9040 5 วันที่ผ่านมา

      In his "New Deal" FDR also didn't set it up so that our Social Security payments, over our working lifetimes, go into individual escrow accounts via social security number. Instead, all social security payments have been dumped into the "General Fund" of the government, which has been bankrupted for decades.
      Instead of sending billions of OUR tax dollars to countries who do nothing for U.S., those funds should be dispersed back to the citizens who earned them imo.
      Over-taxed and under-represented equates to full-on h@tred of the swamp.

  • @markdavis1116
    @markdavis1116 6 หลายเดือนก่อน +6

    I’m 61, collecting survivors benefits now, I’ll wait until 70 to collect my SSi

    • @Robs63
      @Robs63 4 หลายเดือนก่อน +2

      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 😊

  • @vanessagiles6832
    @vanessagiles6832 26 วันที่ผ่านมา

    I have watched about 10 of these and this one is by far the best ONE!! Thanks!

  • @MrSoccerpues
    @MrSoccerpues 7 หลายเดือนก่อน +1

    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

  • @OGIdentityGuy
    @OGIdentityGuy 10 หลายเดือนก่อน +2

    Thank you for this and all your videos!

  • @denisesanford6723
    @denisesanford6723 4 หลายเดือนก่อน +4

    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

    • @mariasheppard83
      @mariasheppard83 3 หลายเดือนก่อน +2

      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.

    • @lizsanchez8628
      @lizsanchez8628 2 หลายเดือนก่อน

      It all depends on your health. No one knows when we leave this world .

  • @r.behlen7733
    @r.behlen7733 5 วันที่ผ่านมา

    Is rental property income considered wages when taking SS benefits before FRA?

  • @Rick-tr6nc
    @Rick-tr6nc 6 หลายเดือนก่อน +2

    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.

  • @larrytanton5787
    @larrytanton5787 6 หลายเดือนก่อน +4

    Then need to subtract the medicare cost from it.

  • @chriswedgworth
    @chriswedgworth 10 หลายเดือนก่อน +2

    How much do you charge for a consultation

  • @KevinKunz-q7k
    @KevinKunz-q7k 9 วันที่ผ่านมา

    New subscriber here. Great information, thank you! Do IRA withdrawals count towards the earnings equation for the SS withholding consequences prior to FRA?

  • @kdkragt
    @kdkragt 23 วันที่ผ่านมา

    I will have a pension starting at age 62. If I wait for a larger SS check, will I end up paying too much in taxes? Maybe it would be better to have smaller checks (starting at 62)? I don’t know how to figure this out. My pension will be around $3600 a month (with cola). SS - $1800, if I collect early (62). $2850 at 67.

    • @leojuarez4690
      @leojuarez4690 14 วันที่ผ่านมา

      Taxes lol you could be long gone by then

    • @kdkragt
      @kdkragt 13 วันที่ผ่านมา

      @ I could be gone tomorrow. But I still need a plan in case I am not.

  • @a.m.v.6938
    @a.m.v.6938 10 หลายเดือนก่อน +2

    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 ?

    • @DesignBuildFixReview
      @DesignBuildFixReview 10 หลายเดือนก่อน +1

      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.

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน +3

      Your SS payment will be taxed :(

    • @randolphh8005
      @randolphh8005 10 หลายเดือนก่อน +3

      Most people who only get Social Security won’t be taxed, but ANY other income can change that, including IRA/401k withdrawals

    • @Satjr35031
      @Satjr35031 9 หลายเดือนก่อน

      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.

    • @DesignBuildFixReview
      @DesignBuildFixReview 9 หลายเดือนก่อน

      @@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.

  • @KarenQuilts4Fun
    @KarenQuilts4Fun 3 วันที่ผ่านมา

    I’m on SSDI (age 56) and FERS disability. When will my income change from disability to retirement (at age 67?)

  • @bowdoin5063
    @bowdoin5063 10 หลายเดือนก่อน +24

    The best age to take social security is the age you take it

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน +1

      Could be the worst age too...lol

  • @JPJPJPJP
    @JPJPJPJP 10 หลายเดือนก่อน +4

    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🎉

    • @Mrmajellan123
      @Mrmajellan123 7 หลายเดือนก่อน +4

      Leech

    • @MikeHoncho884
      @MikeHoncho884 7 หลายเดือนก่อน

      @@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!!!

  • @johnthompson5792
    @johnthompson5792 10 หลายเดือนก่อน +12

    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!

    • @vannpatrickjr1353
      @vannpatrickjr1353 7 หลายเดือนก่อน +2

      And we have Biden and Trump running for President oh lord help us

    • @serg3123
      @serg3123 6 หลายเดือนก่อน +1

      Yeah, look at the crazy Brandon, shaking hands with demon's and loosing load from diapers in front of king Charles

  • @jimmyamico4713
    @jimmyamico4713 10 หลายเดือนก่อน +2

    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.

