Why I'm Never Taking Social Security At Age 65
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
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Retire ASAP because Biden has sold this country out.
Retire ASAP because Biden has sold this country out.
It's much easier for a desk jockey to wait until 67 or 70 than a person who has worked with their hands their entire life. Manual labor takes it's toll.
So true, I retired as a power lineman after 37 years and collected my SS at 62. 75 now and enjoying it.
This. My body is beat
Very well said
This is true
Exactly I did blue collar work for 36 years and even though I take care of myself my body is wrecked. I started collecting at 63.5 plus pension and huge savings no regrets, thank you Apple stock and silicone valley real estate.
My Mom retired at 62 in good health. She traveled all over the US and Europe for a few years enjoying herself. Cancer then took her at 67. You don’t know how long you will be here. Numbers and graphs mean nothing when 6 feet under.
You never see a hearse pulling a U-Haul. Take the money as soon as your situation dictates.
Condolences.
100%. My dad died at 70. Great thing my folks have not been saving much and traveling a lot. Now my mom alone, not in good health. She doesn’t travel much anymore. Don’t need a lot of things she needed just a couple years ago.
ezactly!!! I did at 65 and had a heart attack a few months later and it paid 100 percent. Think what 20 percent would have been for me
@@kathleenbrown6734 I hope you have had a good recovery!
Absolutely collect Social Security at 62 while healthy and still alive.
Taking mine and running off someplace cheap like Belize or the Philippines.
I agree, except if you continue to work past 62! They take back 1 of 3 dollars in income!
I meant 1 of 2 dollars in income! Sorry!
Just remember you better have enough to afford your own healthcare and monthly expenses.
You take a hit on your SS and another thing when you turn 65 or 66-1/2 you have another $180 then out for Medicare and should you need a good G-plan that’s another 180-200. So hope you’re ready for alot LESS!!!!
And you must take medicare when you do, ACA is a small fraction of what medicare costs for private health insurance.
I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
I really need help, please. Can I ask who the financial advisor you work with is?
‘’vivian jean wilhelm’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
Cheers buddy. Smart and great looking lady. Hopefully will my time. I left messages, was told to expect feedback. Thank you.
My dad paid into social security for 36 years and died at age 56. I decided to take mine as soon as I was eligible and started at 62. My break-even would be at age 86 if I waited until I was 70. Never assume longevity is guaranteed.
Can never be sure
Amen
Never assume you have the next day.
Great wisdom Educated Blackman.
Thanks for breaking down the break-even point.
Yep, my dad died at 63, months before he planned to retire. We don't know how long we get to live.
My thoughts exactly !
I just turned 62 this past summer and I am now receiving my social security and working only 2 days a week. I used to work 10 hour days, and sometimes 6 or seven days a week. I don't miss it one bit and don't regret walking away for the daily grind.
I also just started getting early retirement at 62, no regrets.. no one has a cr ystal ball how long we're going to live.. my break even ages is 79... even though my mother is still living at 93.. I'm not rolling the dice...
How much are you getting per month?
I’m 62 w pension and ss but my x takes it all
I'll be 62 in two years and plan on doing the same. Just work alittle bit to keep me busy & pay for health insurance which will pretty much take all my part time earnings, sadly.
@@pinkfreud62 Just curious: would you be only working a little because you don't want to go over the maximum earnings amount allowed, or because you just don't want to? Because I found this video to be completely misleading regarding going over the maximum earnings amount allowed.
The thought of retirement makes me a little worried. My apologies to everyone who have retired during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for. it's kinda difficult for people who are retired.
Don’t fall for this scam people
One thing a successful retiree never discloses is how they got to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.
Thank you for sharing your impressive journey towards amassing wealth through sound investments. It's inspiring to hear about your successful real estate ventures and the significant returns you were able to achieve. Building wealth can be a key aspect of retirement planning, and your experiences highlight the importance of making strategic investment decisions. While reaching a million before retirement may be a personal goal for some, it's crucial to remember that financial success can take various forms and is unique to each individual's circumstances. We appreciate you sharing your story and congratulate you on your accomplishments.
I bought my house for $50000. It's tripled in value but if I were to sell it then my next house that's equal or greater would cost much more also. I wouldn't gain that much ground and I'd still be in debt. I'd rather pay off my cheap house and not worry about house payments anymore.
Mobile home, paid 15, sold for 18. First house 122, sold for 165. Rolled 40, paid 195 (-45), financed 150. Sold that one for 265. Rolled 100 into my current home, threw another 50 at a 290k home, and financed 140k. Home is worth 450k now, seven years later. I owe 110k. If I live ten more years, the house will be worth 700k, and be almost paid off.
< filing this in the *who gives a fuk* file >
So you think buying and selling homes is a sign of success? Have you paid a dime into social security? Did you just "get lucky" when house market collapsed? Money isn't the meaning of life, hate to break it to you. Some of us make money but also better the world in the process, like Doctors, Firemen, Medical Research ... success is not how much money you make from "investments", it's you contribution to life on this planet (and not just human life, animals, planets, ecosystems, etc.).
The more videos I watch that insist "Work until 70! Don't be a fool!", the more determined I am to retire at 62 and actually start enjoying my time.
this is about when to collect; not when to retire
@@DrSchor True. Many who have saved into 401K accounts can delay SSI while they draw down from that account. That's what I am doing. Also, we are not eligible for Medicare until age 65. For most retirees, the monthly payment is only $165.
Yes take at 62 work part time if you have to can always make some money on the side but can't change time after 62 all sorts of chit can happen.
Everyone’s financial situation is different. Some people want to collect at 62. While others can wait till 70. My father started collecting at his “full retirement age”. Which was 66 and 2 months. It is the sweet spot IMO. He collects his full check. Still works without penalties.
If you don’t take social security at 62 you have to live to 72 just to break even in all the money yiu passed in by waiting to 67 . No guarantees you’ll even live to 72 or long after take it at 62 while it’s still there .
I have been a mortician for 22 years.
My advice: Get you SS as soon as you can.
How many blood clots are you pulling out of people these days?
As an X assistant mortician I support this message..
The dead have no regrets.
Then whine because it's so low because of the extra years you added to it.
@@stonerman7711 no, whine because the money is being given to losers with slave mentality. That’s why I completely quit paying taxes. 1099 the rest is mine. Fuck this illegitimate government.
