“Then he told them a story: “A rich man had a fertile farm that produced fine crops. He said to himself, ‘What should I do? I don’t have room for all my crops.’ Then he said, ‘I know! I’ll tear down my barns and build bigger ones. Then I’ll have room enough to store all my wheat and other goods. And I’ll sit back and say to myself, “My friend, you have enough stored away for years to come. Now take it easy! Eat, drink, and be merry!”’ “But God said to him, ‘You fool! You will die this very night. Then who will get everything you worked for?’ “Yes, a person is a fool to store up earthly wealth but not have a rich relationship with God.”” Luke 12:16-21 NLT bible.com/bible/116/luk.12.16-21.NLT
God love riches. He blessed some of His favorites with great wealth. David and donated about a billion in bullion for the temple. Abraham had 300 men under him in his household. Just remember that He owns it all. I am very wealthy, I have all my needs met and feed orphans all over the world. I don't expect to die tonight, because I have a wife and children to take care of, but I trust His plan.
God has been slandered by the Bible for years. God is like "I don't know why they keep saying I said those things in that Harry Potter bullshit book! Talking snakes? Zombies in Jerusalem? A global flood? Making the Sun stand still? Come on, what kind of idiots did I create that they believe that garbage?"
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Vivian Barbara Mui just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
So he would have been better off not working and making $1700 a month. You guys are looking at it as it's a lot of money. I see why poor people stay poor.
I collected my Social Security at 62 too. I've had so many great retirement memories traveling and doing hobbies. Waiting to get a few hundred extra bucks when I'm almost 80 (break even age) and not as healthy would never replace these good times. I would have missed out on so much life if I would have waited longer to collect SS and retire.
Me too. The fact that I was able to retire early made being able to quit a job that was becoming more stressful all the time because of a jackass boss that thought he knew everything and didn't give a damn about his employees.
@@RickMartinTH-cam Too harsh guy. Are you aware that 20% of age 65 men never see age 74? I took SS at 65 instead of FRA of 66 because of the same reason MPGUNTHER gave. Frankly, I was working under an insufferable human being.
I turn 61 soon and plan to retire next year. I have a high stress job and really can’t do this anymore. If I took a lower position it would reduce my stress, but also reduce my pension. My father retired at 62 and ended up saving more money than when he worked. He also had a pension.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Can't reveal much, but the advisor guiding me is Julie Anne Hoover. She has gained a good deal of expertise over the past two decades in the financial system and her credentials speak for itself, you can simply look her up.
@@AbdoolLogodesign Thanks a lot man, I just looked her up and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. Hope she responds soon
I have a brother who filed at 62 and he's now 69. He started having major mobility problems about the time he hit 67. I didn't have to see this video to know the value in not waiting. I had a father and two sisters who never saw one red cent of their SS. They died at 59, 38 and 61 respectively of cancer. I have 4 1/2 more years to get to 62 myself and you best bet believe I'm not waiting either!
Of course you are also giving up your salary. I'm a widow and tenured college professor on a 9 month teaching contract. I currently make 80k. With contractual increases I'll make between 85 and 90 between 62 and 65. It would be hard (impossible) to give that up for $1300 (70% benefit. I do intend to take my husband's benefit and hold mine until 70) a month on SS at 62 even though my home will be nearly paid off by then. I do have a good bit in retirement accounts but that doesn't kick in until 65. Id love to retire early but I'm not even sure I'll be ready to give up my salary at 67. You hear so many horror stories of people trying to get back into the workforce after leaving. Besides, what would I do with all the time (but little money)?
I retired at the age of 62. When you own your home , SS check at 62 and with my investments is more than what I made working why would you work! The funny thing about all of this is now that I am retired, I live on less than my SS check!
I agree 100%. Took mine at 62. I'm 67 now and no regrets. But, I managed my money, saved and invested. Who the hell wants to work their whole life? Not me.
@tpg2020 There are certainly plenty of people that are going to be working to their Graves. Kind of sad. A good plan would be to pay off one's mortgage BEFORE retirement. Get rid of debt so your SS can BETTER keep you afloat.
71 and still working to overcome a devastating layoff and help pay down my forever home mortgage. Took SS at 70 and it was one of the few good financial decisions of my life IMO. It is not always best to collect at 62 for everyone. I salute anyone who can retire early.
I have rewarding work that I love. Why would I collect at 62 just because I can get more money at the end? It's a choice. Good luck to everyone, whatever your decision.
i waited til 70--best decision for me--my health is great and kept working til 70---actually going back to work this month for 100k a year because i golfed ski fished my whole life and its boring--travel is a pain--after a year and half off back to work! my work is easy,very little stress,no rocking chairs for me!!
@@dethray1000 I'm 57 in the same boat. Good health and plan to go until I'm 70 hitting 100k a year the last 10 years. I'm going remote and still going to climb mountains. Depends on your health really.
I agree 100%. I started collecting at 62. and it's one of the best decisions I ever made. The aging process is very real, and it's important to realize that you need to enjoy this life as long as you are able. Waiting till you are older is a roll of the dice- you may live to be 100, but can't do much because of health related issues.
we can put all the arguments to bed, by simply saying that if the system is set up to encourage the people to wait, theres a reason that they've figured out which is a benefit to them, not to us. Theres also a reason they don't actively notify anyone at age 62 that they are eligible to collect.
Definitely a roll of the dice, especially for men. Statistically speaking, it probably makes sense for most men to take their social security as early as possible. Even if the dice come up their way, it probably won’t matter all that much anyway. At that point, we are usually too old to do much other than sit at home on a good day. I see my older friends and even my parents going through this now and it really has not been any different with anyone I have really known. My dad is just now getting to the point where he could have possibly caught up had he waited to take his. But, he would not have had the money he is still making on investing what he got early. He will most likely pass away before he makes that up had he waited. And, time is running out for him and I hate it.
Few think of this downside to waiting for SS: your government may change the rules. They may reduce the payout amount. They may extend the age of collection. They may add financial means testing and you will not qualify. With any rule change, the government will “grandfather in” those already collecting SS. “A bird in the hand is worth two in the bush”.
You are right my friend!!! I retired at 55. I’ve been doing fine. I didn’t sign up for SS at 62. But I started looking at how much money I wasn’t getting. It didn’t make any sense. What am I going to do with extra money at 80+? Right now I’m young and healthy. I can still ride a jet ski or a snowmobile. Still ride my mountain bike. I can travel without a walker or wheelchair. So I went ahead and applied. No regrets. I’ll get a little more since I waited almost two years. Fine. The important part is that I’m now going to get it. When it will benefit me the most. I like your attitude and agree with your reasoning. Seemed like a lot of others on TH-cam push to hold off applying for SS. Nice to hear another perspective! And it makes sense! I’m with you!
When I ask my 91 year old Father what his biggest retirement mistake was and he said taking social security at the age of 62. He said he could have easily waited a few more years back then and possibly could have waited until age 70. My Mom age 87 has no regrets and waited until age 67 to apply for social security. Both are very healthy and walk often for exercise.
He says that since he is 91, most don’t make it that far. Glad they are healthy , but you loose the fun of life after 70. You can also start investing that money. So if you’re someone who wants wait till 70 and I’m someone who wants to start at 62, I can invest that money and have a return of 10-15%-tax, and still catch up with you. But if we both die at 75, I’m sure I’d be the winner
So let me get this straight, instead of following your father's footsteps and retiring early at 62, you instead would follow his advice and retire at 70? Has it occurred to you that the reason he is 91 is because he retired early at 62 and not 70? One of the benefits of retiring early is better health, less hazards no time away from home. You have time to walk in the park exorcize eat healthy explore a hobby and less risks especially in traffic going to work or at work. I definitely plan on retiring at 62, I'm 51 now and hopefully I'll make it. 70 is extreme, and the final last 8 years before 70 is worth a lower draw.
Glad to hear everyone is doing well. One thing people overlook is when you go into the nursing home, Medicaid will lein your assets and take your Social Security check. You only get to keep $60 under the Personal Need Acct (PNA) for hair cuts, snacks, clothing, etc. One more reason to take early! You should spend and enjoy while you have good health. Why wait until 70 only to give it to the nursing home?
Tim, you sold me. I have already battled prostate cancer and have high blood pressure, so living to 80 may not happen for me. I did the same math you did, and waiting to 67 means about 12 years of catching up to do if I wait. Your analysis only verified my suspicions. The good thing is, my relationship with my Christ is solid, so I'm ready any day He decides it's time. :)
Very good advice. I took mine at 62 and have never regretted it . Also, when a person signs up for Medicare, please consider getting a good supplemental insurance. I had been healthy all my life and then all of a sudden, I had two heart attacks, a hip replacement and cancer. Because I have an excellent supplemental insurance, I did not pay even one cent out of pocket. Yes, it costs, but my healthcare was thousands and thousands of dollars. Totally worth it. Have a beautiful day.
When I enrolled, I was living in Kansas. It is Blue Cross Blue Shield. I don’t remember how much it was to begin with, but it tends to go up about $10 to $15 a month more each year. However, there were a couple years when there was no increase at all. I’ve had it almost 14 years now and am currently paying $325 a month for it. I realize that is a lot, but my lowest health issue was over $75,000 and my cancer treatment was a couple hundred thousand dollars, so for me personally, it’s worth it. I had never had any health issues and didn’t think I ever would, but you just never know and am so thankful I was prepared.
Totally agree on the supplemental insurance. My husband is turning 65 in July and we are already signed up with Blue Cross Blue Shield and thank goodness we did because my husband was just diagnosed with rectal cancer and his good employer insurance is done on June 30th! Pay the extra it's well worth it!
Love your channel & all the great information about SS you are passing on. 👍 My boyfriend passed away at 60, working OT as a postman, a farmer and commuted many miles to his job. Too much stress, harsh weather, too tired for personal time off. So..he died of a heart attack. No pension or SS. What a Tragedy.
Sorry for the loss of your boyfriend. Unfortunately this kind of thing happens way too often here in the USA. It's kind of rare in Europe though. Makes one wonder why (not really wondering here as it's pretty obvious).
Not everyone is unhappy with their job. Why collect early when you enjoy working and don’t need the money at the time. Why do some people only seem to care about making sure they get as much SS as possible before they die? Why take it at 62 and still have to work?
@@whjerts Well, many people want to receive what they put into Social Security. It is our hard-earned money. We didn't have a choice about putting the money into Social Security, but we do have several choices about getting our money back.
