I started my Social Secuirty at 63. Granted I receive less than if I had waited til 66. There is no guarantee that I would make it to 66. The year I started r3ceiving my checks, I lost 3 friends, 1 age 59, 2 age 62, who did not receive a dime of their money.
@@mrp356b Social Security is a government run Ponzi Scheme. The year it started the average worker only made it to 62, so they set retirement at 65. They were surprised when medical improvements raised the lifespan by a dozen years or more. They thought most of us would never live to collect it.
Exactly! The SS Administration is already saying by year 2035, our payments will be reduced to pay out only 83% of our full benefit. So how is that fair and why should we wait?
Tomorrow is not promised. By waiting 8yrs. that is 62 to 70 years. you lost already 8yrs., that is 96 months of benefit. At the age of 70, even if the amount is bigger, you do not know how many yrs you have to earn that. You already are behind or lost over $67200. And then inflation is to be considered. What you can get today, now is better than waiting 8yrs.
That is certainly one way to evaluate when to collect. Certainly not the only consideration. I am the larger earner. My wife is 11 years younger than me. She will get a much larger check when I pass. We don’t need the money now to live a comfortable lifestyle. Sometimes it isn’t always about you.
I am retired with a pension from my work.. I still do not qualify for Social Security….as soon as I qualify for it, I will put my application. Why wait to get a little bit of money….?…. It is better to get the money now and have some extra cash to continue to enjoy my retirement…….If something happen to me while I wait to get some extra cash.. they keep all my money.
If you're working till age 70 or beyond (and at least some of us enjoy our work), you don't need the SS money yet -- the income from work is enough. I'm 65, plan to file at 70 because there's no benefit to waiting past that age. Yes, there's a risk of benefits being cut in 2032 or 2033. But if you took the reduced SS at 62 and then take a cut, that would really put you behind. All that doesn't apply if you are in poor health, were laid off from work late in life and can't find another job, or really need the SS money.
I agree! The difference is actually greater than the arithmetic sum, due to earned interest of investment and that lost investment income from burning the investment money on living expenses of not investing the SSI income.
I agree! The difference is actually greater than the simple arithmetic total. There is the opportunity cost of the investments you are burning instead of SSI money, or the investment gains of the SSI money put into an investment account (making, say, 15% from an S&P index fund)
When young i always heard at 65 you could collect social security. I hit 65 and they said , no its 67 for you . I said , no i m taking it now even its a bit less each month . I continued to work and invested my monthly checks for 3 years. That investment is basically my retirement when i can no longer work . Do what works for you.
Hubby took it at 62.He did 21 in army and 21 building autos...just getting out of car was getting difficult after 8 to 10 hour day and hour commute.If ya sit at a desk...yeah work till 67..but if physical job...its rough
I just couldn't take the B.S. and drama anymore. I had an essential worker job during Covid. I didn't sit at home maxed out on unemployment and getting a $600 bonus from the government every week too. I knew people that got $900 a week to stay home while I had to go to work with sick people all around me and minimal Government Mandated safety measures. I got out ASAP!
I had a couple of friends that died right after their full retirements, heart attacks! Life expectancy does not come with a warranty! I'm retiring at 62
By your numbers if you take your payment at age 62 at 700 per month for 18 years at the age of 80 you have collected 151,200 At 67 at 1,000 per month for 13 years at the age of 80 you have collected 156,000 At the age of 70 at 1,240 per month for 10 years at the age of 80 you have collected 148,000…if you live pass the age of 80 sure waiting until 70 is the way to go but who knows…I think SS promotes to wait to later because if your children are over 18 and your unmarried and you die before you collect nobody gets nothing…62 is the best option for me!
The best age is asap before it goes belly up and you get nothing. If you don’t need it, then invest it. I’ll be filing at 8am on day 1 as the U.S. govt has literally never been more bankrupt than it is at this instant.
It’s not going to go belly up but if you have no retirement investments then you have to worry about the banks bellying up for misguided investments and all the little interest accounts go bye bye.
@@sherrir3195 SS irr is atrocious compared to any number of things, crypto, real estate, running a business, even stocks are better than it. Including inflation, it returns a negative amount. Just think about the concept for a moment. You give your money to “them”. “They” are the same people that control the amount of currency that “money” was denominated in. Add that to what I’m sure you know about how debt is affected by inflation, and remember the U.S. government is the largest debtor in the universe. Now, how could my advice possibly be incorrect? “But what if someone invests in the wrong thing?” Take some responsibility. Or don’t, just accept they’re stealing all your money and shut up about it. … and Yes, ss is stealing.
It will not go belly up... That's one of the silliest rumors on the internet... The "Social Security Trust Fund" could possibly run out, but that doesn't mean you get nothing. That is just the extra money to cover the difference between what is coming in and what is going out. As long s they are still collecting Social Security, there is money to pay out. If the Trust fund runs out, it means you would get less, guesstimates are around 17% less. Not nothing.
Don't matter what, start collecting at 62 ,you will not (will not) make more for waiting 4 more years, this people get paid to mislead you, I'm not an expert but I have plenty of acquaintances who took social at different ages. I have for example this two lady neighbors ,one take social at 62 for $1,606.00 a month. The other one did the 65 for $1,636.00 .imagine If u work for 40 years and they pay you only $1600 imagine how much more you will receive for an extra 3-4 years, do whatever you like ,use common sense
Im taking early retirement in 6 years at 62. Im also saving and investing. No, i will not tell SS about my investing. No, my investment is not on paper nor is it paper. My investment is untraceable. I paid in enough, not paying no more. Good luck people.
SS doesn't care or ask about your investments--that's a different type of SS. Your SS is based on what YOU put in over your highest 35 years of work history. You could hit lotto tomorrow and it wouldn't affect your SS.
I hope you have a reputable financial advisor. SS is not the IRS. You paid into SS for years you will receive regardless 100% at 70 which will cover cost of living you will have to pay out of pocket supplemental insurance with Medicare. The question is are you going to have enough if you take SS at 62? Your not going to get a raise from SS. What you take at 62 that’s it. You have to consider rise of cost of living. You can retire at 62 to get Medicare but you don’t have to take SS until later. The later the better. Good luck you, your going to need it if you don’t get a good financial advisor and not out the yellow pages.
In your first example, you sacrifice 5 years of income to get $300 more per month. That's $8400 you lose per year for 5 years to gain $300 per month. So that's $42,000 you give up to make $3600 more per year. At that rate, it takes 11 years 8 months to recoup that loss. OK, So to justify waiting to 67 to start drawing SS, versus taking it at 62, you must live to (62+11.67= 73.67) 73 years and 8 months.
Next video could be spousal benefit. Lower social security worker could wait to get 50% of the higher spouse amount at full retirement age. Does the survival benefit then equal the higher spouse if they waited until full 70 years of age benefit?