The (TACRS) estimates that the average Baby Boomer has £202k saved up for retirement. According to the 4% Rule, this would result in a £8k annual retirement income. do I pull cash from my SIPP and buy a house, or spread my money in stocks for better cashflow?
For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why boomers are turning towards advisors in retirement planning
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
'Kristin Amber Landis' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
My Dad retired at 65. At 65 years and 2 weeks he had a massive strok that left him unable to speek or use half his body. Retirement is for those who are tired of working and need to rest. The sooner one retires the sooner they can enjoy a little of what life offers. This waiting until its, "just the right time." is total bullshit.
You dont know other people's situations. I play the long game as am not a rusk taker and have been lucky to have goid heath
Everyone is going to die but retirement at any age will not change that fact.
John3 16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
3:17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
3:18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
3:19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
3:20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
3:21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Retirement is NOT for those who are tired of working and need to rest. Everyone’s situation is different.
I had to retire at 65 to take care of my then 90 year old mother who had dementia, was incontinent, and had a hard time walking. A year before, her husband (who was also my father) passed away so she was left all alone in another state all the way across the country. Since I am her only child, I took her into my home and took care of her until her death a few months ago. It was very difficult trying to work and care for her so I ended up retiring before I had originally planned; however, it was much easier going out to work every day, than taking care of a person with dementia.
I am now 68 and am considering looking for work even though there is a lot of age discrimination for hiring an older person.
I'm 52 I'm collecting now no need to wait
@@BobbyGazo You aren't collecting Social Security retirement benefits at age 52. Disability, perhaps.
Every person's situation is different. My opinion is tomorrow is not a guarantee on how long we will live. I took mine at 62 and have enjoyed every bit of it. But I also prepared myself by being totally debt free - house paid for, no car payments, no loans etc. my wife and I live within our means. In addition focusing on staying healthy is key especially in the latter years!
Essentially, you could use the extra money, but you don't need it.
smart man
I invest in cigarette companies. Get it?
What age does Medicare kick in?
@@hubby9345 65 is when Medicare kicks in.
Took early at 62 and it was the best thing that ever happened to me. I could do so much more at an early age. 8 years is a big difference in your health...believe me.
Good decision!😊
Well said
I get the feeling that people who delay taking social security mostly fall into one of two main camps.
The first camp are those who won't have enough in retirement income, even with social security, so they might work longer which also helps increase the amount they can invest or save, and also increase how much they get in social security.
The second camp are those who have enough in retirement income that they don't need to collect social security in order to live the life they want. So they delay it and just get a bigger check. They can then pull less from their investments, hence leaving more for their beneficiaries.
Everyone else will likely collect social security early. If you retire before 65 you'll definitely want to plan for those insurance premiums.
@@TheFirstRealChewy I’m taking it at 62 because I can does that make sense? I’m retired from my city job I’ve been getting my pension since 2015 a long with health benefits for life why would I wait pass 62?
@@rutgershouses I don't give advice. Taking mine at 62 too. Add up each month of money times twelve for the years between 62, 65, and 70. You will receive a lot of money in between those milestones. If we die at 68, tough luck. 62 for me.
I took retirement at age 65 and boy am I glad I did. Getting away from corporate America is almost the best thing that ever happened to me. I know about people who died within a year after retirement, but I've managed eight years so far.
Retirement can be great!
It's a crime that there are such restrictive earning limits between 62 & FRA. As a single woman who had to reinvent herself at 50 after being a stay at home mom and earning little over my lifetime, and having no savings or retirement plan until I learned how to set something up at age 58, I can't afford to live off of SS alone (which will be low even at FRA), so I am forced to work as long as possible, live VERY frugally, and hope to sock away enough money over the next 6 years (I am 61) so that I can afford to work only part time once I take retirement at 67. It would be great if I could collect SS to supplement my earnings and try to earn as much as possible while I still have enough energy and health. I would 100% retire at 62 if I could and envy those of you who can. Time is our greatest asset!
Many people are in that fix. I'm in a similar situation. You would think it would be $30,000.00 at least, especially considering the cost of living in many parts of the country and the fact that they _need_ Boomers to work longer.
If you were married for 10 years or longer, you can choose between ss income based on your own best 40 quarters, OR you can collect 50% of what your ex would get at their full retirement age! You get whichever is higher!
@jtixtlan not at 62 .she would get 50% if she waits til her full retirement age...when I turn 62 I can draw from my husband's. But because it's at 62..it will be at 32 5%..not 50%..I'd have to wait til 67 to get that 50% amount.
I have zero in a 401k but gave my life to God. He showed me what to do and now the sky"s the limit
financially, and my health and mental wellness is amazing. I want to help others with my rapidly
growing portfolio and my energy. Hope this helps someone that reads this. . .
I’m going to be honest. I’m an auto mechanic and the work is HIGHLY PHYSICAL. I’m planning to retire as soon as I can. One of my brothers is 70 and still working. But he’s an accountant. There’s a difference between physical work vs non physical work when making the decision to retire early or not. You can tell that he’s speaking from the perspective of someone who doesn’t have a physically demanding job and would be well off financially whatever decision he made.
Agreed.
So true. I work in an office and my brother is an electrician. I probably will wait till I'm 70.
Good point. Everyone's situation is different.
@@XploreAz Give it a try for 20 years and report back!
Totally get where you're coming from.........
I began SSI at age 62. I'd heard most of my life there might not be SSI when I retired, so I jumped at the chance. It's my money. I've paid into it since I was thirteen, so I'm taking it. I stopped working a full-time job and I have never had so much free time to do the things I'd put off when I worked 12 hours a day. I've already rebuilt an old mustang mower and a Harley. People ask me sometimes if I miss it. Hell no.
SSI?
You do not mince words! I love your "Hell no." You made me laugh!🤗💕👍
So true, I’ve heard that threat forever too.
@@bobblanchard9041 Social Security Insurance.
If it really was YOUR money then you should be able to Pass YOUR money onto your loved ones when you die...
Great info. I retired at age 61 and took SS at 62. My break even at the time was age 78 and 3 months. I figured; what difference will an extra $500 a month make to me when I'm 78. If you don't have your ducks in a row by then, you never will. If you end up in a nursing home, they will take every penny you have and your house too, along with that extra $500 you get if I had waited 4 years to start collecting. Glad I started at 62, and will never regret it.