Waiting is not a scam. Everyone's circumstances are different. Early takers should consider the growth value of their portfolio and what that looks like. Later takers should consider what their needs are going to be in the future and how they will fund them. Other things to consider include strategies for 2 career spouses, current health, concerns over benefit sustainability and initial budget vs later in life budgeting.
Some of us enjoy working. If you like what you do and you enjoy your life, why should you retire? It’s whatever is the best decision for you and your lifestyle.
@@johntelger5045 This video is for poor people only or someone with a pre-existing condition that will limit their life. No way this guy makes 8% a year on his investments and if you're investing it all why take it?! It makes zero sense. If you need it, take it. He has also screwed his wife who will outlive him by 8-20 years easily by limiting her survivor benefits. But you will never figure that out either. This guy is like a 20-something influencer giving financial advice.
Exactly, depends on your company, your retirement plan, your 401k, your insurance coverage at work and after retirement, and how much younger your spouse is to you. You see, it's a multivariate problem that cannot be simplified. Each person has to decide for themselves based on their own situation. If you need help, ask a "fee only" RIA to give you your options about when to retire. Remember, Social Security is only supposed to cover 40% of your normal retirement costs, period.
I've paid into SS $2.3M since my first job in 1984. Currently at 55. I figured if I start SS at 62, and live until 80... I will have only drawn $260,000 out of that $2.3M I put in. When I die... the government will keep the remaining unpaid amount ~$2M in their pocket. That money should also go to my kids. It is a serious scam.
No way you paid into the SS system 2.3 million. In the 80’s you were capped out at $44,000. Of earned income before they didn’t collect any more on income above that. In the 90’s it was raised to around $80,000. And unless you were self employed, your employer paid half into it.
Oh sure so you maxed out your contributions and you say you are only getting $1250 a month benefit. Not many people would be stupid enough to believe your story.
Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.
There’s no “one size fits all” answer for when to file. Advising everyone to file early may not be in everyone’s best interest. I have a friend who filed early and now regrets it. I know of another who filed early, and after a few years realized he’d have to go back to work just to pay bills. I could file now, but these are my highest earning years. Sure, I’d rather be retired NOW, but I believe in making hay while the sun shines. I can either delay gratification now, or lock myself into a lower amount which requires me to work even AFTER 70! For me, waiting is the correct answer. I don’t care about breaking even. I just feel better knowing I did all I could do to make my latter years the best they could be. When I do retire I won’t have to worry about side gigs.
@@beezneez2056 Everyone is different. My sister is 78, house paid off, financially savvy, still working because she wants to, and is able to, not collecting SS. I'm 60, receiving widow's benefits, working for myself.
The one point you don’t address is if your spouse was a non worker she’ll rely on your social security after you pass. By taking at 62, you are locking in the lower rates for life. If you don’t need the money from 62 to 67, why not wait to lock in higher payments so your spouse gets higher monthly payments later in life. My spouse parents lived into 90’s, so she might need the higher payments later in life.
I would respectfully disagree with with a spouse delaying retirement so that they can lock in a higher retirement income simply because retiring at 62 means you are spending those last years with your spouse creating beautiful memories where as retiring at 70 that window has closed, arthritis sets in knee surgery gets in the way and inflation eats up most of the gains however if you have a 401k/Roth IRA you can increase your withholdings.
@garyjones3142 Do you even know it was created for people who didn't work much in life like housewives? That was it's original intent because elders were so poor they had to figure something out Do your homework.
I'll be 68 this year, and I took my SS 9 months earlier (at age 65) than my FRA, which was 66 & 2 months. I retired just a bit after getting on Medicare. I live simply and have no debt. It is possible, and l am loving my freedom after 45 plus years of working!
I’ll be retiring at 62. My wife and I are selling everything including our house, packing 4 pieces of luggage and hopping a plane to Batangas Philippines. Cost of living, friendly people and awesome beaches seem like paradise for us. “ It is more Fun in the Philippines.”
Only take it at 62 if you have all debt paid off and a minimum of $50000 in savings for emergencies. Also only take it at 62 if you can afford to save a portion of it each month. Always save. Always.
You make good point , albeit, not always possible to save, save, save. Live within ones means and use / dip into the savings stash modestly ( don't need to live like a hermit ). Maybe $20 to $40 monthly for pleasure.
I too took the money at 62. I'm 69 now. Never regretted it. Like you, if I want to pick up a few extra bucks, I can. Plus the older you get, the less materialistic you become, in my opinion. And physical changes do happen to your health in one way or another.
Keep in mind when making your decision, you need to do what's best for you. That said, don't get caught in that "if you wait you get more money" thinking. It's important to remember more per month does not equal more total. I retired 7 years ago at age 62 and began taking my Social Security at that time. SS gave me all the numbers I needed. So I ran the numbers. All three payout (62, 66 and 70 ) came even at around 80 years of age (79 years 8 months to be exact). So basically you need to live past 80 to make any significant financial advantage by waiting. This is the reason the vast majority of people take their Social Security early. It's a gamble if you wait so taking the money early is a safer bet. For those who decide to wait until age 70 I hope it works out for you. I will be 70 on my next birthday and I will have already gotten 96 monthly payments. Like I said before, do what you think is best for you, but never forget that more per month does not equal more total.
The "net total" argument has always struck me as ridiculous! You're not a "winner" because you got a greater "net total by the end." What MATTERS is the lifestyle you are able to maintain during your retirement years! If you can live with more comfort and security during your retirement years by waiting five years to retire, WHO CARES about the "break even" or "net total gain" threshold? You do NOT get to choose the "due date" on your life! You DO get to choose how much monthly SS you with get for the remainder of your life! It's not like you're on your deathbed thinking, "I had to live an austere life during retirement, and I could do many things in retirement I wished I could, because I didn't have enough monthly income, but I'm a WINNER because I netted a grand total of more money to this moment. I can now die in peace knowing that I extracted more total money out of the system." What's the point of "retirement" if you don't have enough money to do the things you want to do during retirement? For MOST people, maximizing that monthly check is the best approach, because it simply provides more monthly income to enable doing more during retirement (while also providing more buffer against inflation).
@@richardjensen7186 I have never been a month to month kind of guy. I have always been a big picture kind of guy. My thinkings says this "if I'm not going to get more money by waiting, why wait?". Like I said, I have never been a month to month thinker. While people waiting until age 70 to get that bigger check, I will have already have banked 96 smaller checks. You will have to live past 80 just to break even with me. The one number that you need to know for sure you don't have and that's the date of your death. Think about it, why does Social Security offer that "incentive" to wait? Do you think it's better for you, or is it better for them? There is only one reason I would ever have considered waiting until age 70 and that's if I had a family history of living well past 80 years old. I retired 7 years ago at age 62 and started taking my SS right away. So for I am having not problem living off nothing more than my Social Security. In the seven years that I have been retired (5 years for my wife) we have not touched a dime of our retirement money. That could change soon. I'm thinking of selling the Travel Trailer and getting a Motorhome. When that happens, I am planning on paying cash. Waiting unitl age 70 to collect your Social Security is like tripping over dollar bills to pick up the pennies. It's not magic, it's just math and it's grade school math at that.
I retired at 61.5 and collected at 62. One of my coworkers wanted to go to 70 for the max. He died at 68. I just turned 70 and was diagnosed with a terminal condition caused by stress, four months after I retired. Prognosis was dying at 66.75. I just turned 70.
I worked with 2 men who died within a month of retiring and one who died 3 months prior to his planned retirement. We simply aren't guaranteed another day of life. Keep on plugging!
Greetings from Jupiter, FL! My wife and I are both 56. You better believe we’re collecting at 62! Your videos just drive that point home in an easy to understand way that just makes sense. Kudos to you, and THANK YOU for these videos. After 40+ years of working, the end is in sight!
Tim Im 66 now and have been drawing my social security since 62 with a side hustle as well, I agree with you 100%, Social Security banks on us waiting and dying soon , At full retirement age they can no longer screw with you as well on extra earnings.
@@shodson314 Right! After your full retirement age (FRA) there is no penalty. If you are under FRA, they will deduct $1 for every $2 you earn above the annual limit of $21,240. So make sure to keep your side hustle income under the limit until you reach FRA.
No one knows what tomorrow brings. Collect it at 62 and enjoy what life you have left. The big problem is health insurance. You can't get Medicare until 65.
Couldn't agree more. SS.GOV hopes you'll pass away before you collect anything. So get it as soon as you are able to. Nothing says you will live to 67 or longer folks.
@@howardfriedman7077 those who "maxed out" paying into SS ea yr for 35 yrs (which wasn't that difficult years ago) would have collected approx this amount. Saving any portion of that SS benefit payment per mo & investing (even very conservatively) yields significant returns over time, too. Don't discount TVM's importance.
@@miltonaldridge4170 If she is age 60, they were married for at least 10 years and she has not remarried before age 60, she should be able to collect off of his earnings benefit as a surviving spouse. If she is still employed and has not reached her own SS full retirement age, there are earning limits which may be why she isn’t collecting survivor benefits. In any case, it might be worth a call to SS (and remember, you don’t always get correct info the first time you inquire, especially if the inquiry is general and not specific to her exact situation.) Good Luck ❤
@@WhirrledpeasExactly - earning limits in my case. Had to wait for widow/survivor benefit until I stopped working at 62.5. Then went on widow SSecurity with ACA/Obamacare until 65 when Medicare started. Still waiting to change over to my own larger SSecurity benefit. It was always larger but I am waiting until the benefit amount reaches what I want/need going forward. Probably will change over at full retirement age. Max would be at 70. I called and got the estimated amounts (cannot be exact as COLAs not known) for the next 5 years and at FRA so that I can make an informed decision. I cannot see the information for my own SS benefit online any longer since I started receiving the widow benefit btw - have to call them.
Don't give these secrets away!!! :-) I crunched the numbers 5-6 years ago and realized this was a no brainer. I have a year and a half to go before I collect mine at 62. I will retire in Asia, my wife is from there, and the cost of living is a fraction of the USA.
I work as a nurse in healthcare, and recently heard of the passing of a very well-loved Neurologist from our area. He JUST retired a month ago! He had all these plans with family and trips to go on...and then he died at 73! He NEVER got to enjoy S.S.! GET OUT while you can still ENJOY your life!!
