I collected at 62, and after working 80 hours a week as a self employed person most of my adult life, I'm making as much collecting SS and working 10 hours a week now. Mainly due to not having that huge overhead. My life is SOOOOO much better... less stress, can do what I want when I want, time in the garden, with the animals, travel when I feel like it..... no $500 more a month (and working another 5 years) is worth it. Plan ahead people. :) If you can position yourself to own your house (tiny house, park model house, travel trailer, or modest house or whatever is affordable to buy outright), then all you have is utilities, insurance, gas and food. Simple is better. Especially in our very complicated society now-a-days. The small sacrifices you may need to make in the beginning will not be missed once you're living your best life being free to be you!!! This is great advice. Thanks Tim... more people need this information, because many don't realize how the system REALLY works. I didn't. I was just so sick of not having my own life, and working all the time, I just took it. Turned out to be the best decision ever! Safe travels!!!
I started collecting at 62. I booked a 1 way flight to Thailand and stayed for 6 months. (also visited Burma, Laos and Cambodia during that trip.)...then booked a 1 way ticket to Paris to visit an old buddy...we hung around France for 3 months and then sailed his 48 footer to England, Ireland, Scotland and Norway. (also did the return trip.) 7 months total! Here's where it gets interesting: A year after our sailing trip, he was diagnosed with Parkinsons and his compromised muscular functions severely limited his ability to sail anymore without 2-3 crew members... And I was diagnosed with bone cancer...had my left leg amputated and so...my sailing days were DEF over :( My point is this: Life is full of surprises and curve balls...nobody knows how long they will live or even stay healthy. If I had waited to collect at 67, I would have missed out on the trip of a lifetime and ten thousand memories :))
My dad is 94, lives by himself, drives like a city dweller, and is the most resourceful person I know. He’s the Social Security Administration’s worse nightmare!
My dad died at age 56 and never collected a dime of SS. I vowed to collect mine ASAP. I started collecting at 62. I became health conscious and now at 66 I am in excellent health and hope to make it to 90.
Sorry you lost your father so young, but your mindset is spot on. My situation is similar to yours, drew at 62, been health conscious since 2018, two years before I retired, take no meds, get lots of natural vitamin D…..just need to turn up my casual exercise and add in resistance & weight training. Ignoring all things big pharma and leaning holistic/naturopathic is key to longevity. Cheers to us EBM☀️🌴🧘♀️
Here is an old man with 73years of experience advice, pay off your retirement home before you retire. You have to own it free and clear in a area of the country with low land taxes. Then get you a reliable financial consultant/ wealth manager to help coordinate your finances better. (rural) If that is the only thing you do you will be able to retire with social security and be ok. I did just that and it worked for me. It continues to work for me to this very day. The world goes crazy I can still afford my taxes (very low) I still have a place to live. I also garden and live simply but that is for another day.
63, retired 6-1/2 years ago, no job, no social security until 70,no financial advisor. Financial advisors cost money! Keep 1-1/2 - 2 years living expenses in liquid, interest bearing accounts and the rest in a low fee total stock market fund. Hopefully you knew retirement planning starts in your 20's, if not before. Preach finances and retirement planning to your children.
I took mine at 63 . I did the math and if i had waited to draw at 66 and 4 months i might have been dead. We had this one gentleman at work and he was set to retire and had his papers in for retirement and social security , every thing was a go. He told us on Friday that he was see us Monday . That Sunday he got dressed for church , had his keys in his hands to lock the door on his way out. He had a heart attack and died . He never drew the first check of retirement or social security . We are not promised a day.
I had a really good friend name Ron, and he was getting ready to retire from a lifetime of working and he was so excited about going to ride his motorcycle and not have to come in to work anymore. He waited until 67 and then was diagnosed with pancreatic cancer and died, and was never able to enjoy his retirement. Makes you wonder if they put some thing in the food of people who are aging as that scenario seems to happen to a lot of people
Remember Tim, Social Security is not free money, it is your money. You paid in to it. You earned it. Great video. I think taking SS at 62, for most people, is a no brainer. Thanks, Russ from Oregon, age 59
If you're a top earner, you will get back all of the money you put into social security within 5 years. Lower earners will get it all back within 3 years. The money you paid in went to your grandparents. Your money will come from today's young people.
I retired at 62. I am now 65 and am healthier than I was at 40 for sure. This is attributed to lifestyle changes. I don't remember the last time I was sick, however, I am not as moticvated as I was at 58. I think that I am tired because of all that is going on in the world. I do temp jobs and am getting ready to substitute teach, where I can pick my days and hours.
@Jimbo-go3jc exactly. I think she needs to try another strategy. The kids are horrible they act horrible they’re rude and I’m noxious and selfish. I’ve seen substitutes cry on their day there and never come back and this is an elementary school that’s just happened last school year seriously! But there are some good kids, but the bad kids record for everyone they make the classroom terrible. You only need three or four of them, and then your day is gone to the shitter.
When I was retiring from US Army, I had to take a retirement seminar. The financial expert told all of us in the auditorium that if we can only remember one thing from our death from PowerPoint day is "take your social security at 62". And guess what, I did! No regrets! Thank you for the video.
Well easy decision for you. You're a double dipping lifelong govt hack. Very few here are in that scenario. Most of are here financing your Hackatopia lifestyle.
Decades long hospice RN here - You are the first person I've seen who realizes and accurately describes the difference between our physical and mental state between 62 and 67 - and what a short hop it is to 70 from there. Given all I've seen in my career, I will take SS at the first possible nanosecond and not a bit later. Very well done.
I am in tears to hear you say all this. I was fired a few months ago I'm 65 and I just got hired again and started last week. And I walked in thru the doors and got physically sick that I am working a very strenuous job in the OR with all these young people I am so done. I have no one to talk to about this.
Go for it. I have friend, age 60, earning 6 figures for the last 33 years, with loads of paid time off. She likes the job, only her boss & coworkers make for a toxic & hostile environment. Yet, she has eyes focused on doubling her SS by holding out another 5 years. However, I don’t see her health holding up for that long, under those circumstances.
My dad got sick and passed away at 62, never getting a chance to enjoy his retirement. All that stress is shortening your life. And at least at 65 you can get better health insurance and Medicare.
Work a job you love and you never have to work a day in your life. I am fortunate to have that situation. I’m not big on retirement but I am big on PT work, and when ready will find something PT with full benefits. Productivity and a sense of purpose, getting dressed, and getting out, social interaction, and lack of isolation keep you young and vibrant. Work does not have to be drudgery. Find something you love, and live your best, long life.
hi now that your 65 you get medical, so take a part time job some place doing something you like if you can. My company filed for bankruptcy and my last day is this coming week just a few years before i can get to retirement age so after 26 years at my company I need to look for a new job. Home Depot here I come ( i hope ). Stay positive as God is on your side and he wil not let you fall, my faith is in him.
The big problem is the income cap that SS imposes. We should be able to collect at retirement age and continue to work as much as we want. Just another way we get the shaft.
My parents both worked low wage jobs their entire lives; retail and delivery driver. My dad worked until 65 and applied, collected his first check and was dead of a heart attack before the second was deposited into his account. My mother passed away at 61 and never collected a check. I plan to retire the day I am eligible.
Yes my grandfather he worked all his life and he’s retired. I think it’s 65 and he wound up passing away when his first check came in the mail and they never even got to deposit it. They had to send it back.
I turn 62 in August, my last day at work is December 29th. I started working at age 14, and I'm so tired. I've had a heart attack and a mild stroke, so you are right, tomorrow is not a given. I'm so glad I found your video, thank you for the information.
I was a deputy Sheriff for 30 years in California. I retired with decent pension (64 % of my working wage) at age 50. I started my SS at 62. I have more income now than I did when I was working. Now for me there was several factors. I got a divorce, and I had a daughter. So, when I was working, I paid all my child support and alimony. When my ex got remarried, no more alimony. Later when my daughter turned 18 no more child support. Then I retired. Everybody I talked to; co-workers told me they were going to draw at age 62. As our buddy explained it's not rocket science. If you busted your ass all those years at your job, for me I carried a loaded gun for a living, take the money and run and have fun for a change.
fuck yeah! and thank you for your service! I am not a right winger, I am an old musician, but in my old age, I have learned what cops actually go through every day, and I thank you for your hard work. and if I ever met you, I would buy you a beer, or if you don't drink, I would buy you lunch!!!!!! Enjoy your retirement!!!!!!
I just retired from the (Florida) Fire Service at 58 1/2 years old, and I'm going to collect at 62 myself. I've kept my expenses low, and paid off my Harley with a small deferred comp account
But you are an outlier... Not everyone was educated on getting a job where you get a pension and for today's kids not many businesses offer pentions just 401k and in recent years the 401k's have dwindled... My son is 26 works his ass off makes good pay and he has to have 2 roommates just to pay rent and utilities... Yes he saves but today times are not the same
Tim, you are spot on regarding how we "slow down" as we age. I retired at 57, bought a RV, and traveled a lot for ten years. By the time I was 68, I was feeling the effects of age, and just want to stay home and relax. And yes, I took my SS at 62, I agree with your math on it. No way will I live to 90 ... age does not "run in my family". I'm 71 now, happy, content and relaxed. I enjoy your channel.
It only fit you because you quit work my wife didn't collect social security till 70 years old because she makes a $125000 a year and she would have lost a big portion of that social security if she filed at 62 because they would have deducted almost all of it each year by filing early you shouldn't be listening to this idiot on TH-cam
Hi, I signed up for early retirement on line June 6th. I still haven't heard from them. It said usually 2 to 4 weeks but it's been 6 weeks and still nothing. I turn 62 next month. How long did it take you? Thanks for your great information.
Retired young at 54 after 37 years of service for Broward County Libraries with a pension over 8 years ago. Turned 62 last month and am taking SS. With 2 checks coming I'll be fine. Take it while you can, there are no guarantees for tomorrow.
Mind blowing! I’m close to 60 years old and was on the fence of whether to retire at 62 or wait. My brother died recently at age 60 + 2 months! You aren’t guaranteed to live to a certain age. This video convinced me. I wanna be free! Sooner rather than later!
I’m turning 60 this year. I feel young and still wondering what I want to be when I grow up. Can’t believe social security is only a couple years away.
I'm 42, not at all expecting a dime from those industries that I've paid taxes into. My Gen has almost accepted that it'll be gone before long and a fairytale at most.
After watching your video over a month ago I applied for SS . I’m 62 1/2. My BFF passed end of April , worked hard her whole life and put up with A hole boss’s to get her retirement plus highest payout for SS. In less then 2 years she passed away unexpectedly, her health was decking but I never thought she would pass so soon . She never got to enjoy her retirement . I filed , I thought it would take the 3-5 months . I filed mid month and received my first payment the beginning of the next month . My only question was “ Why didn’t I do this sooner “ ?
Was she taking Metformin? If so, B-12 should be checked regularly because Metformin can block absorption necessitating injections. It’s not checked on regular blood tests. My husband died suddenly and unexpectedly at age 61 from complications of a severe B-12 deficiency and sleep apnea. B-12 deficiency symptoms include anemia, magnesium deficiency, dizziness, lethargy, premature aging and confusion.
She worked until 68 , she had many years of consecutive bad boss’s . She was impeccable in her job and saved a few companies . Never appreciated like she should’ve been .
In 2000, dad called me and said he might retire. He had 30 years in the Firestone factory. He was worried about losing a couple hundred dollars a month. He's so glad he did it. He was 56 at the time and is still taking their check every month.
Excellent! I semi retired from UPS after almost 25 years when I was in my 40's(started right out of high school). I've done lots of things to pay bills the past 15 years since I left...flipped some houses, traded stocks and futures, mlm, selling stuff online...all kinds of things. Not rich by any means but able to get by easily. I'll start my UPS pension in a few years when I turn 60, then SS at 62, along with a decent ira and 401k.