Thank you for sharing your perspective! It's important to consider factors like break-even age and personal circumstances when deciding on the right time to start collecting Social Security. Everyone's situation is unique, and it's great to hear that starting at 62 has worked out well for you. Planning ahead and making informed decisions is key. Thank you for watching and sharing your experience!
I appreciate your intentions with this video, but we should always keep in mind that everyone's circumstances are unique. My parents had great family health histories, and both died in their early 70's, due to unforseen ilnesses.
I work in health care (oncology), and every day I hear the "worked all my life, retired, then got diagnosed with cancer" story. Every. Day. We like to think this couldn't happen to us, but it does. From my experience working with people, im inclined to start drawing my benefit earlier.
There are no simple answers to when we should take SS. Numbers are great, but they don't provide a complete picture.
I was diagnosed with pulmonary fibrosis. Lost my Dad to it at age 73. Retired and took social security at 62. Had a lung transplant 4 years ago. Spent 5 days on a ventilator. Touch and go.
Am now 72 and don't regret my decision one bit. Everyone's situation is different. Never say never.
What did you 2 both DO?
That doesn't just randomly happen.
You did sonething to get that.
Aren't you eligible for Social Security Disability Insurance with a lung transplant? Did you consult a disability lawyer? You may be eligible for a HIGHER AMOUNT than what you were getting at 62 but it's now ten years later!
@@jdenino6022he is probably dead by now
My dad died from that at 46. Good your doing well
I am 69. My wife died at 59. I began Social Security as soon as I could. I don't regret that at all.
@Hury Springer she is dead. please explain how the dead will regret
@@DrSchor He's just a troll. Ignore.
I,took social security
at 62. Why work all those
Year's to liave to the
government.
@@DrSchor that's not what he said d******
If you waited to 70 you would have got 45% more in benefits…. Perhaps $1000 a month more in my case ….. if you lived to 90 …. That is an additional $250,000 …. Both my parents lived past that ….. in my case my wife is getting one - half of my benefit as a benefit or $120,000 if she lives to 90 …. Her parents died at 92 and 94 …. $370,000 more is worth the gamble to me
Nobody I’ve met that had taken SS at 62 have ever said ther regret not waiting!
I know several that LOST several months of checks at the start of the year because they accidentally made too much income.
My dad died after getting one ss check at 65. I will take mine the day I turn 62
My husband is 63 and already had 2 strokes. We are very aware of how precious life is. He retires this year. You better believe we're going to cash in early and live like there's no tomorrow 🏝🏖🌐✈️🌈🌞
Bless you❤
My dad’s friend just had a stroke recently.
People like John Fetterman need to retire for good since he had a stroke. LGB!
All these strokes. I wonder what could be causing them.
@@Maybe-So COVID vaccine
My dad decided to take it at 62, and he died at 67. If he would've waited then he wouldn't have gotten any of it back at all. Also it allowed him to reduce his work hours, and spend more time with family for those last 5 years of his life. He basically went from full time to part time so he wouldn't be penalized, and by doing so we all got more time with him.
I live in Connecticut. Will turn 61 next month. However, thanks to the COVID lock down, my agency is still keeping people telecommuting. I planned to retire at 62, then at 65. I think under this new arrangement I can keep going and stretch it to 70. Thankfully the agency realized how much it saves by keeping employees at home. And I love and prefer staying at home. It is nice to work most days from home and keeping my regular salary.
So this really varies with your situation.
Please stop using that evil word in your vocabulary in the future? Allow good things to come into your life . . .
I retired and took SS at 62. How can you put a price tag on Freedom?
My doctor and I are old friends so I asked him if he was going to take SS at 62 yr, 70 or somewhere in between. He said that he has seen too many die before they hit 70 so he’s taking it early. Good enough for me!
My dad retired from General Motors at the age of 54. He took his SS at 62, and he is currently 94 years old. Life is good.
You got good genes - don't smoke , eat real food not junk food and walk when possible - and of course turn off the idiot box
It might have been 59.5 buddy
Pensions help
He screwed up.
If he took it at 70 he would have 2.44x more each month.
+32% and 1.026 compounded for 24 years. (1.32 x 1.026^24).
You all do not understand math.
@@sammencia7945speak for yourself, the man has had 40 priceless years of retirement. Your math doesn’t matter if you croak and can’t enjoy it.
I started social security the very first day I could. I was 62. That was five years ago. Why? I am diabetic, and had a coronary arterial bypass, 23 years ago. I think I MAY have ten years left, and am under no illusions as to my health. Good for you that you will live to be 100. I will not. Everyone's situation is completely different.
With inflation rampant, COLA not adjusting for the real inflation, SS rules being changed, and the SS funds runing out....
It may be doubtful that taking SS later will be beneficial, at almost any circumstance.
After 34 year on the road as a field service engineer, working 20 hour days across the western USA and Canada, I was lucky enough to be working for a company that offered a retirement program and a 401k. And lucky enough that my wife has a good retirement from a school district. I did the math and decided 62 was old enough. Yes, I could be getting more money if I waited. But I really didn't think I could have made it to 65. As Indiana Jones said, " It's not the years, its the mileage." Will be 71 soon. No one could reimburse me for being able to spend the last 8 years with my grandson instead of work.
yeah for sure! 👍
Agreed!!
but you would be making more money now and you could have still enjoyed your grandson.
@@gosman949 Yes, but as a diabetic with heart problems, there's no way to know I'd have lived to 66 or 70. Yes, I made it to 71, but that was never guaranteed. Still isn't. I could drop dead tomorrow. And money is just not that big a motivator for us. We live well but simply. I worked my ass off, as did my wife. When her school district shuffled their management, she took them up on an early out option and retired at 59. If money is that important to you, then do as you see fit. This has worked well for us
@@gosman949 That's the point it's not always more money!
Your point is coming from hindsight!
I retired at 61 in January 2017 only because my company offered early retirement. Since I was turning 62 that summer I decided to take my SS and glad I did. I had a small stroke in 2018 but recovered fast it was just the anxiety I had to cope with because the thought of having a stroke stays on my mind a lot. Thank God I’m doing well and working a part time. So many folks don’t live to reach 60 never mind reaching full retirement age. My advice to you is grab your SS when u can because life is not promised us tomorrow.
I’m getting tired of my coworker obsessing over talking about the retirement age so much like you have to wait for a certain age just to retire. I don’t plan on waiting for the retirement age to receive social security just to retire. I’ll retire before the retirement age since I have an IRA investment.