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน

      8977-885-3784 or fill in your info on my website www.medicareonvideo.com

  • @jkepps
    @jkepps 8 หลายเดือนก่อน +4

    In reference to the penalty withheld, don't you get that money back after you reach FRA? Meaning basically it's deferred until FRA?

  • @acoldguy2381
    @acoldguy2381 4 หลายเดือนก่อน +3

    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.

    • @Dave--gp1qx
      @Dave--gp1qx 3 หลายเดือนก่อน

      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.

    • @Rich-qw4yy
      @Rich-qw4yy 2 หลายเดือนก่อน

      @@Dave--gp1qx

  • @jimjam4866
    @jimjam4866 3 หลายเดือนก่อน +1

    What happens when you calculate inflation into the equation?

    • @kittykat334
      @kittykat334 หลายเดือนก่อน

      You get less per month.

  • @Lee950Brim
    @Lee950Brim 8 หลายเดือนก่อน +2

    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?

    • @WilliamAkins-rw2hv
      @WilliamAkins-rw2hv 7 หลายเดือนก่อน

      He covers that aspect of it briefly between minute 12 & 13 but he doesn't spend very long on it.

  • @billmarie6235
    @billmarie6235 9 วันที่ผ่านมา

    Does this apply for canada😊

  • @gbass7328
    @gbass7328 23 ชั่วโมงที่ผ่านมา

    70! My parents are still alive and I'm making more than I ever have while building up my SS balance.

  • @veronicarivera6275
    @veronicarivera6275 หลายเดือนก่อน +1

    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

  • @swish6754
    @swish6754 5 หลายเดือนก่อน

    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?

    • @williamrogers1219
      @williamrogers1219 4 หลายเดือนก่อน +1

      You can defer SS benefits after age 65, but you will be required to take it at age 70.

  • @kscs9993
    @kscs9993 5 หลายเดือนก่อน +1

    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.

    • @comingshortly
      @comingshortly 4 หลายเดือนก่อน

      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.

  • @millions2nette
    @millions2nette 3 หลายเดือนก่อน

    Once you get SSB are you allowed to work? or No?

  • @silvamnatsakanyan3774
    @silvamnatsakanyan3774 6 วันที่ผ่านมา

    There is 2 different tile of cuts. Forest if you are under full retirement age with is permanent cut and the second is cut because of you still working . This cut is refundable when you get to full retirement age . Let’s you work for full time and apply for Ss benefit ,than can cut as much as all of it but once you get full retirement they will pay back all cut money ,so you not loosing anything . Lots of people don’t know this

  • @robtopham6095
    @robtopham6095 10 หลายเดือนก่อน +4

    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.

    • @robtopham6095
      @robtopham6095 6 หลายเดือนก่อน

      @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.

  • @janetwethepeople9390
    @janetwethepeople9390 23 ชั่วโมงที่ผ่านมา

    There should be NO reason to limit your income if you draw early. We paid in. Plus still paying taxes on earned income! All of Government both sides do NOT care.

  • @RLB1923
    @RLB1923 5 หลายเดือนก่อน

    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.

  • @disciplerob9950
    @disciplerob9950 5 หลายเดือนก่อน

    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?

  • @Livefreealways
    @Livefreealways 10 หลายเดือนก่อน +2

    No tax in Fl

    • @markdavis1116
      @markdavis1116 6 หลายเดือนก่อน +1

      He is talking about fed tax.

  • @Hbd2002
    @Hbd2002 9 หลายเดือนก่อน

    Does your pension or rental income count toward reducing your Social Security amount

    • @markdavis1116
      @markdavis1116 6 หลายเดือนก่อน

      No

    • @kittykat334
      @kittykat334 หลายเดือนก่อน

      No. I receive rental payments monthly.

  • @dennislaplant95
    @dennislaplant95 9 หลายเดือนก่อน +1

    You said you would tell us exactly when you personally would choose to take your SS, but you never did. Please let us know.

  • @Livefreealways
    @Livefreealways 10 หลายเดือนก่อน +4

    I’m thinking 64

  • @GloriaBurnett-nd7rb
    @GloriaBurnett-nd7rb 6 หลายเดือนก่อน

    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?

    • @markdavis1116
      @markdavis1116 6 หลายเดือนก่อน

      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.

  • @michaelmilen9032
    @michaelmilen9032 10 หลายเดือนก่อน +4

    What about Rental income?