I cannot thank you enough for talking about all that. I sat down and figured out the math for me personally and realized retiring at 62 instead of 67 only meant over the rest of my life I only lost est. of $1900 a year at most but I gained 5 years of life. If you suddenly take into account not having to drive to work and just gas alone, I've lost zero and I gained. There are multiple other costs that are lower when I don't work. I lose little to nothing. Thank you for opening my eyes to this. So grateful.
With your calculations at age 80 you’ve collected $367,200 and the other person has collected $344,760 which is a difference of $22,440. With social security increases over those years the break even will be closer to 79-80 years old depending on how much your monthly SS is. The elephant in the closet is the cost of health care premiums which is why many people wait until age 65 to retire. At 65 the cost goes down considerably. Before you hit the age of 62 people get very excited about retiring, but when you actually make it to 62 thoughts can change. You realize you have a perfectly good job making x amount dollars and you also have employer health care. That’s when you start thinking maybe I’ll wait a few more years and do some projects around the house or take a trip or two while I continue to work a little longer. Bottom line is if the money doesn’t add up, retirement won’t be as enjoyable.
EXACTLY! 20 year breakeven point? Nope, not for me. I'll work until I'm good and ready to quit. My job is pretty easy and I'm not giving up my perks for SS bread crumbs.
I turned 61 in June… I am convinced based on your explanation and logic that I will be drawing my Social Security 2 months after my 62nd birthday. Thank you for sharing.
Tim, your arguments are based on quality of life and freedom, versus the difference in potential future cash flow. Most people have been conditioned / manipulated by the machine to only count the dollars. Most of my acquaintances think I'm nuts while they complain about their job and limitations. Lots of research done on the subject, the most convincing evidence comes from books written by healthcare workers in senior and nursing homes. The biggest regrets in advanced years are always, "I worked too much". Quality time with friends and family, adventures, and personal freedom are often overlooked till it's too late.
@@johnnySMALLpepper Well done. There are many other factors involved and each person's situation is different. It's sad to think many people just blindly use 65+ because it's what everyone else does and the don't bother calculating the pros and cons to see what makes best sense for them. For my particular situation, I think the sweet spot is 62-63.
Here is counting dollars: If I take SS at 62 then die in my 80th year then I will have taken in some $215K plus. If I take SS at 70 for full amount, and die in my 80th year then I will take in some $184K plus. That is math. I have less than two years to start my SS at age 62. I can hardly wait !
I'm self employed, no insurance past 15 yrs. I'm 62 1/2, and I just applied in June, got approved 1 week later, had a check 10 days later! WOW! Nice extra cushion to work a bit less. Thanks Tim for inspiring me to jump on the wagon!
@@Coconutoilcrazy Yes, reported income! SS goes up slightly each year like this past Jan. went up 8%+ for cost of living increase that SHOULD occur every year.
@@shawn4692 Yes it was perfect for me, Yes I do have a very small taxable retirement also. I also am now receiving a military pension because of agent orange.
Brother this is GOLD! I just turned 62 and happened to catch your video. Tomorrow, it's gonna be skid marks and fish-tailing out the driveway to the nearest SS office!! Can't thank you enough!
I’m one of those guys who makes a lot of money and can control my schedule but I’m collecting at 62 next year. Tired of working, joined the Navy at 17 and working non-stop since. Ready to live my life (what’s left of it) and if needed, God will provide.
@@squirrelcovers6340LOL, Funny how when God is mentioned some people feel the need to say something negative. Mature, well adjusted people don’t do that and I’m the one that needs to “grow up” go figure.
How awesome to still have your dad being 98. My grandma was like that until about 2 years until she died at 99. What a blessing. My dad was 80 and his mom was still alive.
I had someone once explain it to me this way: If you wait until 70 to collect your Social Security at the higher rate, you'll have to live (and collect) until your 90 just to recoup all of the money you *didn't collect* for those eight years between 62 and 70 when you were getting nothing. Also, the money you will eventually be collecting will be worth less, and buy less. I took mine at 62, am closing in on 70, and plan to live until I'm at least 100! 😉
@@edkerry87 The house I purchased in 2017 has nearly tripled in value, and I could not afford to buy it today. That's a 200% increase that COLA doesn't even come close to compensating for. In fact, if COLA wasn't so utterly laughable, and was properly adjusted for the increases in real life costs and services (the necessities) we'd all be seeing somewhere around a 15% increase come January. My guess is that it will be less than 4%.
@@MarkRVillano So you want a buy a million dollar house when you retire? I don't understand your point. The price of gold has probably exceeded inflation too. Who cares?
@@edkerry87 My point is that in a few short years, the house I was able to afford in 2017 is no longer anywhere near within my grasp. My other point is that taking SS now is the *smart move* because my original statement holds true that the money you collect 10 or 15 years from now won't buy anything close to what it buys today, and COLA won't cover the difference.
I don't view it as "free money", I worked my ass off and paid in to the system my entire life. I could have earned alot more on that money they took out of every single check. I was offended to get the letter they send to let you know what day and how much I would be receiving. The letter says "You are being "rewarded" and your "entitled benefits " are such and such. Making us feel like they're doing us a favor. It's disgusting.
Yes, I agree with early retirement. If you're making 1,700 at 62, you were earning a lot more than I ever could. I spent about a decade self-employed, and those were my lowest contributing years. My circumstances require me to delay until 65 and even then I'll only be bringing in 1,300. Everybody's situation is different.
❤ your numbers sounds like mine. Last I looked it was only 930/mo😢. I'm 64 now, but not much better, in fact thinking to get a job because it would pay more at current minimum wages 😮
Yeah this is my situation too. I didn't even look at Ss yet and I'm 63, did I miss the timeline?? I'm actually alone anyway... no one to travel with. Dang
❤️❤️❤️💯💯KEEP CRUSHING IT TIM !!! You are very encouraging. HEALTH IS WEALTH. You have enspired me to retire at 62 get healthy and quit drinking. Thank you 🙏
@jon7592-Statistics show that those who retire early do not live as long as those who keep working. If you retire early and start collecting SSI then you also limit the amount you can earn without getting penalized. Each person is different and must consider their health and prospects for earning more in a side hustle.
@@LAStreetPreacher what you say is true, however if you get out of the rat race, have more peace in your life, that pays dividends ❤. I'm a single 64 yro female pancreatic cancer survivor of 11 years, and really am thinking about all this. If I can pay my bills at current rate, I'd probably jump. Being self employed, the #s haven't been kind, and at current minimum wage of $16/he I'd be ahead to take a part time job to supplement the shortfall. Just thinking out loud
I am 53 years old. I came across your channel a couple months ago. I have enjoyed it. I was thinking all along that I would retire at 67 (full retirement) but after listening to you and also doing a little research on my own, I am now thinking I should retire at 62. My husband is 3 years younger than me so I will retire before him. I loved the way you broke everything down for us. Makes perfect sense to me! Thank you again for all your videos especially the ones on retirement and Medicare. I have found them VERY informative.
Do you have other retirement savings, I personally where I live can retire at 62 but have retirement savings too. Should say think I can since I'm 48 :)
@paulpastor8227 sounds like the system tries to "guilt trip" people into waiting because of health insurance. Newsflash: income based clinics exist that can save people a lot of $$$.
I figured this out when I was 61 and retired at 62: it was a pleasant surprise as I was planning on age 67. I’ve never been happier! I found the perfect side gig for 10 hours a week that gets me outside getting beneficial exercise, sun and meeting people. Life is Good
@BF-sb5zs Yummy!! Hope you will buy my Gourmet Catfood recipe book once it hits the publisher! Some Delicious highlights of Fabulous Feline dining for Your pleasure!! (Although human food IS cheaper) 🌞🙀😸
I retired at 59 because I had a coworker who was 76 (zero reasons to work past 70 unless you love you job) and thought the department would fold without her. I didn't buy into that crap. Everyone's replaceable. I left, remodeled my home, sold it, moved to a new state, bought another house, remodeled that one to my liking and now can hang out on TH-cam and enjoy videos. I turn 62 this year and I've already applied for my benefits. I also have retirement medical through my previous employer--or I probably wouldn't have retired early. I couldn't come up with a reason to keep working. I absolutely love my life and love living every day.
Yep 😎 same ! Cept my retiree holdout retired exact same day as me !!!!!! She had five yrs to retire and waited to retire on my retirement date 💩shows what I was dealing with !
**Consider this argument! I agree to a point if a person has enough to live on every "month". We live our entire life on a monthly basis, then in our retirement years on a "fixed income" it's even more critical. $500 or so more dollars a month is a lot, especially as you get on into your 70's! You may not feel like selling wine and cheese when you are 75 and will probably wish you had that extra $500 dollars. The total amount won't matter to you in that day, and the only people worrying about being dead is people that are still alive, a dead person could care less that he didn't get to spend some social security money! And another thing, I never talked to bullfrogs in the middle of the night! 😂
@@SarasotaTim Sorry… The way you talked, not owning a home, living in a trailer, gave me the impression that you were not one of the Dave Ramsey every day millionaires. Again… My apologies!
Had a friend that was one week from retirement at 62. He had a reaction to the jab and died. I’m on disability due to a bad accident in 13. Then in February of 20 I was diagnosed with leukemia. Been battling for nearly three years. I’m not informed enough to determine if I would be better off retiring. I could work but I have physical issues that when I wake up I get a flair up. Anyway my wife is 57 and hopes to retire at 62. We’re trying to figure all of this out. We live in a small town of 2500. The closest city for a choice of p/t jobs is 30 miles away. Thanks for your help
Tim, I agree with you that it better to start collecting early but the elephant in the room you never mention is Health Care. You don't qualify for Medicare until you turn 65. Most 62 year old's have health issues they are managing with prescription drugs. Without a employee health insurance plan you wont be able to afford the cost. When I retire I don't want to work part time to make ends meet. Why would I want to work at Lowes and have some kid 1/3 my age boss me around. That doesn't sound like retirement to me but a step backwards.
Have you looked to see how much insurance is under the affordable health care act when you make low income? It may be low enough that your monthly SS check will cover it and have enough left over for the rest of your expenses.
Think direct pay physicians, they are everywhere now. They fill their own drugs and the patient load is low so they have plenty of time for you. I pay for my health insurance through work and still do a direct pay doctor, so many benefits and it's cheaper than health insurance. Look one up and check them out.
You would likely qualify for medicaid which is the best to have with medicare as you age. Medicare DOES NOT pay for nursing home. They will take ALL YOUR MONEY AND PROPERTY. I am a retired nurse. My health insurance was AWFUL. I love medicaid. We need universal Healthcare. Period
I saw your earlier video and I suggested to my brother whom is 12 months younger than me and works a physically demanding job (self employed) that he look into collecting at 62! I really surprised myself! I fall into your category B as a person with a well compensated, physically undemanding job that I actually really enjoy. I have calculated 68 and 6 months as my SS start date because I like that number! My birthday is in July so a January start makes my budgeting easy. It is almost identical to the amount I will get at 70. Doing this will allow me to pay off my mortgage and a new car, and my employer has a great 401k match, vested stock and I get very generous time off. I can also gradually ratchet back my hours as I get more comfortable with the positives you outlined. But my primary reason to keep working is I feel the mental and social stimulation I receive to be priceless! Indeed it is sad I have always worked a lot and have not cultivated those other “outside interests”. So for me I honestly know stopping at 62 I would accelerate the physical and mental decline you so capably outlined. I will probably always work atleast a little because I love it! Cheers, Michael Albuquerque NM USA,
I'm 62 and a stones throw from 63. I am nearly crippled from RA and haven't started drawing yet. I'm sold on getting it started now. It won't be much, but it will be more than what I have now. Thanks for the pep talk and valuable information!