Agree and wish you well!
@@legendaryTMNICO haha all the more reason to wait until 70 to draw SS. Live on that IRA and then reap the benefits of an inflation-controlled SS retirement.!
I mostly retired early. Very good for health. Just slow down to easy schedule with no debt.
No.
So many do NOT die before 60.
Do you know smokers, drinkers and drug users?
If you know many who died under 60 then your values and behavior have you around people who die young.
In other words you are doing things that shorten your life.
I did a full financial analysis on my spreadsheet. I retired at 61. My retirement income would come from the gains (screw 2022) of my 401k, plus a small pension amount. I looked at taking SS at 70, and while it gave me the MOST SOC SEC money, assuming I live to 82 or later.. it didnt give me the best benefit in my financial analysis. By waiting, I was draining my 401k much quicker early on, and by the time SS at 70 came along, I was almost out of my 401k. By taking SS at 63, it helped me slow down the 401k drain, and assuming 5% gains per year (my basic assumption for my spreadsheet), I ended up having my total financial portfolio last 4 years longer. If you just look at how much Soc Sec dollars you get, and assume you live to 82 or longer.. taking it at 70 makes sense. BUT.. dont just look at Soc Sec $$.. look at the impact to your overall portfolio to get the best answer for you. Love the videos, and with everyone having their own personal assumptions, take the time to analyze to meet your own needs. Why didnt I start at 62 ? because from 61 to 62 I was assuming getting the most Soc Sec $$ was what I wanted.. it wasnt until I analyzed the entire portfolio that i figured it out. :-) good luck all.. and enjoy retirement if you are there ! PS. I am a bit frugal and live well within my means.. so that helps me make it all work out.. a good budget.
Add all of your expenses up per month and double that amount. That’s what you need in retirement in my humble opinion. I am working I hope until 75. I love what I do. I get four weeks vacation time along with three weeks sick time plus all the holidays PAID for plus two pensions and a huge lump sum if I make that long. In this hyperinflation world I’m not going to live in retirement with barely enough money.
When to draw can also depend on what you want to do in retirement. I talked to many seniors who wanted, like me, to travel after retirement. They said that hitting their 70s really slowed them down and their desire to travel waned. They said to travel as much as you can before hitting that wall, so I decided to draw at 62 and jump on those planes to visit sunnier skies while the spirit is still willing. Very happy with my decision!
Awesome feedback;ty
Yup...my parents traveled like hell in their 60s-70's....and they are glad they did. Since they've turned in their 80's...they are now each struggling. Travel when you can....because you won't do it when you are older!
I saw that in my MIL but not until late 70's. She's 92 now & spends almost no money.
THANK YOU!!! I am thinking of doing same, I am 51. I want to Travel while in good health and spirit and have $$$$
I was going to retire at 62, but when Covid hit, my company allowed me to work from home. I liked working from home, so I put off retirement until age 65. I turned 65 in April and retired. No way was I going to wait longer. Working from home was nice, but it's still working. Plus I had some health issues and am over weight. There is no guarantee I will live much longer . People that say I should wait till 67 or 70 don't take this into account. Everyone's situation is different.
A lot depends on whether you want to keep working, have a lot of savings and have a good idea on expected longevity. Your reasoning is perfectly sound.
True, as I did not want to keep working and had some decent savings. . But I also had neuropathy in my feet. And how many of us knows how long we will live ? I did not want to be that person who waited until 67 or 70, but then died at 66 and had no retirement whatsoever.
I hope you are still alive. In January 2022, I was 60 y/o, 6’2” and 250lbs. I was on 7 medications. I was disgusted with my health. I had been researching a low carb diet for over a year and did nothing but decided to jump in with both feet. October 2022, I weighed 190lbs, got off all my medications with doctor’s guidance and had the best blood test results ever. I ate a BIG A$$ raw multi-vegetable salad every day with extra virgin olive oil and balsamic vinegar and I ate 16 oz of meat (beef, salmon, sardines, chicken, pork, eggs) every day to make sure I was getting 85-100g of protein daily. During this time I did intermittent fasting. I would eat all my food between 4p-8p. If I had hunger pangs, I would eat a handful of pecans or walnuts. I also walked every other day and within a month was walking 8 miles. Fast forward to April 2024…I still eat the same way, walk every other day and have maintained my weight.
I get my education and motivation from many TH-camrs and continue to watch episodes daily. My #1 source of information came from Dr. Berg’s youtube channel. He has 11+million subscribers. I get nothing for my suggestions but only share what I did when I read comments like yours. You can influence your longevity. It’s 85% diet and 15% exercise. You can’t exercise away a bad diet. Hope this helps.
@@WilliamFluery Yes, I'm still here and will be 66 in a couple weeks. Congrats on your weight loss success and thanks for your tips. Mine has been slower going. I have tried to cut carbs but it's not easy because they include my very favorite foods. I compare it to smokers who can't quit. Giving up my favorite foods and eating less I think is just as difficult. Smokers may not agree, but I bet overweight people agree.
I took mine at 62 and because I never remarried, I get survivor's benefits but not both. My late wife was an executive associate so my survivors benefit was the higher amount.
Never remarrying was the best decisions I've ever made. Among others...
I downloaded your book
Thank you for your hard work into this subject the book looks really informative.
One size does not fit all. I retired at 65-six years ago. And I am still glad that I did.And I truly believe it saved my life. It gave me the opportunity to get away from an abusive relationship.
Although my sister said she couldn’t afford it, she retired at 62 because she had Grandchildren out of town that she wanted to see as often as she could. She’s enjoying life. That’s better than money to her
I waited until I was 70 to get the 32% increase, and in 2023 I brought in $4,300 a month (less Medicare). Whether or not it was the right decision will be depend on how long I live, so I have a big incentive to use up all my and my employers’ FICA withholding and start getting “free” money.
Your videos are awesome! Thank you so much! As an independent contractor, I have an individual health insurance policy. I just Googled the average cost of a plan if I were 61 years old, and it said about $900/ month. So, while you get more money if you delay the age you receive SS benefits, you'd have to crunch the numbers to see if it's worth it, based on what your individual policy is costing, if you're an independent contractor, like me.
my father retired at 62 1/2 when it was his time and died of cancer at 79, he was a non smoker, non drinker, etc...took care of himself. Both parents enjoyed his retirement and the grandkids etc...and I was very happy that they did. They sold his house at retirement, downsized, moved to a different city paid cash and live very well etc.... All of my siblings will do the same. There is no point in getting greedy to get one extra dollar--enjoy life while you can, as long as you are comfortable.