Your videos are so uplifting. I am 57 living down in Miami. Found your channel while searching about retirement - whenever that is. Tammy is the sweetest. Your videos put a smile on my face.
I lived in Miami,in the 60s went to Miami Senior High School I lived on SW 7th St 7th Avenue close to the old Tower theater,love going to Cranden Park,are you familiar with these places and address
Great video and spot on! If possible pay down as much debt as possible prior to retiring. This will make a world of difference when it comes to monthly bills.
Don't over-generalize. My wife's mother is 98. Her dad made it to 88, as did my maternal grandfather. Both of her grandmothers lived past 90, as did both of mine. We have always eaten and exercised properly. I have no regrets whatsoever about having waited until age 70 to collect SS, given our respective personal life expectancies. Of course, "Your Mileage May Vary," but one size definitely does not fit all.
@@gg80108 Again, don't over-generalize. My wife and I had plenty of cash flow when we were in our late 60s, so the extra income from early SS payout would not have had any real impact on our quality of life. What does impact our quality of life is increased financial security in our later years, when we may need money the most. I took one small pension at age 65 because the payout amount did not increase thereafter, SS at 70 when the payout stopped increasing, another somewhat modest pension starting at age 71.
@@gg80108 My mom is 86 and sharp as a tack and hikes and travels. Like most women in my family, she's probably going to live well into her 90s and will still have good quality of life.
Remember once you go into the nursing home, they take your Social Security check whether it's big or small. I bet the nursing home is happy you waited unit 70.
I wonder what you would think about my situation. I'm 59 and a half. If I retire at 62 my payment is $2278. If I wait to 67, it will be $3366. I'm in very good health, and have a job earning $160k a year that I don't "love," but it's well within the tolerable range, and I'm socking away about 40k a year into my 401 k, MOST of which is paid for by employer match / contributions... I generally get a 4-5% raise every year. Seems like if I retire at 62, I'd be leaving an awful lot of money on the table that I could be earning on my job.
If I were you, I would keep working until full retirement age of 67. It will be here before you know it, and you will not regret it.. your situation and mine sound about the same, and I don't have no regrets. I have been retired. for three years and have no financial problems. I'm actually saving money every year still.
I did the same mathematical exercise and actually felt I had to take it early because some jobs that I thought I was going to get fell by the wayside during covid. I also agree with you on retiring earlier. I was born in Holland. My Dutch relatives take one and two months vacations a year and in America we are lucky to get a week or two off. They always tell me that Americans live to work but Europeans work to live.
I prefer to work as long as I continue to work in a fabulous job with a great company. I thought I’d take SS at 62 yrs but decided life is as good as it gets for me, I need to continue to keep my brain fully engaged and my pockets full of cash
I have watched many peoples try to explain about collecting SS at 62 or 67, but the way you explain it was so simple and easy to comprehend. Some people have a gift of explaining things, and you’re one of that person. Thank you.
@@howardfriedman7077 Not so. For most people that make average salaries during a 40-ish year career, his numbers are dead on. Sure, many people lucked out and had jobs with pensions, or fund IRA or 401k. Or, maybe they invested in stocks. His message isn't for THEM. He is absolutely correct. After 55, the human body will decay. Sorry, but you are beginning that long slide into home plate. And, it only goes downhill. Sure you can exercise and eat right and do it all the way the health experts recommend. And then, along comes something like COVID. If you were one of the lucky ones, and sip MaiTai's on your $1.5 million McMansion, because you bought it 30 years ago at $150k, then congrats. Go find another channel, as you are NOT Tim's audience.
good info for others retiring. I had this figured out also and retired at 62. I'm drawing 2250 and another 1800 a month from an annuity rider also for life. I'm 68 now and slowing down but I have had great adventures and freedom for 6 and 1/2 years. I'm still doing adventures but can really feel the difference in age from 61
Im 64 and I just signed up for SS and Medicare. I'm taking my money and not letting the government keep it. My parents took it 62 and never regretted it. Dad passed away at 94 and Mom is still alive at 91.
I’m not sure everyone is calculating this right. You need to remember the amount you could have made working. When you are 80 and need a new roof on the house, you may be glad you waited until 68…..
Every case is different. You make great points and kept it simple. But then again, my dad was out dancing at age 93 then died at 94. So, he had a much better income in his 80's. But I retired at 62 like you----and mostly agree with you. Health often declines after 67 as you mentioned. I'm 74 and can't take long trips anymore for various reasons----but I do walk 3 miles a day when I can.
I have to say the comments are really good, as they are from real people sharing real-life experiences. I did my studies and found that for me 65 is a good average age to collect SS. You're not getting the most and not getting the least; the few extra hundred will offset the cost of Medicare, as this may well be the highest cost going forward in life. I have plans A-B-G-D and live a frugal and minimalist lifestyle. I do not have to work for someone, which is a blessing, and I also have faith in my creator. Each day, sun or rain, I try to keep a good mindset and stay away from negative people and news stories.
A comprehensive retirement plan should include an HSA to pay PartB premiums, copays, deductibles........ tax free. If you got a plan without this, you should ask for your planner for a refund.
I had always been told to wait to either full retirement age (66 1/2 for me) or age 70, but a friend talked me into going down to the Social Security office at 63 just to see what my options were as I'm a widow....OMG, when they laid out all of my options I realized it would be a mistake for me to wait. I filed immediately and no regrets....that was five years ago.
Based on your comments, I take it that you are debt-free. You own your own house or condo, which is fully paid up (no mortgage). And you have a reasonable nest egg or other income source besides S.S. to rely on. Otherwise, just the cost of medical insurance premium between then and age 65 would have caused you to ponder over that decision. Social Security agents are not qualified as financial advisors. Instead, they are more like bookkeepers. They aren't trained and aren't qualified to advise anyone about their life choices. Too often, I have heard stories recounted of retirees saying that a Social Security representative advised them to elect to take early retirement. It would be foolish to proceed solely upon that advice.
@@1dash133 : Honestly, it depends on ones overall income vs debt mix. The author here has a social security income of $1,700 which is good, given millions of retirees fare on less. The biggest living monthly debt is home mortgage or rent. Active car payments follows. If one owns their home and car their available income is far better than many. Note: anyone who retired then returns to full-time work is not retired.
@@1dash133 Hi, thanks for your comment. Yes, I'm debt free. I had worked full-time for 45 years and set plans in motion to reach that point for nearly the last two decades before retiring. My income was so low when I initially retired that I qualified for Apple Health, which is Washington state's version of Medicaid. That, and good health kept me going until I was able to qualify for Medicare. No Social Security agent every advised me financially. All they did was lay out my options, which consisted of three because I'd been widowed. They never attempted to steer my decision. The "advisors" who'd got it wrong were the ones doing the seminars at the local senior centers I'd attended previous to speaking with the social security office.
I did. DEI drove me and roughly 75% of my long term friends away from our Fortune 500. And heck no, I JUST got promoted and was making 200k, but the absurdity of decision making at the cost of long term customers service. One day a bad decision came across a ppt. Next day I quit.
@jamestopeka2236 Exactly. Everything is so expensive now, I'm glad I took mine 4 years ago. Wait to take SS retirement is letting them keep 60 checks. I'm a few months away from my full retirement age, and then I can make what I want to. I'd rather lose 30% a month and get 60 checks instead of nothing.
Thanks Tim! I enjoy watching your videos. I'm over 65, in Canada and, thankfully, have great medical coverage. But, I work in a high tech industry and enjoy teaching young engineers. I think I'll keep going a bit longer.
Such good advice. I waited as long as I could to retire, finally getting laid off (again) at 68, from a miserable in a soul-sucking job with a horrible commute. I retired, and now, I'm not rich but I FEEL like I'm rich because I free, no commute, no "monkey suit," no performance revews... when you retire you can do exactly what you want. If you need more money, get a side hustle... mine is writing and publishing - all online. Listen to what Sarasota Jim is saying, he's right.
Don't be a Slave to a Employer. Work and work, then die especially if you're not married and the Government wins . And they love winning. You paid into Social Security all those years and didn't take it @ 60 but you decided to wait until 65 or 77 but you died unfortunately. They got all of your money and they are smiling. Don't delay! Tim is exactly right. Your health declines after age 60 . My closest Friend died of Cancer. He was a Heath Nut . Didn't drink, no red meat. Ran everyday. He was 56 . Worked all his Life . Left his wife and 3 children. Life is precious.
Fantastic video! I'm completely on board with your perspective! It's essential that retirement benefits are accessible from the age of 55. Personally, I've decided to retire at 62 because my job is incredibly demanding and stressful, and I'm really starting to feel the effects of my age.
I retired from the Military at age 41 with a nice pension. I bought my house early on, and paid it off at 58. Paid off my cars, furniture, basically I have no debt. Started collecting my SS at age 62. My entire SS check goes into investments. I'm almost 64 now and in great health. I travel a lot for free via Space Available, cheap cruises because I'm a Florida resident. I live well below my means. I get a lot of discounts, and live in a 55 plus community. Life is good, I'm crushing it, lol. Thanks Tim, I agree!
🌺You are right about the body changing. So am the same age as you and did the same thing regarding social security. 🎉 A couple weeks ago, was on a temp job wearing heels going up stairs for the job, and after about a week of that my right leg locked for 2 or 3 days. 🌺 Could barely drive. Had to use my left foot for the brake. Teeth are falling apart. 🍁 Things started happening after 60. You are so right.🍀 Have to make sure one is healthy, especially happy, financially and emotionally stable to have a good base For life. Thank you for all you do.🌻🌼🌻
When i turned 70 my body pretty well stayed the same. But my brain changed - I got lazy 🙂. It's like I want to do as little as I can in the way of work 🙂. All I want to do is enjoyable things. But before 70 I was a worker.
Tim, really enjoy watching the boats go in and out at Boynton Beach. Took my social security at 62, no regrets. Some of us boomers do not make it to 62, let alone 67.
At 62 I started SS. $2343.00 per month. I've been contributing since I was 13. Not in a million years was I going to leave that much on the table each month. I retired at 55. Work sucks.
I'm 55, I'm trying to pay off house in 5 years. I will be debt free. So at 60, I'll have about $1500 a month to "have fun with" . I get 4 weeks of vacation per year and my place has cheap health insurance. If I retire at 62 I would barely have enough to cover bills. Never smoked, gave up drinking years ago, and I'm active. I get what you are saying but at 62 I'm only getting $1400 month from SS and $400 from pension and maybe $400 from a 401k Less than $2400 a month to live on is not much once you start putting basic expenses on the balance sheet.
