Best Age to Take Social Security - 62? 65? 70?
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- เผยแพร่เมื่อ 22 ก.พ. 2024
- What is the best age to take Social Security. Make sure to get it right!
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Best Age to Take Social Security
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Best Age to Take Social Security
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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
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!
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).
Thank you for this and all your videos!
The best age to take social security is the age you take it
Could be the worst age too...lol
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
In reference to the penalty withheld, don't you get that money back after you reach FRA? Meaning basically it's deferred until FRA?
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
@@serg3123You Trump bootlickers are hopeless. 😂😂
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.
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.
I'm 1 1/2 years away from medicare. So I'll be watching your videos.
Does your pension or rental income count toward reducing your Social Security amount
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?
What about Rental income?
FDR said it would not be taxed and many other lies because government.
For me it was 1/2024 at age 66 1/2 (full retirement age) so I could still work full time and earn (actually $5,000 more than) $59,500 before any penalty is applied to my benefit
payments. I only had $200,000 in savings (but NO debt) so I'm able to save $3,800 (after taxes) every month, which will boost my savings nicely and quickly. I figure I'll
work at least another 4 years and either (then) quit or go to part time work, as I like what I do.
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
How much do you charge for a consultation
No charge
70... I work maybe 10 hours a week, my job is easy, no reason to retire...
Sounds awesome
Consider actively supporting the Social Security Expansion Act, a bill introduced in the Senate on February 13, 2023, which would bolster Social Security benefits. The bill's provisions include:
Using the Consumer Price Index for the Elderly (CPI-E) to increase COLAs, and reflecting the disproportionate amount of older Americans' income spent on health care and prescription drugs in the formula.
Reinstating student benefits for children of deceased or disabled workers up to age 22, and extending benefit eligibility for children who are full-time students.
Lifting the cap on Social Security taxes for all income above $250,000.
Then need to subtract the medicare cost from it.
Not to be mean. How many times you spoke about this in your channel? 😊
It gets views!
I want to start at 67 but work until 70 it gets more complicated then to if it is worth it.
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.
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
@@user-mu8ty7vc3y 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!!!
Experts generally advise waiting until age 70 to claim as a hedge against longevity risk. The break even point is around age 80. In other words, if you live longer than that, you’ll get more money from Social Security in total than if you had claimed earlier.
@@user-mu8ty7vc3yIncel 😂😂
You said you would tell us exactly when you personally would choose to take your SS, but you never did. Please let us know.
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.
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.
The break even point is between 79 and 81 - “around 80” in other words.
@@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.
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.
Alternatively, if you claim early and live years beyond the break even point - which is between 79 and 81 - you’ll receive much less money in total and could end up needing financial support from your family.
Is there a certain age that you can take money from your 401 without penalty to pay off debt
What about 64 year
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
High housing and insurance costs.
😃👍No limits on earnings at FRA
😩👎Medicaid premiums & Taxes ⬆️
1956 FRA is 66 + 4 Months
lol - it sounded funny when I said it!
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.
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.👴🏼⌛️👵🏼
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.
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!
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.
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
You’re waiting until after FRA to claim, which means you’ll receive added benefits. But, those added benefits won’t show up in your monthly Social Security check until the January after you claim. Since you’ll be claiming in January, do you immediately receive the added benefits or will you have to wait a year? If the latter, you may wish to claim in December instead of the next month.
I know it’s complicated. Log into your Social Security account and check - you’ll find information about this issue. A friend decided to avoid any potential delay in receiving the added benefits by claiming in December.
@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***!
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.
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.
Bs don’t wait,take it asap.The way it looks right now you won’t be able to retire till 65
You are all over the place gets confusing
before gov deplete it
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.
Few Years before u die