They only have to wait until their FRA to get 100% of what the spouse was getting (bonus if they waited until 70 to collect). The surviving spouse does not need to wait beyond their FRA.
Funny, my dad retired from 30 years of teaching at 55 and lived till 90. I guess he didn't really retire because he owned stock and acquired some real estate and did alot of labor around his estate in the adirondacks ny with mum 😃...
@moniquebrown9973 Exactly! Among my regulars at a former job, I asked a gentleman what his advice was on aging. He gave two pieces of advice. 1: "Anyday above the dirt is a good one." "Keep moving." "Don't slow down."
If you have medical issues, do not wait until age 70. But on the other hand, if you are healthy and don’t need the money immediately, wait until 70 years young.
@@BillHinermanNot true. If you wait until 70 you have to live to 83 to makeup the difference. Everything after that is gravy with the higher monthly benefit.
I have listened to a number of experts on when to take your Social Security. Many of them conclude that you should take it at 62. Of course, it does depend on the number of factors, but the most important one is your health and life expectancy. If you wait until 70, you will have eight years with no monthly Social Security benefit. Even if you don’t need the money now, why not collect it anyway and it invest your SS in an investment account that earns a decent return? If you were to die suddenly and you were going to wait until 70 to collect , you would ever see a dime of your Social Security benefit that you paid a lifetime into.
will you actually invest? lots of 60 year olds are at the casino. what is a decent return. what if the market tanks just as you need the cash. what if you live to 90, dont you want free money untill you die
One could die before the age of 70, let’s suppose they plan on taking their full benefit at 70 but they just before 70. 10 years of what would’ve been free money down the drain. This would mean you paid into Social Security but never received the dime of it.
I'd like to share our articles with helpful information, @lisanidog8178. Here you'll find details about when to apply: spr.ly/6056lxGHs and how to apply: spr.ly/6057lxGHt - DG.
@@AARPAnswers Thanks so much. I’ll check out those addresses now. I looked on the second one and have another question when it stated “Start and stop dates for jobs held in the past two years (and net income from self-employment in the past two years”. Social security sends me notices with all the dates and I haven’t worked since 1999. I started in 1979. I have to remind them of their own notices to me?
I apologize, I didn't notice you edited your comment. For that specific question, please contact the Social Security Administration (SSA) at: 1-800-772-1213. - DG.
Its not enough money. We need increased payments yearly with bonuses due to the cost of living like gas, utilities, food,medical bills. I remember when full retirement age was 57 yrs. It should have stayed that way. I had a hard time working until i was 62. The stress was too high-level.
is it me or does she seem like she is stressing later collecting? Her facial expressions even grimace when mentioning taking it earlier. And she states to usable information on which scenarios make sense to take it earlier. I found the comments here more informative. Who are the people taking it at 62? People with $1,000,000+ networth? After reading comments , people saying they will take it at 62 don't mention how they will pay for health care, COBRA is typically about 35,000 in premiums before getting to 65 for medicare.
Those who earnings were on the low side, will collect much, much more than they paid in. My neighbor, who is 86, has collected 10 times what she and her employer paid in. In fact, she collects more in 2 years than what she paid in for her entire life. Between what she paid in over her working years plus what her employer paid in amount to about $18,000. She currently collects $15,600 a year.
That's a good question, Michael. If you are receiving benefits and working in 2024 but not due to hit FRA until a later year, the earnings limit is $22,320. You lose $1 in benefits for every $2 earned over the cap. Check out the details here: spr.ly/6056lKWDn - Janelle M.
You don’t get squat as long as you’re still working. So there. You might say well retire and collect SS. Nobody I know can even pay for groceries on SS. So it’s a vicious circle. You can’t collect because you make too much, you can’t retire cause you’ll make peanuts.
Not waiting 'til 67. If you take SS at 62 and live another 15 years, that's 15 years of SS collected. If you wait until 67 to collect, you will only collect for 10 years and the total would be less than the prior example, even collecting 100%.
I retired with a reduced pension from my job at age 58 after a second rotator cuff tear repair. (those machines aren't getting any shorter and I certainly wasn't getting any taller!). I took my SS ret at 62. My husband, who was at his full retirement age at that time, filed for half of my retirement and banked his until he turned 70. I am grateful my retirement gave us extra money when we were younger and his is giving us more as we're older!
if you wait how much do you lose to inflation over 5 years ,so you are NOT getting 100%😝 life expectancy in police state usa is 76 years😝will you get a real return on all this money paid with zero interest😠
Various demographic and social issues are important here, as well. I think there will be more opportunities for older people to work, especially for more educated and skilled workers, into the foreseeable future. I don't have a problem with working, but I do want to take time off to travel, before I get too old to do so. My parents are in their 80s and still live on their own, and my grandparents lived into their 80s and 90s. I'm in my early 60s and in fairly good shape. I haven't ever drank, smoked, or taken illegal drugs, so I should be able to hold up for a few more years, at least.
Going through divorce at 62 , I called and the ssa rep talked me into waiting. Glad he did ! Ended up signing on at 65 even though max benefits for me was 66 and 10 months. I believe you should wait (if you can) but sign on before you max out cuz you never know the future. Also keep working as long as you can even one or two days a week. Guys I know who are 10 yrs older than me and still working are doing much better than those who are not
This was an excellent video. However, she didn’t mention that if you take Social Security early, before your Full Retirement Age (between 66 and 67, usually), if you choose to work during retirement, the government will tax that extra income. But if wait till Full Retirement Age, your extra income will NOT be taxed!
This might be the worst post I've seen in awhile. Income Guidelines (restriction on wages earned before your FRA) and income taxes are two different topics. One has nothing to do with the other. If you take SS before your FRA, the government has an income guideline that once you exceed, you will have to pay $1 for every $2 back to SS. If you take your SS early and make $43k, $20k above the income guidelines, you need to repay SS $1 for every $2 or $10k in benefits. If you are getting $2k a month, you just lost 5 months of 12 months of SS (you could pay earlier so as to not wipe out your payments the following year). I'm biased, but when I see people that take early and make a lot more than the income guidelines ($22,320 for 2024), I honestly don't think they thourghly understand the bigger picture. Not only did they stop their SS from contuning to mature and lock in that permanent reduction, now they aren't even getting all of their checks! And yes, you "get it returned to you eventually." This is true but it's not in a nice check. They have a formula that will be used to recalculate your SS benefit and you'd be lucky to see $20-30 a month. That does not seem worth it at all. I've said before that if I was getting to $22k, I'd volunteer my time before I'd repay SS any money they were supposed to be sending me! Tax is another animal. At no time is our SS not taxed as it relates to age. I will pay taxes until I leave this earth. But there are amounts where you don't pay taxes, and some states don't charge state tax on SS (can't escape federal tax if you exceed certain amount).