Of your $1,700. How much extra money do you have left over every month? Not much. Of $2400. How much money left over each month? Probably a lot more. Do not have to budget as tightly.
I'm 63 1/2. Had I started SS at 62 I would have received 22K a year. By delaying just 3 years I will begin enjoying 6K more a year at 65 and every year thereafter than I would have been receiving if I filed early at 62. And COLAs will be on a higher amount going forward too. Worth the wait. If you can afford to delay then delay. The only reasons to collect at 62 are if you have no choice or you don't think you'll live much longer.
The government wants you to wait and hopefully die before they have to pay you...I'm 62 and will start getting mine back next month....I want to get back every dollar I can...you could die tomorrow and get nothing....
@@Michael-Joseph123 Yes, he made poor decisions. That guy could of bought a house dirt cheap, but never seized the opportunity. He seems like a good guy, but stocking shelves in my 60's is a hard no for me.
My parents were both dead by 68. I am 57 and already had an aggressive form of cancer; caught early but still. I think 62 sounds magical. Probably not doable though.
Great analogy Tim. I'll be turning 62 in October of ,24. Definitely after viewing your vlogs,its convinced me more than ever to retire sooner. I've got pension with full benefits from another job, that I retired from in 2020. I was thinking greedy to wait til 67. Ha! I'm in great health now, at the moment I take no medication whatsoever. I will take advantage of this. My wife and I will travel and enjoy life.
Thanks Tim. I'm in Canada , but still applies more or less. I'm pulling the pin on retirement this Novermber. I'll be 62. Working those extra 3-4 years where I work won't make me that much richer , and I lose all that free time. Hose paid , no big debts , CC always paid off. Time at our age more important than money. Can't enjoy it once you kick off. Especially if you have kids. Thanks . Pete
“You can be young without money but you can't be old without it. You've got to be old with money because to be old without it is just too awful" -- Tennessee Williams
Tim & Tammy first off hello to the both of you! I have been contemplating taking mine at 62 and have researched it and you are right. The only way it benefits you to take it at 67 is if you live past 80! Like you say what the hell are you gonna do past 80? Not much because you wear out! I'm convinced now I'm taking mine at 62. The only thing I have to work out is the insurance. I already do side hustles so I will just continue doing them. It will be me time then! Thanks for all your advice and hard work researching this subject! Tim you are pulverizing it!!!
I turn 65 in November, have not had insurance since 62. It was too expensive. I started working part time then, I started SS at 64. I paid out of pocket for ear infection, about 320.00 for two doctor visits and 45.00 for meds. If you are healthy I would not worry yourself about it.
@@michaelanthony1797 That's damn good advice! I am healthy and take care of myself so I might not need to worry about it. At 65 I can get Medicare anyway
@@RickMartinTH-camyou can stash money from your side hussle too, just because you have a side hussle doesn’t mean you have to spend it all, and you can do fun jobs.All at your own terms and not stressing out.
Depends on your goals and needs. If you understand SS as insurance, and you have a spouse that will depend on the increased amount as a survivor benefit then it may very well make sense to wait until the FRA. However, if the goal is to simply extract the most dollars, then the strategy of drawing SS at 62 may well be the best approach especially if one anticipates death in the early 80’s. However, delaying until 70 provides the highest rate which also takes better advantage of COLA increases. After one is unable to do side hustles and must rely on SS for income, especially if they live into their late 80’s or 90’s it will then be a welcome subsidy. Again, it all depends on one’s situation, goals and needs. The longer one lives, the more they may need the higher rate that comes with delayed SS. The most valuable thing that may be related to this whole discussion is that people would start to engage and consider the various aspects of social security and Medicare before they are in the situation, where they need to make an emergency decision without careful consideration. In any regard, you are CRUSHING IT! 😊😊😊
@@semosancus5506 I think when you collect survivor benefit you get amount of the person you survived when they collected so i they collected at 62 the survivor benefit would be less. The spousal benefit (1/2 of the primary SS benefit) doesn't matter when the primary collected. th-cam.com/video/hH2xk-qeepE/w-d-xo.html
@@mtnshelby7059 - Exactly. If you work from home and you enjoy your job, why not work a couple extra years for insurance? Now if you hate your job, I would quit even if I thought it could be a little early. If I hate my job, I would take the chance and retire even if I was only 50-50 on whether or not I would later have to go back to work. Lifes too short to hate the job you do. I'd just retire and do a side hustle...something I like to do.
Let's not forget I think on average Women (wife) tend to live 15 or more years longer than men (husband). I think that needs to be factored into your personal planning too.
Only works at 62 if you are getting a higher social security payment. Or if you have lots in savings. I worked for 40 yrs and still only get 1151 before subtracting medicare and supplement ins. I have to work until i die to have enough for necessities. Not everyone gets 1800 or more in social security. Great for those with higher paying jobs. But millions of people are not able to do that. It has nothing to do with being lazy or uninformed.
“Then he told them a story: “A rich man had a fertile farm that produced fine crops. He said to himself, ‘What should I do? I don’t have room for all my crops.’ Then he said, ‘I know! I’ll tear down my barns and build bigger ones. Then I’ll have room enough to store all my wheat and other goods. And I’ll sit back and say to myself, “My friend, you have enough stored away for years to come. Now take it easy! Eat, drink, and be merry!”’ “But God said to him, ‘You fool! You will die this very night. Then who will get everything you worked for?’ “Yes, a person is a fool to store up earthly wealth but not have a rich relationship with God.””
Luke 12:16-21 NLT
bible.com/bible/116/luk.12.16-21.NLT
Absolutely!! God's blessings to you!!
Tim, This is true. However, I enjoy the work I do and plan to work to full retirement age.
God love riches. He blessed some of His favorites with great wealth. David and donated about a billion in bullion for the temple. Abraham had 300 men under him in his household. Just remember that He owns it all. I am very wealthy, I have all my needs met and feed orphans all over the world. I don't expect to die tonight, because I have a wife and children to take care of, but I trust His plan.
It's a sin to have wealth and not have a rich relationship with God. It is NOT a sin to have wealth AND a rich relationship with God.
God has been slandered by the Bible for years. God is like "I don't know why they keep saying I said those things in that Harry Potter bullshit book! Talking snakes? Zombies in Jerusalem? A global flood? Making the Sun stand still? Come on, what kind of idiots did I create that they believe that garbage?"
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@August-Felix That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@August-Felix I will give this a look, thanks a bunch for sharing.
@@Mathilda-Adelewatch for the wolves with sheep clothing they get you when you are down.
That is why im collecting my SS as soon as i hit 62. Im 54.
Think about retire abroad will change everything, same age. Look in to Philippines 🎉
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $400k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Vivian Barbara Mui just check her out. It's possible to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.
Don’t fall for scam investor posts on this type of video. They will leave you broke. The owners of these channels need to be more vigilant
@@lizg1976Sarasota makes money off the scammer ads
Stop voting republicanT and things will change.
I have a cousin who worked until his 65th birthday. He died shortly after turning 67. That's all the math I need.
You are exactly correct & I feel like I am wishing away my life to get to 62
So he would have been better off not working and making $1700 a month. You guys are looking at it as it's a lot of money. I see why poor people stay poor.
@@stangedude56461700 a month. If you can get an easy gig that you enjoy for 500 a week. That's 900 a week. That's not bad
I jumped in when I turned 62. Thank God for each beautiful day. Tomorrow is not promised to us. Thank you for encouraging others to do so.
Retired at 62 and have never looked back, best decision I’ve ever made!
Enjoy living on the low end of society !
I collected my Social Security at 62 too. I've had so many great retirement memories traveling and doing hobbies. Waiting to get a few hundred extra bucks when I'm almost 80 (break even age) and not as healthy would never replace these good times. I would have missed out on so much life if I would have waited longer to collect SS and retire.
@@garyjones3142 living quite well, thank you!
@@garyjones3142 not if you take your money to another country
@@garyjones3142 I’m not sure what you mean by yiyr comment “enjoy living on the low end of society”??
I left a VERY stressful and aggravating job at 62 to retire 4 years ago and it's the best move I've ever made
@@RickMartinTH-cam 🙄
Me too. The fact that I was able to retire early made being able to quit a job that was becoming more stressful all the time because of a jackass boss that thought he knew everything and didn't give a damn about his employees.
@@RickMartinTH-cam Too harsh guy. Are you aware that 20% of age 65 men never see age 74? I took SS at 65 instead of FRA of 66 because of the same reason MPGUNTHER gave. Frankly, I was working under an insufferable human being.
I turn 61 soon and plan to retire next year. I have a high stress job and really can’t do this anymore. If I took a lower position it would reduce my stress, but also reduce my pension. My father retired at 62 and ended up saving more money than when he worked. He also had a pension.
@@RickMartinTH-cam He knows because he can do simple math.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
@@AbdoolLogodesign This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Can't reveal much, but the advisor guiding me is Julie Anne Hoover. She has gained a good deal of expertise over the past two decades in the financial system and her credentials speak for itself, you can simply look her up.
@@AbdoolLogodesign Thanks a lot man, I just looked her up and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. Hope she responds soon
I have a brother who filed at 62 and he's now 69. He started having major mobility problems about the time he hit 67. I didn't have to see this video to know the value in not waiting. I had a father and two sisters who never saw one red cent of their SS. They died at 59, 38 and 61 respectively of cancer. I have 4 1/2 more years to get to 62 myself and you best bet believe I'm not waiting either!
Of course you are also giving up your salary. I'm a widow and tenured college professor on a 9 month teaching contract. I currently make 80k. With contractual increases I'll make between 85 and 90 between 62 and 65. It would be hard (impossible) to give that up for $1300 (70% benefit. I do intend to take my husband's benefit and hold mine until 70) a month on SS at 62 even though my home will be nearly paid off by then. I do have a good bit in retirement accounts but that doesn't kick in until 65. Id love to retire early but I'm not even sure I'll be ready to give up my salary at 67. You hear so many horror stories of people trying to get back into the workforce after leaving. Besides, what would I do with all the time (but little money)?
I retired at the age of 62. When you own your home , SS check at 62 and with my investments is more than what I made working why would you work!
The funny thing about all of this is now that I am retired, I live on less than my SS check!
Years ago, I told my ex to take soc sec at 62 and he did. He died of a heart attack 10 days after he turned 65. I gave him good advice obviously.