Very well said.
“ They sold his house at retirement, downsized” …. Exactly what I want to do. But in my circle of acquaintances, no one does this so I thought it was a bad idea. I’m beginning to think it’s NOT a bad idea.
@@SMaamri78 we never had to downsize because we never upsized. Therefore, I waited until 70 to take my SS. Very prudent!
@@SMaamri78 I am going to do the same. Way to much house now. It is a great neighborhood to have raised my kids who are now grown. Going to move way out in the country area , small town, possibly another state.
Looking for a house in the 1500-1800 sq ft ranch. Pay cash and try to enjoy life.
Downsizing or selling and moving to a much cheaper area is key for many.
I had a good friend die at sixty - worked his whole life, paid taxes and never saw a dime come back to him.
You will never see the phrase "I wish I had worked longer" on a tombstone.
The problem is, life doesn't come with guarantees, what happens if you don't make it to 67, you won't get any of that money, not to mention that if you don't take the money at 62, that will be 5 years of checks that you won't be getting. I took social security at 62, and as far as I'm concerned that was the right age.
I have worked as a mechanic for about 57 years. I took mine at 66. My back, my hands, and my shoulders were killing me. My social security and my military retirement are keeping me afloat. 10 % of my SSN goes for taxes. I kept tabs on the obituaries. A lot of males were passing in their early 60s or earlier. Females were pushing into 70 years+ , so definitely take age into account.
Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues.. well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60. I need suggestions on what investments to make..
I'll suggest you find a mentor or someone with experience guide you especially in this recession. especially for your 401K, IRA and portfolio diversification.
@Mark Lofgren please tell me how to use this recession to make gains! Grew my reserve of $121k to over $513k btw DEC. 2011 and AUG 2012 but the market is diff now..
@Mark Lofgren Sounds great. I could really use the expertise of an advisor, just can’t find while I’m away for work in New Zealand for another year. My portfolio has been stagnant.... Who’s the person guiding you can I get a phone number?
@Mark Lofgren Thanks for sharing this. I did my own lil research, and your advisor looks advanced and experienced. I wrote her and so I scheduled a phone call. She is experienced can't wait to have a chat.
I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her.
I did not care about maximizing a benefit. My wife and I both took at 62 so we could continue our sailing trip around the world. We are still at it 13 years later. Would not change a thing.
Are you not worried about pirates?
@@rjdavis7503 Nah. Hurricanes, yes. Pirates, No.
@@Pelican5077 How about the haul out fees?
@@yetivanmarshall1473 Great question. Depends on where you haul out and for how long. If it’s just a 2 hour short haul to grease the prop and replace the zincs, 150 bucks. If you need to get hauled out and blocked up to sand and paint you could end up spending a week or two on the hard. In Grenada that might cost you $750-$1000. In FL triple that. You never haul out in FL unless necessary. NC is a good state to do a haul out. Expensive in Bahamas. Cheap in Costs Rica and most of the islands.
Were you two both lifelong Govt Hacks ? How we enjoy folks popping in here with their "Humble Bragging".
One thing you may want to mention is that even if they take back your SS because of the earnings limit being exceeded, they give it back to you once you turn 67.
So many people don’t know that.
@@whjerts i've heard this before, but i can't find "official" confirmation. if anyone has a link for it that would be awesome!
They do?
@@Starfish2145yes, not all at once, but over time.
Over time after 67
Well, I’m absolutely taking mine at 62. I’ve already been through breast cancer six years ago and there is NO GUARANTEE. I’ll be damned if I’m leaving any HARD EARNED CASH I PUT INTO Social Security to the Government . For those of us who have diligently saved, are living debt free - this is a wise option. The Government has sucked my dry of 26% of my income for far too long. Im taking it early and plan to work the max allowable at a part time job and am also taking my pension. I’ll bank it and live off my part time income in my paid for home.
I just lost a friend and he was 64. I just retired at 65. I was driving truck, going in and out of a trailer everyday. I have heart issues. The older you get, the less you can do physically. If you have the money, I think retirement makes sense.
I agree, based of what you said, it's best to do what's best for you
I agree totally. My husband almost died 8 days before he turned 62. You don’t know how long you get to spend in retirement, but time doesn’t have a price tag.
I retired at 60 this year and will likely opt to take my Social Security at 62. My husband (now 67) and I are enjoying spending our time together.
I do not have a lot of money but I retired at the age of 56. I am very happy and in excellent health.
Young people don't realize. Alot of them don't even start working till there out of college. That could be 21 or longer. Most have no degree or a degree that will pay there loans or the rent. I retired at 55. I've worked since I was 13. I worked a trade for 39 year's. I've contributed to S.S. since I was 13. Not 21 or more. If a person starts early they can get out early. Lots of young people have no business going to college these days. Get into a trade or Healthcare. You can make a great living. At 62 I started SS. $2143.00 per month. I do just fine. Live within your means. And get out early. Tomorrow may never come.
One other word of advice. I never did this. And never will. I've seen people's lives destroyed by this. NEVER EVER CO-SIGN A LOAN FOR ANYONE. Your kids. Nobody. EVER.
I've been a mechanic for 47 years. I am thoroughly beat up. I'll be 65 in December and I am going to retire. Period.
Good for you! Enjoy! It is easy for people with desk jobs to tell people who really work for a living to wait until they are seventy to retire. Scr#! them!
Being a mechanic is really hard on the lower back form bending over an engine bay all day working. I'm 67 and still working wrenching, and have been drawing Social Security since my full retirement age.
@@michaeldavis5775 I work on fire trucks. Not much bending over. More like crawling through and climbing on top and up aerials. Non of it is good on the body.
With The Economy In A Mess, I Absolutely Advise You To Retire At 65.
"Why Not Enjoy, What's Left Of Your Life, While You Can???"
Mechanic here too, will be retiring at 65 or earlier.
Another consideraton for delaying SS is institutional medical expenses. Not everyone can afford (or qualify for) Long Term Care, and those are the individuals who would be most impacted if an event unfolded requiring a protracted nursing home stay. Delaying SS in such a case could be a partial form of self-insuring against institutional medical costs.