@traybern taxes on SSI INCOME ONLY- are specifically defined by SSA, yes? This Tax ONLY APPLIES UP TO THE RECEPIENT’S FRA. As I understand- separate calculation, and age-limited, making SSI ‘tax’ more of a penalty. Feel free to correct me, I’m not FRA yet. Feel free to share info from the ‘SSA Law and Regulations Finder’ website. Thank you.
@@dahoov2 No one's FRA is 70. 67 is the latest. But, there is definitely an incentive to go to 70 because those last 3 years will result in a 24% increase in benefits. Look at your estimated amounts in your SSA.gov account.
I’ve been on Social Security Disability and will be 64 this year 2024. What happens with me? I worked 37years and now if I’m disabled how is SS handled? Does it get rolled over or do I have to apply in a different department? Please help me understand, thank you.
Hi @annemitchell3408, we have an article that helps you understand this change: spr.ly/6059mlgGZ For more information about your specific benefits, we recommend you to contact the Social Security Administration (SSA) at: 1-800-772-1213. - Diana G.
Forget the comparison of incomes, consider that if you start taking later, you have to live into your 80s for that to pay off. I did the spreadsheet. It’s not that hard a call. If you have a pension, then wait. Otherwise, start early. My father died at 62, my mother at 98…so who knows? Take early and stop worrying about it.
Maybe I missed this in the video but you can’t take social security if you are still working at 62-67. There is a penalty so look that up before you file.
Go on your state website, there’s excellent information regarding Medicare and Social Security sign up information. Most towns have programs at their senior centers with professionals to guide people with the paperwork.
Are you referring to Medicare? If you are collecting Social Security, you will be signed up automatically. If not, you must apply 3 months before your 65th birthday.
Question, my father is getting about $1,300 per month in desabibility,,his 60 years old,,he just had a baby with a younger woman,,,if he retires at 62,,how much money will he get every month and how much will the baby get every month? Thanks,,,just give me a close idea .
If you paid into social security for enough quarters and years, you probably will. IK they use the top 35 years to figure your monthly check. Do your research 🧐
At 62 $2200 67 $3000 do I wait I have 4 other sources of retirement 401k 457 and my I have a 23 year retirement and a 12 year retirement. Yesterday made 35 years on my job never left started when i was 24 and only had to do 23 years no matter what age to collect retirement from my job. Thats why i said i have to 23 and 12 years
Also I have SSDI coming. As if now leave my second retirement alone which is one big check to do whatever I chose to. Collect my my first retirement my ssdi and maybe my 457 leave my 401 and social security until 62. I feel like it's no need to wait until 67 to be honest. That way if something happened I have control over my money. Also life is short why wait collect my money put it where I want it and it's being saved every month and what ever I chose to with it. Since I can't take it with me. It will be easy access for my husband and kids and grandkids
Ok, finally got around to watching the video below. I hit FRA (Full Retirement Age) in December 2025. So, I am going to apply for benefits in January of 2025. I will just roll that into my savings account. In case, I have to pay taxes on it, LOL
Hi @katiewochner9770, here you'll find information about survivor benefits: spr.ly/6055m8PCV for more information about your specific benefits to the Social Security Administration (SSA) directly at: 1-800-772-1213. - DG.
Tomorrow is no guarantee, one major problem, people have champagne taste on an ice water budget. The story, live small and simple. It has changed what and how I do things.
My question is I am been penilized because I took early Social Security. I want to know when I reach 70year old will my payment increase or stay the same, I was born on August 4th, 1957.
Payments will be the same, no raise at 70. You should have had a financial advisor to help you before you signed up. You have to sign up but you don’t take it until you need it. But if you do not have a retirement savings then you have no choice to take it early. Basically you live off the interest from the retirement accounts then take social security at 70. After 70 you receive an increase. There’s nothing you can do it’s too late.
@traybern It's people like you on the net who think they are smart are the dumb ones. I know enough. I read three different scenarios. One in the paper in a column in Finance center, then someone from SS said another thing, and their actual pamphlet is another. NONE of them were in agreement. So shhh you are rude and I'm gonna guess a Trumper
collect at age 62 smaller amount and longer claims, because you don’t know how long you gonna live aside from that the total amount amount you can collect from age 62 is more than if you wait to collect at later age … simple math😀
By about age 80, you collect about the same whether you started at age 62 or will wait till age 70 to start to collect. After that, the person who waited will collect about twice the amount as the person who started at 62.
@@MynameisNOBODY-jp6mk The flip side is what happens if you live into your 80's. Wouldn't having twice the SS be great or are you planning on getting a part-time job ay age 85? Everyone has to decide what's best for them. I sure hope I don't have to bailout those taking it at 62.
Social Security - a badly conceived and horribly administered program. And most of us are stuck with it. What a disaster. The typical worker who becomes a millionaire invests 14% of their earnings into a retirement plan. Social Security takes 15.3%, and gives a "return" of about 1%. How can the governing "geniuses" perform so poorly? I'm a complete economic novice, and my private retirement account yields 6% guaranteed.
Ok, one more question. So, if I start drawing and receiving my benefits slightly early (right now 90%), when I hit full retirement age, will the yearly salary restrictions go up or will I be stuck at 90% for my lifetime? I read somewhere that if you draw early, your benefit will be reduced and that when you hit retirement age, you will recieve full benefits. Sorry for the lengthly question. THANK YOU so much!
Thanks for getting back to us! Are you asking if the earnings limit will change when you hit full retirement age, or are you asking if your Social Security benefits will increase when you hit full retirement age? - Janelle M.
My question is: If I stopped working at full retirement age and had no more earnings, yet waited until 70 to collect, would the amount still be higher? Otherwise, there really is no reason to wait if it doesn't go up when I'm not working. How can I figure out what that amount would be, as I am assuming it is different than if I kept working. Perhaps not though. If anyone knows the answer to this please let me know! Thank you so much.
@doloreselkin4660 The AARP Social Security Resource Center is the best place to start for any information about Social Security: spr.ly/6058YU5vG and specifically: spr.ly/6059YU5vH Also, if you create your My Social Security Account at spr.ly/6050YU5vy, you'll see your benefit amount. Thanks! Jodee R.
I sat down with a pencil&paper. Didn't take long to figure out that it would take 17 years for the extra " full benefit" to equal out . Knowing a man who worked until 65 to get all that extra money then dropoed dead mowing his yard six weeks to the day after he retired kinds helped me, too. Tomorrow isn't a guaranty. You can always get a part time gig to more than make it up and still have lots of free time.
The later you decide to collect, it takes time to recover the payments you missed. Example. If I wait until age 70 to collect, I will not make back the payments I skipped until I am 83 years old. After that, it is all additional money.