My dad was vietnam veteran. He started collecting at 65; died 8 months later from bone cancer. He was one of those camp lejeune vetersns. He told me not to wait on collecting that money bc he almost didnt make it. My mom was so glad he didnt wait till 67. Love you, dad. And i miss you 😢
Yes, my husband recently explained all of this to me because I just turned 60. So, looks like I will start collecting SS at 62. Thank you for breaking this down for us.❤
I did the SSI calculator and it's telling me based on my current salary I would collect $1540 a month. I found that to be surprisingly low. Feel like I'll be leaving in a flop house when I retire
I retired at 62 also. I saved half my income the last few years that I worked, and after selling my home, I had a very nice nest egg. I bought a truck and trailer with cash before I retired. I now live full-time in my RV (mostly boondocking) on $2000 per month. I don't live extravegently but I AM FREE! I travel north and south following the good weather (no more cold winters or hot summers). I hike in new places every week. My health as I age will be better since I am more physically active, have time to rest and relax, and have very little stress. I feel so blessed to be able to enjoy my life as I see fit. For fun and to keep my mind active, I trade stocks using my nest egg money. I use my trading profits to increase my total cash worth by $5000 per year and give the rest of the profits to my four children to help make their lives a little easier. So far, I have been able to give each child at least $5000 per year. How fun! I am living my best life after being a slave to the system for over 40 years.
I too realized that banking 5 years of SS is more advantageous than waiting until I am 67 to start collecting. I rather collect when my health is KNOWN, than rolling the dice and waiting to grow older! Health is our greatest wealth and we never know how quickly we can loose it, until it is GONE!
I widowed my husband passed' so I will be able to draw his SSI $24.00 $700.00 more then mine. I'm 62 and two months calling court houses for documents.
The earlier you take it, the better. You worked hard for it for years, so take it and enjoy it while you can. I'm almost 69 now, and tomorrow I'll receive my 76th SS direct deposit. It's been helpful for paying my bills and living a better life. I've had far too many friends who have waited to collect, and die before they receive a penny. Don't make the same mistake.
Keep preaching these no-nonsense facts of life! Absolutely Love them, and your straightforward approach without sugar-coating anything! People need to realize that spending everything you make is really, really a continual lapse in judgement throughout your life. My wife and I (now at 53 and 54 respectively) both started saving early, years before our marriage in the late 80's...almost to the point of lunacy over the years, more or less making a game out of it. Not going out with friends, buying generics, shopping at Goodwill or Salvation Army, clipping coupons like crazy, second or third hand cars, garage sale tools and yard equipment, off-season trips, always ordering water if we do go out for dinner and no appetizers...and 10% max on tips...and that's only if they really "earned" them. Neither of us were ever "given" anything in life and knew that hard work and determination was the magic key that everyone can put to use. For many, many years we made it a goal to save/invest at least 50% of our monthly pay. I retired at 45 and she retired at 46 (neither of us ever making more than $70K/yr). Now trying to make it worth our while for all those years of sacrifice. Hang onto your hat though, as this is where the irony in this story comes out, and you'll find this part "nonsensical"....we have a little over $2.6M in savings and investments that we should never have to touch the principal on....YET, we still go to Goodwill/Salvation Army, clip coupons, drink water if we go out, drive secondhand cars, and basically still do all the stuff we did during our earning years, and still make a game out of it...and even still put money into savings every month! I can't imagine ever, ever, ever paying "retail" for goods the rest of our lives....what a waste of money! Get ready, even more irony....we never had kids, and as such, have no grandkids to leave anything to, so trying to identify which nieces or nephews we'll leave anything to. By the way, none of the relatives on either side of our family know we have anything saved or invested and they just think "we're just scraping by monthly"....they just see us as the Aunt and Uncle who live "modestly" in a small home and keep to themselves...but they all know we love them to pieces. And as the experts have always stated over history....."NEVER tell any of your family or friends you have money"....we heard this story continually over the years, so we stuck with that mindset. So to stay in this context, all our relatives think we still have jobs, as we always plan visits around theoretical "vacation time", just so they don't get to wondering "how do they get by without working". Yes, we know, not exactly being straight up with them, but it should "keep fences up where they need to be", as my grandad used to say. Getting on the Savings & Investment train while still young helps immensely while developing those first spending habits. Our grandparents on both sides who had been through the depression as kids themselves, taught us that putting money in a "Passbook Savings Account" (not sure if these even exist anymore) and then only using it for emergency purposes will help keep you happy and safe. We had both started jobs in our early teens (that paid minimum wage at $2.75/hr) and started the savings train early on in life...this was the catalyst in the whole deal, because once you save actual "cash"....this mindset rubs off on just about everything else in life you come across by always thinking about where you can "save money", and you're constantly on the lookout for "deals" and "where you can save"....and those "well-worn jeans, T-Shirts, Jackets...and all other Goodwill & Salvation Army finds" are still the rage around our place! Just a few tidbits of info. on us "unemployed 50+ year olds" here at our homestead...and still saving for that "rainy day".
This is great but the main reason you were wealthy by 45 is the no kids factor. Kids are a compounding loss financially over the years, especially for a women who stays home with them and then the marriage doesn’t work out. I’m highly educated and motivated and a type A with my business and being frugal etc but it’s like treading water when you’ve devoted your life to raising kids. Mine are now 15 and 18. One blessing for me is that their dad and grandpa are wealthy so my kids are set with college or any other endeavors they want to pursue and I don’t have to worry about their financial well being. I only have to figure out how to catch up myself at the age of 49. I’ve got some money in my home and a small chunk of change on the side. Another thing that set me back is that my children had chronic health conditions which required not only me to stay home longer and medical bills to rise up, but sometimes their health conditions were so great we had to use my husbands sole income to pay for a nanny to help me in their care full time!! I have 2 uncles who never had kids and yes they have a ton of wealth as well. Of course, all the money that would have gone to kids went to their investment funds and compounded. Meanwhile I was pulling money out of my investment funds to survive many years. I guess I will consider myself lucky if one of my uncles leaves me a bit of cash I can comfortably retire on but it’s not something I can count on (especially watching my brother already working hard to get his hands on their money). With all of that said, my kids bring me a tremendous amount of joy, I am grateful for their health as teens/adults after what they’ve been thru, and I wouldn’t trade them for any amount of money. But the stress gets to my health sometimes. My kids have seen the set-backs I’ve endured and they both have said one of the things that motivates them to work hard and succeed is to help me as I grow old and retire. I always tell them that’s sweet of them but I want to grow my own wealth along side them 😅. In some ways I’m like a kid straight out of college just building my life 🤷🏻♀️
You and your wife employed a lot of practical and wise choices around money and more people should do the same. But with everything things can be taken to an obsessive extreme and I feel that is the case with you folks. 10 percent for servers? That is not a kind or generous or fair spirit. This is how they make their money since the hourly pay is not that good. It is great you could retire early.. worth celebrating ! But by not being a little more flexible with your spending when you certainly can is rigid and shows an obsessive attitude about your life style IMO. I am frugal myself but how about buying something new once in awhile ? What are you afraid of? That it’s all going to fall apart somehow? How about giving to some good causes and others in need? Giving 20 percent tips to servers which by the way has been in place for many years now! Your extreme lifestyle seems to me to be to stingy. Leave some money to family if they are deserving and not entitled but do they really need to be left hundreds of thousands ? You may contribute to entitlement with them. You worked hard so learn to enjoy the reward and be generous to others while your still alive .. Generosity in a measured way brings more happiness than being stingy.
I am enjoying listening to your good knowledge Tim. I did take my Social Security at 62, but continue to work. I am now sending your information to my boys who are in their 50s thank you so much and all the best to you!
Great video! Most of us aren’t minimalist and living in a RV either. Good on you for making those life choices. For many, the benefit at 62 simply won’t meet their needs and will need to wait longer. Everyone’s situation is different which is why I’m an advocate of hiring a good financial planner to help you work through all these questions. Don’t go into retirement blindly. Make sure you have a plan.
And that is one reason I took early retirement! I was widowed at 58. I could’ve retired at the age of 60 but was given the wrong information from my local Social Security office. So heads up, always check 2-3 times because different people tell you different things. Last year, at the age of 62, I found out about the error. I signed up to start my Social Security this year, 2023. I loved my job but I make 2 1/2 times more a month in retirement than I did working 40 hours a week. I am very blessed because my husband had a well paying job. I worked almost five months into this year to earn the maximum I could for the year as I will do every year until I reach full retirement age and that will be my “travel/do want I want” money. Three weeks after retiring, I was able to go spend a month helping my son & DIL with their two boys and welcome their newest addition to the family, a sweet baby girl. Then I bought my 82 year old mother a ticket so she could spend a couple months visiting and meeting the great/grands for the first time. ❤ Do I miss working? Sometimes but my life is so much richer, in every way, now. I’m living my best life yet.
@@Whipporwhill Check SS site to verify following: How much can I earn in 2023 and still collect Social Security? For 2023, the Social Security earnings limit is $21,240. For the period between January 1 and the month you attain full retirement age, the income limit increases to $56,520 (for 2023) without a reduction in benefits. For every $3 you exceed that limit, $1 will be withheld in benefits.
I’d love this to be true in “our” situation. After working for over 45 yrs, I became disabled , I get SS to the tune of what I would have received at 67. I am required to pay for Medicare part B even though I have excellent private insurance. With premiums and taxes, hundreds of dollars per month is skimmed right off the top. Husband is 63 and making over 100K a year with excellent health care and 401k benefits with company match. I don’t see where this scenario works for us. We have enough not to carry major debt, but we are middle class at best. I can see where he might be able to make unlimited income at full retirement age and collect also for a year or so. We would have to downgrade our life tremendously to reduce our income this much
I think if you need it at 62 you should take it. But, if you are healthy and still want to be free to make as much as you want and you don't really need it to live, wait.
My dad lived into his mid 90s and retired from 3 different jobs but my mom didn't live to get her first SS check. I'm hoping I can start getting mine at 62,at least I'm planning on it. You give alot of good information and I appreciate each video you do because I'm learning so much from them.
I just turned 57. I'm planning on retiring in a couple more years, and collect SS at 62. I've seen people at my factory work into late 60s and 70s and retire and then die a few months or a year later. I'm wanting to enjoy my early retirement while I'm healthy and can do stuff. I enjoy your videos Tim. Thanks for your good retirement advice. Keep crushing it!!!
You should do a vid on the different cruises you been on & tips about how to pick good ones & prices; Love & Appreciate your channel from the western burbs of Chicago
My friend took a "buy out" from his corporate employer at around 58, retired with a small pension, and then worked at a self-employed gig part-time. He had been a lifetime smoker who had quit at 55 and had a fear of dying of lung cancer before he could ever enjoy retirement. He then had to quit the part-time gig due to lung cancer showing up; at that point he realized he qualified for disability (he was around 61 then) so he applied for Social Security disability which had not previously occurred to him. (his corporate pension was enough and he had his house paid off early.) He was granted the Social Security disability (still had a good but quiet lifestyle due to his frugality) and lived another 2 years. The moral of this life story is not only quit smoking EARLY in life and plan ahead; prepare for rainy days and be realistic. Life can be very good even if challenging.
Thanks for sharing this info. It truly is simple math. For me I'll collect $93,500 over the next 5 years (when I turn 67) based on my current monthly benefit. Had I chosen to wait to wait until 67 to collect, it would have taken me 11 years to finally make up that $93,500 with the few hundred extra I would have gotten each month. There's nothing like the feeling of being FREE and having all the weight lifted from me that came from the daily stress of the job. Now I can take care of me! My mental, physical, and spiritual health has already improved dramatically and I am truly enjoying life to the max!