I hope you’re drawing Survivors benefits then?
@@PegsFlamingoville Yes I am.
@@cutehumor I know. I did him a favor and glad I did. He enjoyed having the extra income.
If He waited, never drew it, assuming you were married 10 plus years, you could have drawn a higher amount ….guess it is just a guessing game
I agree 100%. Took mine at 62. I'm 67 now and no regrets. But, I managed my money, saved and invested. Who the hell wants to work their whole life? Not me.
I just turned 62 five days ago. My first check is coming August 🎉
"55 should be the retirement age."
When i was young retirement was at 55. A guy would retire and get a pension and a gold watch for his years of service to the company.
@@PegsFlamingoville Yes! Hahaha. When I retired I didn't even get a plastic watch from the Dollar Tree 🤣
Agree with you.
@tpg2020 There are certainly plenty of people that are going to be working to their Graves. Kind of sad.
A good plan would be to pay off one's mortgage BEFORE retirement. Get rid of debt so your SS can BETTER keep you afloat.
What scares me is this cocamany idea of privatizing S.S. That can NOT be in my best interest.
71 and still working to overcome a devastating layoff and help pay down my forever home mortgage. Took SS at 70 and it was one of the few good financial decisions of my life IMO. It is not always best to collect at 62 for everyone. I salute anyone who can retire early.
You are so right. Nobody is promised tomorrow.... especially at age 62. Its best to do whats best for you in the moment! To each its own!
I have rewarding work that I love. Why would I collect at 62 just because I can get more money at the end? It's a choice. Good luck to everyone, whatever your decision.
i waited til 70--best decision for me--my health is great and kept working til 70---actually going back to work this month for 100k a year because i golfed ski fished my whole life and its boring--travel is a pain--after a year and half off back to work! my work is easy,very little stress,no rocking chairs for me!!
The early 🐦 catches the worm. Later ✌️
@@dethray1000 I'm 57 in the same boat. Good health and plan to go until I'm 70 hitting 100k a year the last 10 years. I'm going remote and still going to climb mountains. Depends on your health really.
I agree 100%. I started collecting at 62. and it's one of the best decisions I ever made. The aging process is very real, and it's important to realize that you need to enjoy this life as long as you are able. Waiting till you are older is a roll of the dice- you may live to be 100, but can't do much because of health related issues.
we can put all the arguments to bed, by simply saying that if the system is set up to encourage the people to wait, theres a reason that they've figured out which is a benefit to them, not to us. Theres also a reason they don't actively notify anyone at age 62 that they are eligible to collect.
Definitely a roll of the dice, especially for men. Statistically speaking, it probably makes sense for most men to take their social security as early as possible. Even if the dice come up their way, it probably won’t matter all that much anyway. At that point, we are usually too old to do much other than sit at home on a good day. I see my older friends and even my parents going through this now and it really has not been any different with anyone I have really known. My dad is just now getting to the point where he could have possibly caught up had he waited to take his. But, he would not have had the money he is still making on investing what he got early. He will most likely pass away before he makes that up had he waited. And, time is running out for him and I hate it.
@@daveperkinsjr If they want everyone to wait as long as possible, why have a cap of 70 years old?
Agreed. I don't care how in shape you are at 67. You're 67.not 62
Few think of this downside to waiting for SS: your government may change the rules. They may reduce the payout amount. They may extend the age of collection. They may add financial means testing and you will not qualify. With any rule change, the government will “grandfather in” those already collecting SS.
“A bird in the hand is worth two in the bush”.
Everyone's situation is different. I had a friend that could have retired. He did not, he had a massive heart attack. He died. He was a good dude.
I'm sorry for the loss of your friend.
I have three brothers who have died, one in his 30s, one in his 40s, and the last one at 68. I will be taking my SS at 62.
Correct,I got my first ck. This year at 62, you hit the nail on the head ty
You’re right , enjoy your life while you’re able to. When you’re old and sick all the money in the world won’t matter
100% agree.
It will matter if your SS isn't enough to pay your bills
You are right my friend!!! I retired at 55. I’ve been doing fine. I didn’t sign up for SS at 62. But I started looking at how much money I wasn’t getting. It didn’t make any sense. What am I going to do with extra money at 80+? Right now I’m young and healthy. I can still ride a jet ski or a snowmobile. Still ride my mountain bike. I can travel without a walker or wheelchair. So I went ahead and applied. No regrets. I’ll get a little more since I waited almost two years. Fine. The important part is that I’m now going to get it. When it will benefit me the most.
I like your attitude and agree with your reasoning. Seemed like a lot of others on TH-cam push to hold off applying for SS. Nice to hear another perspective! And it makes sense! I’m with you!
Enjoy your low income !
When I ask my 91 year old Father what his biggest retirement mistake was and he said taking social security at the age of 62. He said he could have easily waited a few more years back then and possibly could have waited until age 70. My Mom age 87 has no regrets and waited until age 67 to apply for social security. Both are very healthy and walk often for exercise.
He says that since he is 91, most don’t make it that far.
Glad they are healthy , but you loose the fun of life after 70.
You can also start investing that money. So if you’re someone who wants wait till 70 and I’m someone who wants to start at 62, I can invest that money and have a return of 10-15%-tax, and still catch up with you. But if we both die at 75, I’m sure I’d be the winner
I have a bridge to sell you in Brooklyn, N.Y.
I waited because I had no choice I made too much over the threshold. Anyway last week I hit my FRA.
So let me get this straight, instead of following your father's footsteps and retiring early at 62, you instead would follow his advice and retire at 70? Has it occurred to you that the reason he is 91 is because he retired early at 62 and not 70?
One of the benefits of retiring early is better health, less hazards no time away from home. You have time to walk in the park exorcize eat healthy explore a hobby and less risks especially in traffic going to work or at work. I definitely plan on retiring at 62, I'm 51 now and hopefully I'll make it. 70 is extreme, and the final last 8 years before 70 is worth a lower draw.
Glad to hear everyone is doing well. One thing people overlook is when you go into the nursing home, Medicaid will lein your assets and take your Social Security check. You only get to keep $60 under the Personal Need Acct (PNA) for hair cuts, snacks, clothing, etc. One more reason to take early! You should spend and enjoy while you have good health. Why wait until 70 only to give it to the nursing home?
Tim, you sold me. I have already battled prostate cancer and have high blood pressure, so living to 80 may not happen for me. I did the same math you did, and waiting to 67 means about 12 years of catching up to do if I wait. Your analysis only verified my suspicions. The good thing is, my relationship with my Christ is solid, so I'm ready any day He decides it's time. :)
Very good advice. I took mine at 62 and have never regretted it . Also, when a person signs up for Medicare, please consider getting a good supplemental insurance. I had been healthy all my life and then all of a sudden, I had two heart attacks, a hip replacement and cancer. Because I have an excellent supplemental insurance, I did not pay even one cent out of pocket. Yes, it costs, but my healthcare was thousands and thousands of dollars. Totally worth it. Have a beautiful day.
What plan do you have? Who do you recommend? How much was the supplement cost?
What supplemental plan did you get ????
When I enrolled, I was living in Kansas. It is Blue Cross Blue Shield. I don’t remember how much it was to begin with, but it tends to go up about $10 to $15 a month more each year. However, there were a couple years when there was no increase at all. I’ve had it almost 14 years now and am currently paying $325 a month for it. I realize that is a lot, but my lowest health issue was over $75,000 and my cancer treatment was a couple hundred thousand dollars, so for me personally, it’s worth it. I had never had any health issues and didn’t think I ever would, but you just never know and am so thankful I was prepared.
Totally agree on the supplemental insurance. My husband is turning 65 in July and we are already signed up with Blue Cross Blue Shield and thank goodness we did because my husband was just diagnosed with rectal cancer and his good employer insurance is done on June 30th! Pay the extra it's well worth it!
@@kathleennece715 Thank you for the info, abmnd I hope all is well.
Love your channel & all the great information about SS you are passing on. 👍 My boyfriend passed away at 60, working OT as a postman, a farmer and commuted many miles to his job. Too much stress, harsh weather, too tired for personal time off. So..he died of a heart attack. No pension or SS. What a Tragedy.
@@indy18286 Thanks 💔
Sorry for the loss of your boyfriend. Unfortunately this kind of thing happens way too often here in the USA. It's kind of rare in Europe though. Makes one wonder why (not really wondering here as it's pretty obvious).
Sorry for your loss. 💐 And it’s unfortunate he hadn’t “put a ring on it” as you could be collecting Survivors benefits at age 60.
Not everyone is unhappy with their job. Why collect early when you enjoy working and don’t need the money at the time. Why do some people only seem to care about making sure they get as much SS as possible before they die? Why take it at 62 and still have to work?
@@whjerts Well, many people want to receive what they put into Social Security. It is our hard-earned money. We didn't have a choice about putting the money into Social Security, but we do have several choices about getting our money back.
Waiting is not a scam. Everyone's circumstances are different. Early takers should consider the growth value of their portfolio and what that looks like. Later takers should consider what their needs are going to be in the future and how they will fund them. Other things to consider include strategies for 2 career spouses, current health, concerns over benefit sustainability and initial budget vs later in life budgeting.
Well cool, you can line your coffin with dollar bills. I think you are missing the point. 🤔
Some of us enjoy working. If you like what you do and you enjoy your life, why should you retire?
It’s whatever is the best decision for you and your lifestyle.
@@johntelger5045 This video is for poor people only or someone with a pre-existing condition that will limit their life. No way this guy makes 8% a year on his investments and if you're investing it all why take it?! It makes zero sense. If you need it, take it. He has also screwed his wife who will outlive him by 8-20 years easily by limiting her survivor benefits. But you will never figure that out either. This guy is like a 20-something influencer giving financial advice.
Nailed it!
Exactly, depends on your company, your retirement plan, your 401k, your insurance coverage at work and after retirement, and how much younger your spouse is to you. You see, it's a multivariate problem that cannot be simplified. Each person has to decide for themselves based on their own situation. If you need help, ask a "fee only" RIA to give you your options about when to retire.
Remember, Social Security is only supposed to cover 40% of your normal retirement costs, period.
I've paid into SS $2.3M since my first job in 1984. Currently at 55. I figured if I start SS at 62, and live until 80... I will have only drawn $260,000 out of that $2.3M I put in. When I die... the government will keep the remaining unpaid amount ~$2M in their pocket. That money should also go to my kids. It is a serious scam.