@@DrSchor it depends. If you determine to taken at 62, you can only make so much per year before you have to pay penalties. Let say you hit 67, and decide to take full amount, no penalties. If you decide to work beyond 67, then you could wait until 70, and retire, and your monthly payment increase like $900. Which that would pay for my and my wife’s Medicare supplemental, dental, prescription, etc. but would don’t break even into 83, after that you are in the plus side.
What about the money you're losing in the years you don't collect - how long does it take, with an increased monthly amount, to make up for the payments you didn't receive?
Good question! Try AARP's Social Security calculator to get estimates based on claiming benefits at different ages, or, if you can, consult a financial adviser about your options. spr.ly/6053YY0vv - Janelle M.
Using your example, if I chose to start collecting at age 67; $1000/month, I would have collected $36,000 by the time I turn 70. Even if my payments are $240.00 more per month than they were at age 67, I would likely not recoup that money …even if I live to age 90. Am I missing something?
Hello, the Social Security calculator provides an estimate of your monthly Social Security retirement benefit, based on your earnings history and age. You can cccess the calculator here: spr.ly/6058eo2CM - Daniela R.
I think your break even point is just over 82 years of age according to Mr. Excel... (And that was a very lazy spreadsheet. I just placed 1000 in one column for each month and after 36 months started placing 1240 in another. Then I watched the sum of each column as I added months. It flipped just after 180 months. 180 months (15 years) past 67 is 82. ) So that's the point you'd start to be making more if you'd waited. Does that matter? Depends. One argument is that you should take it early to have more money for the GO - GO years. That $36K could be a few nice vacations... The other side is that you might need more money later in life for better home care or assisted living? It's a personal choice and depends on a lot of variables. How long do you expect to live, etc... Now, that would change quite a lot if you took the money at 67 and invested it. But to be honest, most people who take SS early take it because they need it and/or will spend it. Most won't invest it... It's sad that the math really says that the people who will benefit the most from waiting are the people who can afford to wait and don't really need it. Not always, but often...
Here is what you are missing. This does not factor in COLA raise which will reduce the number of years. The math is simple, and it doesn't matter how much someone is collecting. So using something simple like $1000 per month (12,000/yr) is fair. 12,000 x Y= 14,880 x (Y-3). Y is the number of years. Solve the equation and Y=15.5 As I stated, COLA will reduce it down closer to age 82.
@ViolaDestin Great question! Once you start taking your Social Security, then it is subject to COLA raises only. Once you've reached your full retirement age, FRA, you can earn as much income as you'd like too. For more information, please visit the AARP Social Security Resource Center at: spr.ly/6057e8WTv or visit the Social Security Administration at spr.ly/6058e8WTa. Take care! Jodee R.
I will mostly likely work part time to keep myself busy. Years ago you only work so many hours but that changed, now there no limit but still I’m not working in my 70’s nor 80’s.
72? The government hoping you won’t make it so they won’t pay! I’m out at 62
I started my Social Secuirty at 63. Granted I receive less than if I had waited til 66. There is no guarantee that I would make it to 66. The year I started r3ceiving my checks, I lost 3 friends, 1 age 59, 2 age 62, who did not receive a dime of their money.
THAT’s how ANNUITIES WORK!!!!
@@mrp356b Social Security is a government run Ponzi Scheme. The year it started the average worker only made it to 62, so they set retirement at 65. They were surprised when medical improvements raised the lifespan by a dozen years or more. They thought most of us would never live to collect it.
I'm taking mine at 62. Tomorrow is no guarantee.
Exactly! The SS Administration is already saying by year 2035, our payments will be reduced to pay out only 83% of our full benefit. So how is that fair and why should we wait?
It's your choice to make but don't complain that someone who waited till age 70 is collecting almost double your monthly benefit.
@@mikem1436 if one lives til 70 or beyond,if not?
@@mikem1436 it's a gamble all the way. There are no guarantees on your health, your longevity or social security benefits.
I'm 61 --- military man and a journalist . . . on my 62nd birthday, first thing that day, I'm at the SS office!
#cantwait
#ratraceover
62….PERIOD!
unless you have a really good job that pays good, would be the only reason to wait
ME ...I took mine at 62.And never looked back!
You WILL!!!! And you’ll CRY!!
@@Tryp-j9d Nope! I have a GREAT pension & 403B. I'm not going work to 70 on two bad knees & bad disk in my back. NO WAY!
@@strothermartin5368 Congrats on taking such SH1TTY care of your body!!!
@@strothermartin5368you are so right. I'm collecting mine at 62. I'll be 60 in January. I'll have 6 different sources of income.
Tomorrow is not promised. By waiting 8yrs. that is 62 to 70 years. you lost already 8yrs., that is 96 months of benefit. At the age of 70, even if the amount is bigger, you do not know how many yrs you have to earn that. You already are behind or lost over $67200. And then inflation is to be considered. What you can get today, now is better than waiting 8yrs.
That is certainly one way to evaluate when to collect. Certainly not the only consideration. I am the larger earner. My wife is 11 years younger than me. She will get a much larger check when I pass. We don’t need the money now to live a comfortable lifestyle. Sometimes it isn’t always about you.
I am retired with a pension from my work.. I still do not qualify for Social Security….as soon as I qualify for it, I will put my application. Why wait to get a little bit of money….?…. It is better to get the money now and have some extra cash to continue to enjoy my retirement…….If something happen to me while I wait to get some extra cash.. they keep all my money.
If you're working till age 70 or beyond (and at least some of us enjoy our work), you don't need the SS money yet -- the income from work is enough. I'm 65, plan to file at 70 because there's no benefit to waiting past that age. Yes, there's a risk of benefits being cut in 2032 or 2033. But if you took the reduced SS at 62 and then take a cut, that would really put you behind.
All that doesn't apply if you are in poor health, were laid off from work late in life and can't find another job, or really need the SS money.
I agree! The difference is actually greater than the arithmetic sum, due to earned interest of investment and that lost investment income from burning the investment money on living expenses of not investing the SSI income.
I agree! The difference is actually greater than the simple arithmetic total. There is the opportunity cost of the investments you are burning instead of SSI money, or the investment gains of the SSI money put into an investment account (making, say, 15% from an S&P index fund)
When young i always heard at 65 you could collect social security. I hit 65 and they said , no its 67 for you . I said , no i m taking it now even its a bit less each month . I continued to work and invested my monthly checks for 3 years. That investment is basically my retirement when i can no longer work . Do what works for you.
If everyone received benefits like congressman, you wouldn't need to worry about anything 😂
Yeah and they just voted to give away money for countries overseas.
Hubby took it at 62.He did 21 in army and 21 building autos...just getting out of car was getting difficult after 8 to 10 hour day and hour commute.If ya sit at a desk...yeah work till 67..but if physical job...its rough
He earned his retirement, and I thank him for his service.
I just couldn't take the B.S. and drama anymore. I had an essential worker job during Covid. I didn't sit at home maxed out on unemployment and getting a $600 bonus from the government every week too. I knew people that got $900 a week to stay home while I had to go to work with sick people all around me and minimal Government Mandated safety measures. I got out ASAP!
