Took mine at 62 and glad I did. I’m a retired RN.My reason to claim at 62 came after seeking part time work in a recovery room or an Intensive Care Unit - no takers for a retired RN over age 50. Researching further,I discovered I would receive an additional benefit for my child( who is a minor) amounting to half my max payment at FRA. The math and decision was easy, considering no takers for part time RN work and having a minor child. Two of my daughters are RNs . I advised them to stick with a pension plan as opposed to a 401K offered by an employer,and claim Social Security benefits at 62 .
@@christopherhennessey8991 nay, but consider I am cuz Uranus currently is transiting in my 6th house(Virgo's natural house) since 2015, hence for the past 6 yrs I tend to be analytical, critical and practical on finance which are god bless for a newly divorced lifetime housekeeper who's never been to bank, written a check and handled a ATM. i hv assets and fund yet choose to claim at 62 according to the simple math: average it takes every US citizen 15 yrs to compensate the diff between claim on 62 or FRA. early bird gets the worm, while my mum died at 71- Twiggy's age for now.
@@twiggie7834 Since you stated Uranus is in your 6 th natal house you likely have a Sag rising. I’m a Scorpio with a Cancer rising. Good for you claiming at 62.
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.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Reasons to consider claiming Social Security benefits at age 62 include early access to financial support, potential flexibility for retirement plans, health considerations, and the desire to enjoy retirement years sooner. However, it's important to weigh these benefits against potential downsides, such as reduced monthly benefits compared to waiting until full retirement age or even beyond. Ultimately, the decision should align with your individual financial situation, long-term goals, and personal circumstances.
Upon retiring from public services, I came to the stark realization of lacking passive income sources, resulting in financial stagnation over five years. The urgency to secure investments before retirement pushed me towards exploring solutions. Reflecting on my journey brings a strong sense of accomplishment, particularly in witnessing my investment yield returns of over 200% in less than half a year-an astonishing and transformative experience.
Undoubtedly, comprehending post-retirement wealth building amidst inflation is more accessible than ever. One can passively engage with a diversified market through a proficient portfolio advisor. The intricate effects of the U.S. dollar's fluctuations on investments present multifaceted considerations, reflecting a nuanced perspective.
Even if you lack expertise, hiring a professional is a viable option. As a project manager, my retirement pension portfolio of around $725k faced significant losses during the April crash. Swiftly enlisting a financial planner, I adopted a defensive strategy to safeguard my funds and capitalize on the downturn. Subsequently, I've garnered profits exceeding $250k.
@tommygrey824 I urgently require guidance to salvage my portfolio from substantial declines and formulate improved strategies. How can I establish contact with this advisor?
@@Believer292 Camille Alicia Garcia, serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
These are very valuable info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I've got $110k set aside to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession-influenced market, but to the best of my knowledge, it was through an F.A
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call. .........
I will get mine at 62. Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income. Thanks to fire movement.
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@davidforesto That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@Puneet Jajoo JR I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
@@davidforesto You are right, I am one of many who has benefited from investing with Regina Louise Collaro. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Regina made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
@traybern…. When you still have to have a plan……Social security was never intended to live on…. At best it is to replace 40% of your income during your working years……
Good commentary...but YOU MISSED the biggest point of why I might (and others) be taking my SS retirement at 62...it's call investing in a corrected down- stock market....can you imagine building a dividend portfolio with DOW at 15k...a 58% correction.... in one or two years....stock-piling unneeded social security money into dividend stocks at a bargain basement price when there's blood in the streets. I AM going to do better taking money at 62 and investing it into a correction- depressed stock market....for 5 to 7 years of portfolio dividend growth than waiting for my money at 67-70 after the stock market rises again. The tail end of the baby boomers ARE in for the biggest dollar gains in the collapse stock market....I'm loven it!!!
I retired from the military @ 41 but sill working. I'm 62 and now my doctor said I have severe arthritis on my right knee. Missing work alot of times. Thanks for the information. I'm going to file now no need to keep on working. Thanks.
I am so glad I waited until 66 to take Social Security. I needed to maximize my passive income. This was the right choice for me because retirement is not an option. I am 67 and spent the greater part of this year recovering from 2 hip replacements which affected my income. Hurray for Social Security.
I'm 55 turning 56 this spring...just subscribed to your channel, as I plan on retiring at 62 and taking Social Security at that time, along with my 30+ yrs of pension. This video was very helpful. I've had a handful of friends pass unexpectedly in their 50's having worked hard all of their lives. No social security for them. I've seen too much of people waiting until 70 to "supposedly" get the most bang for their buck. Glad to know the "break-even" point is approximately 78! Thank you Don!
I retired at 55 ,claiming my RN pension as I worked at the bedside 32 years. Claimed my Social Security benefits at 62 which blessed me with an additional benefit ( 1/2 of my max at FRA) as I have a child who is a minor.
@@johnscialfa7391 My benefit that I am currently receiving is 72% .However ,the additional benefit that I receive for my youngest child is half my max amt at FRA . A nice chunk of change for her. Just clarifying for you.
I am counting down the days till I turn 62 in 9 months....Got the..Big C...at 55yrs...in remission now. But I’m not kidding myself, I know I’m not gonna make it to 78 yrs.... I’m getting my SSR at 62 for sure! Got my home almost paid off with a low cost mortgage. And I do have my side hustle.
i retired at 60 and we got 20 years of doing what we wanted to do before i lost my wife of 54 years to open heart surgery. never put anything off till tomorrow because it may never come and that includes SS
You may not regret it but I will point out that since you're 87 you would have gotten a lot more if you waited since you lived past the break even point of 78.
I completely agree with not spending down savings and possibly not having funds to leave behind. The exception to taking social security early, of course, is if one is still working. If retired, go ahead and take it instead of savings, in my opinion.
All of the reasons you mention here are very true, and definitely apply to me. "Go-go, slow-go and no-go" are things you don't think about when you're young. But when you get to be 61 like me, yup! You're right on the money. I'm still in go-go, but the other years are reality! I'm claiming at 62 while I can still enjoy. Thanks buddy.
@@johnscialfa7391 Well, turned 62 2 mo ago. Got my first SS check direct deposit on May 12. BOY WHAT A GREAT FEELING. So glad I claimed my social security when I did. They pay on the 2nd Wed of the month so my next ck. is next week.💯 By the way, I had the "paperwork" done by January. Had a phone interview which was super easy. Everything flowed, no hitches. Good luck!