Wow, thanks, Tim, this is one of the best videos I’ve seen, if not THE best, on “when to take” - this is so very helpful to me. I’m about to turn 62 next month. I’m self-employed and have been for decades, never made more than 35K gross - my monthly SS would be half what you get in SS - so I’d have to keep working, no choice there. But! I absolutely LOVE my work, it’s so fulfilling, I don’t even feel like I am working (I teach piano). I did some researching after watching this and glad to know about the net/gross thing on the $21,240 if you’re self-employed. Will be contacting a fin. advisor a fellow private music teacher consulted when he turned 62. So I am sure glad to have this info-why wait! I am debt free, own my car, live frugally, not under the burden of a house to take care of as a single older person (renter). And I agree with all you mentioned. I’ve watched a real close friend, who just turned 68, and STILL isn’t collecting (despite my constantly trying to tell her to), cos she wants “that extra $,” -her daughter is giving her bad advice!-I’ve watched her truly suffer these past years-financially, and of course, aging. She’s in a a huge old broken-down house, and has health issues. There’s no convincing her. She’s got to wait for that extra, meanwhile 6 years since she was 62 have gone by. Not me! Thanks for this video, I’ll be watching and liking more, and I’ve subscribed. 😊 (and I used to live with my late mom in Boynton Beach-videos bring back fond memories.) ❤
I left my job at 61 1/2 thanks to uncle sams generosity and my 401k. And then collected SS at 62(Thanks for the stock market crash I’d lost a lot). My husband got a decent amount so I retired early. If I’d retired at 67 or 72 it would have been more but I’ve had arthritis and fibromyalgia and have been in a lot of pain. But they don’t tell you you do get cost of living raises every year so I agree with you. I had bosses who high pressured me and other employees who just didn’t want to work, so I got the heck out! We were going to travel. We’ve lived in an Rv for a couple years. My husband had a stroke and this March had another fatal one. Yes I live in Florida and yes it’s expensive and yes a LOT of people are moving here. I’ve gotten my husband’s small pension and am comfortable. God is taking care of me.
My 1st husband took early retirement. We figured what he would make drawing early retirement for those 5 years. Then we took the extra amount and figured out how long it would take to recoop the money if he held out until full retirement. It would have taken 10 years to recoop what he was paid for those 5 early years. Like Tim says, just do the math. It says it all.
Love your concept on retiring at 62. I turned 62 on May 29th, I should be receiving my first social security on 7/26 Wednesday. I am so excited. Thanks for your information.
Hey Tim. Absolutely fantastic video! I'm currently 60 years old and can't wait until I'm 62 to start collecting! Your presentation was straightforward, clear and cut through the mumbo jumbo they want to sell you. Simple math! You worked hard and paid in to the system as a self-employed individual, as I did, and you should enjoy your benefits while you are young enough to do so. They are banking on all of us dying sooner rather than later and they win again! No thanks, I'll take my benefits now, please! Great job and keep up the great work. Refreshing to hear the truth, if only occasionally!
I'm 50 and sooooooo glad to see this because working has been MISERABLE and I chose to be low income just so I could have life and some enjoyment in this lifetime! I've always been told to wait and this video is truely refreshing and exciting to know the misery will end soon and enjoyment can last longer!
Amen brother amen. Amen. Amen. You’re preaching to the choir. I retired on my 56 birthday. I’m turning 60 now. I praise God every day for giving me the wisdom that you also have way to go brother good job trying to open up everybody’s eyes. God bless you and your family. Have a great day.
I turn 61 in a few months, wow cannot believe I said that. I have been toying with the idea of taking SS early. The more I watch your videos the more convinced I am it is the right thing to do. I have worked since I was 16 years old, never took UE until the "shutdowns" and that was not of my choosing. During that time, all that free time, I actually wrote a book which now sells on Amazon. I contributed more to the world when not working, than having to slave away all those working years. It is time.
I love the way you simplified the math here!!! So many people spend their lives chasing as much money as they can working and that mindset transfers over to drawing their SS…..only problem is that as we age, life doesn’t always cooperate….GREAT VIDEO my friend 👍🏾👍🏾👍🏾
Awesome video Tim. I’m 50, been working in hospitality for 30+ years. I’m tired and broken from 10-12 hour days, even still to this day. I’m doing my research now 👍🏻. Found a spreadsheet that shows the breakeven point for me at 72, I’m definitely hanging up the chef hat at 62!!! My mom worked her a$$ off and passed at 62, my dad waited till 67 and passed at 70. It’s so sad but I’m taking the time I deserve and the $$$ I’ve paid in my whole working life. The hardest part is minimizing overhead!
One of the most important things to do before claiming SS is to log on to mySSA and look at your statement. 2nd thing to do is guesstimate what you and your spouses (if applicable) resources will be when you are both too old to have a side hustle. Of course everyone's situation is different, but retirement should not be done blind.. The comparison here with dollar amounts doesn't mean much as the amounts will vary greatly among different incomes. The breakeven points are the same for everyone and is why they are used. Everyone wants to retire ASAP, me included, but look at it and be realistic for your situation.
My friend's sister in law had a sister die at age 66 yrs old from COVID... she was waiting until 67 to collect the "max" amount of SS. She never got a dime... wait... wait for what?? Get it while you can..
Hi Tim, great content love your videos. The concern that I have is health insurance. I have health insurance with my job and if I begin to collect SS at 62 I would have to leave my job or pay back SS. It’s a tough decision. I know time is commodity and once time passes you never get it back! Thanks for the information
I had the exact question. If I quit my job at 62, collect SS, I lose my health insurance. What are the options for health insurance during the gap to get Medicare? Thanks
I am listening to this. I went to the ss site to see what I would make at 62 versus 67 .. I am 5 years away from 62 right now. The difference was several hundred and from what I understand, if I wait till 67 and make some more money, I can work as many hours as I want. Apparently at 62, I am limited to what I can take in. I will still work no matter when I retire. Like you, I work for myself so I can work or not work as much as I want though that is harder than it sounds (turning jobs away). I have time to weight it all out, a few years and in the meantime, I am desperately paying off all bills...my goal is to literally owe nothing by the end of this year. I know there are bills but I want to be in that position to maintain a lifestyle that doesn't put me in debt (everyone's dream). In the year 2020, something changed to make it difficult for the middle and lower class. Suddenly homes were doubling in price and people had all this cash to pay for these houses. Its crazy but right now I am weighing it all in. The ideal situation for me now is to retire at 62 and still work and make enough to live well and comfortable by my own standards.
I could have retired at 55 but kept going to end up with a BIG retirement. Instead, the GFC of 2008 took most of my investments and gave it to the banksters. I learned the hard way.
I love my work and am well paid so i’m one of those who can wait. I do not WANT to retire at 62. Grandparents and parents lived into mid 90s. My priority is strength and fitness as I age.
I begin taking SS at 62, and kept working for about 8 years. Yes they withheld it about 3 or 4 months, but I socked 100% into savings. It was nice having all that money going into savings monthly.
I collected at 62, and after working 80 hours a week as a self employed person most of my adult life, I'm making as much collecting SS and working 10 hours a week now. Mainly due to not having that huge overhead. My life is SOOOOO much better... less stress, can do what I want when I want, time in the garden, with the animals, travel when I feel like it..... no $500 more a month (and working another 5 years) is worth it. Plan ahead people. :) If you can position yourself to own your house (tiny house, park model house, travel trailer, or modest house or whatever is affordable to buy outright), then all you have is utilities, insurance, gas and food. Simple is better. Especially in our very complicated society now-a-days. The small sacrifices you may need to make in the beginning will not be missed once you're living your best life being free to be you!!!
This is great advice. Thanks Tim... more people need this information, because many don't realize how the system REALLY works. I didn't. I was just so sick of not having my own life, and working all the time, I just took it. Turned out to be the best decision ever!
Safe travels!!!
I’m going to pin your comment. Thank you so much for your enthusiasm and your life-changing experience.😎
Thank you! @@SarasotaTim
What about health insurance plans. Thank you.
@@williambanks4227 look at marketplace insurance plans and put in your financial information for financial assistance paying premiums.
Tim has a video on that too and recent. This is good advice. Thanks Tim.@@williambanks4227
I started collecting at 62. I booked a 1 way flight to Thailand and stayed for 6 months. (also visited Burma, Laos and Cambodia during that trip.)...then booked a 1 way ticket to Paris to visit an old buddy...we hung around France for 3 months and then sailed his 48 footer to England, Ireland, Scotland and Norway. (also did the return trip.) 7 months total!
Here's where it gets interesting: A year after our sailing trip, he was diagnosed with Parkinsons and his compromised muscular functions severely limited his ability to sail anymore without 2-3 crew members...
And I was diagnosed with bone cancer...had my left leg amputated and so...my sailing days were DEF over :(
My point is this: Life is full of surprises and curve balls...nobody knows how long they will live or even stay healthy.
If I had waited to collect at 67, I would have missed out on the trip of a lifetime and ten thousand memories :))
Words of wisdom
You are wealthy beyond anyone who has billions of dollars ❤
Amen to that! Most don’t understand!
Exactly!
God bless you, thats what I'm saying, enjoy LIF NOW!!!
My dad is 94, lives by himself, drives like a city dweller, and is the most resourceful person I know. He’s the Social Security Administration’s worse nightmare!
What does “drives like a city dweller” mean?
My dad was 96, got ya beat, 😂 and he started as soon as he turned 62
Very funny! I got chuckle out of that
@@theresa7044 He has a heavy foot. 😃
Living long and well is the best “revenge”!
My dad died at age 56 and never collected a dime of SS. I vowed to collect mine ASAP. I started collecting at 62. I became health conscious and now at 66 I am in excellent health and hope to make it to 90.
Sorry you lost your father so young, but your mindset is spot on. My situation is similar to yours, drew at 62, been health conscious since 2018, two years before I retired, take no meds, get lots of natural vitamin D…..just need to turn up my casual exercise and add in resistance & weight training. Ignoring all things big pharma and leaning holistic/naturopathic is key to longevity. Cheers to us EBM☀️🌴🧘♀️
Same as me.
@@wanderingheart9447exactly!
My Dad died at 54, 3rd heart attack He, too, never collected any. My mother was a 30 yr educator. Fantastic pension, but they don't get Soc Security.
This is what they are banking on. That you will die before you can collect.
Here is an old man with 73years of experience advice, pay off your retirement home before you retire. You have to own it free and clear in a area of the country with low land taxes. Then get you a reliable financial consultant/ wealth manager to help coordinate your finances better. (rural) If that is the only thing you do you will be able to retire with social security and be ok. I did just that and it worked for me. It continues to work for me to this very day. The world goes crazy I can still afford my taxes (very low) I still have a place to live. I also garden and live simply but that is for another day.
Thanks for your input, nice hearing from others that’s been there done that. And giving similar advice that I’m already believing
@aureliobjm.....what state, what area did you end up choosing to settle down ??
63, retired 6-1/2 years ago, no job, no social security until 70,no financial advisor. Financial advisors cost money! Keep 1-1/2 - 2 years living expenses in liquid, interest bearing accounts and the rest in a low fee total stock market fund. Hopefully you knew retirement planning starts in your 20's, if not before. Preach finances and retirement planning to your children.
You are doing well sir!
Until he gets sick and put in a nursing home and they take all his asseys to pay for it.
I took mine at 63 . I did the math and if i had waited to draw at 66 and 4 months i might have been dead. We had this one gentleman at work and he was set to retire and had his papers in for retirement and social security , every thing was a go. He told us on Friday that he was see us Monday . That Sunday he got dressed for church , had his keys in his hands to lock the door on his way out. He had a heart attack and died . He never drew the first check of retirement or social security . We are not promised a day.