No way you paid into the SS system 2.3 million. In the 80’s you were capped out at $44,000. Of earned income before they didn’t collect any more on income above that. In the 90’s it was raised to around $80,000. And unless you were self employed, your employer paid half into it.
why make up stupid stories?
Oh sure so you maxed out your contributions and you say you are only getting $1250 a month benefit. Not many people would be stupid enough to believe your story.
I agree totally (62) and remember a quote " Some people are so poor all they have is money"
Nice ironic quote. Thanks for sharing.
Very happy I started Social Security at age 70 six months ago. I don't care if I ever break even. I sleep well at night knowing I and my wife will always have enough to be comfortable for the rest of our lives.
There’s no “one size fits all” answer for when to file. Advising everyone to file early may not be in everyone’s best interest. I have a friend who filed early and now regrets it. I know of another who filed early, and after a few years realized he’d have to go back to work just to pay bills. I could file now, but these are my highest earning years. Sure, I’d rather be retired NOW, but I believe in making hay while the sun shines. I can either delay gratification now, or lock myself into a lower amount which requires me to work even AFTER 70! For me, waiting is the correct answer. I don’t care about breaking even. I just feel better knowing I did all I could do to make my latter years the best they could be. When I do retire I won’t have to worry about side gigs.
@@beezneez2056 Everyone is different. My sister is 78, house paid off, financially savvy, still working because she wants to, and is able to, not collecting SS. I'm 60, receiving widow's benefits, working for myself.
@@nancystockwell7829 No benefit to waiting after 70. Leaving money on the table.
@@nancystockwell7829 Tell your sister that is 78 to file for her benefit. At 70 and older you get the max, and she can continue to work if she likes.
Good for you. Being comfortable forever is the goal.
For most people, 65 is way too late to enjoy life.
I’m 39 wife is 37. We don’t think we’ll even have SS by the time we’re 62. We’re preparing for that now
You'll have SS. Don't believe the media scare tactics. But, eliminate debt as fast as you can, save, 401K/IRA.
The one point you don’t address is if your spouse was a non worker she’ll rely on your social security after you pass. By taking at 62, you are locking in the lower rates for life. If you don’t need the money from 62 to 67, why not wait to lock in higher payments so your spouse gets higher monthly payments later in life. My spouse parents lived into 90’s, so she might need the higher payments later in life.
People that haven't worked should not collect!
I would respectfully disagree with with a spouse delaying retirement so that they can lock in a higher retirement income simply because retiring at 62 means you are spending those last years with your spouse creating beautiful memories where as retiring at 70 that window has closed, arthritis sets in knee surgery gets in the way and inflation eats up most of the gains however if you have a 401k/Roth IRA you can increase your withholdings.
@garyjones3142 Do you even know it was created for people who didn't work much in life like housewives? That was it's original intent because elders were so poor they had to figure something out
Do your homework.
But if you don't need the money at 62, you could invest it and be far ahead once you do need it.
I'll be 68 this year, and I took my SS 9 months earlier (at age 65) than my FRA, which was 66 & 2 months. I retired just a bit after getting on Medicare. I live simply and have no debt. It is possible, and l am loving my freedom after 45 plus years of working!
Awesome!😎
I’ll be retiring at 62. My wife and I are selling everything including our house, packing 4 pieces of luggage and hopping a plane to Batangas Philippines. Cost of living, friendly people and
awesome beaches seem like paradise for us.
“ It is more Fun in the Philippines.”
Just a month ago, my plan was to wait till at least age 67. Now, health issues tell me not to wait too long.
Only take it at 62 if you have all debt paid off and a minimum of $50000 in savings for emergencies. Also only take it at 62 if you can afford to save a portion of it each month. Always save. Always.
@@cpataxpro absolutely!
You make good point , albeit, not always possible to save, save, save. Live within ones means and use / dip into the savings stash modestly ( don't need to live like a hermit ). Maybe $20 to $40 monthly for pleasure.
@@soundjudgement3586 saving doesn’t mean you live like a hermit.
I too took the money at 62. I'm 69 now. Never regretted it. Like you, if I want to pick up a few extra bucks, I can. Plus the older you get, the less materialistic you become, in my opinion. And physical changes do happen to your health in one way or another.
I just turned 61 and can't wait! I'm going to collect at 62 since my family doesn't live long. Thanks Tim
Same thing with me. No guy on my father's side has ever lived past 76. I'm 56, and am retiring at 62 as well. Good luck to you.
Keep in mind when making your decision, you need to do what's best for you. That said, don't get caught in that "if you wait you get more money" thinking. It's important to remember more per month does not equal more total. I retired 7 years ago at age 62 and began taking my Social Security at that time. SS gave me all the numbers I needed. So I ran the numbers. All three payout (62, 66 and 70 ) came even at around 80 years of age (79 years 8 months to be exact). So basically you need to live past 80 to make any significant financial advantage by waiting. This is the reason the vast majority of people take their Social Security early. It's a gamble if you wait so taking the money early is a safer bet. For those who decide to wait until age 70 I hope it works out for you. I will be 70 on my next birthday and I will have already gotten 96 monthly payments. Like I said before, do what you think is best for you, but never forget that more per month does not equal more total.
Well put.
The "net total" argument has always struck me as ridiculous! You're not a "winner" because you got a greater "net total by the end." What MATTERS is the lifestyle you are able to maintain during your retirement years! If you can live with more comfort and security during your retirement years by waiting five years to retire, WHO CARES about the "break even" or "net total gain" threshold? You do NOT get to choose the "due date" on your life! You DO get to choose how much monthly SS you with get for the remainder of your life!
It's not like you're on your deathbed thinking, "I had to live an austere life during retirement, and I could do many things in retirement I wished I could, because I didn't have enough monthly income, but I'm a WINNER because I netted a grand total of more money to this moment. I can now die in peace knowing that I extracted more total money out of the system."
What's the point of "retirement" if you don't have enough money to do the things you want to do during retirement? For MOST people, maximizing that monthly check is the best approach, because it simply provides more monthly income to enable doing more during retirement (while also providing more buffer against inflation).
@@richardjensen7186 I have never been a month to month kind of guy. I have always been a big picture kind of guy. My thinkings says this "if I'm not going to get more money by waiting, why wait?". Like I said, I have never been a month to month thinker. While people waiting until age 70 to get that bigger check, I will have already have banked 96 smaller checks. You will have to live past 80 just to break even with me. The one number that you need to know for sure you don't have and that's the date of your death. Think about it, why does Social Security offer that "incentive" to wait? Do you think it's better for you, or is it better for them? There is only one reason I would ever have considered waiting until age 70 and that's if I had a family history of living well past 80 years old. I retired 7 years ago at age 62 and started taking my SS right away. So for I am having not problem living off nothing more than my Social Security. In the seven years that I have been retired (5 years for my wife) we have not touched a dime of our retirement money. That could change soon. I'm thinking of selling the Travel Trailer and getting a Motorhome. When that happens, I am planning on paying cash. Waiting unitl age 70 to collect your Social Security is like tripping over dollar bills to pick up the pennies. It's not magic, it's just math and it's grade school math at that.
@@richardjensen7186 Early is more logical some ppl have been brainwashed they'll never understand
@@nealmike5490 LOL... "more logical." "Brainwashed." Whatever.
Do whatever you feel, but don't be judgmental toward people who don't agree with you.
I retired at 61.5 and collected at 62. One of my coworkers wanted to go to 70 for the max. He died at 68. I just turned 70 and was diagnosed with a terminal condition caused by stress, four months after I retired. Prognosis was dying at 66.75. I just turned 70.
Sorry to hear that. Thank you for making an excellent point. I'm happy that you got more time to be a part of the group
Glad you are still with us, friend.
I worked with 2 men who died within a month of retiring and one who died 3 months prior to his planned retirement.
We simply aren't guaranteed another day of life.
Keep on plugging!
Rock on, brother! Congrats on beating the prognosis after bailing on the rat race. I wish you a long and happy retirement.
Did you know the average age of death for males who are already 50 is 81.
Greetings from Jupiter, FL! My wife and I are both 56. You better believe we’re collecting at 62! Your videos just drive that point home in an easy to understand way that just makes sense. Kudos to you, and THANK YOU for these videos. After 40+ years of working, the end is in sight!
Love Jupiter Inlet park, been there few times.
Preach 🙏 💰 62 collect social security
Absolutely!!!! “GET your money at 62 and start CRUSHIN’ IT!!!!!” 💵 💰
I retired @58, started SS@ 62....no regrets 😊😊😊😊😊
Thanks for your videos. I’m 56 now it this looks so much better than 5 more years. My health has already been on the decline for the last 3-4 years.
I took mine at 62 and have 2 small retirements. Everything is paid off. Just was not any work where I am. Miss Tammy is awesome.
Tim Im 66 now and have been drawing my social security since 62 with a side hustle as well, I agree with you 100%, Social Security banks on us waiting and dying soon , At full retirement age they can no longer screw with you as well on extra earnings.
@ronroach5623. There’s no longer a penalty for earning extra money?
@@shodson314 Right! After your full retirement age (FRA) there is no penalty. If you are under FRA, they will deduct $1 for every $2 you earn above the annual limit of $21,240. So make sure to keep your side hustle income under the limit until you reach FRA.
@@rbe3717 thanks!
No one knows what tomorrow brings. Collect it at 62 and enjoy what life you have left. The big problem is health insurance. You can't get Medicare until 65.
And therein lies the rub.
Just don't get sick from 62 to 65. Wait until you are 65 or older than you are on medicine. Simple.. problem solved. you are welcome..
Took my SS at 62. I am enjoying my retirement and never looked back. Enjoy your videos.
You're absolutely correct - collect at 62 is definitely the way to do - 16 months and counting for me 💵😁💵
Same here we the same age!🤩💸
I started my social security at 62, I am now 70.5. I have allready received over$249,600. I highly recommend getting it asap!!
Couldn't agree more. SS.GOV hopes you'll pass away before you collect anything. So get it as soon as you are able to. Nothing says you will live to 67 or longer folks.
@@bigtom1948They also want you to keep working and paying into the system.
@@howardfriedman7077 those who "maxed out" paying into SS ea yr for 35 yrs (which wasn't that difficult years ago) would have collected approx this amount.
Saving any portion of that SS benefit payment per mo & investing (even very conservatively) yields significant returns over time, too.