Great video. I retired 1 week ago at age 63 and 1 month. I don't need to take SS for about a year. But I chose to retire early so that I can maximize life, not money. If I worked longer I could have made more money, but what good will that do me when I am old or dead?. I would have retired a year ago if I could have worked out the insurance and money. I have zero regrets. Going to visit my granddaughter (who I have not seen in 16 months) next week. Would not have been able to do that if I were still working.
Love this info im trying to.encourage my in law to retire because they have bad arthritis and can probably get obamacare insurance .. till they hit 65 , the person is almost 63.. been working since 16
I plan to retire at 62 and move out from New York and go down south life style much cheaper remember better enjoy 😉 life while I can early then waiting to retire late with no guarantees ,while I’m still healthy also
Sounds great! Please don’t bring political values from the left that you’re flee from with you. The reason the “down south” states are a welcome relief from NY is because of conservative values. Be a true American that loves his country and good luck in retirement!
Political values from the left are already down south as political values from the right are already up north. This has nothing to do with when to file for Social Security. Everything thing is this country isn’t political, can we stop dividing ourselves on every issue, I mean damn!!!
I chose to retire at 62! Glad I did! 😎🙌🏽🙏🏽💜 I got board at home 🏡 not doing anything, so, I work part time at my local grocery store 15 hours a week .... I still love being retired 😊
Congratulations 🎉, that was the right decision for you. The moral to the story, for everyone on here, is that the time to collect SS is based on personal reasons and situation. What works for her, might not work for me him, and what works for him might nit work for me
Great video. I'll be 60 in April of 2022. Two more years and I'm done. The one thing nobody talks about in any of these videos is taking it at 62 because you simply do not want to work any longer. We don't have many years left to enjoy ourselves. Even one week vacation goes by so fast and then you're back to work. How nice would it be to go to Florida for the winter. Or maybe Florida for 4 weeks and then fly to Arizona. So nice when you have no place to be.
@@barrysimmons4546 the flaw is; what do you do for those 8 years from age 62 to 70 for income ? What if you didn’t have $7000 the maximum saved each year in IRA to hold you over for eight years ? What if your health declines in your late 50s and you need to retire at 62? What if you have to pay income tax on the company match contributions with 401(k) after you withdraw after 591/2 ? My full retirement age is 67 why wait three more years to get 8% more each year when I could enjoy retirement a little bit sooner?
I've been researching this question off and on for 3 years. this is the first video that clearly raises the consideration that "social security is a benefit that stays with the government." If I delay SS and die before break even, I just spent my estate AND gave the gov't back social security money that I've been earning since age 16. Kudos to you, Mr. Anders!!
Very good video... thanks. I'm 56 and plan to take SS at 62 for several of the reasons you mentioned. I just hope they don't push 62 back to 63 or 64 before I can get there.
I’m a divorce widow was married 35 years he remarried and passed shortly after that. Since I never worked throughout our marriage his pension company gave me a bit of unauthorized advice take whatever I can as soon as I can no one is guaranteed nothing in this Life...
My husband will be 62 in march. His first check is May ! We have a 16 year old and he will get half what my husband earns. If you have minor children or stepchildren you get a payment on them as well.
Collecting at 62 assumes someone will stop working. If you continue working you lose $1 for every $2 over about $20k until full retirement age. Without a nest egg to live on, it makes no sense to collect at 62.
Qe need to find a way to change when a widow only gets to keep one check. Other countries the widow keeps both since they worked together to receive retirement.
Each case is different but if you meet the criteria for spousal supplement you may want to con sider waiting until you’re 70. My wife and I did it and it resulted in collecting thousands of dollars more.
I've been thinking about taking retirement now at 62 while I'm still healthy enough to do things such as long walks, bicycling, etc. My wife has suggested taking it now at 62 so I'll receive it longer. Makes sense to me.
@@philipnicholson3216 If you and I are the same age and we are set to collect the same benefit. I start collecting at 62 but you start collecting at 67 who collects the most money? We both have now collected the same amount of money at age 78- however going forward after age78 you are starting to collect more than my original amount that I was collecting from age 62
I turn 62 in Oct. 2022. Doing my research NOW so I can make an informed and educated decision on whether taking my SS benefit at 62 versus waiting until 67 (or some age in between) would be the way to go. Three half-brothers died at 63, 65 and 69. A friend died from Covid-19 in April. She was only 52 and was planning her retirement in 2022 after 35 years with the agency. Furthermore, I know several people who took their SS benefit at 62 and looking back, not one of them have ever said they regretted doing so. Sadly, one of these friends died from cancer at age 70. A long life is not promised to any of us, but death is a promise. You may live to 100 and regret taking your benefit early, or you may died at 65 and not get SS at all. It is gamble.
A little late to this discussion, but since you don't plan to retire until later this year maybe it will help. I retired 6 years ago at age 62. My wife retired two years later when she turned 62. Like everyone else we did the math. That said too many people focus on the payment per month to make their decision. Keep in mind by taking your SS at 62 you will receive 96 checks before the person who waits until age 70 to take their SS. Changes are better than average that the 70 year old will never catch up to the head start you got by retiring early. You will also have had 8 more years of retirement. So 8 more years of retirement and more total money if you take your money at 62. Seems like a no brainer to me.
I’ve watched too many friends die early or have had sudden physical issues arise that prevented them from ever experiencing the things they had talked about doing in retirement for many years before. We are all on a degradation path and you will only be slightly worse tomorrow than today, so don’t ignore that slow process thinking you will have the same level of health and physical capabilities you do today in another 5-10 years. Once you can afford it, retire and enjoy all the things you wanted to do!!
Just turned 62 a few mo ago. Why these people say to wait and wait and wait to file...I don't just get it. Speaking for myself, I have health issues and can't get perm. disability so, screw it! I'm gettin' the money I've been working for all these years. When I got my first check I was stunned like too good to be true! Thank you Lord :-)
I disagree with your third point. That is where you assume that your income needs at in your 60’s will be greater than when one is older. You stated this slightly different when you said take the benefit early so you can spend in your go-go years; you won’t need so much in your go-slow years. I’m not yet at that stage in life. But I can relate the experience I saw with my mother. When she was in her 90’s, she went into an assisted care home. Her living expenses had been about $1,500 monthly while living in her paid for home. Suddenly, moving into a senior care facility, her expenses jumped to $4,000 monthly. Later, as she required higher levels of care, it was closer to $ 7,000 monthly. My advice to anyone taking soc sec early: just be sure you don’t live into your 80’s or 90’s.
No social security increase will cover LTC. You either need enough money to self insure or a LTC policy. So waiting on Social Security for LTC coverage is just giving that money away so Medicaid can kick in at that point.
