Whiteboard for the win 😀 Selecting when to take SS for yourself and spouse are unique in every case. It’s very personal. It is hopefully, just one piece of a strong retirement plan. Good point, optimal is not always the best from a report.
Yes! Great video! Each situation is different. In my situation, I have not found any scenario that would suggest "any best time" to collect SS. My work conditions and health holds the trump card. If my job conditions remain favorable as they are, I see no reason to collect a tiny $2300-ish SS check. Next is health. If I remain healthy, no need to quit work. My current work schedule allows for travel, family time, leisure time, etc. If they bump up my work hours then it might make sense for me to quit and collect.
Hey, you're using common sense. Pretty sure that's not allowed on social media. I agree that I don't see any large difference when SS is taken just looking at numbers. I'm 67 and waiting until 70. But if I'd take it at 62 and banked every penny, invested well, got lucky, and only live until 93 it would have been the same as taken it at 70. My assumption is the people who worked this all out were actually trying to make it fair to people who really had to take SS early. And I know it seems like every early taker uses the investment rationalization but in reality the money gets blown on buying junk. They lived their whole life check to check, not changing now.
Same here...turning 70 in a few months and going to take SS and keep working for a couple of more years, unless things at work go bad, then I will leave.
I don’t worry about the break even point I don’t worry about how much I’ll collect before I die. The only thing I care about is how much I’ll have coming in each month while I’m alive. I’m retiring at 65 and eight months. My full retirement is 66 and eight months. I will wait till at least that time to get my Social Security.
sure, it makes sense, IF u're going to live well past the breakeven point and more importantly, don't mind the opportunity cost of the $ u have to live on (probably pulled out of the market) while waiting til age 70
@@waterbug1135 if u go to the SS website and play w/ different values, u'll see that u're getting the same amount from them no matter when u start, assuming u live near the projected lifespan (many videos will tell u that as well)
@@waterbug1135 - You need to learn more about where COLA gets eaten up. Last year it was high so people actually saw a boost, but most years the COLA is eaten up by the rise in Medicare cost for most people. Thus, they see no actual additional monies to help them. Also, I love when people incorrectly state they will get an 8% return for delaying (I know you did not say this in your comment) SS. This is absolutely false. You are getting an 8% bump in future cashflow for each of the three years you delay beyond FRA. But that additional monies comes at the lump sum cost of everything you passed up receiving to get it and now you have to live beyond 82.5 years of age to win. But you'll never live long enough to get even money on what you risked to get the extra and your win (IF you don't die before then, which MOST will) comes at an age you won't likely be enjoying it as most at that age are at home hoping they don't fall and break something. Just a bad gamble in so many ways.
I don’t and won’t have a spouse to consider. I plan to wait till at least my FRA. That extra 8% gain per year waiting till 70 will be tempting though. I do have a monthly pension and investments. I would not spend down any of my investments to delay till 70. When I die no one will be able to draw on my SS. It ends. However, my daughter will receive all of my unspent investment monies.
I'm 67, no kids, never understood this "leave it to my kids" thing. If that's you plan, why not give it to her now? You can give her up to $13.61 million tax free. At least you'd get to see the money used by someone even if you had no use for it. I am planning to move to SE Asia next year, find a good woman and have kids. My woman will be taken care of for life, but my kids only thru college and then a small amount to get settled in the US if the want. My Mom and Dad are over 90 and sure hope they aren't hoarding cash to leave to me. What would I do with it? It's not just the 8% gain, but also the COLA for life on that gain. Since I suck at predicting the future, unlike most everyone, I think COLA is a pretty sweet deal. Not a huge amount but if we get into years of 15-30% inflation that hedge will be nice.
I wonder what the percentage of death is for people between FRA and 70 and for that matter post 62 to 70 . You hit the starting line 62 decide not to collect until FRA or later but dirt nap before pulling the trigger living off IRA and other savings...big win for SS and a big loss for heirs or charities you would have left your IRAs to..