HAPPENS A LOT. CHEERS
BOTH OF MY PARENTS ARE ALIVE. MY WIFES MOM IS ALIVE. ALL THRIVING AND ENGAGING LIFE. I AM 61. SO THE AGE THING MAY IMPACT ME MORE
I had a really good friend name Ron, and he was getting ready to retire from a lifetime of working and he was so excited about going to ride his motorcycle and not have to come in to work anymore. He waited until 67 and then was diagnosed with pancreatic cancer and died, and was never able to enjoy his retirement. Makes you wonder if they put some thing in the food of people who are aging as that scenario seems to happen to a lot of people
@@thirstonhowellthebird TOTALLY GET THAT. SEEN IT MYSELF. FACT IS I CAN RETURE ANY TIME I WANT TO AFTER 62. IF I FEEL THE NEED I WILL. CHEERS
I know more people that lived past 90 than died young. Play the odds, take care of yourself and live life. Dead men have no regrets.
Remember Tim, Social Security is not free money, it is your money. You paid in to it. You earned it. Great video. I think taking SS at 62, for most people, is a no brainer. Thanks, Russ from Oregon, age 59
You should say that to Republicans and Democrats about Social Security. Calling it "entitlement" when it's earned benefits.
If you're a top earner, you will get back all of the money you put into social security within 5 years. Lower earners will get it all back within 3 years. The money you paid in went to your grandparents. Your money will come from today's young people.
I retired at 62. I am now 65 and am healthier than I was at 40 for sure. This is attributed to lifestyle changes. I don't remember the last time I was sick, however, I am not as moticvated as I was at 58. I think that I am tired because of all that is going on in the world. I do temp jobs and am getting ready to substitute teach, where I can pick my days and hours.
@@graywilliams_77. Please can you share more info about this?
Oh, you won’t want to substitute teach been in the schools is treacherous
@@susannickylike what?
@sarahmark979 you should’ve been investing starting in your 20s😂
@Jimbo-go3jc exactly. I think she needs to try another strategy. The kids are horrible they act horrible they’re rude and I’m noxious and selfish. I’ve seen substitutes cry on their day there and never come back and this is an elementary school that’s just happened last school year seriously! But there are some good kids, but the bad kids record for everyone they make the classroom terrible. You only need three or four of them, and then your day is gone to the shitter.
When I was retiring from US Army, I had to take a retirement seminar. The financial expert told all of us in the auditorium that if we can only remember one thing from our death from PowerPoint day is "take your social security at 62". And guess what, I did! No regrets! Thank you for the video.
Well easy decision for you. You're a double dipping lifelong govt hack. Very few here are in that scenario. Most of are here financing your Hackatopia lifestyle.
How about medical coverage???
Decades long hospice RN here - You are the first person I've seen who realizes and accurately describes the difference between our physical and mental state between 62 and 67 - and what a short hop it is to 70 from there. Given all I've seen in my career, I will take SS at the first possible nanosecond and not a bit later. Very well done.
I am in tears to hear you say all this. I was fired a few months ago I'm 65 and I just got hired again and started last week. And I walked in thru the doors and got physically sick that I am working a very strenuous job in the OR with all these young people I am so done.
I have no one to talk to about this.
Go for it. I have friend, age 60, earning 6 figures for the last 33 years, with loads of paid time off. She likes the job, only her boss & coworkers make for a toxic & hostile environment. Yet, she has eyes focused on doubling her SS by holding out another 5 years. However, I don’t see her health holding up for that long, under those circumstances.
My dad got sick and passed away at 62, never getting a chance to enjoy his retirement. All that stress is shortening your life. And at least at 65 you can get better health insurance and Medicare.
Work there part-time and apply for ss
Work a job you love and you never have to work a day in your life. I am fortunate to have that situation.
I’m not big on retirement but I am big on PT work, and when ready will find something PT with full benefits.
Productivity and a sense of purpose, getting dressed, and getting out, social interaction, and lack of isolation keep you young and vibrant.
Work does not have to be drudgery. Find something you love, and live your best, long life.
hi now that your 65 you get medical, so take a part time job some place doing something you like if you can. My company filed for bankruptcy and my last day is this coming week just a few years before i can get to retirement age so after 26 years at my company I need to look for a new job. Home Depot here I come ( i hope ). Stay positive as God is on your side and he wil not let you fall, my faith is in him.
The big problem is the income cap that SS imposes. We should be able to collect at retirement age and continue to work as much as we want. Just another way we get the shaft.
I agree, it’s a taxpayer paid program so it shouldn’t harm your lifestyle for taking advantage of it
I strongly agree!! Us Americans who work hard are punished the most!!!
I believe after 65 you can earn as much as you want and your ss won’t be taxed. Double check that though.
Whatever you have pay in because you earned too much, you will end up getting back later.
@@stephenmerrick3189 is that right? I know they claw back $1 for every $2 you earn over the limit, but didn’t know it came back, or when, or how.
My parents both worked low wage jobs their entire lives; retail and delivery driver. My dad worked until 65 and applied, collected his first check and was dead of a heart attack before the second was deposited into his account. My mother passed away at 61 and never collected a check. I plan to retire the day I am eligible.
Same here, both my parents died mid sixties, I am out at 62 too if I can be.
And guess who keeps all that money that your parents worked all those years paying into social security?
I am 51 and thought, work ,work ,work, now I am excited to be done at 62 .
Yes my grandfather he worked all his life and he’s retired. I think it’s 65 and he wound up passing away when his first check came in the mail and they never even got to deposit it. They had to send it back.
Yes most work places now so toxic & unhealthy mentally & physically. Enjoy your time now. More to life than work!
I turn 62 in August, my last day at work is December 29th. I started working at age 14, and I'm so tired. I've had a heart attack and a mild stroke, so you are right, tomorrow is not a given. I'm so glad I found your video, thank you for the information.
I wish you all the best in your upcoming retirement! My husband retired at 62.5, no regrets.
HI i hear you I will be 62 in Sept I started working at 13 ( paid into taxes and SS starting in 1974 ) I
am "worn out" as wel but we will be ok :-)
I hope you’re retired and enjoying your life.😊
No one is guaranteed tomorrow. Retire at 62. Travel, visit family, enjoy grandkids and hobbies. Don't work until you die.
My father retired at 65 and said it was the happiest day in his life. He passed away at 66. I wish he would have retired at 62.
I was a deputy Sheriff for 30 years in California. I retired with decent pension (64 % of my working wage) at age 50. I started my SS at 62. I have more income now than I did when I was working. Now for me there was several factors. I got a divorce, and I had a daughter. So, when I was working, I paid all my child support and alimony. When my ex got remarried, no more alimony. Later when my daughter turned 18 no more child support. Then I retired. Everybody I talked to; co-workers told me they were going to draw at age 62. As our buddy explained it's not rocket science. If you busted your ass all those years at your job, for me I carried a loaded gun for a living, take the money and run and have fun for a change.
I hear you , I am in the same boat . Think I am going to get a Minnie Winnie and travel to meet some people. Just ready to enjoy life a little
fuck yeah! and thank you for your service! I am not a right winger, I am an old musician, but in my old age, I have learned what cops actually go through every day, and I thank you for your hard work. and if I ever met you, I would buy you a beer, or if you don't drink, I would buy you lunch!!!!!! Enjoy your retirement!!!!!!
I just retired from the (Florida) Fire Service at 58 1/2 years old, and I'm going to collect at 62 myself. I've kept my expenses low, and paid off my Harley with a small deferred comp account
But you are an outlier... Not everyone was educated on getting a job where you get a pension and for today's kids not many businesses offer pentions just 401k and in recent years the 401k's have dwindled... My son is 26 works his ass off makes good pay and he has to have 2 roommates just to pay rent and utilities... Yes he saves but today times are not the same
GOOD FOR U. THANK U FOR UR SERVICE
Tim, you are spot on regarding how we "slow down" as we age. I retired at 57, bought a RV, and traveled a lot for ten years. By the time I was 68, I was feeling the effects of age, and just want to stay home and relax. And yes, I took my SS at 62, I agree with your math on it. No way will I live to 90 ... age does not "run in my family". I'm 71 now, happy, content and relaxed. I enjoy your channel.
We are all just souls having a human existence. NOTHING ends, it just becomes a new experience. Live in the now with full gusto!
🎉excellent ! So happy for you Sir 💕 I plan on retiring at 57 also I’m 53 now
Many people don’t factor in quality of life and vitality into the equation. While you have the energy and health, you have to maximize your time.
It only fit you because you quit work my wife didn't collect social security till 70 years old because she makes a $125000 a year and she would have lost a big portion of that social security if she filed at 62 because they would have deducted almost all of it each year by filing early you shouldn't be listening to this idiot on TH-cam
Hi, I signed up for early retirement on line June 6th. I still haven't heard from them. It said usually 2 to 4 weeks but it's been 6 weeks and still nothing. I turn 62 next month. How long did it take you? Thanks for your great information.
Retired young at 54 after 37 years of service for Broward County Libraries with a pension over 8 years ago. Turned 62 last month and am taking SS. With 2 checks coming I'll be fine. Take it while you can, there are no guarantees for tomorrow.
Mind blowing! I’m close to 60 years old and was on the fence of whether to retire at 62 or wait. My brother died recently at age 60 + 2 months! You aren’t guaranteed to live to a certain age. This video convinced me. I wanna be free! Sooner rather than later!
I’m turning 60 this year. I feel young and still wondering what I want to be when I grow up. Can’t believe social security is only a couple years away.
Hobbies, lots of hobbies, the world is your oyster 🦪😜
Haha.. I'm 45, and feel the same way!
That's exactly what I've said too
buy a guitar at a yard sale
I'm 42, not at all expecting a dime from those industries that I've paid taxes into. My Gen has almost accepted that it'll be gone before long and a fairytale at most.
After watching your video over a month ago I applied for SS . I’m 62 1/2. My BFF passed end of April , worked hard her whole life and put up with A hole boss’s to get her retirement plus highest payout for SS. In less then 2 years she passed away unexpectedly, her health was decking but I never thought she would pass so soon . She never got to enjoy her retirement . I filed , I thought it would take the 3-5 months . I filed mid month and received my first payment the beginning of the next month . My only question was “ Why didn’t I do this sooner “ ?
Live your best life today
Was she taking Metformin? If so, B-12 should be checked regularly because Metformin can block absorption necessitating injections. It’s not checked on regular blood tests. My husband died suddenly and unexpectedly at age 61 from complications of a severe B-12 deficiency and sleep apnea. B-12 deficiency symptoms include anemia, magnesium deficiency, dizziness, lethargy, premature aging and confusion.
@@michikoiesaka3365 Same dilemma here. I went 80%CD and 20% in fund just in case fund doesn't perform as good as expected.
She worked until 68 , she had many years of consecutive bad boss’s . She was impeccable in her job and saved a few companies . Never appreciated like she should’ve been .
She passed from a heart attack just shy of her 70th birthday . Big loss
In 2000, dad called me and said he might retire. He had 30 years in the Firestone factory. He was worried about losing a couple hundred dollars a month. He's so glad he did it. He was 56 at the time and is still taking their check every month.
My Dad died at 67 so am glad that he started collecting benefits at 62
This is not free money. I’ve paid into it my entire adult life.
Quit my $250K/year job and retired at 55. Freedom is great, don't miss the money since I have all I need.
Excellent! I semi retired from UPS after almost 25 years when I was in my 40's(started right out of high school). I've done lots of things to pay bills the past 15 years since I left...flipped some houses, traded stocks and futures, mlm, selling stuff online...all kinds of things. Not rich by any means but able to get by easily. I'll start my UPS pension in a few years when I turn 60, then SS at 62, along with a decent ira and 401k.
Took my SS at 62 and never regretted it. The earlier you retire the better.
I cannot thank you enough for talking about all that. I sat down and figured out the math for me personally and realized retiring at 62 instead of 67 only meant over the rest of my life I only lost est. of $1900 a year at most but I gained 5 years of life. If you suddenly take into account not having to drive to work and just gas alone, I've lost zero and I gained. There are multiple other costs that are lower when I don't work. I lose little to nothing. Thank you for opening my eyes to this. So grateful.
