He has such a gentle way of explaining things....kind of like my dad, RIP. I wish I paid better attention when he instructed me on personal finance, but I was younger and naïve. Now that I am older than Mr. Cardinal Advisor, it is making more sense. I guess it is better late than never to learn!
After FRA, does it make sense to claim on a month other than you birth month? The SSA will only send the full benefit with the partial year of Delayed Credits on birth month. For instance, if you claim at 68.5, you will initially get benefit checks as if you filed at 68. Later at age 69, you will get the appropriate increase; the short fall is never paid but it is only shortage of 11 months.
I am utterly thankful for stumble upon this educational program from you, God bless I am turning FRA next year Aug 2023, I planned to collect my benefits (still working til Aug) in Mar which $66 less per month but I will paying off my mortgage when Aug comes, so $66 is nothing compared to paying off the mortgage; it prompted me to ask you this question, so as I am still working while collecting, does my benefits increase in later date from the Retirement Benefit? Much appreciated.
How many month choices are there? One may sort-of start SS at the end of every month from ages 62 until age 70, so it would seem that there are 96 choices. For a select few, there are 96 choices, but for the vast majority, there are only 95 choices. In the eyes of SS, one attains their age on the day before their birthday and one must be eligible for the entire month to claim benefits for that month. Together these say that anyone born on the 1st or 2nd of a month may actually claim at the end of the month they turn 62, but all others must wait one more month, so they loose one of those 96 choices. The beginning of the month you turn 62 is not available because of the month of eligibility rule.
Mr. Scheil, @Cardinal Advisors, you mentioned the plan that your wife will wait for you to file and you plan to wait until age 70. You did not state your relative ages or if she has the necessary 40 quarters, but you did mention "on her earnings". If her benefit is small, why would you not encourage her to file at her FRA. At that point she would get something until you file at 70, at which time she would receive 50% of your PIA. This would provide a small amount sooner and the same amount later. That small amount might pay some or all of her Medicare cost. Perhaps the timing of couple filing is a great topic for another video.
draw at 62 if you have another income from retirement. Enjoy life while able and healthy. I was able to do that from a good career and paying cash for my homes and vehicles. I have SS and a income rider started years in advance of retiring. Getting the money 4 years from 62 to 66( 48 payments) ....it takes at least 13 years to get that 4 years of money from higher payments at 66. you will be about 80 if alive to get the 48 payments back from higher payouts
Only if your income 30 years ago was close to that at age 62. If your income at 62 to 70 is larger then you will get far more. In my case at 62 it is 1050 and at 70 it is 2920. Nearly triple in 8 years. Big ROI. 13.0% yoy.
You say your waiting until your 70... Are you not concerned it will run out of money. All the programs you here the Fed is talking about right now, does not have any plans to replenish the Social Security Trust Fund. I am 64, and I keep saying take it at 66 1/2 because it may be less by 70.
He has such a gentle way of explaining things....kind of like my dad, RIP. I wish I paid better attention when he instructed me on personal finance, but I was younger and naïve. Now that I am older than Mr. Cardinal Advisor, it is making more sense. I guess it is better late than never to learn!
Thank you Kathy. Your dad was a great father. Hans
Social Security is Federal welfare for seniors
After FRA, does it make sense to claim on a month other than you birth month? The SSA will only send the full benefit with the partial year of Delayed Credits on birth month. For instance, if you claim at 68.5, you will initially get benefit checks as if you filed at 68. Later at age 69, you will get the appropriate increase; the short fall is never paid but it is only shortage of 11 months.
I am utterly thankful for stumble upon this educational program from you, God bless
I am turning FRA next year Aug 2023, I planned to collect my benefits (still working til Aug) in Mar which $66 less per month but I will paying off my mortgage when Aug comes, so $66 is nothing compared to paying off the mortgage; it prompted me to ask you this question, so as I am still working while collecting, does my benefits increase in later date from the Retirement Benefit?
Much appreciated.
Sir you make me feel very hopeful and not a horrible person because my 401k is not a million dollars!
Is the social security benefit amount indicated on the s.s website accurate?
How many month choices are there? One may sort-of start SS at the end of every month from ages 62 until age 70, so it would seem that there are 96 choices. For a select few, there are 96 choices, but for the vast majority, there are only 95 choices. In the eyes of SS, one attains their age on the day before their birthday and one must be eligible for the entire month to claim benefits for that month. Together these say that anyone born on the 1st or 2nd of a month may actually claim at the end of the month they turn 62, but all others must wait one more month, so they loose one of those 96 choices. The beginning of the month you turn 62 is not available because of the month of eligibility rule.
If you take SS and have a fixed payment for life, do they adjust that later for inflation? Or only prior to the first payment?
Payment adjusted for inflation each year for the rest of your life
@@CardinalAdvisors NICE! Thank you
Mr. Scheil, @Cardinal Advisors, you mentioned the plan that your wife will wait for you to file and you plan to wait until age 70. You did not state your relative ages or if she has the necessary 40 quarters, but you did mention "on her earnings". If her benefit is small, why would you not encourage her to file at her FRA. At that point she would get something until you file at 70, at which time she would receive 50% of your PIA. This would provide a small amount sooner and the same amount later. That small amount might pay some or all of her Medicare cost. Perhaps the timing of couple filing is a great topic for another video.
draw at 62 if you have another income from retirement. Enjoy life while able and healthy. I was able to do that from a good career and paying cash for my homes and vehicles. I have SS and a income rider started years in advance of retiring. Getting the money 4 years from 62 to 66( 48 payments) ....it takes at least 13 years to get that 4 years of money from higher payments at 66. you will be about 80 if alive to get the 48 payments back from higher payouts
Only if your income 30 years ago was close to that at age 62.
If your income at 62 to 70 is larger then you will get far more.
In my case at 62 it is 1050 and at 70 it is 2920.
Nearly triple in 8 years.
Big ROI.
13.0% yoy.
You say your waiting until your 70... Are you not concerned it will run out of money. All the programs you here the Fed is talking about right now, does not have any plans to replenish the Social Security Trust Fund. I am 64, and I keep saying take it at 66 1/2 because it may be less by 70.
every one starts at 62 and no one has any money after that. nobody gets hired after they are 65. there is a lot of wishfull thinking in this.