Why work longer than you need to?
Sure, you retire at 62 but there is no guarantee that you will live to age 70.
It all depends on one’s health and type of job. Not everybody is healthy after 60.
I feel ridiculous right now because I waited till I was 65. I didn’t know you could start collecting at 62.😮
I had a couple of friends that died right after their full retirements, heart attacks! Life expectancy does not come with a warranty! I'm retiring at 62
By your numbers if you take your payment at age 62 at 700 per month for 18 years at the age of 80 you have collected 151,200
At 67 at 1,000 per month for 13 years at the age of 80 you have collected 156,000
At the age of 70 at 1,240 per month for 10 years at the age of 80 you have collected 148,000…if you live pass the age of 80 sure waiting until 70 is the way to go but who knows…I think SS promotes to wait to later because if your children are over 18 and your unmarried and you die before you collect nobody gets nothing…62 is the best option for me!
@@SEDBKLYN Those are terrible numbers. Most collect a lot more. All the best.
Most of us we are not sure if we are going to live that long
I'm taking mine at 62 if you leave it to some people they want us to work till we die
The Lord commands that you work all the days of your life
I now know it's an easy answer. If you can afford to retire with basic needs met and maybe a bit extra, then do it. Time is PRICELESS. Enough said...
@@johnabney3530 Can’t afford to work and can’t afford to retire but retirement is more fun. Take care.
The best age is asap before it goes belly up and you get nothing.
If you don’t need it, then invest it. I’ll be filing at 8am on day 1 as the U.S. govt has literally never been more bankrupt than it is at this instant.
It already has gone belly up. You can thank boomers for that.
It’s not going to go belly up but if you have no retirement investments then you have to worry about the banks bellying up for misguided investments and all the little interest accounts go bye bye.
@@sherrir3195 SS irr is atrocious compared to any number of things, crypto, real estate, running a business, even stocks are better than it. Including inflation, it returns a negative amount.
Just think about the concept for a moment. You give your money to “them”. “They” are the same people that control the amount of currency that “money” was denominated in.
Add that to what I’m sure you know about how debt is affected by inflation, and remember the U.S. government is the largest debtor in the universe.
Now, how could my advice possibly be incorrect?
“But what if someone invests in the wrong thing?”
Take some responsibility. Or don’t, just accept they’re stealing all your money and shut up about it. … and Yes, ss is stealing.
@@sherrir3195 Who can afford both investing in a retirement AND rent these days?
It will not go belly up... That's one of the silliest rumors on the internet...
The "Social Security Trust Fund" could possibly run out, but that doesn't mean you get nothing. That is just the extra money to cover the difference between what is coming in and what is going out. As long s they are still collecting Social Security, there is money to pay out.
If the Trust fund runs out, it means you would get less, guesstimates are around 17% less. Not nothing.
You are missing the big point, you have to pay for 8 more years to SS to collect more at 70, weight the diff.
Not true
We may not live to 70
Don't matter what, start collecting at 62 ,you will not (will not) make more for waiting 4 more years, this people get paid to mislead you, I'm not an expert but I have plenty of acquaintances who took social at different ages.
I have for example this two lady neighbors ,one take social at 62 for $1,606.00 a month.
The other one did the 65 for $1,636.00 .imagine
If u work for 40 years and they pay you only $1600 imagine how much more you will receive for an extra 3-4 years, do whatever you like ,use common sense
Please explain the difference in receiving pension and social security at the same time,,,!thank you.
55 is best, like when I first paid SSI before it was RAIDED by The Reagan Administration. ☠️
Before it runs out.
Im taking early retirement in 6 years at 62. Im also saving and investing. No, i will not tell SS about my investing. No, my investment is not on paper nor is it paper. My investment is untraceable. I paid in enough, not paying no more. Good luck people.
SS doesn't care or ask about your investments--that's a different type of SS. Your SS is based on what YOU put in over your highest 35 years of work history. You could hit lotto tomorrow and it wouldn't affect your SS.
I hope you have a reputable financial advisor. SS is not the IRS. You paid into SS for years you will receive regardless 100% at 70 which will cover cost of living you will have to pay out of pocket supplemental insurance with Medicare. The question is are you going to have enough if you take SS at 62? Your not going to get a raise from SS. What you take at 62 that’s it. You have to consider rise of cost of living. You can retire at 62 to get Medicare but you don’t have to take SS until later. The later the better. Good luck you, your going to need it if you don’t get a good financial advisor and not out the yellow pages.
@@Jamestown23_ I think those were the exact words that Al Capone could be heard muttering, as they hauled him off to the “Can”!
😁👍🏼
BINGO. Enjoy your retirement. we are the last generation to get to do it.
63 baby! I'm done.
In your first example, you sacrifice 5 years of income to get $300 more per month. That's $8400 you lose per year for 5 years to gain $300 per month. So that's $42,000 you give up to make $3600 more per year. At that rate, it takes 11 years 8 months to recoup that loss. OK, So to justify waiting to 67 to start drawing SS, versus taking it at 62, you must live to (62+11.67= 73.67) 73 years and 8 months.
😅don't forget inflation, 5 years , that 30% will be 0😅
My friend and case manager, zaara said to take it at 62 😊
Next video could be spousal benefit. Lower social security worker could wait to get 50% of the higher spouse amount at full retirement age. Does the survival benefit then equal the higher spouse if they waited until full 70 years of age benefit?
Stay tuned for a video on Spousal Benefits on 4/29!
They only have to wait until their FRA to get 100% of what the spouse was getting (bonus if they waited until 70 to collect). The surviving spouse does not need to wait beyond their FRA.
I won't retire. I saw what it did to my parents. I'll keep on working as long as I can work.
Exactly 58 " and working 2 jobs and I love it ❤🎉🎉🎉🎉
I'll never work. I saw what it did to the British.
Funny, my dad retired from 30 years of teaching at 55 and lived till 90. I guess he didn't really retire because he owned stock and acquired some real estate and did alot of labor around his estate in the adirondacks ny with mum 😃...
Exactly I plan on becoming a greeter at Costco or Sam’s club… gotta keep moving
@moniquebrown9973 Exactly! Among my regulars at a former job, I asked a gentleman what his advice was on aging. He gave two pieces of advice. 1: "Anyday above the dirt is a good one." "Keep moving." "Don't slow down."
Never retired, keep working until I die
You will still be required to take the minimum distribution at age 70 whether you spend it or not so keep working that’s great
If you have medical issues, do not wait until age 70. But on the other hand, if you are healthy and don’t need the money immediately, wait until 70 years young.
What about the over $150000 you forfeit while waiting till 70? It will take over 25 years to make up that amount. Still say wait?