@@markbajek2541 Good point. I could use dividends from my investments to supplement my monthly pension until 70 without touching the principle shares. It would still be money spent I couldn't leave to my daughter though.
For Americans 65 and older... 36% say they are single. 57% were married (2022). 7% apparently answered something else. I assume you one of the 93% of Americans who think everything is "fake", data lies and only you and the dude you listen to on TV or online knows the truth. Where are you getting your...was going to say numbers, but "more than" isn't a number, so I'll assume thin air was your source.
yep single projections would be nice as an aside little window. The trouble I see is couples plan on not dying too far apart and you'll see videos like " can sally and dave live off combinded SS of $4734" and suddenly it's cut almost in half when one dirt naps. Now" can Sally or Dave alone live off $2500," should they buy a three step ladder for dumpster diving, maybe some decent gloves, and sanitizing wipes or gels?
Can I draw Social Security at 70 and still work full time? You can receive benefits even if you still work. Waiting beyond age 70 will not increase your benefits. You can claim your retirement benefits now. Because you are age 70 or older, you will receive no additional benefit increases if you continue to delay claiming them.
I hope you applied for your SS. You won’t be penalized any on SS once you reach your full retirement age. You have done that. You get no more increases after 70. Please don’t leave that monthly check to the government.
@@greyholcombjr.9623 - True, but many people enjoy their job. And if he is making big bucks, why not wait to collect SS? For example: Let's say he makes $10K per month. His SS check might only be $4K per month. If he enjoys his job, why would he want to leave $6K per month from his job on the table? You can do a lot of traveling and other things on the extra $6K per month.
Do you know how much percent you get of your exes social security you will get if he retired early? Because I’m thinking about retirement this year I’ll be 62 and He draws more then I will. I also have a retirement can I pay all my bills off with that then out the rest inti something that will draw interest and draw a monthly amount off if that if? Any suggestions on what I should do?
This can be complicated and I can't answer without knowing how long you were married and a few other details. I'm happy to dig deeper if you like. Just email darryl.rosen@gmail.com. Also depends on when he began collecting, etc. We have to be careful in filing for social security too early.
Question: retired at 69 5 months..according to my statement at age 70 I’ll have benefit 4300..my wife is 69, just started receiving benefits 688.. what will my benefit be monthly with spousal benefit? Enjoy videos..
Her benefit should be 1/2 of your full retirement age benefit as long as she is her full retirement age. Not half of 4300 but whatever your benefit was to be at your full retirement age. Good benefits, though!!!
Am I seeing something in the wrong way? If you wait until 70 and you get much more $$ per month, isn't because you left a lot of money on the table than if you started taking it at 67 or sooner?
Correct. Works like a savings account. The more you leave in and the longer you leave it the bigger it gets. But there aren't any savings accounts giving 8% plus COLA for life so it's the sweetest savings account ever.
I will file at 70. Many reasons but the #1 Reason : My wife will get my much higher Soc Sec Pmt for the rest of her life. And my $1K pension for life. That gives her $4500 a month. She can at least sleep soundly at night. Visit the grandkiddies all she wants.
Kind of the same for me...sort of. I'm also waiting until 70 (67 now). I divorced wife #2 when I was 59 so that wife gets $1150/mo based on my FRA amount. Next year moving to SE Asia, finding a good woman to have some kids with. We'll be getting $3800/mo (today's $) SS. She'll be set for her life based on income from my savings. If I pass before our kids reach 18 they'll get a $6840/mo SS child survivor benefit. Pretty cool how we're always looking out for women.
60 ? Cant pay the $ Bills ? All the more reason to collect at 70. If you've been irresponsible with $ money you need to keep working until 70. Or you will live on crackers & tomato soup.
In my deathbed I doubt I'll be thinking "I wish I took SS at..." I retired at 45 and now 67 so still have no need for SS. 8% plus COLA is a great investment so I'm waiting. BTW, today my total assets besides my house and car is $7k. I think most people would think that impossible.