1, inflation, $ becomes smaller by aging. 2, longevity and who knows what will happen in term of life expectancy 3, health/energy's decaying. SO TAKE IT ASAP
Yes - inflation is a factor, but the increase for waiting does outperform inflation. So some would argue that waiting gives you a greater inflation hedge. But if you have any other assets, then you can counterbalance it.
@@DonAndersEasyMoney hmm, for the time being, the inflation outperforms the increase is almost a certainty(pay attention when you go gocerying next time) , so most likely waiting gives a hedge of less or zero increase. for good argument sake.
@@twiggie7834 inflation is historically 3%-4% annually. That’s well documented and definitive. No need to make observations for that. The increase in Social Security is 6.5%+
I take my retirement social Security money when I’m 62 right away so I can enjoy my life because I’ve been working all my life so Yep that’s a good idea thank you for that
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
Let’s do the math on the break even point with the numbers you gave. If you took social security now to 70 you’d receive $3,313 x 48 months = $159,024 If we divide that by the increased amount you’ll get by waiting, $1,029 then we get your break even point. So $159,024 / $1,029 = 154.5 months 154.5 months / 12 = 12.9 years until you break even for waiting You’ll be 70 years old, so 70 + 12.9 years = 82.9 years old when you break even for waiting. So that’s why the reasons in this video matter. Will your go go years end before 82.9 years old? Will you live past 82.9 years old? Will you have bills paid off by 82.9 years old?
@@DonAndersEasyMoney Don your math is flawed. break even is closer to 80. Are you fat? Do you smoke? If not you should live in to your early 80's at least. Also what about your spouse?
@@edrodgers4581 it’s math. There’s nothing subjective about it… I literally did the math for you and showed it to you. And yes, there are other factors which is what this videos discuss. There’s no one size fits all
I was told by the Social Security Administration I would only receive $1200 per month When I wait until my full retirement age which will be August 25 ,2027 When I wait until December 1,2028 I will collect around 108% of my Social Security Retirement Pension funding I would rather wait it and work it for awhile. The later date is what my desire to wait for my Social Security Retirement Pension. I am earning much more than lousy $1200 per month. Plus I am funneling into the system who knows how the economy or the world will be like in 2028.
I think it’s best option at 62 for me. I appreciate this video. Only concern is if I can continue to work and how much I am able to make yearly is there a cap?
@@DonAndersEasyMoney There is no earning limit. Earn as much as you want to. If you have earned income, why collect at 62? Your check will be much larger at 70-.
Easy is right, the max you can earn at 62 is $19,560. After that they will take back 1 dollar for every 2 that you make. I am 65.6 now and fully employed. I plan on claiming SS at 66.6, my full retirement age to the tune of 2k per month. I will continue to work 3 years after and earn a full paycheck while contributing to my Roth IRA, 401k at the job, and Money Market Account.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
@@maryHenokNft Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
I appreciate the information. I did my own research, and your advisor seems to possess a great deal of expertise and knowledge. I've reached out to her via email and scheduled a phone call. I'm impressed by her expertise, and I'm looking forward to our discussion.
Another health-related consideration is, what if your job is killing you? Aside from black lung or something, what if it ties you down to a mind-numbing routine and sedentary lifestyle? Better to retire early, even to live poor, than to keep working until you die prematurely.
That’s a big consideration. Stress is one of the biggest risk factors for people, so why keep working if you’ve saved enough for retirement? One of my favorite things to do is to be able to tell someone who’s stressed and their job is killing them that they can retire.
@@sammencia7945 Jobs sometimes change in character over the years. I was somewhat exaggerating as far as my own job being sedentary, but I will say that what seemed creative and interesting 10 years ago eventually became quite repetitious and boring. Then, as the company successfully tripled in size, where I used to informally function as the main mechanical designer I was replaced by proper mechanical engineers and forced back into my official role of machinist. So instead of building what I want to build the way I want to build it, I'm now forced to figure out how to build something designed by somebody else with no concept of what is easy (or even possible) to do. And it is not just the matter of difficulty; we have experienced more mechanical failures of our products in last year than in the previous 10 years combined. It is stressful to constantly be faced with the choice of challenging/complaining vs. doing what I'm told to do. And by the way, I have never worked in ANY job for "decades." I even worked in a foreign country for a couple years, I have a patent in that country, and going on 15 years in my present job is by far the longest I ever stayed in one place.
I'm 63 and plan to defer mine until 65 at the earliest. I am fully retired and healthy, with a monthly pension from my former employer. I am debt free. I get my health insurance from the ACA ( obUmacare ). My subsidy is around $1200 per month, and my monthly premium is $0.0 . I can afford to wait. If I take it before Medicare @ 65, my monthly health insurance premium will increase substantially due to decrease of ACA subsidy. My SS benefit will increase, and in the meantime I will continue to receive a hefty subsidy from the Federal Government for my obUmacare. If it be the Lord's will of course.
I urge everyone to consider their own, unique situation and explore all options. Yes, for some people claiming at 62 is fine, maybe even best. But for most, it is not. The logic in this video is VERY simplistic and incomplete, and could lead many to make extremely bad decisions. Especially lacking is any mention spousal or survivor benefits. I'm much more concerned with making sure my wife is OK after I'm gone than my kids. Again, claiming at 62 may be fine for you. But please educate yourself on your options and the ramifications on the decision on when to claim.
This video talks about the reasons to take Social Security at age 62. Here is our playlist on Social Security including the reasons to do the opposite and wait to age 70: th-cam.com/play/PL3DPllT0o5iBBEw9a237zwVlx905iwlpv.html
Now I'm hearing and reading trying to retire again cuz I haven't had no work can't work in the doctors don't help now I read that all I can get is 750 dollars
While you made some good points on why to take it early, you shouldn't look at just one point but your whole personal situation. Two reasons why I'm taking it, is one because of taxes. I'm going to take advantage of many years of low tax years and two I like the longevity insurance if provides. I know I'm in good shape with no health issues so statistically the longevity insurance is a good bet but the taxes I'm going to save are guaranteed
What if I can balance travel and work? Then the reason to retire early because of the go go years gets diluted a little. Plus, I will be making the highest income I have ever made in my life. If you can afford to retire at 62 and take multiple trips a year during the go go years, then go for it. If you can keep working and take those same trips, and love your job, there is no reason to retire early. This video is also assuming that you are financially stable enough to retire at 62 and not have to work for an income greater than the current $20k or so a year limitation placed on early retirees.
If you have a job you may not have the freedom to go where you want when you want. Also, if you hate your job, you should retire when you are financially able.