    • @leojuarez4690
      @leojuarez4690 14 วันที่ผ่านมา

      Taxed and goes toward the income test

  • @chessmaster1115
    @chessmaster1115 2 หลายเดือนก่อน +1

    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!

    • @kittykat334
      @kittykat334 หลายเดือนก่อน

      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!

  • @utubewillyman
    @utubewillyman 7 หลายเดือนก่อน

    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.

  • @randolphh8005
    @randolphh8005 10 หลายเดือนก่อน +2

    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.

    • @Mrmajellan123
      @Mrmajellan123 6 หลายเดือนก่อน

      Nor necessarily. There are investments that have downside protection, and that produce dividend income.

  • @James-dk8kx
    @James-dk8kx 4 หลายเดือนก่อน

    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

    • @MedicareonVideo
      @MedicareonVideo  4 หลายเดือนก่อน

      You can look into individual plans for the time in-between. Depending on income, may have subsidies.

  • @teams3345
    @teams3345 6 วันที่ผ่านมา +1

    Depends, but 62 was best for me.

  • @scottslaught
    @scottslaught 18 วันที่ผ่านมา

    Government only withholds ss before FRA on EARNED income

  • @Lawrence64
    @Lawrence64 8 หลายเดือนก่อน

    Not to be mean. How many times you spoke about this in your channel? 😊

  • @relaxationsounds6981
    @relaxationsounds6981 4 หลายเดือนก่อน

    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?

  • @kittykat334
    @kittykat334 หลายเดือนก่อน +1

    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.

  • @leesinnorai1871
    @leesinnorai1871 3 หลายเดือนก่อน

    Thanks 🙏

  • @HungNguyen-se8dn
    @HungNguyen-se8dn 4 หลายเดือนก่อน

    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 😂❤

  • @michealsizemore1
    @michealsizemore1 5 วันที่ผ่านมา

    There is also the issue of Congress reducing SS in the future.

  • @cintg9431
    @cintg9431 9 หลายเดือนก่อน +2

    Is there a certain age that you can take money from your 401 without penalty to pay off debt

  • @jerrysechrist8448
    @jerrysechrist8448 10 วันที่ผ่านมา

    You mentioned about being penalized for making over a certain amount what you left out is at age 67 you get that money that was taken back

  • @larrytanton5787
    @larrytanton5787 6 หลายเดือนก่อน

    I want to start at 67 but work until 70 it gets more complicated then to if it is worth it.

  • @bowdoin5063
    @bowdoin5063 10 หลายเดือนก่อน +2

    1956 FRA is 66 + 4 Months

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน

      lol - it sounded funny when I said it!

  • @juliusgaters5743
    @juliusgaters5743 8 หลายเดือนก่อน

    What about 64 year

  • @laurice8056
    @laurice8056 7 หลายเดือนก่อน

    😃👍No limits on earnings at FRA
    😩👎Medicaid premiums & Taxes ⬆️

  • @Mrmajellan123
    @Mrmajellan123 6 หลายเดือนก่อน

    Best age depends on circumstances. If you don't need it but take it early, it's still not a bad choice

  • @masterlee4370
    @masterlee4370 10 หลายเดือนก่อน +3

    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!

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน

      Awesome!

    • @nelsonsack2694
      @nelsonsack2694 7 หลายเดือนก่อน

      Are you sure about that $2900 figure? It sounds pretty high.

    • @ro6384
      @ro6384 7 หลายเดือนก่อน

      it's not really a penalty because they just put the money back into your account to be paid out after FRA

    • @margritjones7934
      @margritjones7934 6 หลายเดือนก่อน

      @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***!

  • @robertespinoza2519
    @robertespinoza2519 7 หลายเดือนก่อน +2

    Bs don’t wait,take it asap.The way it looks right now you won’t be able to retire till 65

  • @donaldricher8815
    @donaldricher8815 7 หลายเดือนก่อน

    For social security purposes, is military retirement taxed.

    • @myvenusheeler
      @myvenusheeler 7 หลายเดือนก่อน

      Yes. And your SS too if you make a certain amount from other income including pensions and IRA and other retirement account withdrawals.

  • @Biglug8888
    @Biglug8888 6 หลายเดือนก่อน +1

    I'm 1 1/2 years away from medicare. So I'll be watching your videos.

  • @cintg9431
    @cintg9431 9 หลายเดือนก่อน +2

    If wait until you full retirement age to retire can you still work fulltime and make as much as you want without penalty?

  • @ooorah8499
    @ooorah8499 8 วันที่ผ่านมา

    So people like myself born 1960 got screwed.Thank god I have a Veterans compensation tax free to add.