Insurance is y I may need to work till 65 I have amazing insurance. Me and the Mrs both are 61 7 mths to both are 62.. but obamacaee stinks I hear
I retired at 54 and never looked back!
I think it is a scam to wait. They want you to die before you collect.
This is not free money! We paid into it.
@@KellyBoettcher-qo9tx Truth!
With your calculations at age 80 you’ve collected $367,200 and the other person has collected $344,760 which is a difference of $22,440. With social security increases over those years the break even will be closer to 79-80 years old depending on how much your monthly SS is. The elephant in the closet is the cost of health care premiums which is why many people wait until age 65 to retire. At 65 the cost goes down considerably. Before you hit the age of 62 people get very excited about retiring, but when you actually make it to 62 thoughts can change. You realize you have a perfectly good job making x amount dollars and you also have employer health care. That’s when you start thinking maybe I’ll wait a few more years and do some projects around the house or take a trip or two while I continue to work a little longer. Bottom line is if the money doesn’t add up, retirement won’t be as enjoyable.
EXACTLY! 20 year breakeven point? Nope, not for me. I'll work until I'm good and ready to quit. My job is pretty easy and I'm not giving up my perks for SS bread crumbs.
I turned 61 in June… I am convinced based on your explanation and logic that I will be drawing my Social Security 2 months after my 62nd birthday. Thank you for sharing.
Tim, your arguments are based on quality of life and freedom, versus the difference in potential future cash flow. Most people have been conditioned / manipulated by the machine to only count the dollars. Most of my acquaintances think I'm nuts while they complain about their job and limitations. Lots of research done on the subject, the most convincing evidence comes from books written by healthcare workers in senior and nursing homes. The biggest regrets in advanced years are always, "I worked too much". Quality time with friends and family, adventures, and personal freedom are often overlooked till it's too late.
WON’T HAPPEN TO ME. I AGREE WITH YOU 100%. I AM 12 months out. i will collect at 65. Why? Because it makes sense for me.
@@johnnySMALLpepper Well done. There are many other factors involved and each person's situation is different. It's sad to think many people just blindly use 65+ because it's what everyone else does and the don't bother calculating the pros and cons to see what makes best sense for them. For my particular situation, I think the sweet spot is 62-63.
@@alexthai4957 CHEERS. I LISTEN TO ALL INFORMATION TO CHALLENGE MY THOUGHTS. TIM AND PEOPLE HERE HELP WITH THAT
Here is counting dollars: If I take SS at 62 then die in my 80th year then I will have taken in some $215K plus. If I take SS at 70 for full amount, and die in my 80th year then I will take in some $184K plus. That is math. I have less than two years to start my SS at age 62. I can hardly wait !
I'm self employed, no insurance past 15 yrs. I'm 62 1/2, and I just applied in June, got approved 1 week later, had a check 10 days later! WOW! Nice extra cushion to work a bit less. Thanks Tim for inspiring me to jump on the wagon!
Sane here , congratulations! 🎉🍾
Are you aware your limited on how much you can earn once collecting SS? It stinks. If you go over the amount, they deduct from your SS
@@CoconutoilcrazyYou can earn ALL YOU WANT at your full retirement age. Keep in mind earnings are still taxable of course.😊
@@Coconutoilcrazy Yes, reported income! SS goes up slightly each year like this past Jan. went up 8%+ for cost of living increase that SHOULD occur every year.
@@betsybarnicle8016 Online. Easy.
I am 78 and have been collecting since 62. Also, I am an ex-car guy. I really love my life. Thanks Tim
Don, do you like the option you picked? Did you have other retirement savings
@@MarcP5267 Some of us can't wait to get that SS!!
@@MarcP5267 ...Or You Could Die Never Collecting A Dime...!! Right..?? So What's Your Point...??
@@shawn4692 Yes it was perfect for me, Yes I do have a very small taxable retirement also. I also am now receiving a military pension because of agent orange.
@@donhamilton6824 I'm glad it worked out well for you!!
Brother this is GOLD! I just turned 62 and happened to catch your video. Tomorrow, it's gonna be skid marks and fish-tailing out the driveway to the nearest SS office!! Can't thank you enough!
Hahaha go get it! 😎
I am retired nurse took early retirement. Best decision I made.
I’m one of those guys who makes a lot of money and can control my schedule but I’m collecting at 62 next year. Tired of working, joined the Navy at 17 and working non-stop since. Ready to live my life (what’s left of it) and if needed, God will provide.
I'm 47 and I really like your way of thinking.
Semper Fi Squid.
You will provide because you have worked hard. It is all about you. God doesn't do squat!
God?😂😂😂😂😂😂Gods don't pay bills. Grow up.
@@squirrelcovers6340LOL, Funny how when God is mentioned some people feel the need to say something negative. Mature, well adjusted people don’t do that and I’m the one that needs to “grow up” go figure.
You speak the truth. Working until 67, is so stressful, that in itself is a killer. and as you said, no one is promised tomorrow.
My dad just turned 98. Drives and lives by himself in his home. Cooks, still climbs on the roof and can likely outwork me at 63!
How awesome to still have your dad being 98. My grandma was like that until about 2 years until she died at 99. What a blessing. My dad was 80 and his mom was still alive.
I had someone once explain it to me this way:
If you wait until 70 to collect your Social Security at the higher rate, you'll have to live (and collect) until your 90 just to recoup all of the money you *didn't collect* for those eight years between 62 and 70 when you were getting nothing. Also, the money you will eventually be collecting will be worth less, and buy less.
I took mine at 62, am closing in on 70, and plan to live until I'm at least 100! 😉
The person who "explained" this to you was wrong. The tipping point is 80 not 90. Also, the money is not worth less over time. It's COLA adjusted.
@@edkerry87 The house I purchased in 2017 has nearly tripled in value, and I could not afford to buy it today. That's a 200% increase that COLA doesn't even come close to compensating for. In fact, if COLA wasn't so utterly laughable, and was properly adjusted for the increases in real life costs and services (the necessities) we'd all be seeing somewhere around a 15% increase come January. My guess is that it will be less than 4%.
@@MarkRVillano So you want a buy a million dollar house when you retire? I don't understand your point. The price of gold has probably exceeded inflation too. Who cares?
@@edkerry87 My point is that in a few short years, the house I was able to afford in 2017 is no longer anywhere near within my grasp. My other point is that taking SS now is the *smart move* because my original statement holds true that the money you collect 10 or 15 years from now won't buy anything close to what it buys today, and COLA won't cover the difference.
What do you do for health insurance? Do you get Medicare at 62?
I don't view it as "free money", I worked my ass off and paid in to the system my entire life. I could have earned alot more on that money they took out of every single check.
I was offended to get the letter they send to let you know what day and how much I would be receiving. The letter says "You are being "rewarded" and your "entitled benefits " are such and such.
Making us feel like they're doing us a favor.
It's disgusting.
Yes, I agree with early retirement. If you're making 1,700 at 62, you were earning a lot more than I ever could. I spent about a decade self-employed, and those were my lowest contributing years. My circumstances require me to delay until 65 and even then I'll only be bringing in 1,300. Everybody's situation is different.
❤ your numbers sounds like mine. Last I looked it was only 930/mo😢. I'm 64 now, but not much better, in fact thinking to get a job because it would pay more at current minimum wages 😮
I’m looking at $1300 too. That extra $400 makes a HUGE difference. What are you all making less than $1700 doing?
When it come to Social Security, self-employed people get absolutely screwed.
Yeah this is my situation too. I didn't even look at Ss yet and I'm 63, did I miss the timeline?? I'm actually alone anyway... no one to travel with. Dang
@@byhisloveyou can file anytime after you turn 62
❤️❤️❤️💯💯KEEP CRUSHING IT TIM !!! You are very encouraging. HEALTH IS WEALTH. You have enspired me to retire at 62 get healthy and quit drinking. Thank you 🙏
@jon7592-Statistics show that those who retire early do not live as long as those who keep working. If you retire early and start collecting SSI then you also limit the amount
you can earn without getting penalized. Each person is different and must consider their health and prospects for earning more in a side hustle.
@@LAStreetPreacher what you say is true, however if you get out of the rat race, have more peace in your life, that pays dividends ❤. I'm a single 64 yro female pancreatic cancer survivor of 11 years, and really am thinking about all this.
If I can pay my bills at current rate, I'd probably jump. Being self employed, the #s haven't been kind, and at current minimum wage of $16/he I'd be ahead to take a part time job to supplement the shortfall. Just thinking out loud
I am 53 years old. I came across your channel a couple months ago. I have enjoyed it. I was thinking all along that I would retire at 67 (full retirement) but after listening to you and also doing a little research on my own, I am now thinking I should retire at 62. My husband is 3 years younger than me so I will retire before him. I loved the way you broke everything down for us. Makes perfect sense to me! Thank you again for all your videos especially the ones on retirement and Medicare. I have found them VERY informative.
Do you have other retirement savings, I personally where I live can retire at 62 but have retirement savings too. Should say think I can since I'm 48 :)
remember medical could be costly, 65 you get Medicare
I agree with you 💯 on your comment.
@paulpastor8227 sounds like the system tries to "guilt trip" people into waiting because of health insurance. Newsflash: income based clinics exist that can save people a lot of $$$.
I figured this out when I was 61 and retired at 62: it was a pleasant surprise as I was planning on age 67. I’ve never been happier! I found the perfect side gig for 10 hours a week that gets me outside getting beneficial exercise, sun and meeting people. Life is Good
I totally agree that retirement age should be 55. I’m 58, and am so ready to retire.
I never get tired of hearing that i made the right choice in drawing my SS as soon as i could.
Thank you Tim!
“Standing with Ukraine .”
That is a huge statement that you are mind controlled.
@BF-sb5zs Yummy!! Hope you will buy my Gourmet Catfood recipe book once it hits the publisher! Some Delicious highlights of Fabulous Feline dining for Your pleasure!! (Although human food IS cheaper) 🌞🙀😸
Obviously this guy hasn’t priced cat food lately Haha Keep Crushing it as always forget the haters Thanks for encouraging people to be kind
@BF-sb5zs Hilarious....!! There Are Food Pantries On Every Street Corner These Days. Ain't No One Starving... FACT.
@@cueonefulI wouldn't be hungry if I had to swallow my pride.
I retired at 59 because I had a coworker who was 76 (zero reasons to work past 70 unless you love you job) and thought the department would fold without her. I didn't buy into that crap. Everyone's replaceable. I left, remodeled my home, sold it, moved to a new state, bought another house, remodeled that one to my liking and now can hang out on TH-cam and enjoy videos. I turn 62 this year and I've already applied for my benefits. I also have retirement medical through my previous employer--or I probably wouldn't have retired early. I couldn't come up with a reason to keep working. I absolutely love my life and love living every day.
Yep, you're irreplaceable until the day you leave.
Yep 😎 same ! Cept my retiree holdout retired exact same day as me !!!!!! She had five yrs to retire and waited to retire on my retirement date 💩shows what I was dealing with !
dont do it... Just keep funding your own retirement like you have been doing, then take that big permeant check at 67 and live many more years
@@emptychair8141 why does that matter she retired same day? You probably inspired her😂
@@ericlee2931 Haven't you been paying attention to the Video?
**Consider this argument! I agree to a point if a person has enough to live on every "month". We live our entire life on a monthly basis, then in our retirement years on a "fixed income" it's even more critical. $500 or so more dollars a month is a lot, especially as you get on into your 70's! You may not feel like selling wine and cheese when you are 75 and will probably wish you had that extra $500 dollars. The total amount won't matter to you in that day, and the only people worrying about being dead is people that are still alive, a dead person could care less that he didn't get to spend some social security money! And another thing, I never talked to bullfrogs in the middle of the night! 😂
Dave Ramsey said it best… “Don’t take advice from broke people!”