Assumes constant income over 3 decades. If your best income years are ages 55+ then your SSA will increase greatly each year. 5% each year you work over 62. Also run a spreadsheet for each year of retirement at 67 and over, with that SSA invested 100% at age 67 68 etc. Add in your SSA at 67 and invest it all. 6 years working to 73 and huge gains, which waiting to 70 never are bested. When this is done, breakeven happens at age 86. Even ignoring "healthspan" most will never "break even". This assumes you do not hate working. 95% of people do. If you do not you are well ahead.
Yes its about health (for single people) and you can't predict your health tomorrow. You look at your current health and your family health. If one or both are bad and you are age eligible, start taking it. But you are totally wrong about beneficiaries (if married), you have a number of additional factors to consider delaying in that case.
The break-even point is between 79 and 80 years old and some calculations even state its 83. This is the point where delaying to age 70 actually pays off. That's 9-13 years after 70. Some things to think about. 1. Although Social Security payments are COLA adjusted, the rate is never the true rate of inflation as the government always underestimates it to put a positive spin on things. If you take it early, the funds you do get early are going to be worth more. 2. No one knows when they are going to die. Even if longevity runs in your family, you could be in a car accident and die, or contract a disease and die. Over 1 million people in the US died from COVID. 3. By taking SS early, you would be spending the money while you are younger and healthier. What's the advantage of waiting and not being able to walk a mile when you're over 80? There are other considerations though. If your spouse would benefit by waiting, you need to work for health insurance, or you want to keep working, then it may be beneficial to wait. The real question is: Why would anyone delay receiving SS early?
Why? They understand math and statistics, are not short term thinkers, are in Good health. I strongly suspect that most of you who take SSA early drink, smoke, do drugs, eat poorly, do not exercise, and are overweight. You all talk as though everyone on earth dies at age 65.
Also true fact statistically you'll live another 20 years after you turn 62. You're using confirmation bias And not only will you on average statistically live another 20 years, you have the information in your head right now of what your health is so you can make a good decision if that's statistically will fit you. Use your head not your emotions to make financial decisions
1,000 % agreed with your advised , very wise and I have always thought the same …. I will retire at 62 and YES I made up my mind long ago to take the SS at 62… no doubt about it ! TY! 👍
Reason I will not take it at 62,is I am still working.They penalize you, if you take it early and keep working.Also,my check will be double the amount I would get at 62,if I wait til i am 67.
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I have never heard the reasons that one might rationally take Social Security early expressed as well as you have.
Took mine at 62 and glad I did. I’m a retired RN.My reason to claim at 62 came after seeking part time work in a recovery room or an Intensive Care Unit - no takers for a retired RN over age 50. Researching further,I discovered I would receive an additional benefit for my child( who is a minor) amounting to half my max payment at FRA. The math and decision was easy, considering no takers for part time RN work and having a minor child.
Two of my daughters are RNs . I advised them to stick with a pension plan as opposed to a 401K offered by an employer,and claim Social Security benefits at 62 .
*inflation
@@twiggie7834 Are you a Virgo like the actual “ Twiggy”?
@@christopherhennessey8991 nay, but consider I am cuz Uranus currently is transiting in my 6th house(Virgo's natural house) since 2015, hence for the past 6 yrs I tend to be analytical, critical and practical on finance which are god bless for a newly divorced lifetime housekeeper who's never been to bank, written a check and handled a ATM. i hv assets and fund yet choose to claim at 62 according to the simple math: average it takes every US citizen 15 yrs to compensate the diff between claim on 62 or FRA. early bird gets the worm, while my mum died at 71- Twiggy's age for now.
@@twiggie7834 Since you stated Uranus is in your 6 th natal house you likely have a Sag rising. I’m a Scorpio with a Cancer rising. Good for you claiming at 62.
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.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Reasons to consider claiming Social Security benefits at age 62 include early access to financial support, potential flexibility for retirement plans, health considerations, and the desire to enjoy retirement years sooner. However, it's important to weigh these benefits against potential downsides, such as reduced monthly benefits compared to waiting until full retirement age or even beyond. Ultimately, the decision should align with your individual financial situation, long-term goals, and personal circumstances.
Upon retiring from public services, I came to the stark realization of lacking passive income sources, resulting in financial stagnation over five years. The urgency to secure investments before retirement pushed me towards exploring solutions. Reflecting on my journey brings a strong sense of accomplishment, particularly in witnessing my investment yield returns of over 200% in less than half a year-an astonishing and transformative experience.
Undoubtedly, comprehending post-retirement wealth building amidst inflation is more accessible than ever. One can passively engage with a diversified market through a proficient portfolio advisor. The intricate effects of the U.S. dollar's fluctuations on investments present multifaceted considerations, reflecting a nuanced perspective.
Even if you lack expertise, hiring a professional is a viable option. As a project manager, my retirement pension portfolio of around $725k faced significant losses during the April crash. Swiftly enlisting a financial planner, I adopted a defensive strategy to safeguard my funds and capitalize on the downturn. Subsequently, I've garnered profits exceeding $250k.
@tommygrey824 I urgently require guidance to salvage my portfolio from substantial declines and formulate improved strategies. How can I establish contact with this advisor?
@@Believer292 Camille Alicia Garcia, serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
These are very valuable info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I've got $110k set aside to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession-influenced market, but to the best of my knowledge, it was through an F.A
Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
.........
I will get mine at 62. Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Good for you!!!!!
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
@@davidforesto That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@Puneet Jajoo JR I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
@@davidforesto You are right, I am one of many who has benefited from investing with Regina Louise Collaro. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Regina made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
Refrigerator magnet philosophy: "Life is uncertain - eat dessert first"
@traybern…. When you still have to have a plan……Social security was never intended to live on…. At best it is to replace 40% of your income during your working years……
Good commentary...but YOU MISSED the biggest point of why I might (and others) be taking my SS retirement at 62...it's call investing in a corrected down- stock market....can you imagine building a dividend portfolio with DOW at 15k...a 58% correction.... in one or two years....stock-piling unneeded social security money into dividend stocks at a bargain basement price when there's blood in the streets. I AM going to do better taking money at 62 and investing it into a correction- depressed stock market....for 5 to 7 years of portfolio dividend growth than waiting for my money at 67-70 after the stock market rises again. The tail end of the baby boomers ARE in for the biggest dollar gains in the collapse stock market....I'm loven it!!!
I retired from the military @ 41 but sill working. I'm 62 and now my doctor said I have severe arthritis on my right knee. Missing work alot of times. Thanks for the information. I'm going to file now no need to keep on working. Thanks.