Thank you… nice service to all of us. I have questions… I will reach out. 🙇🏼
I worked for Social Security Administration for almost 30 years And saw so many people try to wait to take their social security and end up sick or dying and/or dying and that money stays in the system when they could have have been making their life a bit better with the money they had rightfully earned. I took my social security at 62 and never regretted doing it. It would take so many years for it to affect you and only by a little bit that you would never even notice the difference. To me it's a personal decision based on where you are at financially and healthwise when when the pension is available to you. It is clearly not a one size fits all decision decision that could be made across-the-board
Very true
Having work for Social Security do you think there's any correlation between 40% collecting at 62 and one in three people that are retired living at borderline poverty (200% of federal poverty income)?
@@johngill2853 no not really... The differenc is not enough to throw them below the poverty line in itself. And when you look at how long it would take for it to even matter on that difference ...it's much better for them to be able to take it every month and have that additional income as either cushion or just income that can help them buy their medicines , food or pay rent or mortgage
I used to see so many people trying to hold off until 65 or 67 or even 70 and then get sick and die and all of their money goes back into the trust fun and they got nothing out of all those years of required withholdings
@@brendalogan6281 statistically you going to live 20 years after you turn 62. No that doesn't mean everyone but it means more people than not
The difference is 72% from collecting at 62 and waiting to 70. I can't see how you don't think it's a big difference. Could you imagine getting a 77% raise? Not too many people would say that's not a big difference
I noticed that famous and/or rich people who have the best nutrition and health-care often die in their mid-50's and 60's so I retired at 62 because I might not be alive or ambulatory by 67. The trick is to have no or little debt, which I achieved. That early retirement was the very best decision I ever made in my entire 74 years. For 12 years I get out of bed when I want to, not have to. I spend my days and nights doing whatever I and my wife want to do. I've written and recorded hundreds of hours of music, created thousands of graphic art pieces, built more furniture and done more renovating than the entire rest of my life. Get rid of debt and retire before you die. It's not about how much money you receive every month, it's how many years of living do you have.
That's the thing. The goal is really Financial Independence. Whether you retire or not then becomes a decision that isn't tied to needing the money to feed my family.
Reducing those expenses is definitely important though since it means you need less to reach FI, hence increasing the odds that you get there sooner than later.
@@TheFirstRealChewy I'm not really financially independent...I rely entirely upon a monthly check from the Union I retired from and from Social Security. I convinced my new wife to retire early too. She was driving 80 miles a day for 4 days of 12 work-hours and 80 miles one day for 4 work-hours. With city streets she was driving 2 hours per day. When she retired we saved on gas immediately and the increased stress at her job because of a new boss went away. We had less money for awhile until a couple of debts got paid off but coincidentally her physical health soon deteriorated so the timing was perfect. That was 2 years ago and we're now living better than either one of us has ever lived before.
For our USA neighbours: Canada has two separate pensions. Old age security and the Canada pension plan. OAS is an entitlement based upon being a Canadian citizen. Canada pension plan is only paid to those people who paid into the program through working and contributing.
As of today, 13 May 2024, old age security is $713.34 per month and maximum CPP is $1364.58 per month for someone age 65.
Not everyone receives the same amount of OAS because it does depend on how long you’ve been in Canada and contributing to the fund.
Not everyone receives the maximum CPP because it depends on your contributions throughout your working life.
The longer we keep working past-age 65 and keep contributing to each of those funds, the higher our pensions will be.
Dang! And I just turned 62 last Friday
Smart thing to do is probably do something you really love doing.
I love doing art work drawings oil painting and even making wood furniture these are my hobbies
I still work at a manufacturing company and do my hobbies for recreational purposes
My mother collected at 62,only a short time before she passed from cancer,my father collected at 62,not able to work any longer,he is now 87 and in poor health,he has never regretted taking it early,I'm 61 and will be taking it next year.
SS is taxable so have some withholdings taken out of monthly check, helps at tax time
I did the math and if I waited till 65, my breakeven point was 78. Grandfather died at 60, brother at 62. Other family members died early too. I took it at 62 and have not regretted it. Was travelling to Europe at 63. Live your life.
Did you retire at 62 ?
@@dantheman6607 I actually switched to part time part of the year. This was because I hate not having a purpose in life. Worked good for me.
You are not going to regret it if you don't need the extra money you get by waiting.
Keep in mind that delaying collecting social security is not the same as delaying retirement. Some people have retirement savings that they can live on until they collect social security (bridge the gap). This can make a big difference for those who can live on social security alone. This group of people only need enough money in other retirement savings to cover 1-8 years of expenses before social security kicks in.
There are so many benefits to lowering your core living expenses.
My grandfather passed away at 56, my dad in 2019 when he was 63. He never enjoyed retirement of any kind. He worked his butt off until the end. This guy saying to take it at 65 has no clue. Guys, there is no guarantee you are going to live past 65. You never know. This guy is clueless.
@@lmbear You are definitely right!
Great info. Break even point is not considered in most videos on the topic, good work covering it. I don't expect to make live to 78 base on my heratity, so I'm taking it at 62. SS will not be my main source of income, the majority of my income will be passive so it wouldn't cause any claw back of the benifit.
I've never understood why it matters if I continue to work and to receive social security simultaneously; it's my hard earned money-- whether I'm working or not should have no bearing on the issue as long as I meet the age requirement.
Because you can't have your cake and eat it too. Our government sucks
I’m a 50 year old nurse and I will take my social security ASAP. This job is bad on a person’s body, especially a really small person like me. I’m tired and wore out. Too bad I’m only 50. You better believe if I make it to 62 and can get it then I will and never look back. I will be SO GLAD to be done with this job!!!!!
I’m 62 y/o nurse & it’s horrible
Stay focus ( I’m 52 myself
I am 50yo and agree with you. I am in high tech and tired of my mental draining desk job. I worked in cutting edge stuff including a financial insurance startup. I learned that about 20% live past 70 so taking it at 62 makes good sense. The govt wants you to take it later so they keep most or all of it.
63 yo nurse who luckily was able to transition to 3 morning only shifts a week doing day surgery. I get to still enjoy my chosen career , play more with hubby and friends , and get good money ( higher hourly , no benefits of course) for 12-15 hours / week. Live frugally , work 1.5 weeks/month for my healthcare, and plan to stop work age 65-66. Not exactly sure when to take SS as it sure looks tempting to wait. Bottom line- after 43 years of standing on my feet these 4-5 hour shifts are Heaven !!