One thing I’ve got is… Plenty of money.
I’ve never been a broke dick. 😎
@@SarasotaTim Sorry… The way you talked, not owning a home, living in a trailer, gave me the impression that you were not one of the Dave Ramsey every day millionaires. Again… My apologies!
Had a friend that was one week from retirement at 62. He had a reaction to the jab and died. I’m on disability due to a bad accident in 13. Then in February of 20 I was diagnosed with leukemia. Been battling for nearly three years. I’m not informed enough to determine if I would be better off retiring. I could work but I have physical issues that when I wake up I get a flair up. Anyway my wife is 57 and hopes to retire at 62. We’re trying to figure all of this out. We live in a small town of 2500. The closest city for a choice of p/t jobs is 30 miles away. Thanks for your help
Best to spend the time taking care of your health
It's ridiculous that we have to wait so long for our SS. I agree retirement age should be 55.
Tim, I agree with you that it better to start collecting early but the elephant in the room you never mention is Health Care. You don't qualify for Medicare until you turn 65. Most 62 year old's have health issues they are managing with prescription drugs. Without a employee health insurance plan you wont be able to afford the cost. When I retire I don't want to work part time to make ends meet. Why would I want to work at Lowes and have some kid 1/3 my age boss me around. That doesn't sound like retirement to me but a step backwards.
I never hear any of these proponents talk about insurance.
Have you looked to see how much insurance is under the affordable health care act when you make low income? It may be low enough that your monthly SS check will cover it and have enough left over for the rest of your expenses.
Think direct pay physicians, they are everywhere now. They fill their own drugs and the patient load is low so they have plenty of time for you. I pay for my health insurance through work and still do a direct pay doctor, so many benefits and it's cheaper than health insurance. Look one up and check them out.
Also they are not slaves to insurance and pharmaceutical companies.
You would likely qualify for medicaid which is the best to have with medicare as you age. Medicare DOES NOT pay for nursing home. They will take ALL YOUR MONEY AND PROPERTY. I am a retired nurse. My health insurance was AWFUL. I love medicaid. We need universal Healthcare. Period
Debt Free the only way! If you owe anyone you are a slave to them!
I saw your earlier video and I suggested to my brother whom is 12 months younger than me and works a physically demanding job (self employed) that he look into collecting at 62! I really surprised myself! I fall into your category B as a person with a well compensated, physically undemanding job that I actually really enjoy. I have calculated 68 and 6 months as my SS start date because I like that number! My birthday is in July so a January start makes my budgeting easy. It is almost identical to the amount I will get at 70. Doing this will allow me to pay off my mortgage and a new car, and my employer has a great 401k match, vested stock and I get very generous time off. I can also gradually ratchet back my hours as I get more comfortable with the positives you outlined. But my primary reason to keep working is I feel the mental and social stimulation I receive to be priceless! Indeed it is sad I have always worked a lot and have not cultivated those other “outside interests”. So for me I honestly know stopping at 62 I would accelerate the physical and mental decline you so capably outlined. I will probably always work atleast a little because I love it!
Cheers, Michael Albuquerque NM USA,
I'm 62 and a stones throw from 63. I am nearly crippled from RA and haven't started drawing yet. I'm sold on getting it started now. It won't be much, but it will be more than what I have now. Thanks for the pep talk and valuable information!
My dad was vietnam veteran. He started collecting at 65; died 8 months later from bone cancer. He was one of those camp lejeune vetersns. He told me not to wait on collecting that money bc he almost didnt make it. My mom was so glad he didnt wait till 67. Love you, dad. And i miss you 😢
My brother passed away at 64. He never collected ss. I’m 62 and retired. Life isn’t promised.
Yes, my husband recently explained all of this to me because I just turned 60. So, looks like I will start collecting SS at 62. Thank you for breaking this down for us.❤
I did the SSI calculator and it's telling me based on my current salary I would collect $1540 a month. I found that to be surprisingly low. Feel like I'll be leaving in a flop house when I retire
I retired at 62 also. I saved half my income the last few years that I worked, and after selling my home, I had a very nice nest egg. I bought a truck and trailer with cash before I retired. I now live full-time in my RV (mostly boondocking) on $2000 per month. I don't live extravegently but I AM FREE! I travel north and south following the good weather (no more cold winters or hot summers). I hike in new places every week. My health as I age will be better since I am more physically active, have time to rest and relax, and have very little stress. I feel so blessed to be able to enjoy my life as I see fit. For fun and to keep my mind active, I trade stocks using my nest egg money. I use my trading profits to increase my total cash worth by $5000 per year and give the rest of the profits to my four children to help make their lives a little easier. So far, I have been able to give each child at least $5000 per year. How fun! I am living my best life after being a slave to the system for over 40 years.
I too realized that banking 5 years of SS is more advantageous than waiting until I am 67 to start collecting. I rather collect when my health is KNOWN, than rolling the dice and waiting to grow older! Health is our greatest wealth and we never know how quickly we can loose it, until it is GONE!
I widowed my husband passed' so I will be able to draw his SSI $24.00 $700.00 more then mine. I'm 62 and two months calling court houses for documents.
The earlier you take it, the better. You worked hard for it for years, so take it and enjoy it while you can. I'm almost 69 now, and tomorrow I'll receive my 76th SS direct deposit. It's been helpful for paying my bills and living a better life. I've had far too many friends who have waited to collect, and die before they receive a penny. Don't make the same mistake.
Keep preaching these no-nonsense facts of life! Absolutely Love them, and your straightforward approach without sugar-coating anything! People need to realize that spending everything you make is really, really a continual lapse in judgement throughout your life. My wife and I (now at 53 and 54 respectively) both started saving early, years before our marriage in the late 80's...almost to the point of lunacy over the years, more or less making a game out of it. Not going out with friends, buying generics, shopping at Goodwill or Salvation Army, clipping coupons like crazy, second or third hand cars, garage sale tools and yard equipment, off-season trips, always ordering water if we do go out for dinner and no appetizers...and 10% max on tips...and that's only if they really "earned" them. Neither of us were ever "given" anything in life and knew that hard work and determination was the magic key that everyone can put to use. For many, many years we made it a goal to save/invest at least 50% of our monthly pay. I retired at 45 and she retired at 46 (neither of us ever making more than $70K/yr). Now trying to make it worth our while for all those years of sacrifice. Hang onto your hat though, as this is where the irony in this story comes out, and you'll find this part "nonsensical"....we have a little over $2.6M in savings and investments that we should never have to touch the principal on....YET, we still go to Goodwill/Salvation Army, clip coupons, drink water if we go out, drive secondhand cars, and basically still do all the stuff we did during our earning years, and still make a game out of it...and even still put money into savings every month! I can't imagine ever, ever, ever paying "retail" for goods the rest of our lives....what a waste of money! Get ready, even more irony....we never had kids, and as such, have no grandkids to leave anything to, so trying to identify which nieces or nephews we'll leave anything to. By the way, none of the relatives on either side of our family know we have anything saved or invested and they just think "we're just scraping by monthly"....they just see us as the Aunt and Uncle who live "modestly" in a small home and keep to themselves...but they all know we love them to pieces. And as the experts have always stated over history....."NEVER tell any of your family or friends you have money"....we heard this story continually over the years, so we stuck with that mindset. So to stay in this context, all our relatives think we still have jobs, as we always plan visits around theoretical "vacation time", just so they don't get to wondering "how do they get by without working". Yes, we know, not exactly being straight up with them, but it should "keep fences up where they need to be", as my grandad used to say. Getting on the Savings & Investment train while still young helps immensely while developing those first spending habits. Our grandparents on both sides who had been through the depression as kids themselves, taught us that putting money in a "Passbook Savings Account" (not sure if these even exist anymore) and then only using it for emergency purposes will help keep you happy and safe. We had both started jobs in our early teens (that paid minimum wage at $2.75/hr) and started the savings train early on in life...this was the catalyst in the whole deal, because once you save actual "cash"....this mindset rubs off on just about everything else in life you come across by always thinking about where you can "save money", and you're constantly on the lookout for "deals" and "where you can save"....and those "well-worn jeans, T-Shirts, Jackets...and all other Goodwill & Salvation Army finds" are still the rage around our place! Just a few tidbits of info. on us "unemployed 50+ year olds" here at our homestead...and still saving for that "rainy day".
This is great but the main reason you were wealthy by 45 is the no kids factor. Kids are a compounding loss financially over the years, especially for a women who stays home with them and then the marriage doesn’t work out. I’m highly educated and motivated and a type A with my business and being frugal etc but it’s like treading water when you’ve devoted your life to raising kids. Mine are now 15 and 18. One blessing for me is that their dad and grandpa are wealthy so my kids are set with college or any other endeavors they want to pursue and I don’t have to worry about their financial well being. I only have to figure out how to catch up myself at the age of 49. I’ve got some money in my home and a small chunk of change on the side. Another thing that set me back is that my children had chronic health conditions which required not only me to stay home longer and medical bills to rise up, but sometimes their health conditions were so great we had to use my husbands sole income to pay for a nanny to help me in their care full time!! I have 2 uncles who never had kids and yes they have a ton of wealth as well. Of course, all the money that would have gone to kids went to their investment funds and compounded. Meanwhile I was pulling money out of my investment funds to survive many years. I guess I will consider myself lucky if one of my uncles leaves me a bit of cash I can comfortably retire on but it’s not something I can count on (especially watching my brother already working hard to get his hands on their money). With all of that said, my kids bring me a tremendous amount of joy, I am grateful for their health as teens/adults after what they’ve been thru, and I wouldn’t trade them for any amount of money. But the stress gets to my health sometimes. My kids have seen the set-backs I’ve endured and they both have said one of the things that motivates them to work hard and succeed is to help me as I grow old and retire. I always tell them that’s sweet of them but I want to grow my own wealth along side them 😅. In some ways I’m like a kid straight out of college just building my life 🤷🏻♀️
A lot of great information in there. And I am so happy for you and your wife.
Just don’t judge others whose situations didn’t allow for that, okay?
Thanks for sharing. Enjoy your life.
You and your wife employed a lot of practical and wise choices around money and more people should do the same. But with everything things can be taken to an obsessive extreme and I feel that is the case with you folks. 10 percent for servers? That is not a kind or generous or fair spirit. This is how they make their money since the hourly pay is not that good. It is great you could retire early.. worth celebrating ! But by not being a little more flexible with your spending when you certainly can is rigid and shows an obsessive attitude about your life style IMO. I am frugal myself but how about buying something new once in awhile ? What are you afraid of? That it’s all going to fall apart somehow? How about giving to some good causes and others in need? Giving 20 percent tips to servers which by the way has been in place for many years now! Your extreme lifestyle seems to me to be to stingy. Leave some money to family if they are deserving and not entitled but do they really need to be left hundreds of thousands ? You may contribute to entitlement with them. You worked hard so learn to enjoy the reward and be generous to others while your still alive .. Generosity in a measured way brings more happiness than being stingy.
Happy Sunday Tim and Tammy. Hope you both have a blessed day
I am enjoying listening to your good knowledge Tim. I did take my Social Security at 62, but continue to work. I am now sending your information to my boys who are in their 50s thank you so much and all the best to you!
How much can you work without it effecting your SS?
@@plontkegurl9529 I believe it's something like $21,000 a year
Great video! Most of us aren’t minimalist and living in a RV either. Good on you for making those life choices. For many, the benefit at 62 simply won’t meet their needs and will need to wait longer. Everyone’s situation is different which is why I’m an advocate of hiring a good financial planner to help you work through all these questions. Don’t go into retirement blindly. Make sure you have a plan.
And that is one reason I took early retirement!
I was widowed at 58. I could’ve retired at the age of 60 but was given the wrong information from my local Social Security office. So heads up, always check 2-3 times because different people tell you different things.