@@BillHinermanNot true. If you wait until 70 you have to live to 83 to makeup the difference. Everything after that is gravy with the higher monthly benefit.
I have listened to a number of experts on when to take your Social Security. Many of them conclude that you should take it at 62. Of course, it does depend on the number of factors, but the most important one is your health and life expectancy. If you wait until 70, you will have eight years with no monthly Social Security benefit. Even if you don’t need the money now, why not collect it anyway and it invest your SS in an investment account that earns a decent return? If you were to die suddenly and you were going to wait until 70 to collect , you would ever see a dime of your Social Security benefit that you paid a lifetime into.
will you actually invest? lots of 60 year olds are at the casino. what is a decent return. what if the market tanks just as you need the cash. what if you live to 90, dont you want free money untill you die
One could die before the age of 70, let’s suppose they plan on taking their full benefit at 70 but they just before 70. 10 years of what would’ve been free money down the drain. This would mean you paid into Social Security but never received the dime of it.
I’m 61 and at the current inflation rate if I wait till age 70 to get the biggest payback, that amount will be pocket change by that time.
I’m 65. Can I do it now? How do you do it? Can it be by phone?
I'd like to share our articles with helpful information, @lisanidog8178. Here you'll find details about when to apply: spr.ly/6056lxGHs and how to apply: spr.ly/6057lxGHt - DG.
@@AARPAnswers Thanks so much. I’ll check out those addresses now. I looked on the second one and have another question when it stated “Start and stop dates for jobs held in the past two years (and net income from self-employment in the past two years”. Social security sends me notices with all the dates and I haven’t worked since 1999. I started in 1979. I have to remind them of their own notices to me?
You're very welcome, @lisanidog8178! - DG.
@@AARPAnswers what about my latest question?
I apologize, I didn't notice you edited your comment. For that specific question, please contact the Social Security Administration (SSA) at: 1-800-772-1213. - DG.
Its not enough money. We need increased payments yearly with bonuses due to the cost of living like gas, utilities, food,medical bills. I remember when full retirement age was 57 yrs. It should have stayed that way. I had a hard time working until i was 62. The stress was too high-level.
is it me or does she seem like she is stressing later collecting? Her facial expressions even grimace when mentioning taking it earlier. And she states to usable information on which scenarios make sense to take it earlier. I found the comments here more informative. Who are the people taking it at 62? People with $1,000,000+ networth? After reading comments , people saying they will take it at 62 don't mention how they will pay for health care, COBRA is typically about 35,000 in premiums before getting to 65 for medicare.
All peanuts from what we've paid in!!! The Government will never have any shame!!!!
Those who earnings were on the low side, will collect much, much more than they paid in. My neighbor, who is 86, has collected 10 times what she and her employer paid in. In fact, she collects more in 2 years than what she paid in for her entire life. Between what she paid in over her working years plus what her employer paid in amount to about $18,000. She currently collects $15,600 a year.
I want to know how much I can make while drawing Social Security? Next year, I hit full retirement age...
That's a good question, Michael. If you are receiving benefits and working in 2024 but not due to hit FRA until a later year, the earnings limit is $22,320. You lose $1 in benefits for every $2 earned over the cap. Check out the details here: spr.ly/6056lKWDn - Janelle M.
@@AARPAnswers Thank you so much!
You are most welcome! - Janelle M.
You don’t get squat as long as you’re still working. So there. You might say well retire and collect SS. Nobody I know can even pay for groceries on SS. So it’s a vicious circle. You can’t collect because you make too much, you can’t retire cause you’ll make peanuts.
I can’t afford to keep working or collect Social Security.
@@dennistyler9852 then you’re up S creek😂😂😂
i am working and getting full ss, whatever are you talking about
@@DrSchor yeah I didn’t say folks working for peanuts😂😂😂
Not waiting 'til 67. If you take SS at 62 and live another 15 years, that's 15 years of SS collected. If you wait until 67 to collect, you will only collect for 10 years and the total would be less than the prior example, even collecting 100%.
I retired with a reduced pension from my job at age 58 after a second rotator cuff tear repair. (those machines aren't getting any shorter and I certainly wasn't getting any taller!). I took my SS ret at 62. My husband, who was at his full retirement age at that time, filed for half of my retirement and banked his until he turned 70. I am grateful my retirement gave us extra money when we were younger and his is giving us more as we're older!
if you wait how much do you lose to inflation over 5 years ,so you are NOT getting 100%😝
life expectancy in police state usa is 76 years😝will you get a real return on all this money paid with zero interest😠
Not helpful at all. Why not show the differences in the amount of money accumulated over time between 62…65…67…70. Total amounts!
ANSWER: TWELVE YEARS before you think you’ll die, or age 70. Whichever occurs FIRST!
Various demographic and social issues are important here, as well. I think there will be more opportunities for older people to work, especially for more educated and skilled workers, into the foreseeable future. I don't have a problem with working, but I do want to take time off to travel, before I get too old to do so.
My parents are in their 80s and still live on their own, and my grandparents lived into their 80s and 90s. I'm in my early 60s and in fairly good shape. I haven't ever drank, smoked, or taken illegal drugs, so I should be able to hold up for a few more years, at least.
Your correct, demographic is a huge part and people are living longer. Go on that trip now don’t wait you don’t know what’s going to happen next week.
We seem to be in the same situation 😁
@@sherrir3195 i never take advice from commenters who cant spell you're.
they never went to grade school.
Being on a tiny pension 1100 a month for five years SS At 62 almost tripled my income.
The video was very helpful but I am still unsure about working after full retirement work.
Many of us will need or want to work as long as we can.
Going through divorce at 62 , I called and the ssa rep talked me into waiting. Glad he did ! Ended up signing on at 65 even though max benefits for me was 66 and 10 months. I believe you should wait (if you can) but sign on before you max out cuz you never know the future. Also keep working as long as you can even one or two days a week. Guys I know who are 10 yrs older than me and still working are doing much better than those who are not
You lost no less than $19,200 for every year you wait, in your case $57,600 on 3 years
I her example, waiting costs you $42000. It takes 12 years to recoup that $42000. Still, worth it?
@@BillHinerman is it . what did you decide
Just filed 3 months ago at 64 and still haven't received it.
Thanks for reaching out! You may want to contact the Social Security Administration to follow up on your benefit: 1-800-772-1213 - Janelle M.
If social security is my money, why is my income limited when i start collecting but still have a job
how does ss cover 40% of retirement income? does it not cover 40 percent of retirement expenses? please explain the income part in a future aarp video
This was an excellent video. However, she didn’t mention that if you take Social Security early, before your Full Retirement Age (between 66 and 67, usually), if you choose to work during retirement, the government will tax that extra income. But if wait till Full Retirement Age, your extra income will NOT be taxed!
Full retirement of 70 years?
I think ‘no taxation of income’ occurs after FRA regardless of when you start collecting SSI.