I stopped working at 43, now 13 years later at 55 I have zero plans to wait beyond FRA. Just a bad GAMBLE which most will lose on. If the government were the House (Casino), they LOVE those who delay because they know even if there are a few winners, the house is winning overall and by a lot.
81 is not the correct answer for ANY break-even! At age 79 the person collecting at 67 just surpasses the person who started at 62 (took 12 years). But MORE THAN HALF of the people in America will die before age 80. Which means more than half either lost on delaying till 67 or at best broke-even. It takes the person who waited till 70 to collect 10.5 years to surpass the one started at 62, at age 80.5....but the person collecting at age 62 collected for 18.5 years (8 years longer) and at 80.5 you are past the point where more than half the people died. It takes those who started at 70 and additional two years before finally surpassing those who started at 67 at age 82.5. Now NONE of these B.E.s are accurate if you had already stopped working before you started collecting SS......for instance if you stopped working at 62, but waited to collect till 67 or 70, you would have to ADD all the money you ate up from your own assets to the BE equation. I can tell you in nearly every case, it is NEVER worth delaying to collect SS if you are eating away at your own money to do so. When you add that money to the BE it stretches the years of the BE point beyond what the vast majority of people will ever live and even if you do, you'll be too old to enjoy it. Collect when you first can after you stop working!! All this was based solely on the numbers....when you add how delaying robs you of your best retired physical years it only makes sense to delay to satisfy your fears!! I don't make fear based financial decisions as the are rarely correct or work out!
@@JohnBowl14690 - Well I hope if you are considering retiring that you are in financial shape to do so....otherwise you have to do what you have to do. When you are ready to retire, yes $2K (if that's what you'll get) is better than WORKING for $5K per month...which is NOT RETIRED!! Furthermore, maybe you missed where I stated "Collect when you first can after you stop working!!" Which means you have retired!! But hey, if YOU want to work until the day you die because you can always earn more working than you would get being retired, then go ahead and work till you drop dead. Many have! But then you are not making any argument against waiting to collect if you are not able to? So what's your point? Clearly from your comments you are not in a position to do so. I stopped at 43 and have been enjoying my life. If I am doing something I love when 62 rolls around then I will postpone collecting early simply because I would have to return it anyway due to earning limitations....and if I love what I am doing I won't care. However, I will NEVER delay beyond my full retirement age of 67 because the earning limitation is gone and waiting till 70 is a bad bet for MOST people! Also, using skewed data that eliminates all those who have died before you does not increase YOUR life expectancy. Your own personal health and family history are factors you should weigh in determining your life span....not skewed data providing you the false impression your chances of living longer have increased simply because you have had another birthday.
@@tomm8025 - 1) You say that "you stopped", but you're earning beyond the limitations of SS. I'm lost. 2) Yes, it's very possible that I may work until I die. A while back, I took off work for 4 months to see what it would be like in retirement. I was thinking of retiring back then. I came to the conclusion that I wanted to cut my hours to 24 hours per week, rather than retire. I've worked 24 hours per week since then. 3) The best age to collect is when you have done the math, and it works out in your favor. I'll post more on this later. 4) How can my data be skewed? You can't collect before 62. So when you file to collect at 62, the fact that "you could have died earlier" doesn't apply.
@@tomm8025 - (Part 2) Let me explain to why it's best NOT to fall into the fallacy that collecting SS (bread crumbs) is best before age 70. Example: A 70 year old male makes $20K per month and loves his job and is currently investing in vacation property that he plans to pass on in his estate for his childrens. He owes $150K left on his vacation property loan. Why would he want to try to collect right now at 70? He would have to quit work in order to do. Example: Dolly Parton hasn't retired. Warren Buffett hasn't retired. Andy Reid is 72 and is coaching the KC Chiefs today in the super bowl. Why should he retire? Give up his entire livelyhood just to collect bread crumbs??? Plus he makes $12 million per year. Sorry, but SS is nothing more than bread crumbs. If you hate your job, quit. If you don't have the time to do other things and spend time with your family....quit. But never quit to collect bread crumbs. You'll never achieve your goals if you fall into that trap.