Last year, at the age of 62, I found out about the error. I signed up to start my Social Security this year, 2023. I loved my job but I make 2 1/2 times more a month in retirement than I did working 40 hours a week. I am very blessed because my husband had a well paying job.
I worked almost five months into this year to earn the maximum I could for the year as I will do every year until I reach full retirement age and that will be my “travel/do want I want” money. Three weeks after retiring, I was able to go spend a month helping my son & DIL with their two boys and welcome their newest addition to the family, a sweet baby girl. Then I bought my 82 year old mother a ticket so she could spend a couple months visiting and meeting the great/grands for the first time. ❤
Do I miss working? Sometimes but my life is so much richer, in every way, now. I’m living my best life yet.
@@Whipporwhill Check SS site to verify following:
How much can I earn in 2023 and still collect Social Security?
For 2023, the Social Security earnings limit is $21,240.
For the period between January 1 and the month you attain full retirement age, the income limit increases to $56,520 (for 2023) without a reduction in benefits. For every $3 you exceed that limit, $1 will be withheld in benefits.
I’d love this to be true in “our” situation. After working for over 45 yrs, I became disabled , I get SS to the tune of what I would have received at 67. I am required to pay for Medicare part B even though I have excellent private insurance. With premiums and taxes, hundreds of dollars per month is skimmed right off the top. Husband is 63 and making over 100K a year with excellent health care and 401k benefits with company match. I don’t see where this scenario works for us. We have enough not to carry major debt, but we are middle class at best. I can see where he might be able to make unlimited income at full retirement age and collect also for a year or so. We would have to downgrade our life tremendously to reduce our income this much
I took SS at age 62 and love every cent of it. My thought process is that I may not be here at 63 so I've collected at least 1 year.
Hi Tim Just found your channel! My husband always says he's retiring at 62, that it doesn't pay to wait until 67!! and you just explained it so well!!
Dude, love ya!! You made my life! I'll be 62 in November, I'm getting busy!
It’s NOT free money! We have earned it!
I think if you need it at 62 you should take it. But, if you are healthy and still want to be free to make as much as you want and you don't really need it to live, wait.
My dad lived into his mid 90s and retired from 3 different jobs but my mom didn't live to get her first SS check. I'm hoping I can start getting mine at 62,at least I'm planning on it. You give alot of good information and I appreciate each video you do because I'm learning so much from them.
I just turned 57. I'm planning on retiring in a couple more years, and collect SS at 62. I've seen people at my factory work into late 60s and 70s and retire and then die a few months or a year later. I'm wanting to enjoy my early retirement while I'm healthy and can do stuff. I enjoy your videos Tim. Thanks for your good retirement advice. Keep crushing it!!!
Thanks - but remember, it's NOT "free money." I paid into this all my working life (56 years).
Thank you for sharing this. All I can really say is just WOW !
You should do a vid on the different cruises you been on & tips about how to pick good ones & prices; Love & Appreciate your channel from the western burbs of Chicago
My friend took a "buy out" from his corporate employer at around 58, retired with a small pension, and then worked at a self-employed gig part-time. He had been a lifetime smoker who had quit at 55 and had a fear of dying of lung cancer before he could ever enjoy retirement. He then had to quit the part-time gig due to lung cancer showing up; at that point he realized he qualified for disability (he was around 61 then) so he applied for Social Security disability which had not previously occurred to him. (his corporate pension was enough and he had his house paid off early.) He was granted the Social Security disability (still had a good but quiet lifestyle due to his frugality) and lived another 2 years. The moral of this life story is not only quit smoking EARLY in life and plan ahead; prepare for rainy days and be realistic. Life can be very good even if challenging.
Thanks for sharing this info. It truly is simple math. For me I'll collect $93,500 over the next 5 years (when I turn 67) based on my current monthly benefit. Had I chosen to wait to wait until 67 to collect, it would have taken me 11 years to finally make up that $93,500 with the few hundred extra I would have gotten each month. There's nothing like the feeling of being FREE and having all the weight lifted from me that came from the daily stress of the job. Now I can take care of me! My mental, physical, and spiritual health has already improved dramatically and I am truly enjoying life to the max!
Your post is my swing vote❤, thank you.
@@heatherk8931 All the best!
Wow, thanks, Tim, this is one of the best videos I’ve seen, if not THE best, on “when to take” - this is so very helpful to me. I’m about to turn 62 next month. I’m self-employed and have been for decades, never made more than 35K gross - my monthly SS would be half what you get in SS - so I’d have to keep working, no choice there. But! I absolutely LOVE my work, it’s so fulfilling, I don’t even feel like I am working (I teach piano).
I did some researching after watching this and glad to know about the net/gross thing on the $21,240 if you’re self-employed. Will be contacting a fin. advisor a fellow private music teacher consulted when he turned 62. So I am sure glad to have this info-why wait! I am debt free, own my car, live frugally, not under the burden of a house to take care of as a single older person (renter).
And I agree with all you mentioned. I’ve watched a real close friend, who just turned 68, and STILL isn’t collecting (despite my constantly trying to tell her to), cos she wants “that extra $,” -her daughter is giving her bad advice!-I’ve watched her truly suffer these past years-financially, and of course, aging. She’s in a a huge old broken-down house, and has health issues. There’s no convincing her. She’s got to wait for that extra, meanwhile 6 years since she was 62 have gone by. Not me!
Thanks for this video, I’ll be watching and liking more, and I’ve subscribed. 😊 (and I used to live with my late mom in Boynton Beach-videos bring back fond memories.) ❤
I left my job at 61 1/2 thanks to uncle sams generosity and my 401k. And then collected SS at 62(Thanks for the stock market crash I’d lost a lot). My husband got a decent amount so I retired early. If I’d retired at 67 or 72 it would have been more but I’ve had arthritis and fibromyalgia and have been in a lot of pain. But they don’t tell you you do get cost of living raises every year so I agree with you. I had bosses who high pressured me and other employees who just didn’t want to work, so I got the heck out! We were going to travel. We’ve lived in an Rv for a couple years. My husband had a stroke and this March had another fatal one. Yes I live in Florida and yes it’s expensive and yes a LOT of people are moving here. I’ve gotten my husband’s small pension and am comfortable. God is taking care of me.
My 1st husband took early retirement. We figured what he would make drawing early retirement for those 5 years. Then we took the extra amount and figured out how long it would take to recoop the money if he held out until full retirement. It would have taken 10 years to recoop what he was paid for those 5 early years. Like Tim says, just do the math. It says it all.
Love your concept on retiring at 62. I turned 62 on May 29th, I should be receiving my first social security on 7/26 Wednesday. I am so excited. Thanks for your information.
I won't be getting very much at 62 plus I gain more retirement for every year I work.I plan on working until 65.
@@sandystevens7046 , it's definitely something you want to plan for. I'm living comfortably and peacefully now.
Hey Tim. Absolutely fantastic video! I'm currently 60 years old and can't wait until I'm 62 to start collecting! Your presentation was straightforward, clear and cut through the mumbo jumbo they want to sell you. Simple math! You worked hard and paid in to the system as a self-employed individual, as I did, and you should enjoy your benefits while you are young enough to do so. They are banking on all of us dying sooner rather than later and they win again! No thanks, I'll take my benefits now, please! Great job and keep up the great work. Refreshing to hear the truth, if only occasionally!
It’s not “free money” like you keep referring to it as. You put into it your entire life. You’ve earned it.
I'm 50 and sooooooo glad to see this because working has been MISERABLE and I chose to be low income just so I could have life and some enjoyment in this lifetime! I've always been told to wait and this video is truely refreshing and exciting to know the misery will end soon and enjoyment can last longer!
I'm 50, too, and i agree wholeheartedly.
Amen brother amen. Amen. Amen. You’re preaching to the choir. I retired on my 56 birthday. I’m turning 60 now. I praise God every day for giving me the wisdom that you also have way to go brother good job trying to open up everybody’s eyes. God bless you and your family. Have a great day.
I turn 61 in a few months, wow cannot believe I said that. I have been toying with the idea of taking SS early. The more I watch your videos the more convinced I am it is the right thing to do. I have worked since I was 16 years old, never took UE until the "shutdowns" and that was not of my choosing. During that time, all that free time, I actually wrote a book which now sells on Amazon. I contributed more to the world when not working, than having to slave away all those working years. It is time.
I love the way you simplified the math here!!! So many people spend their lives chasing as much money as they can working and that mindset transfers over to drawing their SS…..only problem is that as we age, life doesn’t always cooperate….GREAT VIDEO my friend 👍🏾👍🏾👍🏾
Awesome video Tim. I’m 50, been working in hospitality for 30+ years. I’m tired and broken from 10-12 hour days, even still to this day. I’m doing my research now 👍🏻. Found a spreadsheet that shows the breakeven point for me at 72, I’m definitely hanging up the chef hat at 62!!!
My mom worked her a$$ off and passed at 62, my dad waited till 67 and passed at 70. It’s so sad but I’m taking the time I deserve and the $$$ I’ve paid in my whole working life.
The hardest part is minimizing overhead!
One of the most important things to do before claiming SS is to log on to mySSA and look at your statement. 2nd thing to do is guesstimate what you and your spouses (if applicable) resources will be when you are both too old to have a side hustle. Of course everyone's situation is different, but retirement should not be done blind.. The comparison here with dollar amounts doesn't mean much as the amounts will vary greatly among different incomes. The breakeven points are the same for everyone and is why they are used. Everyone wants to retire ASAP, me included, but look at it and be realistic for your situation.
My friend's sister in law had a sister die at age 66 yrs old from COVID... she was waiting until 67 to collect the "max" amount of SS. She never got a dime... wait... wait for what?? Get it while you can..
Hi Tim, great content love your videos. The concern that I have is health insurance. I have health insurance with my job and if I begin to collect SS at 62 I would have to leave my job or pay back SS. It’s a tough decision. I know time is commodity and once time passes you never get it back! Thanks for the information
I had the exact question. If I quit my job at 62, collect SS, I lose my health insurance. What are the options for health insurance during the gap to get Medicare? Thanks
@@jeffreissig1041 Impossible to answer without knowing your personal situation.
Could you get COBRA?
Could you buy on the exchange?
I am listening to this. I went to the ss site to see what I would make at 62 versus 67 .. I am 5 years away from 62 right now. The difference was several hundred and from what I understand, if I wait till 67 and make some more money, I can work as many hours as I want. Apparently at 62, I am limited to what I can take in. I will still work no matter when I retire. Like you, I work for myself so I can work or not work as much as I want though that is harder than it sounds (turning jobs away). I have time to weight it all out, a few years and in the meantime, I am desperately paying off all bills...my goal is to literally owe nothing by the end of this year. I know there are bills but I want to be in that position to maintain a lifestyle that doesn't put me in debt (everyone's dream). In the year 2020, something changed to make it difficult for the middle and lower class. Suddenly homes were doubling in price and people had all this cash to pay for these houses. Its crazy but right now I am weighing it all in. The ideal situation for me now is to retire at 62 and still work and make enough to live well and comfortable by my own standards.
I retired from the army after 21 years, full VA benefits, So retiring at 62 with social security was a no-brainer. Life is good !
I like keeping an open mind and listening to others perspective. Keep up the good work Tim. Enjoying the content. Always hitting that like button.
I could have retired at 55 but kept going to end up with a BIG retirement. Instead, the GFC of 2008 took most of my investments and gave it to the banksters. I learned the hard way.
I love my work and am well paid so i’m one of those who can wait. I do not WANT to retire at 62. Grandparents and parents lived into mid 90s. My priority is strength and fitness as I age.
I begin taking SS at 62, and kept working for about 8 years. Yes they withheld it about 3 or 4 months, but I socked 100% into savings. It was nice having all that money going into savings monthly.
Very good point. Drawing while still working is good. That's in my plan as well.😊