Yes girl 63 c.n.a. here my hands hurt so bad take Tylenol 2 times a day and they still hurt just not as intense.
These videos always discuss average lifespan - but they never discuss “quality of life” after age 80. Most 80 year olds I know are not very active and/or not healthy enough to live independent (most live with their adult children, senior homes, etc. - which changes the financial picture completely). Take your retirement as soon as you can afford (per your respective budget) - and begin enjoying the 4th quarter of life while you’re still independent & physically able to enjoy your additional free time. I retired at 62 and began riding my bike almost daily - and lost 10 pounds in the process… :-)) Never had that kind of time & freedom when I was locked down on the job for 40-50 hours per week…
Awesome; your an intellect; ty
This. I don't really know many 80 year olds who do anything at all ,so unless it's abject poverty the money is quite incidental compared to their quality of life
My wife and I will turn62 in 2024 and we’re both Taking it right away ! There’s no guarantees in life and as you get older your desire to travel and do things go down dramatically.
BINGO......these break even educational videos about SS are mostly the same. My opinion is take it as early as you can 1) If you do not make it to break even age - that is lost money your estate can never recover and the government wins. 2) If you make it past break even - who cares - you lived a long life and are already a winner just by making it to 80. 3) as stated - most people can enjoy their money much more in their healthier years (60's/70's) than in later years where they may be more limited.
@@pepper1188My grandmother lived until 90, my grandfather until 82. When they were in their 60’s and early 70’s they did a lot of international travel, but after that they mainly spent a lot of time with us grandkids. All these people that are excited about having a higher SSI check in their 80’s need to think this scenario through a bit more. If you have investments and take SS, then allow your investments to grow, even at a conservative 5% rate of return that would push the break even point out to at least your mid 80’s. Meanwhile you got to have fun with peace of mind in your 60’s/70’s. The exception is those who did not save adequately and will be living off of SSI. They need to wait as long as possible.
Any withholding of income that goes to the gov't, shouldn't be taxed when it is returned to us. They owe workers that money and should include interest paid to the worker. But when they return to it the worker in scheduled payments made up by the government, they make it subject to income tax. How backwards is that?
I recently hit FRA and started taking my SS. Still working with good pay and benefits but wanted to start as soon as possible. The 8% adjustment for waiting is offset some by simple investments returning around 5% so waiting didn't seem to be efficient in the long run.
The BIGGEST gamble we all have is will social security even be there when we retire? Take it early before it gets eliminated. 😨
+1
SS will outlive us all. Only gamble or unknown is when u will die.
I never counted on it and planned without it. Now that I'm collecting it goes straight into my investment portfolio.
Save 10% of your gross earnings every pay period, invest long term, don't withdraw til you retire. Do that for 40 plus years and you'll never have a financial concern. Live off the interest. Wealth is built over the long term.
oh it will be there, the govt will just print more money. but it might be in worthless deflated dollars
@@JohnJohn-wr1jo And what can you buy with your SS check?
@@billp4 Same thing you can buy with any other money. Dumb question.
If you die at the current median age of 78, retiring at 62 would get you $180K at the rate on the table that comes up at 2:35. If you wait until 70, you get $167k. If you retire at 67, you get $185k. So you miss out on $1000 for every year between 62 and 67.
So, you get to experience the joy of work for 5 more years for an extra $5k over 11 years after you retire.
If you cant' manage working an extra 5 years after 62 (not a small consideration for some older folks) save an extra 5K before you are 62, take the retirement, and live in peace that you are not getting any less money back than if you had waited. then adjust you lifestyle and stay healthy.
Who knows how long they are going to live ???
I always try to look at things in a cost / benefit basis. Your explanation says precisely what working past 62 buys me on the social security side of things. If you flip the perspective... would I pay $3k (lets call it $2,250 after taxes) to be able to go play on my farm rather than sitting at a desk all day doing a job I hate for three years? The answer is a resounding YES!!!! At this point I am only working for the health insurance. Solve that expense and I retire tomorrow.
@@clarkclarke Very true Sir. I would choose, and recommend, for each to plan, decide, and make arrangements to retire when most beneficial then stick to the plan and enjoy the rest of your life, whether 2 or 30 years.
@@OldSaltyBear You are better off than me brother. I wish you luck and a pleasant retirement.
Yep, take the median age of death at 78 or even 80 to be generous. Retire at 67 for 13 years of retirement or 62 for 18 years. How much is 5 years to time worth? Way more than 5k. Its's also 5 more years of better quality of life.
I know so many people that have died before collecting a nickel.
The people that don’t really need SSI seem to collect the most and live longer.
Every age analysis, uses a Break even number. I think the more important question is what are your living expense payments. Example. Using your numbers; my mortgage payment is $1400 a month. If I start at age 62, my benefit is $983. At 67 $1404, if I'm married and my spouse collects the same as well, perhaps we can make it work at 62, but at 67 we could make it work.
Work hard play harder I am 92 retired at 70 I am in good health. Wishing good luck, and god blessing to all.
GOD BLESS YOU TO SIR
Your full of it
92 in good health 🤣🤣🤣🤣🤣
@@meking3258 Sending you blessing Mr: King from Cabo San lucas.
@@wilfredvasquez5908 im 52 and retired ..whats your point ? Your in bed by 7
I worked part time in restaurants while raising kids. I never had a "career" so never made big bucks. I decided to take my small SS at 62. I can still work part time without it affecting my benefits. It's really a case by case thing.
Took mine at 62 although still working…grateful to be here everyday …no guarantees looking forward
I retired at 62, from factory life and after 12 years I have no regrets.
I retired at 50 after 30 years at USSteel. Started my Social security at 62. Will be 74 in May. Never worked a day after retirement. I don't owe anyone a penny.😊
Fact Of Life: Those in their mid-fifties are the first to be laid-off or terminated when a company implements cost cutting measures. Many find it difficult to even find a job and SS is a lifeline!
Facts! Finding a decent paying job after the age of 50 is nearly impossible
That's what it was intended to be!
Each case is unique. I started at 65 y/o with deposits going into an account invested totally in GNMA's @5.5% , and now new GNMA's at 6.0%. Sleeping well.
My understanding from another video is that money taken back from you (around the 5:30 mark) is used to increase your SS payment over your expected lifetime so you are not losing it if you live to the break-even point and possibly beyond. Since you may be taxed on your SSP if above thresholds (money not given back) having the money withheld assuming it is given back is a positive with respect to taxes.