This might be the worst post I've seen in awhile. Income Guidelines (restriction on wages earned before your FRA) and income taxes are two different topics. One has nothing to do with the other. If you take SS before your FRA, the government has an income guideline that once you exceed, you will have to pay $1 for every $2 back to SS. If you take your SS early and make $43k, $20k above the income guidelines, you need to repay SS $1 for every $2 or $10k in benefits. If you are getting $2k a month, you just lost 5 months of 12 months of SS (you could pay earlier so as to not wipe out your payments the following year). I'm biased, but when I see people that take early and make a lot more than the income guidelines ($22,320 for 2024), I honestly don't think they thourghly understand the bigger picture. Not only did they stop their SS from contuning to mature and lock in that permanent reduction, now they aren't even getting all of their checks! And yes, you "get it returned to you eventually." This is true but it's not in a nice check. They have a formula that will be used to recalculate your SS benefit and you'd be lucky to see $20-30 a month. That does not seem worth it at all. I've said before that if I was getting to $22k, I'd volunteer my time before I'd repay SS any money they were supposed to be sending me!
Tax is another animal. At no time is our SS not taxed as it relates to age. I will pay taxes until I leave this earth. But there are amounts where you don't pay taxes, and some states don't charge state tax on SS (can't escape federal tax if you exceed certain amount).
@traybern taxes on SSI INCOME ONLY- are specifically defined by SSA, yes? This Tax ONLY APPLIES UP TO THE RECEPIENT’S FRA. As I understand- separate calculation, and age-limited, making SSI ‘tax’ more of a penalty. Feel free to correct me, I’m not FRA yet. Feel free to share info from the ‘SSA Law and Regulations Finder’ website. Thank you.
@@dahoov2 No one's FRA is 70. 67 is the latest. But, there is definitely an incentive to go to 70 because those last 3 years will result in a 24% increase in benefits. Look at your estimated amounts in your SSA.gov account.
How about never? I paid so little into it its not worth dealing with the slimy government.
I’ve been on Social Security Disability and will be 64 this year 2024. What happens with me? I worked 37years and now if I’m disabled how is SS handled? Does it get rolled over or do I have to apply in a different department? Please help me understand, thank you.
Hi @annemitchell3408, we have an article that helps you understand this change: spr.ly/6059mlgGZ For more information about your specific benefits, we recommend you to contact the Social Security Administration (SSA) at: 1-800-772-1213. - Diana G.
Started taking @ 62.5 best move I've ever made!
Forget the comparison of incomes, consider that if you start taking later, you have to live into your 80s for that to pay off. I did the spreadsheet. It’s not that hard a call. If you have a pension, then wait. Otherwise, start early. My father died at 62, my mother at 98…so who knows? Take early and stop worrying about it.
i worry about what if my spreadsheet says to take it late and I live to 98
Wow. I read many of the responses. Do some MATH people!
To much talk, too little info… just the facts mam.
Maybe I missed this in the video but you can’t take social security if you are still working at 62-67. There is a penalty so look that up before you file.
My co worker is still working and started taking his at 65
Oh my, that's NOT the question at all! The question is "do make more money by waiting." It's simply a matter of math and how long you expect to live
is the math simple? what is it?
can you walk me through safest way, as well as right time and steps to apply before turning 65 to avoid penalty
Go on your state website, there’s excellent information regarding Medicare and Social Security sign up information. Most towns have programs at their senior centers with professionals to guide people with the paperwork.
There is no way around getting a reduced SS monthly payment if you retire before your Full Retirement Age.
Are you referring to Medicare? If you are collecting Social Security, you will be signed up automatically. If not, you must apply 3 months before your 65th birthday.
You don’t want lifetime penalties from Medicare. Be careful. Do research 🧐
Question, my father is getting about $1,300 per month in desabibility,,his 60 years old,,he just had a baby with a younger woman,,,if he retires at 62,,how much money will he get every month and how much will the baby get every month? Thanks,,,just give me a close idea .
To bad I'm Mexican and we don't qualify for everything 😊😊
If you paid into social security for enough quarters and years, you probably will. IK they use the top 35 years to figure your monthly check. Do your research 🧐
As soon as possible. lol. Get it when you can.
The lady forgot to ask one question how long you think you will live
1:26.
I love you sweetheart your my love
At 62 $2200 67 $3000 do I wait I have 4 other sources of retirement 401k 457 and my I have a 23 year retirement and a 12 year retirement. Yesterday made 35 years on my job never left started when i was 24 and only had to do 23 years no matter what age to collect retirement from my job. Thats why i said i have to 23 and 12 years
what do you think you should do, and why
Also I have SSDI coming. As if now leave my second retirement alone which is one big check to do whatever I chose to. Collect my my first retirement my ssdi and maybe my 457 leave my 401 and social security until 62. I feel like it's no need to wait until 67 to be honest. That way if something happened I have control over my money. Also life is short why wait collect my money put it where I want it and it's being saved every month and what ever I chose to with it. Since I can't take it with me. It will be easy access for my husband and kids and grandkids
Ok, finally got around to watching the video below. I hit FRA (Full Retirement Age) in December 2025. So, I am going to apply for benefits in January of 2025. I will just roll that into my savings account. In case, I have to pay taxes on it, LOL
I will never join or trust AARP, because they endorsed O’bama care in the 11th hour and played a key role in its passage into law!
What about those that lose their spouses to death? What happens then.
Hi @katiewochner9770, here you'll find information about survivor benefits: spr.ly/6055m8PCV for more information about your specific benefits to the Social Security Administration (SSA) directly at: 1-800-772-1213. - DG.
Tomorrow is no guarantee, one major problem, people have champagne taste on an ice water budget. The story, live small and simple. It has changed what and how I do things.
My question is I am been penilized because I took early Social Security. I want to know when I reach 70year old will my payment increase or stay the same, I was born on August 4th, 1957.
You will not get more. You chose that and stuck with it. It is always better to wait if pssible
Payments will be the same, no raise at 70. You should have had a financial advisor to help you before you signed up. You have to sign up but you don’t take it until you need it. But if you do not have a retirement savings then you have no choice to take it early. Basically you live off the interest from the retirement accounts then take social security at 70. After 70 you receive an increase. There’s nothing you can do it’s too late.
@traybern It's people like you on the net who think they are smart are the dumb ones. I know enough. I read three different scenarios. One in the paper in a column in Finance center, then someone from SS said another thing, and their actual pamphlet is another. NONE of them were in agreement. So shhh you are rude and I'm gonna guess a Trumper
You will get COLA increases only.
You can stop your SS the 1st year and repay it if you decide you want to delay the time you want to draw.
Can a person who is trying to get the point for the retirement and SSL put the effort down just like that all the hope becomes in vain.why that.
What if you were married over 10 yrs. How do you find out how much drawing on your spouses ss will get you?