I am so glad I waited until 66 to take Social Security. I needed to maximize my passive income. This was the right choice for me because retirement is not an option. I am 67 and spent the greater part of this year recovering from 2 hip replacements which affected my income. Hurray for Social Security.
I'm 55 turning 56 this spring...just subscribed to your channel, as I plan on retiring at 62 and taking Social Security at that time, along with my 30+ yrs of pension. This video was very helpful. I've had a handful of friends pass unexpectedly in their 50's having worked hard all of their lives. No social security for them. I've seen too much of people waiting until 70 to "supposedly" get the most bang for their buck. Glad to know the "break-even" point is approximately 78! Thank you Don!
I retired at 55 ,claiming my RN pension as I worked at the bedside 32 years. Claimed my Social Security benefits at 62 which blessed me with an additional benefit ( 1/2 of my max at FRA) as I have a child who is a minor.
Exactly Rebecca...same here
@@christopherhennessey8991 why only half?should be 70 percent at least
@@johnscialfa7391 My benefit that I am currently receiving is 72% .However ,the additional benefit that I receive for my
youngest child is half my max amt at FRA . A nice chunk of change for her. Just clarifying for you.
I am counting down the days till I turn 62 in 9 months....Got the..Big C...at 55yrs...in remission now.
But I’m not kidding myself, I know I’m not gonna make it to 78 yrs....
I’m getting my SSR at 62 for sure!
Got my home almost paid off with a low cost mortgage.
And I do have my side hustle.
i took it a 62 and at 87 i am still collecting and going strong and going enjoy my grand daughter wedding today.
i retired at 60 and we got 20 years of doing what we wanted to do before i lost my wife of 54 years to open heart surgery. never put anything off till tomorrow because it may never come and that includes SS
You may not regret it but I will point out that since you're 87 you would have gotten a lot more if you waited since you lived past the break even point of 78.
Add up all the money you would get at 62 til 67/68 and see how many years it will take to recoup that amount if you wait
@@ariefraiser140 you’ll learn that many people care more about those 5 extra years of experiences than making more money on the bottom line.
@@DonAndersEasyMoney Oh I agree which is why I prefaced it by say he may not regret it. I just wanted to point out the breakeven part of the equation.
I completely agree with not spending down savings and possibly not having funds to leave behind. The exception to taking social security early, of course, is if one is still working. If retired, go ahead and take it instead of savings, in my opinion.
All of the reasons you mention here are very true, and definitely apply to me. "Go-go, slow-go and no-go" are things you don't think about when you're young. But when you get to be 61 like me, yup! You're right on the money. I'm still in go-go, but the other years are reality! I'm claiming at 62 while I can still enjoy. Thanks buddy.
Me too
@@johnscialfa7391 Well, turned 62 2 mo ago. Got my first SS check direct deposit on May 12. BOY WHAT A GREAT FEELING. So glad I claimed my social security when I did. They pay on the 2nd Wed of the month so my next ck. is next week.💯 By the way, I had the "paperwork" done by January. Had a phone interview which was super easy. Everything flowed, no hitches. Good luck!
@@tonydelariva7163 great tony...cheers
@@tonydelariva7163 Also claimed at 62. Receiving since Nov 2020. Supplements the RN pension I’ve been receiving since 2014.
@@christopherhennessey8991 Sweet! I was a lab tech. Not too satisfied with my pension but it's definitely a nice supplement. Enjoy the retired life!
Great video. I retired 1 week ago at age 63 and 1 month. I don't need to take SS for about a year. But I chose to retire early so that I can maximize life, not money. If I worked longer I could have made more money, but what good will that do me when I am old or dead?. I would have retired a year ago if I could have worked out the insurance and money. I have zero regrets. Going to visit my granddaughter (who I have not seen in 16 months) next week. Would not have been able to do that if I were still working.
Thanks for the info. I'm think of taking SS at 62
Love this info im trying to.encourage my in law to retire because they have bad arthritis and can probably get obamacare insurance .. till they hit 65 , the person is almost 63.. been working since 16
Grandma used to say, “People convinced of something against their will, are usually of the same opinion still”. Good luck I feel your pain
I plan to retire at 62 and move out from New York and go down south life style much cheaper remember better enjoy 😉 life while I can early then waiting to retire late with no guarantees ,while I’m still healthy also
Sounds great! Please don’t bring political values from the left that you’re flee from with you. The reason the “down south” states are a welcome relief from NY is because of conservative values. Be a true American that loves his country and good luck in retirement!
Political values from the left are already down south as political values from the right are already up north. This has nothing to do with when to file for Social Security. Everything thing is this country isn’t political, can we stop dividing ourselves on every issue, I mean damn!!!
@@williamjackson5357….Everything in life is political…..
Finally common sense investing
I chose to retire at 62!
Glad I did! 😎🙌🏽🙏🏽💜
I got board at home 🏡 not doing anything, so, I work part time at my local grocery store 15 hours a week ....
I still love being retired 😊
@@romanhollow2985 you know what she meant
Good for you, you deserve it. You worked hard your whole life and now you get to enjoy the benefits of your hard work and enjoy your life.
Congratulations 🎉, that was the right decision for you. The moral to the story, for everyone on here, is that the time to collect SS is based on personal reasons and situation. What works for her, might not work for me him, and what works for him might nit work for me
I am definitely taking my social security at 62. I want to enjoy my life while I still have good health.
Turning 62 in May 2022. Just paid off my mortgage & am going to file in June because of health reasons.
I want a large check not a small check. Most of us should wait until we are 70. Federal welfare is one nice thing about getting older.
Great video. I'll be 60 in April of 2022. Two more years and I'm done. The one thing nobody talks about in any of these videos is taking it at 62 because you simply do not want to work any longer. We don't have many years left to enjoy ourselves. Even one week vacation goes by so fast and then you're back to work. How nice would it be to go to Florida for the winter. Or maybe Florida for 4 weeks and then fly to Arizona. So nice when you have no place to be.
Absolutely, couldn’t said it better myself. I do live in Florida and it’s other parts of Florida I’ve never seen.
If you retire at 62, wait until 70 to collect SS and do not take any money out of your IRA or 401-K until you are 72. Be smart!
@@barrysimmons4546 yeah, good luck with that theory
@@SilverHonda0767 This will allow your future SS payment to grow 8% per year and your IRA/401-K to continue compounding tax free. What is the flaw??
@@barrysimmons4546 the flaw is; what do you do for those 8 years from age 62 to 70 for income ? What if you didn’t have $7000 the maximum saved each year in IRA to hold you over for eight years ? What if your health declines in your late 50s and you need to retire at 62? What if you have to pay income tax on the company match contributions with 401(k) after you withdraw after 591/2 ? My full retirement age is 67 why wait three more years to get 8% more each year when I could enjoy retirement a little bit sooner?