@@tomm8025 - (Part 2) Let me explain to why it's best NOT to fall into the fallacy that collecting SS (bread crumbs) is best before age 70. Example: A 70 year old male makes $20K per month and loves his job and is currently investing in vacation property that he plans to pass on in his estate for his childrens. He owes $150K left on his vacation property loan. Why would he want to try to collect right now at 70? He would have to quit work in order to do. Example: Dolly Parton hasn't retired. Warren Buffett hasn't retired. Andy Reid is 72 and is coaching the KC Chiefs today in the super bowl. Why should he retire? Give up his entire livelyhood just to collect bread crumbs??? Plus he makes $12 million per year. Sorry, but SS is nothing more than bread crumbs. If you hate your job, quit. If you don't have the time to do other things and spend time with your family....quit. But never quit to collect bread crumbs. You'll never achieve your goals if you fall into that trap.
Thanks for explaining
Whiteboard for the win 😀 Selecting when to take SS for yourself and spouse are unique in every case. It’s very personal. It is hopefully, just one piece of a strong retirement plan. Good point, optimal is not always the best from a report.
THX for the feedback!
Very helpful.
Glad you think so! Thanks for watching!
Yes! Great video! Each situation is different. In my situation, I have not found any scenario that would suggest "any best time" to collect SS. My work conditions and health holds the trump card. If my job conditions remain favorable as they are, I see no reason to collect a tiny $2300-ish SS check. Next is health. If I remain healthy, no need to quit work. My current work schedule allows for travel, family time, leisure time, etc. If they bump up my work hours then it might make sense for me to quit and collect.
THX. There isn't "any best time" because we are not "future tellers!" Sometimes it's ok to make a decision that helps you feel comfortable!
@@TheRetirementGuyYT -100%!!
Hey, you're using common sense. Pretty sure that's not allowed on social media.
I agree that I don't see any large difference when SS is taken just looking at numbers. I'm 67 and waiting until 70. But if I'd take it at 62 and banked every penny, invested well, got lucky, and only live until 93 it would have been the same as taken it at 70. My assumption is the people who worked this all out were actually trying to make it fair to people who really had to take SS early.
And I know it seems like every early taker uses the investment rationalization but in reality the money gets blown on buying junk. They lived their whole life check to check, not changing now.
I just turned 70. I am still working cuz I like my job. I will have a pension and a SIP.
Same here...turning 70 in a few months and going to take SS and keep working for a couple of more years, unless things at work go bad, then I will leave.
I don’t worry about the break even point I don’t worry about how much I’ll collect before I die. The only thing I care about is how much I’ll have coming in each month while I’m alive. I’m retiring at 65 and eight months. My full retirement is 66 and eight months. I will wait till at least that time to get my Social Security.
Why? Just picked a date?
sure, it makes sense, IF u're going to live well past the breakeven point and more importantly, don't mind the opportunity cost of the $ u have to live on (probably pulled out of the market) while waiting til age 70
Are you actually making more than 8% plus COLA in the market? And is living past the breakeven really your retirement goal?
@@waterbug1135 if u go to the SS website and play w/ different values, u'll see that u're getting the same amount from them no matter when u start, assuming u live near the projected lifespan (many videos will tell u that as well)
@@waterbug1135 - You need to learn more about where COLA gets eaten up. Last year it was high so people actually saw a boost, but most years the COLA is eaten up by the rise in Medicare cost for most people. Thus, they see no actual additional monies to help them.
Also, I love when people incorrectly state they will get an 8% return for delaying (I know you did not say this in your comment) SS. This is absolutely false. You are getting an 8% bump in future cashflow for each of the three years you delay beyond FRA. But that additional monies comes at the lump sum cost of everything you passed up receiving to get it and now you have to live beyond 82.5 years of age to win. But you'll never live long enough to get even money on what you risked to get the extra and your win (IF you don't die before then, which MOST will) comes at an age you won't likely be enjoying it as most at that age are at home hoping they don't fall and break something. Just a bad gamble in so many ways.