Ko9😊😊😊
Thankyou so much
When you start collecting SS also affects your spouse, and their ability to collect your benefits in the event something happens to you.
I waited till I was 70, worked till then cause it made about an $800. a month difference that I need to survive
collect at age 62 smaller amount and longer claims, because you don’t know how long you gonna live aside from that the total amount amount you can collect from age 62 is more than if you wait to collect at later age … simple math😀
By about age 80, you collect about the same whether you started at age 62 or will wait till age 70 to start to collect. After that, the person who waited will collect about twice the amount as the person who started at 62.
@@mikem1436 true …but tomorrow is not a promise… how long one can live
@@MynameisNOBODY-jp6mk The flip side is what happens if you live into your 80's. Wouldn't having twice the SS be great or are you planning on getting a part-time job ay age 85? Everyone has to decide what's best for them. I sure hope I don't have to bailout those taking it at 62.
@@mikem1436 one should have another income generating business😀
VERY GOOD MORNING Mrs SOCIAL SECURITY ADMINISTRATIVE ASSISTANT MANAGER THANK YOU PLEASE KEEP YOUR DAYS OPEN FLOWERS ARE COMING ❤
Social Security - a badly conceived and horribly administered program. And most of us are stuck with it. What a disaster. The typical worker who becomes a millionaire invests 14% of their earnings into a retirement plan. Social Security takes 15.3%, and gives a "return" of about 1%. How can the governing "geniuses" perform so poorly? I'm a complete economic novice, and my private retirement account yields 6% guaranteed.
SSI is the greatest Ponzi scheme to ever come down the pike.
Ok, one more question. So, if I start drawing and receiving my benefits slightly early (right now 90%), when I hit full retirement age, will the yearly salary restrictions go up or will I be stuck at 90% for my lifetime? I read somewhere that if you draw early, your benefit will be reduced and that when you hit retirement age, you will recieve full benefits. Sorry for the lengthly question. THANK YOU so much!
Thanks for getting back to us! Are you asking if the earnings limit will change when you hit full retirement age, or are you asking if your Social Security benefits will increase when you hit full retirement age? - Janelle M.
My question is: If I stopped working at full retirement age and had no more earnings, yet waited until 70 to collect, would the amount still be higher? Otherwise, there really is no reason to wait if it doesn't go up when I'm not working. How can I figure out what that amount would be, as I am assuming it is different than if I kept working. Perhaps not though. If anyone knows the answer to this please let me know! Thank you so much.
@doloreselkin4660 The AARP Social Security Resource Center is the best place to start for any information about Social Security: spr.ly/6058YU5vG and specifically: spr.ly/6059YU5vH Also, if you create your My Social Security Account at spr.ly/6050YU5vy, you'll see your benefit amount. Thanks! Jodee R.
I sat down with a pencil&paper. Didn't take long to figure out that it would take 17 years for the extra " full benefit" to equal out . Knowing a man who worked until 65 to get all that extra money then dropoed dead mowing his yard six weeks to the day after he retired kinds helped me, too. Tomorrow isn't a guaranty. You can always get a part time gig to more than make it up and still have lots of free time.
How would this be different if he did not mow his lawn
You can get SS AT ANY AGE AS LONG AS YOU HAVE 40 quarters.
The earlier you get it, the smaller the amount you receive.
do they have to be pre 63 or is ok to collect post 1963 quarters
Grandma made it to 98yo, and my mom made it to 95yo...
For me to get max benefits my age 66 and 9months.
The later you decide to collect, it takes time to recover the payments you missed. Example. If I wait until age 70 to collect, I will not make back the payments I skipped until I am 83 years old. After that, it is all additional money.
so what is the right choice?
@@DrSchor it depends. If you determine to taken at 62, you can only make so much per year before you have to pay penalties. Let say you hit 67, and decide to take full amount, no penalties. If you decide to work beyond 67, then you could wait until 70, and retire, and your monthly payment increase like $900. Which that would pay for my and my wife’s Medicare supplemental, dental, prescription, etc. but would don’t break even into 83, after that you are in the plus side.
For me as soon as I can get anything.
Benefits? We have been paying in to
They alll know everything!
What about the money you're losing in the years you don't collect - how long does it take, with an increased monthly amount, to make up for the payments you didn't receive?
Depending on COLA increases the breakeven point on how much you collect from SS is about 79-81 years old.
Good question! Try AARP's Social Security calculator to get estimates based on claiming benefits at different ages, or, if you can, consult a financial adviser about your options. spr.ly/6053YY0vv - Janelle M.
2:57....You notice she didn't say get more for a shorter period of time.
she is pushing delayed SS for sure...for some reason.
Using your example, if I chose to start collecting at age 67; $1000/month, I would have collected $36,000 by the time I turn 70. Even if my payments are $240.00 more per month than they were at age 67, I would likely not recoup that money …even if I live to age 90. Am I missing something?
Hello, the Social Security calculator provides an estimate of your monthly Social Security retirement benefit, based on your earnings history and age. You can cccess the calculator here: spr.ly/6058eo2CM - Daniela R.
I think your break even point is just over 82 years of age according to Mr. Excel... (And that was a very lazy spreadsheet. I just placed 1000 in one column for each month and after 36 months started placing 1240 in another. Then I watched the sum of each column as I added months. It flipped just after 180 months. 180 months (15 years) past 67 is 82. )
So that's the point you'd start to be making more if you'd waited. Does that matter? Depends.
One argument is that you should take it early to have more money for the GO - GO years. That $36K could be a few nice vacations...
The other side is that you might need more money later in life for better home care or assisted living?
It's a personal choice and depends on a lot of variables. How long do you expect to live, etc...
Now, that would change quite a lot if you took the money at 67 and invested it. But to be honest, most people who take SS early take it because they need it and/or will spend it. Most won't invest it...
It's sad that the math really says that the people who will benefit the most from waiting are the people who can afford to wait and don't really need it. Not always, but often...
Here is what you are missing. This does not factor in COLA raise which will reduce the number of years. The math is simple, and it doesn't matter how much someone is collecting. So using something simple like $1000 per month (12,000/yr) is fair. 12,000 x Y= 14,880 x (Y-3). Y is the number of years. Solve the equation and Y=15.5 As I stated, COLA will reduce it down closer to age 82.
The video was very helpful but I am still unsure about working after full retirement work.
@ViolaDestin Great question! Once you start taking your Social Security, then it is subject to COLA raises only. Once you've reached your full retirement age, FRA, you can earn as much income as you'd like too. For more information, please visit the AARP Social Security Resource Center at: spr.ly/6057e8WTv or visit the Social Security Administration at spr.ly/6058e8WTa. Take care! Jodee R.
I will mostly likely work part time to keep myself busy. Years ago you only work so many hours but that changed, now there no limit but still I’m not working in my 70’s nor 80’s.
For me....18.
21?
I
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