I've been researching this question off and on for 3 years. this is the first video that clearly raises the consideration that "social security is a benefit that stays with the government." If I delay SS and die before break even, I just spent my estate AND gave the gov't back social security money that I've been earning since age 16. Kudos to you, Mr. Anders!!
I make over 100K a year. Do you think for one instant I’m going to give that up for SS at 62???
Very good video... thanks. I'm 56 and plan to take SS at 62 for several of the reasons you mentioned. I just hope they don't push 62 back to 63 or 64 before I can get there.
A prayer might be in order!🙏📈
@@dovieperez6879
Im in retail to.
42 years. Political bs.
Im 62 in sept 2022 and so long retail!
Time to enjoy life with those i love.
I’m a divorce widow was married 35 years he remarried and passed shortly after that. Since I never worked throughout our marriage his pension company gave me a bit of unauthorized advice take whatever I can as soon as I can no one is guaranteed nothing in this Life...
My husband will be 62 in march. His first check is May ! We have a 16 year old and he will get half what my husband earns. If you have minor children or stepchildren you get a payment on them as well.
Thank you so much Easy money w/ Don Ander's for widening my knowledge about retiring God bless
Great video. I’m turning 62 later this year and have been leaning on taking it now. I like the idea of using it as a “supplement” now versus later.
I heard so many retired people and enjoyed only a few months and they died
Collecting at 62 assumes someone will stop working. If you continue working you lose $1 for every $2 over about $20k until full retirement age. Without a nest egg to live on, it makes no sense to collect at 62.
💯
💯
Qe need to find a way to change when a widow only gets to keep one check. Other countries the widow keeps both since they worked together to receive retirement.
Each case is different but if you meet the criteria for spousal supplement you may want to con sider waiting until you’re 70. My wife and I did it and it resulted in collecting thousands of dollars more.
i agree...taking mine in 17 months
Me too exactly 17 months!!!
I've been thinking about taking retirement now at 62 while I'm still healthy enough to do things such as long walks, bicycling, etc. My wife has suggested taking it now at 62 so I'll receive it longer. Makes sense to me.
Exactly. I did the math I break even at age 77. Almost everyone in my family etc... died before 80. Makes sense. Got 11 more months!
Good for you 😊
don;t understand "break even"....taking at 62 means what as far as break even?
@@philipnicholson3216 If you and I are the same age and we are set to collect the same benefit. I start collecting at 62 but you start collecting at 67 who collects the most money? We both have now collected the same amount of money at age 78- however going forward after age78 you are starting to collect more than my original amount that I was collecting from age 62
@@philipnicholson3216 You understand now Sir
Spot on points, but gosh I was so depressed in that opening.. 😥
I turn 62 in Oct. 2022. Doing my research NOW so I can make an informed and educated decision on whether taking my SS benefit at 62 versus waiting until 67 (or some age in between) would be the way to go. Three half-brothers died at 63, 65 and 69. A friend died from Covid-19 in April. She was only 52 and was planning her retirement in 2022 after 35 years with the agency. Furthermore, I know several people who took their SS benefit at 62 and looking back, not one of them have ever said they regretted doing so. Sadly, one of these friends died from cancer at age 70. A long life is not promised to any of us, but death is a promise. You may live to 100 and regret taking your benefit early, or you may died at 65 and not get SS at all. It is gamble.
If you live to be 100 you're not going to remember taking it early anyway lol
@@johnscialfa7391 lol🤣🤣🤣
@@johnscialfa7391 😱🤣😷
Iam almost 61,can't wait to be 62,i already make my decision. Yep.
A little late to this discussion, but since you don't plan to retire until later this year maybe it will help. I retired 6 years ago at age 62. My wife retired two years later when she turned 62. Like everyone else we did the math. That said too many people focus on the payment per month to make their decision. Keep in mind by taking your SS at 62 you will receive 96 checks before the person who waits until age 70 to take their SS. Changes are better than average that the 70 year old will never catch up to the head start you got by retiring early. You will also have had 8 more years of retirement. So 8 more years of retirement and more total money if you take your money at 62. Seems like a no brainer to me.
I moved to America when I was 67.How do I collect a Federal welfare check like other seniors I know?
great points....thanks
Very valuable info. Thank you!
i will turn 62 in november will take it with my union pension.
I’m taking mine at 62. Ben diagnosed with stage four kidney problems. Don’t know how long I will live….screw the bills I’m out!’
Thanks very good information 👍🏻
Valuable information and likeable presentation. Thank you.
I’ve watched too many friends die early or have had sudden physical issues arise that prevented them from ever experiencing the things they had talked about doing in retirement for many years before. We are all on a degradation path and you will only be slightly worse tomorrow than today, so don’t ignore that slow process thinking you will have the same level of health and physical capabilities you do today in another 5-10 years.
Once you can afford it, retire and enjoy all the things you wanted to do!!
bingo
You're exactly right about taking it at 62 my friend, 411 days and I'm taking mine on my 62 birthday
@@johnscialfa7391 sept 17 2022 ill be 62 so about the same and yes im taking mone as well.
No gurantees and time cant be saved, money can!
You’re right.My best friend claimed at 62 and died a week before receiving his first check.
Just turned 62 a few mo ago. Why these people say to wait and wait and wait to file...I don't just get it. Speaking for myself, I have health issues and can't get perm. disability so, screw it! I'm gettin' the money I've been working for all these years. When I got my first check I was stunned like too good to be true! Thank you Lord :-)
Helpful, thank you 🙂
Thanks, reasons to consider.
I did it. 62 ✌💖😜
Me too. Just got my first check. I'm soooo happy😊
I disagree with your third point. That is where you assume that your income needs at in your 60’s will be greater than when one is older. You stated this slightly different when you said take the benefit early so you can spend in your go-go years; you won’t need so much in your go-slow years. I’m not yet at that stage in life. But I can relate the experience I saw with my mother. When she was in her 90’s, she went into an assisted care home. Her living expenses had been about $1,500 monthly while living in her paid for home. Suddenly, moving into a senior care facility, her expenses jumped to $4,000 monthly. Later, as she required higher levels of care, it was closer to $ 7,000 monthly. My advice to anyone taking soc sec early: just be sure you don’t live into your 80’s or 90’s.
No social security increase will cover LTC. You either need enough money to self insure or a LTC policy.
So waiting on Social Security for LTC coverage is just giving that money away so Medicaid can kick in at that point.