At age 67 to age 70 that's .7 per month so is that calculated per month? Example 3363 X.007 + 23.54 then 3387 X .007 23.70 3386 plus possible colas.
.667%
I don’t and won’t have a spouse to consider. I plan to wait till at least my FRA. That extra 8% gain per year waiting till 70 will be tempting though. I do have a monthly pension and investments. I would not spend down any of my investments to delay till 70. When I die no one will be able to draw on my SS. It ends. However, my daughter will receive all of my unspent investment monies.
I'm 67, no kids, never understood this "leave it to my kids" thing. If that's you plan, why not give it to her now? You can give her up to $13.61 million tax free. At least you'd get to see the money used by someone even if you had no use for it.
I am planning to move to SE Asia next year, find a good woman and have kids. My woman will be taken care of for life, but my kids only thru college and then a small amount to get settled in the US if the want. My Mom and Dad are over 90 and sure hope they aren't hoarding cash to leave to me. What would I do with it?
It's not just the 8% gain, but also the COLA for life on that gain. Since I suck at predicting the future, unlike most everyone, I think COLA is a pretty sweet deal. Not a huge amount but if we get into years of 15-30% inflation that hedge will be nice.
I wonder what the percentage of death is for people between FRA and 70 and for that matter post 62 to 70 . You hit the starting line 62 decide not to collect until FRA or later but dirt nap before pulling the trigger living off IRA and other savings...big win for SS and a big loss for heirs or charities you would have left your IRAs to..
@@markbajek2541 Good point. I could use dividends from my investments to supplement my monthly pension until 70 without touching the principle shares. It would still be money spent I couldn't leave to my daughter though.
only if you enjoy having enough to live on....
More the half of the 65 and older group are single, yet you guys always talk about what married couples do in retirement.
For Americans 65 and older...
36% say they are single.
57% were married (2022).
7% apparently answered something else.
I assume you one of the 93% of Americans who think everything is "fake", data lies and only you and the dude you listen to on TV or online knows the truth. Where are you getting your...was going to say numbers, but "more than" isn't a number, so I'll assume thin air was your source.
yep single projections would be nice as an aside little window. The trouble I see is couples plan on not dying too far apart and you'll see videos like " can sally and dave live off combinded SS of $4734" and suddenly it's cut almost in half when one dirt naps. Now" can Sally or Dave alone live off $2500," should they buy a three step ladder for dumpster diving, maybe some decent gloves, and sanitizing wipes or gels?
I’m 70 and still working I haven’t applied for Social security yet but if I do would I be penalized on how much I make?
Can I draw Social Security at 70 and still work full time?
You can receive benefits even if you still work. Waiting beyond age 70 will not increase your benefits. You can claim your retirement benefits now. Because you are age 70 or older, you will receive no additional benefit increases if you continue to delay claiming them.
I hope you applied for your SS. You won’t be penalized any on SS once you reach your full retirement age. You have done that. You get no more increases after 70. Please don’t leave that monthly check to the government.
@@greyholcombjr.9623 - True, but many people enjoy their job. And if he is making big bucks, why not wait to collect SS? For example: Let's say he makes $10K per month. His SS check might only be $4K per month. If he enjoys his job, why would he want to leave $6K per month from his job on the table? You can do a lot of traveling and other things on the extra $6K per month.
"I make" meaning job income? SS is reduced based on income only for people taking SS before FRA which was probably 65 for you.
If I was married for 10 years, divorced and did not remarry, can I take my spouses benefit amount assuming I don't remarry?
In most cases yes
Do you know how much percent you get of your exes social security you will get if he retired early? Because I’m thinking about retirement this year I’ll be 62 and He draws more then I will. I also have a retirement can I pay all my bills off with that then out the rest inti something that will draw interest and draw a monthly amount off if that if? Any suggestions on what I should do?