  • @laurice8056
    @laurice8056 7 หลายเดือนก่อน

    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.👴🏼⌛️👵🏼

  • @produxy1949
    @produxy1949 28 วันที่ผ่านมา

    My name Is Lois Sterling

  • @janetwethepeople9390
    @janetwethepeople9390 23 ชั่วโมงที่ผ่านมา

    Lol that average isn't most people. At least in rural areas.

  • @kittykat334
    @kittykat334 หลายเดือนก่อน

    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.

  • @OOCFM
    @OOCFM 16 วันที่ผ่านมา

    Really not a good explanation on the Tax of SS benefits, 85% if over 34K , but its 85% of what is OVER the 34K limit, Not 85% on ALL of it as you implied. In other words if Im making 43K per yr. they will tax 85% of the 10K im over the max earnings limit, at my income level Tax bracket, for me that would be about 16%, Hence that come to 1,600 VS 85% of my full retirement income of 27,600 (my ex.) -85% of that would be 22,950 @ 16% would be about 3,600 BIG DIFFERENCE.

  • @johnallred5046
    @johnallred5046 3 หลายเดือนก่อน +1

    Retire when you want to

  • @hvacmike1175
    @hvacmike1175 2 หลายเดือนก่อน

    The average life span for the males in my family is 85 years.

  • @beverlycromwell9805
    @beverlycromwell9805 4 หลายเดือนก่อน +1

    you might not live to get to full retirement age so take it soon as possible

  • @raymonddee1059
    @raymonddee1059 7 หลายเดือนก่อน +1

    before gov deplete it

  • @michaellewitke5314
    @michaellewitke5314 6 หลายเดือนก่อน +2

    Good things happen to those who are patient. If I can survive w/o ss until 70, there'll be more $ to live on.

    • @ScooterOnHisWay2024
      @ScooterOnHisWay2024 6 หลายเดือนก่อน +3

      And 5-8 less years to enjoy it. YEARS.

  • @Livefreealways
    @Livefreealways 10 หลายเดือนก่อน +6

    Problem is Medicare

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน +3

      Medicare is actually pretty good.

    • @randolphh8005
      @randolphh8005 10 หลายเดือนก่อน +1

      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.

    • @house9Tube
      @house9Tube 10 หลายเดือนก่อน +4

      Ideally it would be available at 62 instead of 65

    • @mariascreven1433
      @mariascreven1433 9 หลายเดือนก่อน

      I worked in Healthcare administration for almost 28 years. Your statement is ridiculous.

  • @joeplacetas1
    @joeplacetas1 7 หลายเดือนก่อน

    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?

    • @margritjones7934
      @margritjones7934 6 หลายเดือนก่อน +2

      @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!

  • @Livefreealways
    @Livefreealways 10 หลายเดือนก่อน

    At 62 I will get $2650

    • @bowdoin5063
      @bowdoin5063 10 หลายเดือนก่อน +1

      Maybe

    • @randolphh8005
      @randolphh8005 10 หลายเดือนก่อน

      If you are 60 or over probably safe. If 50 or under who knows. Current retirees won’t see cuts in benefits.

  • @williamapplegate5633
    @williamapplegate5633 4 หลายเดือนก่อน

    WHY ARE YOU YELLING?!?!?!

  • @Livefreealways
    @Livefreealways 10 หลายเดือนก่อน +1

    Every year wait you gain 8% per year until 67

    • @alexcorsten9583
      @alexcorsten9583 10 หลายเดือนก่อน +2

      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.

    • @randolphh8005
      @randolphh8005 10 หลายเดือนก่อน

      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.

  • @FLOODK9
    @FLOODK9 8 หลายเดือนก่อน

    You are all over the place gets confusing

  • @topofthegreen
    @topofthegreen 7 วันที่ผ่านมา

    Not 62, you’re screwed as you are forever limited to what you get.

  • @PianoUniverse
    @PianoUniverse 10 หลายเดือนก่อน +6

    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.

    • @MedicareonVideo
      @MedicareonVideo  10 หลายเดือนก่อน

      Good point!

    • @randolphh8005
      @randolphh8005 10 หลายเดือนก่อน +5

      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.

    • @PianoUniverse
      @PianoUniverse 10 หลายเดือนก่อน

      @@randolphh8005Wrong, I been over this with SSI. They even stated I was correct. The 240 is not my COLA.

    • @Satjr35031
      @Satjr35031 9 หลายเดือนก่อน +2

      @@PianoUniverseSS and SSI are two different things.

    • @WinstonSmithGPT
      @WinstonSmithGPT 8 หลายเดือนก่อน

      Joe Biden is on video on TH-cam promising to cut Social Security. What a ridiculous statement.

  • @bruceeigsti5274
    @bruceeigsti5274 10 หลายเดือนก่อน

    Few Years before u die