Don't discount TVM's importance.
My husband died at the age of 61. He didn’t collect a dime. I started getting survivor’s benefits as soon as I was eligible, at age 60.
Me also, my husband passed at 63. sorry for your loss
Interesting. My mom doesn't get any survivor benefits. My dad died 3 years ago.
@@miltonaldridge4170. If dad paid in and mom is 60 she should
@@miltonaldridge4170 If she is age 60, they were married for at least 10 years and she has not remarried before age 60, she should be able to collect off of his earnings benefit as a surviving spouse. If she is still employed and has not reached her own SS full retirement age, there are earning limits which may be why she isn’t collecting survivor benefits. In any case, it might be worth a call to SS (and remember, you don’t always get correct info the first time you inquire, especially if the inquiry is general and not specific to her exact situation.) Good Luck ❤
@@WhirrledpeasExactly - earning limits in my case. Had to wait for widow/survivor benefit until I stopped working at 62.5. Then went on widow SSecurity with ACA/Obamacare until 65 when Medicare started. Still waiting to change over to my own larger SSecurity benefit. It was always larger but I am waiting until the benefit amount reaches what I want/need going forward. Probably will change over at full retirement age. Max would be at 70. I called and got the estimated amounts (cannot be exact as COLAs not known) for the next 5 years and at FRA so that I can make an informed decision. I cannot see the information for my own SS benefit online any longer since I started receiving the widow benefit btw - have to call them.
Don't give these secrets away!!! :-) I crunched the numbers 5-6 years ago and realized this was a no brainer. I have a year and a half to go before I collect mine at 62. I will retire in Asia, my wife is from there, and the cost of living is a fraction of the USA.
I work as a nurse in healthcare, and recently heard of the passing of a very well-loved Neurologist from our area. He JUST retired a month ago! He had all these plans with family and trips to go on...and then he died at 73! He NEVER got to enjoy S.S.! GET OUT while you can still ENJOY your life!!
Can't get enough!
Your videos are soothing to the soul.😊
Your videos are so uplifting. I am 57 living down in Miami. Found your channel while searching about retirement - whenever that is. Tammy is the sweetest. Your videos put a smile on my face.
I lived in Miami,in the 60s went to Miami Senior High School I lived on SW 7th St 7th Avenue close to the old Tower theater,love going to Cranden Park,are you familiar with these places and address
yes she is
❤ One for Miss Tammy. 🎉 Mr Tim.
@@angiepayne9987 Yes! I went to Miami Killian in the 80's. I've lived here since I was 5 and my husband was born here.
Agree ,miami born here too.
Great video and spot on! If possible pay down as much debt as possible prior to retiring. This will make a world of difference when it comes to monthly bills.
Don't over-generalize. My wife's mother is 98. Her dad made it to 88, as did my maternal grandfather. Both of her grandmothers lived past 90, as did both of mine. We have always eaten and exercised properly. I have no regrets whatsoever about having waited until age 70 to collect SS, given our respective personal life expectancies. Of course, "Your Mileage May Vary," but one size definitely does not fit all.
but the quality of life when you get the money to enjoy it is what counts
@@gg80108 Again, don't over-generalize. My wife and I had plenty of cash flow when we were in our late 60s, so the extra income from early SS payout would not have had any real impact on our quality of life. What does impact our quality of life is increased financial security in our later years, when we may need money the most.
I took one small pension at age 65 because the payout amount did not increase thereafter, SS at 70 when the payout stopped increasing, another somewhat modest pension starting at age 71.
@@gg80108 My mom is 86 and sharp as a tack and hikes and travels. Like most women in my family, she's probably going to live well into her 90s and will still have good quality of life.
Remember once you go into the nursing home, they take your Social Security check whether it's big or small. I bet the nursing home is happy you waited unit 70.
My wife started SS at 62. Got cancer at 66
I wonder what you would think about my situation. I'm 59 and a half. If I retire at 62 my payment is $2278. If I wait to 67, it will be $3366. I'm in very good health, and have a job earning $160k a year that I don't "love," but it's well within the tolerable range, and I'm socking away about 40k a year into my 401 k, MOST of which is paid for by employer match / contributions... I generally get a 4-5% raise every year. Seems like if I retire at 62, I'd be leaving an awful lot of money on the table that I could be earning on my job.
If I were you, I would keep working until full retirement age of 67. It will be here before you know it, and you will not regret it.. your situation and mine sound about the same, and I don't have no regrets. I have been retired. for three years and have no financial problems. I'm actually saving money every year still.
I agree with you. Working until old age actually is a life extender. Most people don’t get this.
@@maynardbecker4613 I started falling apart as soon as I retired
I did the same mathematical exercise and actually felt I had to take it early because some jobs that I thought I was going to get fell by the wayside during covid. I also agree with you on retiring earlier. I was born in Holland. My Dutch relatives take one and two months vacations a year and in America we are lucky to get a week or two off. They always tell me that Americans live to work but Europeans work to live.
What if you don’t get that much for social security at 62? I think that’s what scares people
Another great video, Tim! Glad that you and Tammy are enjoying your time together!
Forcing their Health care on you is a scam.
I prefer to work as long as I continue to work in a fabulous job with a great company. I thought I’d take SS at 62 yrs but decided life is as good as it gets for me, I need to continue to keep my brain fully engaged and my pockets full of cash
I have watched many peoples try to explain about collecting SS at 62 or 67, but the way you explain it was so simple and easy to comprehend. Some people have a gift of explaining things, and you’re one of that person. Thank you.
@@howardfriedman7077 Not so. For most people that make average salaries during a 40-ish year career, his numbers are dead on. Sure, many people lucked out and had jobs with pensions, or fund IRA or 401k. Or, maybe they invested in stocks. His message isn't for THEM. He is absolutely correct. After 55, the human body will decay. Sorry, but you are beginning that long slide into home plate. And, it only goes downhill. Sure you can exercise and eat right and do it all the way the health experts recommend. And then, along comes something like COVID. If you were one of the lucky ones, and sip MaiTai's on your $1.5 million McMansion, because you bought it 30 years ago at $150k, then congrats. Go find another channel, as you are NOT Tim's audience.
Your common sense approach is a lot easier to understand than I ever got from any financial advisor. Thanks Tim. Keep crushing it!
good info for others retiring. I had this figured out also and retired at 62. I'm drawing 2250 and another 1800 a month from an annuity rider also for life. I'm 68 now and slowing down but I have had great adventures and freedom for 6 and 1/2 years. I'm still doing adventures but can really feel the difference in age from 61
Im 64 and I just signed up for SS and Medicare. I'm taking my money and not letting the government keep it. My parents took it 62 and never regretted it. Dad passed away at 94 and Mom is still alive at 91.
Thanks Tim and Tammy. Great videos. Tim, treat Tammy well🎉😊.
Tim, you've got yourself a keeper. Miss Tammy is a sweetheart. You are blessed to have her.
I’m not sure everyone is calculating this right.
You need to remember the amount you could have made working.
When you are 80 and need a new roof on the house, you may be glad you waited until 68…..
If the roof is tiny it won't cost you everything. People overestimate how much they need to survive. All you need is a van or rv.
Every case is different. You make great points and kept it simple. But then again, my dad was out dancing at age 93 then died at 94. So, he had a much better income in his 80's. But I retired at 62 like you----and mostly agree with you. Health often declines after 67 as you mentioned. I'm 74 and can't take long trips anymore for various reasons----but I do walk 3 miles a day when I can.
I have to say the comments are really good, as they are from real people sharing real-life experiences. I did my studies and found that for me 65 is a good average age to collect SS. You're not getting the most and not getting the least; the few extra hundred will offset the cost of Medicare, as this may well be the highest cost going forward in life. I have plans A-B-G-D and live a frugal and minimalist lifestyle. I do not have to work for someone, which is a blessing, and I also have faith in my creator. Each day, sun or rain, I try to keep a good mindset and stay away from negative people and news stories.
A comprehensive retirement plan should include an HSA to pay PartB premiums, copays, deductibles........ tax free. If you got a plan without this, you should ask for your planner for a refund.
my thoughts exactly....go medium...not getting most, not getting least....the best bet
I had always been told to wait to either full retirement age (66 1/2 for me) or age 70, but a friend talked me into going down to the Social Security office at 63 just to see what my options were as I'm a widow....OMG, when they laid out all of my options I realized it would be a mistake for me to wait. I filed immediately and no regrets....that was five years ago.
Best option is you claim at age 62, you can continue to work and earn $19,000 ( gross ,) with no penalty until 66 then unlimited
Based on your comments, I take it that you are debt-free. You own your own house or condo, which is fully paid up (no mortgage). And you have a reasonable nest egg or other income source besides S.S. to rely on. Otherwise, just the cost of medical insurance premium between then and age 65 would have caused you to ponder over that decision.
Social Security agents are not qualified as financial advisors. Instead, they are more like bookkeepers. They aren't trained and aren't qualified to advise anyone about their life choices. Too often, I have heard stories recounted of retirees saying that a Social Security representative advised them to elect to take early retirement. It would be foolish to proceed solely upon that advice.
@@1dash133 :
Honestly, it depends on ones overall income vs debt mix. The author here has a social security income of $1,700 which is good, given millions of retirees fare on less. The biggest living monthly debt is home mortgage or rent. Active car payments follows. If one owns their home and car their available income is far better than many. Note: anyone who retired then returns to full-time work is not retired.
@@1dash133 Hi, thanks for your comment. Yes, I'm debt free. I had worked full-time for 45 years and set plans in motion to reach that point for nearly the last two decades before retiring. My income was so low when I initially retired that I qualified for Apple Health, which is Washington state's version of Medicaid. That, and good health kept me going until I was able to qualify for Medicare. No Social Security agent every advised me financially. All they did was lay out my options, which consisted of three because I'd been widowed. They never attempted to steer my decision. The "advisors" who'd got it wrong were the ones doing the seminars at the local senior centers I'd attended previous to speaking with the social security office.
Not to mention that this is all tax free money, you shouldn’t have to pay taxes on Social Security
I dunno...Im 65 and I actually like working
I'm still working almost full-time at 66. Took my ss retirement at 62. Life is good.
I did.
DEI drove me and roughly 75% of my long term friends away from our Fortune 500.
And heck no, I JUST got promoted and was making 200k, but the absurdity of decision making at the cost of long term customers service.