This can be complicated and I can't answer without knowing how long you were married and a few other details. I'm happy to dig deeper if you like. Just email darryl.rosen@gmail.com. Also depends on when he began collecting, etc. We have to be careful in filing for social security too early.
Question: retired at 69 5 months..according to my statement at age 70 I’ll have benefit 4300..my wife is 69, just started receiving benefits 688.. what will my benefit be monthly with spousal benefit? Enjoy videos..
Her benefit should be 1/2 of your full retirement age benefit as long as she is her full retirement age. Not half of 4300 but whatever your benefit was to be at your full retirement age. Good benefits, though!!!
I’m thinking my sweet spot is 65 and 10 months
Am I seeing something in the wrong way? If you wait until 70 and you get much more $$ per month, isn't because you left a lot of money on the table than if you started taking it at 67 or sooner?
Correct. Works like a savings account. The more you leave in and the longer you leave it the bigger it gets. But there aren't any savings accounts giving 8% plus COLA for life so it's the sweetest savings account ever.
I moved to America when I was 67.How do I collect a Federal welfare check like other seniors I know?
You should have come to the USA sooner. You don’t have the work credits to qualify. You can use any funds you brung with ya, or work till you die.
@@greyholcombjr.9623 All I want is a Federal welfare check like all the other old people who live near me.
Hahaha "Federal welfare". You funny man.
You might qualify for some state medicaid and cash assistance benefits depending on the state you live in and your income level.
I will wait to 70 for wife's benefit. Don't need the money, so why would you take it early.
I will file at 70. Many reasons but the #1 Reason : My wife will get my much higher Soc Sec Pmt for the rest of her life. And my $1K pension for life. That gives her $4500 a month. She can at least sleep soundly at night. Visit the grandkiddies all she wants.
Kind of the same for me...sort of. I'm also waiting until 70 (67 now). I divorced wife #2 when I was 59 so that wife gets $1150/mo based on my FRA amount. Next year moving to SE Asia, finding a good woman to have some kids with. We'll be getting $3800/mo (today's $) SS. She'll be set for her life based on income from my savings. If I pass before our kids reach 18 they'll get a $6840/mo SS child survivor benefit.
Pretty cool how we're always looking out for women.
60 ? Cant pay the $ Bills ? All the more reason to collect at 70. If you've been irresponsible with $ money you need to keep working until 70. Or you will live on crackers & tomato soup.
Hahaha think I've left that same comment many times.
70? of course...
In my deathbed I doubt I'll be thinking "I wish I took SS at..." I retired at 45 and now 67 so still have no need for SS. 8% plus COLA is a great investment so I'm waiting. BTW, today my total assets besides my house and car is $7k. I think most people would think that impossible.
I stopped working at 43, now 13 years later at 55 I have zero plans to wait beyond FRA. Just a bad GAMBLE which most will lose on. If the government were the House (Casino), they LOVE those who delay because they know even if there are a few winners, the house is winning overall and by a lot.
81 is not the correct answer for ANY break-even! At age 79 the person collecting at 67 just surpasses the person who started at 62 (took 12 years). But MORE THAN HALF of the people in America will die before age 80. Which means more than half either lost on delaying till 67 or at best broke-even. It takes the person who waited till 70 to collect 10.5 years to surpass the one started at 62, at age 80.5....but the person collecting at age 62 collected for 18.5 years (8 years longer) and at 80.5 you are past the point where more than half the people died. It takes those who started at 70 and additional two years before finally surpassing those who started at 67 at age 82.5.
Now NONE of these B.E.s are accurate if you had already stopped working before you started collecting SS......for instance if you stopped working at 62, but waited to collect till 67 or 70, you would have to ADD all the money you ate up from your own assets to the BE equation. I can tell you in nearly every case, it is NEVER worth delaying to collect SS if you are eating away at your own money to do so. When you add that money to the BE it stretches the years of the BE point beyond what the vast majority of people will ever live and even if you do, you'll be too old to enjoy it.