@@DonAndersEasyMoney it might make the difference between a decent place and a dump.
Take it at 70 Less than a year I dont need it till 75 or 80 Same for my IRA
1, inflation, $ becomes smaller by aging. 2, longevity and who knows what will happen in term of life expectancy 3, health/energy's decaying. SO TAKE IT ASAP
Yes - inflation is a factor, but the increase for waiting does outperform inflation. So some would argue that waiting gives you a greater inflation hedge.
But if you have any other assets, then you can counterbalance it.
@@DonAndersEasyMoney hmm, for the time being, the inflation outperforms the increase is almost a certainty(pay attention when you go gocerying next time) , so most likely waiting gives a hedge of less or zero increase. for good argument sake.
@@twiggie7834 inflation is historically 3%-4% annually. That’s well documented and definitive. No need to make observations for that.
The increase in Social Security is 6.5%+
Thank you for your video
Most seniors cannot afford retire let alone on the peanuts you get at 62 from SSI.
Thank you.
This was such a good video. All the points are so true in my case.
Retire at 62!!
I take my retirement social Security money when I’m 62 right away so I can enjoy my life because I’ve been working all my life so Yep that’s a good idea thank you for that
Well said. Thank you for the video.
Great point about saving investment money for family if possible!
Excellent points! I’m 62 now and trying to determine when to take it. I’m active now, but know I’ll slow down as the years go by.
well you could wait until you are 70 and hope you live that long
@@royharper2003 Wealthy people take SS at 70. Poor people take it at 62. Be smart. Do what wealthy people do.
@@jamesripton7120 Of all the reasons I've heard to justify taking SS at 70, yours is the most ridiculous.
@@royharper2003 Really? Do what poor people do and stay poor. Your choice
@@jamesripton7120 Really? So, there's only poor people and rich people? Only poor people take SS at 62? Really? Like I said before, you're ridiculous.
According to the SS website, my Federal welfare check will be $4,719 per month if I wait until I'm 70. Why would I accept a smaller check???
If u meet Jesus at 69 and 11 months the gov will pay u zero....
@@DisciplesCrossMaker Meet Jesus?? What does that mean??
I have watched many videos about the "right" age to begin collecting Social Security. When I look at my SS statement it seems so obvious that the best age is 70. I'm 66, my benefit today would be $3,313. If I wait until I'm 70 it will be $4,342. Am I missing something?
Let’s do the math on the break even point with the numbers you gave.
If you took social security now to 70 you’d receive $3,313 x 48 months = $159,024
If we divide that by the increased amount you’ll get by waiting, $1,029 then we get your break even point. So $159,024 / $1,029 = 154.5 months
154.5 months / 12 = 12.9 years until you break even for waiting
You’ll be 70 years old, so 70 + 12.9 years = 82.9 years old when you break even for waiting.
So that’s why the reasons in this video matter. Will your go go years end before 82.9 years old? Will you live past 82.9 years old? Will you have bills paid off by 82.9 years old?
@@DonAndersEasyMoney Don your math is flawed. break even is closer to 80. Are you fat? Do you smoke? If not you should live in to your early 80's at least. Also what about your spouse?
@@edrodgers4581 it’s math. There’s nothing subjective about it… I literally did the math for you and showed it to you.
And yes, there are other factors which is what this videos discuss. There’s no one size fits all
I was told by the Social Security Administration I would only receive $1200 per month When I wait until my full retirement age which will be August 25 ,2027 When I wait until December 1,2028 I will collect around 108% of my Social Security Retirement Pension funding I would rather wait it and work it for awhile. The later date is what my desire to wait for my Social Security Retirement Pension. I am earning much more than lousy $1200 per month. Plus I am funneling into the system who knows how the economy or the world will be like in 2028.
heres another question...will you be as hungry when your 78 as you are now? along with more medical needs...
I think good idea thank you for sharing ❤️i
I think it’s best option at 62 for me. I appreciate this video. Only concern is if I can continue to work and how much I am able to make yearly is there a cap?
The earning limit at 62 is currently $19,560
If you are working do not take SS!
@@DonAndersEasyMoney There is no earning limit. Earn as much as you want to. If you have earned income, why collect at 62? Your check will be much larger at 70-.
Easy is right, the max you can earn at 62 is $19,560. After that they will take back 1 dollar for every 2 that you make. I am 65.6 now and fully employed. I plan on claiming SS at 66.6, my full retirement age to the tune of 2k per month. I will continue to work 3 years after and earn a full paycheck while contributing to my Roth IRA, 401k at the job, and Money Market Account.
@@williamjackson5357 Good plan. Don's videos are foolish
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
@@maryHenokNft Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
I appreciate the information. I did my own research, and your advisor seems to possess a great deal of expertise and knowledge. I've reached out to her via email and scheduled a phone call. I'm impressed by her expertise, and I'm looking forward to our discussion.
Thank you.
I'm just seeing this now and thanks for all the good info. This might be an odd comment but you seriously look like Ben Affleck. ;)
I'm Diabetic, and I'm fine right now, but we all know that Diabetes is progressive, so filing at 62 is not a bad option at all. Thanks for the info
Because you have worked hard enjoy something for all your hard work.The.
More you make the more they take enjoy something!,
That was most helpful. Thank you for that engaging video.
Another health-related consideration is, what if your job is killing you? Aside from black lung or something, what if it ties you down to a mind-numbing routine and sedentary lifestyle? Better to retire early, even to live poor, than to keep working until you die prematurely.
That’s a big consideration. Stress is one of the biggest risk factors for people, so why keep working if you’ve saved enough for retirement?
One of my favorite things to do is to be able to tell someone who’s stressed and their job is killing them that they can retire.
I totally agree with you there I tried to retire last year at 62 and I was on the understanding that we got 1750 my job did
Why did you chose such a job? You could have changed that decades ago.
@@sammencia7945 Jobs sometimes change in character over the years. I was somewhat exaggerating as far as my own job being sedentary, but I will say that what seemed creative and interesting 10 years ago eventually became quite repetitious and boring. Then, as the company successfully tripled in size, where I used to informally function as the main mechanical designer I was replaced by proper mechanical engineers and forced back into my official role of machinist. So instead of building what I want to build the way I want to build it, I'm now forced to figure out how to build something designed by somebody else with no concept of what is easy (or even possible) to do. And it is not just the matter of difficulty; we have experienced more mechanical failures of our products in last year than in the previous 10 years combined. It is stressful to constantly be faced with the choice of challenging/complaining vs. doing what I'm told to do.