One day a bad decision came across a ppt.
Next day I quit.
Do what makes you happy 😊
@jamestopeka2236 Exactly. Everything is so expensive now, I'm glad I took mine 4 years ago. Wait to take SS retirement is letting them keep 60 checks. I'm a few months away from my full retirement age, and then I can make what I want to. I'd rather lose 30% a month and get 60 checks instead of nothing.
@@Mark-qv4bn
That's a good plan and enjoy your retirement , I sure am lol
Thanks Tim!
I enjoy watching your videos. I'm over 65, in Canada and, thankfully, have great medical coverage.
But, I work in a high tech industry and enjoy teaching young engineers. I think I'll keep going a bit longer.
Putting money into it in the first place is a scam
Such good advice. I waited as long as I could to retire, finally getting laid off (again) at 68, from a miserable in a soul-sucking job with a horrible commute. I retired, and now, I'm not rich but I FEEL like I'm rich because I free, no commute, no "monkey suit," no performance revews... when you retire you can do exactly what you want. If you need more money, get a side hustle... mine is writing and publishing - all online. Listen to what Sarasota Jim is saying, he's right.
Don't be a Slave to a Employer. Work and work, then die especially if you're not married and the Government wins . And they love winning. You paid into Social Security all those years and didn't take it @ 60 but you decided to wait until 65 or 77 but you died unfortunately. They got all of your money and they are smiling. Don't delay! Tim is exactly right. Your health declines after age 60 . My closest Friend died of Cancer. He was a Heath Nut . Didn't drink, no red meat. Ran everyday. He was 56 . Worked all his Life . Left his wife and 3 children. Life is precious.
Fantastic video! I'm completely on board with your perspective! It's essential that retirement benefits are accessible from the age of 55. Personally, I've decided to retire at 62 because my job is incredibly demanding and stressful, and I'm really starting to feel the effects of my age.
I retired from the Military at age 41 with a nice pension. I bought my house early on, and paid it off at 58. Paid off my cars, furniture, basically I have no debt. Started collecting my SS at age 62. My entire SS check goes into investments. I'm almost 64 now and in great health. I travel a lot for free via Space Available, cheap cruises because I'm a Florida resident. I live well below my means. I get a lot of discounts, and live in a 55 plus community. Life is good, I'm crushing it, lol. Thanks Tim, I agree!
🌺You are right about the body changing. So am the same age as you and did the same thing regarding social security.
🎉 A couple weeks ago, was on a temp job wearing heels going up stairs for the job, and after about a week of that my right leg locked for 2 or 3 days.
🌺 Could barely drive. Had to use my left foot for the brake. Teeth are falling apart.
🍁 Things started happening after 60.
You are so right.🍀
Have to make sure one is healthy, especially happy, financially and emotionally stable to have a good base
For life. Thank you for all you do.🌻🌼🌻
When i turned 70 my body pretty well stayed the same. But my brain changed - I got lazy 🙂. It's like I want to do as little as I can in the way of work 🙂. All I want to do is enjoyable things. But before 70 I was a worker.
IKR? I've bought more bandaids/1st aid junk in the last 5 years than in the previous 45.
@@benton-benton Interesting!!!👍👍👍
Tim, really enjoy watching the boats go in and out at Boynton Beach. Took my social security at 62, no regrets. Some of us boomers do not make it to 62, let alone 67.
Good point. I started SS at 66. I had a big income so I didn’t need it before 66.
I would love to retire at 62, but my biggest concern is insurance.
At 62 I started SS. $2343.00 per month. I've been contributing since I was 13. Not in a million years was I going to leave that much on the table each month. I retired at 55. Work sucks.
Hahaha like your attitude!😎
My husband was able to retire early at 55. I retired at 62. In my opinion retirement should be 55. Love your videos! Thx for sharing..
I'm 55, I'm trying to pay off house in 5 years. I will be debt free. So at 60, I'll have about $1500 a month to "have fun with" . I get 4 weeks of vacation per year and my place has cheap health insurance. If I retire at 62 I would barely have enough to cover bills. Never smoked, gave up drinking years ago, and I'm active. I get what you are saying but at 62 I'm only getting $1400 month from SS and $400 from pension and maybe $400 from a 401k Less than $2400 a month to live on is not much once you start putting basic expenses on the balance sheet.
Of your $1,700. How much extra money do you have left over every month? Not much. Of $2400. How much money left over each month? Probably a lot more. Do not have to budget as tightly.
I'm 63 1/2. Had I started SS at 62 I would have received 22K a year. By delaying just 3 years I will begin enjoying 6K more a year at 65 and every year thereafter than I would have been receiving if I filed early at 62. And COLAs will be on a higher amount going forward too. Worth the wait. If you can afford to delay then delay. The only reasons to collect at 62 are if you have no choice or you don't think you'll live much longer.
The government wants you to wait and hopefully die before they have to pay you...I'm 62 and will start getting mine back next month....I want to get back every dollar I can...you could die tomorrow and get nothing....
I'll have close to a million in my 401K at 62, my house will be paid and I own two rental properties that are paid for. I'm not delaying.
@@Michael-Joseph123 Yes, he made poor decisions. That guy could of bought a house dirt cheap, but never seized the opportunity. He seems like a good guy, but stocking shelves in my 60's is a hard no for me.
My parents were both dead by 68. I am 57 and already had an aggressive form of cancer; caught early but still. I think 62 sounds magical. Probably not doable though.
@@CasiodorusRex weak flex
Great analogy Tim. I'll be turning 62 in October of ,24. Definitely after viewing your vlogs,its convinced me more than ever to retire sooner. I've got pension with full benefits from another job, that I retired from in 2020. I was thinking greedy to wait til 67. Ha! I'm in great health now, at the moment I take no medication whatsoever. I will take advantage of this. My wife and I will travel and enjoy life.
You sir are back on the rails. 🤙😎
Same here sir. 👍
@@tailgatecarpenter26defer social security to get the max payout? Does that help for taxes? Is that current pension taxed? Thanks for sharing!
If you’re in great health the numbers tell you to hold off on collecting SS.
@@KaayJaay 67 is better for me. I can't live on $980 at 62 . If I work , they take it all back . Age 70 pays more , but you lose three years.
Thanks Tim. I'm in Canada , but still applies more or less. I'm pulling the pin on retirement this Novermber. I'll be 62.
Working those extra 3-4 years where I work won't make me that much richer , and I lose all that free time.
Hose paid , no big debts , CC always paid off. Time at our age more important than money. Can't enjoy it once you kick off. Especially if you have kids. Thanks . Pete
Filed at 63 due to company being shut down. No regrets, fortunately we had health insurance until 65.
“You can be young without money but you can't be old without it. You've got to be old with money because to be old without it is just too awful"
-- Tennessee Williams
👋 Hi Tim, 👋 Hi Tammy!
The hard part of collecting at 62 is no insurance. Have to wait for Medicare at 65 or you’ll be paying a lot in insurance.
You'd have no insurance anyway unless you already working for an employee that offers it. Many considering this don't.
You convinced me. I’m collecting at 62. Thanks for saving me a lot of heartache and probably a lot of others too
Tim & Tammy first off hello to the both of you! I have been contemplating taking mine at 62 and have researched it and you are right. The only way it benefits you to take it at 67 is if you live past 80! Like you say what the hell are you gonna do past 80? Not much because you wear out! I'm convinced now I'm taking mine at 62. The only thing I have to work out is the insurance. I already do side hustles so I will just continue doing them. It will be me time then! Thanks for all your advice and hard work researching this subject! Tim you are pulverizing it!!!
I turn 65 in November, have not had insurance since 62. It was too expensive. I started working part time then, I started SS at 64. I paid out of pocket for ear infection, about 320.00 for two doctor visits and 45.00 for meds. If you are healthy I would not worry yourself about it.
@@michaelanthony1797 That's damn good advice! I am healthy and take care of myself so I might not need to worry about it. At 65 I can get Medicare anyway
@@RickMartinTH-cam You don't know me bro! You do you and I will do me
@@RickMartinTH-camyou can stash money from your side hussle too, just because you have a side hussle doesn’t mean you have to spend it all, and you can do fun jobs.All at your own terms and not stressing out.
@@RickMartinTH-camThis.
Depends on your goals and needs. If you understand SS as insurance, and you have a spouse that will depend on the increased amount as a survivor benefit then it may very well make sense to wait until the FRA. However, if the goal is to simply extract the most dollars, then the strategy of drawing SS at 62 may well be the best approach especially if one anticipates death in the early 80’s. However, delaying until 70 provides the highest rate which also takes better advantage of COLA increases. After one is unable to do side hustles and must rely on SS for income, especially if they live into their late 80’s or 90’s it will then be a welcome subsidy. Again, it all depends on one’s situation, goals and needs. The longer one lives, the more they may need the higher rate that comes with delayed SS. The most valuable thing that may be related to this whole discussion is that people would start to engage and consider the various aspects of social security and Medicare before they are in the situation, where they need to make an emergency decision without careful consideration.
In any regard, you are CRUSHING IT! 😊😊😊
@@semosancus5506It's based on both. Spousal benefit is based solely on age spouse takes it.
@@semosancus5506 I think when you collect survivor benefit you get amount of the person you survived when they collected so i they collected at 62 the survivor benefit would be less. The spousal benefit (1/2 of the primary SS benefit) doesn't matter when the primary collected. th-cam.com/video/hH2xk-qeepE/w-d-xo.html
@@mtnshelby7059 - Exactly. If you work from home and you enjoy your job, why not work a couple extra years for insurance? Now if you hate your job, I would quit even if I thought it could be a little early. If I hate my job, I would take the chance and retire even if I was only 50-50 on whether or not I would later have to go back to work. Lifes too short to hate the job you do. I'd just retire and do a side hustle...something I like to do.
Finally, someone with a logical comment that everyone should research.
Let's not forget I think on average Women (wife) tend to live 15 or more years longer than men (husband). I think that needs to be factored into your personal planning too.
Only works at 62 if you are getting a higher social security payment. Or if you have lots in savings. I worked for 40 yrs and still only get 1151 before subtracting medicare and supplement ins. I have to work until i die to have enough for necessities. Not everyone gets 1800 or more in social security. Great for those with higher paying jobs. But millions of people are not able to do that. It has nothing to do with being lazy or uninformed.
Just tell everyone that the break even point between 62 and 67 is roughly 77.5 years of age and be done with it