Collect when you first can after you stop working!!
All this was based solely on the numbers....when you add how delaying robs you of your best retired physical years it only makes sense to delay to satisfy your fears!! I don't make fear based financial decisions as the are rarely correct or work out!
THX for the reply
@@JohnBowl14690 - Well I hope if you are considering retiring that you are in financial shape to do so....otherwise you have to do what you have to do. When you are ready to retire, yes $2K (if that's what you'll get) is better than WORKING for $5K per month...which is NOT RETIRED!! Furthermore, maybe you missed where I stated "Collect when you first can after you stop working!!" Which means you have retired!!
But hey, if YOU want to work until the day you die because you can always earn more working than you would get being retired, then go ahead and work till you drop dead. Many have! But then you are not making any argument against waiting to collect if you are not able to? So what's your point? Clearly from your comments you are not in a position to do so.
I stopped at 43 and have been enjoying my life. If I am doing something I love when 62 rolls around then I will postpone collecting early simply because I would have to return it anyway due to earning limitations....and if I love what I am doing I won't care. However, I will NEVER delay beyond my full retirement age of 67 because the earning limitation is gone and waiting till 70 is a bad bet for MOST people!
Also, using skewed data that eliminates all those who have died before you does not increase YOUR life expectancy. Your own personal health and family history are factors you should weigh in determining your life span....not skewed data providing you the false impression your chances of living longer have increased simply because you have had another birthday.
@@tomm8025 -
1) You say that "you stopped", but you're earning beyond the limitations of SS. I'm lost.
2) Yes, it's very possible that I may work until I die. A while back, I took off work for 4 months to see what it would be like in retirement. I was thinking of retiring back then. I came to the conclusion that I wanted to cut my hours to 24 hours per week, rather than retire. I've worked 24 hours per week since then.
3) The best age to collect is when you have done the math, and it works out in your favor. I'll post more on this later.
4) How can my data be skewed? You can't collect before 62. So when you file to collect at 62, the fact that "you could have died earlier" doesn't apply.
@@tomm8025 - (Part 2) Let me explain to why it's best NOT to fall into the fallacy that collecting SS (bread crumbs) is best before age 70.
Example: A 70 year old male makes $20K per month and loves his job and is currently investing in vacation property that he plans to pass on in his estate for his childrens. He owes $150K left on his vacation property loan. Why would he want to try to collect right now at 70? He would have to quit work in order to do.
Example: Dolly Parton hasn't retired. Warren Buffett hasn't retired. Andy Reid is 72 and is coaching the KC Chiefs today in the super bowl. Why should he retire? Give up his entire livelyhood just to collect bread crumbs??? Plus he makes $12 million per year. Sorry, but SS is nothing more than bread crumbs. If you hate your job, quit. If you don't have the time to do other things and spend time with your family....quit. But never quit to collect bread crumbs. You'll never achieve your goals if you fall into that trap.
@@tomm8025 - (Part 2) Let me explain to why it's best NOT to fall into the fallacy that collecting SS (bread crumbs) is best before age 70.
Example: A 70 year old male makes $20K per month and loves his job and is currently investing in vacation property that he plans to pass on in his estate for his childrens. He owes $150K left on his vacation property loan. Why would he want to try to collect right now at 70? He would have to quit work in order to do.
Example: Dolly Parton hasn't retired. Warren Buffett hasn't retired. Andy Reid is 72 and is coaching the KC Chiefs today in the super bowl. Why should he retire? Give up his entire livelyhood just to collect bread crumbs??? Plus he makes $12 million per year. Sorry, but SS is nothing more than bread crumbs. If you hate your job, quit. If you don't have the time to do other things and spend time with your family....quit. But never quit to collect bread crumbs. You'll never achieve your goals if you fall into that trap.