And by the way, I have never worked in ANY job for "decades." I even worked in a foreign country for a couple years, I have a patent in that country, and going on 15 years in my present job is by far the longest I ever stayed in one place.
I took it at 62 and work part time. Never looked back.
I'm 63 and plan to defer mine until 65 at the earliest. I am fully retired and healthy, with a monthly pension from my former employer. I am debt free. I get my health insurance from the ACA ( obUmacare ). My subsidy is around $1200 per month, and my monthly premium is $0.0 . I can afford to wait. If I take it before Medicare @ 65, my monthly health insurance premium will increase substantially due to decrease of ACA subsidy. My SS benefit will increase, and in the meantime I will continue to receive a hefty subsidy from the Federal Government for my obUmacare. If it be the Lord's will of course.
I urge everyone to consider their own, unique situation and explore all options. Yes, for some people claiming at 62 is fine, maybe even best. But for most, it is not. The logic in this video is VERY simplistic and incomplete, and could lead many to make extremely bad decisions. Especially lacking is any mention spousal or survivor benefits. I'm much more concerned with making sure my wife is OK after I'm gone than my kids.
Again, claiming at 62 may be fine for you. But please educate yourself on your options and the ramifications on the decision on when to claim.
This video talks about the reasons to take Social Security at age 62. Here is our playlist on Social Security including the reasons to do the opposite and wait to age 70: th-cam.com/play/PL3DPllT0o5iBBEw9a237zwVlx905iwlpv.html
And you may be especially interested in the biggest Social Security mistake that people make: th-cam.com/video/rEWqmCXi9pA/w-d-xo.html
@@DonAndersEasyMoney uh buyhuhI8 9 . Ft 8
can I collect it at 45? I don't want wait til 62
No
No. Only if you’re on disability Social Security. Otherwise it’s 62
You piece of
Boy!
Talk about someone looking for the side door out!!!!
Now I'm hearing and reading trying to retire again cuz I haven't had no work can't work in the doctors don't help now I read that all I can get is 750 dollars
Can you work and collecting Social security .
Depends
If your under the full retirement age there is penalty if you make over $19,000
While you made some good points on why to take it early, you shouldn't look at just one point but your whole personal situation.
Two reasons why I'm taking it, is one because of taxes. I'm going to take advantage of many years of low tax years and two I like the longevity insurance if provides.
I know I'm in good shape with no health issues so statistically the longevity insurance is a good bet but the taxes I'm going to save are guaranteed
What if I can balance travel and work? Then the reason to retire early because of the go go years gets diluted a little. Plus, I will be making the highest income I have ever made in my life.
If you can afford to retire at 62 and take multiple trips a year during the go go years, then go for it. If you can keep working and take those same trips, and love your job, there is no reason to retire early.
This video is also assuming that you are financially stable enough to retire at 62 and not have to work for an income greater than the current $20k or so a year limitation placed on early retirees.
If you have a job you may not have the freedom to go where you want when you want. Also, if you hate your job, you should retire when you are financially able.
Solid points. Thank you
Assumes constant income over 3 decades. If your best income years are ages 55+ then your SSA will increase greatly each year. 5% each year you work over 62.
Also run a spreadsheet for each year of retirement at 67 and over, with that SSA invested 100% at age 67 68 etc. Add in your SSA at 67 and invest it all. 6 years working to 73 and huge gains, which waiting to 70 never are bested.
When this is done, breakeven happens at age 86.
Even ignoring "healthspan" most will never "break even".
This assumes you do not hate working. 95% of people do. If you do not you are well ahead.
Great advice!
Great info!
Thanks!
No mention of taxes if you keep working. You’ll be taxed on up to 85% of your SS benefits.
Click here to find out how to get your social security tax free: th-cam.com/video/6bHjK1Zvyag/w-d-xo.html
Nobody I know has made it to 78. Mother, father, best friend, brother. Not one.
Are you still around?
Yes its about health (for single people) and you can't predict your health tomorrow. You look at your current health and your family health. If one or both are bad and you are age eligible, start taking it.
But you are totally wrong about beneficiaries (if married), you have a number of additional factors to consider delaying in that case.
billyrayband what part of marriage continuation was not accurate?
If you are inheriting money or property you can sell for good money, then 62 is the way to go.
From age 62 to age 70 if you live to age 80 those 8 years between are 10% of your life. 🤔🤔
What if you’re 64 and have 3 years left of child support? Yes I still work full time.
I worked mostly for cash. What do I need to do to collect SS?
Set up a company, pay yourself a check, report the taxes.
@@sammencia7945 I want a Federal welfare check like every other greedy senior collects.
@@sammencia7945 I want a Federal welfare check and I want it now.
Yes, you are absolutely right and i have a question if I take my early 62 retirement and my kids will receive benefits too thank you
Yes, until they're18.
The break-even point is between 79 and 80 years old and some calculations even state its 83. This is the point where delaying to age 70 actually pays off. That's 9-13 years after 70. Some things to think about. 1. Although Social Security payments are COLA adjusted, the rate is never the true rate of inflation as the government always underestimates it to put a positive spin on things. If you take it early, the funds you do get early are going to be worth more. 2. No one knows when they are going to die. Even if longevity runs in your family, you could be in a car accident and die, or contract a disease and die. Over 1 million people in the US died from COVID. 3. By taking SS early, you would be spending the money while you are younger and healthier. What's the advantage of waiting and not being able to walk a mile when you're over 80? There are other considerations though. If your spouse would benefit by waiting, you need to work for health insurance, or you want to keep working, then it may be beneficial to wait. The real question is: Why would anyone delay receiving SS early?
Why?
They understand math and statistics, are not short term thinkers, are in Good health.
I strongly suspect that most of you who take SSA early drink, smoke, do drugs, eat poorly, do not exercise, and are overweight.
You all talk as though everyone on earth dies at age 65.
Is it really possible to take social security early at 62? If so. what are the steps I need to take? Thank you in advance
It is: www.ssa.gov
true story , co worker died at end of his shift and last day of work ,till he retired in his chair,
Also true fact statistically you'll live another 20 years after you turn 62. You're using confirmation bias
And not only will you on average statistically live another 20 years, you have the information in your head right now of what your health is so you can make a good decision if that's statistically will fit you. Use your head not your emotions to make financial decisions
1,000 % agreed with your advised , very wise and I have always thought the same …. I will retire at 62 and YES I made up my mind long ago to take the SS at 62… no doubt about it ! TY! 👍
Reason I will not take it at 62,is I am still working.They penalize you, if you take it early and keep working.Also,my check will be double the amount I would get at 62,if I wait til i am 67.