From the social security web page below, I can never get links to work in the comment section on youtube.
"We will recalculate your benefit amount to give you credit for the months we reduced or withheld benefits due to your excess earnings."
At around the (8 minute mark) they are actually 3 ways to determine the amount that may need to be paid on SSP and are based on different thresholds from the IRS.
Another video on the web gives a detailed example and the tax payer gets to select the lower of the 3 methods.
My father was 1 month away from full retirement age when he passed away. Always take your Social Security as early as possible
Absolutely.
Yes! Yes! Yes!
Neighbor retired at 62 was retired one year and then passed away. Not sure what’s best for all, I’m 55 and taking it the minute I can. The longer you wait the more the nursing home gets.
Everyone's circumstances will differ. Some people are retiring will millions of dollars invested, some with a few thousand. Nursing home might not even be an option for some people due to the cost.
If I retire now at 63 I will have to pay health insurance out of my pocket and there in lies the deal breaker. I’ll work until the day of my 65th birthday.
Sorry if this is a newb question I am just starting your videos. how are you calculating the 'break even' age for waiting to take SSA? If you have a vide explaining, please post link.
I worked with people who had desk jobs until their 50s & 60s & died before they retired. I started taking SS at 62 & no regrets. I'll be 66 in 3 weeks.
What about health insurance
@@levans3447 Had company insurance until 65 & now using Medicare Advantage.
I took a class on Social Security: White men live longer than black men...White women live longer than both. Basically, black men are paying the SS for white women. SS was a bit of a scam!!! Why was the age set at 65? In the mid 1930s few people lived to be 65. LBJ added people that did not pay in the system.
Same boat here. I retired as a federal agent at 52, with provided medical care. I took my social security at 62. I'm 64 now. My wife (64, too) and I took two year long trips to the Bahamas in our sailboat. She now has degenerative neurological condition and can't walk except with a walker, meaning no more boat trips. Thank God we didn't wait.
@@ralphholiman7401 Fed worker too. In the first 3 years - 44 of the lower 48. Gas prices killed any road trips
My friend Tom, was waiting until he turned 70 to collect. He filed 1 month after his 70th bday.
3 weeks to the day, he never woke up from sleep.
This man, my friend, just like my Dad, stated they were going to live to be 100.
Neither made it.
At least my Dad started collecting at 62 and died at 90!
I started my SS at 62!
Right some people retired 2019
October by June 2020 they were dead from CoVID ..live everyday don’t think about the future the average white person is 76 yrs then they die an it’s less for other grows so take every thing that ur entitled to .. you have vacation days use it I use all my time and I am in my 30’s … it’s a generational thing with mindset
What you are not getting about this is that this is how it’s SUPPOSED to work. The guy who died a month after filing didn’t get cheated. Social Security is longevity insurance. Once he died, he no longer had a need for money. But your father, drawing at 62 and living to 90 , well I hope it turned out well for him. For most people that last ten years probably would have sucked. That’s assuming that they drew their benefit out of need for the money. With limited resources, drawing at 62 and living a long life is a recipe for disaster.
Tom's wife got a much larger $ soc sec check because your unselfish friend Tom waited to 70. He also earned quite a bit from age 62 to 70 prior to collecting. His wife can sleep a little sounder now the rest of her years.
When to collect SS is legalized gambling. lol
I doubt he regrets his decision. He’s kinda gone. That is what’s wrong with this whole idea. If I die, I’m dead and won’t be regretting anything. If I live, I will need lots of money. I am working and waiting and am happy with that decision.
Regarding sales tax on social security benefits, Connecticut does not charge, which is one of the 12 states you mentioned.
Began taking social security at full retirement age a few years ago and have continued working. When I signed up I designated taxes be deducted from my SSA check. So far, even with a decent income from my full time job, I’ve come out okay. Once I retire in a couple of years my pension will also be taxable along with Social Security. Even though I’m still working, I like the extra check I get from SSA along with my work pay check each month.
For starters and most important! Is we need a government that will keep their damn hands out of Social Security.
vote Nov 8. You know who wants to f with it. I am 65. 2 more years I can get mine and now someone is gunning for it.. you know who..
Vote Blue for mid-terms to save social security.
We need government that will stop robbing Americans. Social Security is a scam and they are taking our money so they can keep it.
bill dursa , because you heard one or more on the red side say something about taking it away? Who said?
A few names and specific quotes please
@@carlosponchio1869The "Unity Man" guy is a well documented pathological liar. It's just a scare tactic.
Every year post-retirement brings a diminishing return in energy and mobility. The first few years of retirement, when you are the healthiest and most active you're ever going to be again, are absolutely precious and the $10k - $20k a year you'll gain by working another 5 years will make absolutely no difference if all you can do is sit in a chair and watch TV. Take your hard-earned money the instant you are financially able to and live your life.
I took social security at 65 and have kept working also-I am 67 and have a wonderful job and im making more money than I ever did and enjoying life-I’ll work until I can’t anymore-work gives you regularity and exercise
As soon as I hit 62, I'm going to retire and start receiving my social security benefits. I've seen way too many acquaintance that say, they will work till 65 and start receiving benefits at 65 or older and never make past 65. Life s too short. We are here today and gone tomorrow.
I waited until full retirement age because I still receive a 6 figure income at my job. Now I started receiving social security this year at age 66. Pisses me off I STILL get taxed in a high tax bracket on my social security income!! This is the epitome of Double Taxation 😮
You do know those of us in lower income jobs are not crying for you. LOL. I would not mind 6 figures at all. Screw SS. Just be glad you make good.
That's how they get you. The more you make the more headwind you have to fight against. It's the unfortunate reward for all that success... unless your success is in real estate, or you run a business, and understand the tax code well enough to avoid (not evade) taxes.
If you don't have diversified income sources that has tax benefits, then the best thing you can do is... reduce the amount of income you make each year. That works unless you can't control your income, like taking RMDs. Draw only enough from your investments to supplement your social security benefits.
Yep. People need to look at tax consequences as well. I'm delaying SS just for that reason. Doing Roth conversions right now to lower RMD's when the time comes.
@@Anne-qj6xo except he worked and paid all those years, it's his, not the frickin' governments!
@@armadilllo only 85% of SS is taxed even for the wealthy. Joe Biden is one of the politicians that voted laws in taxing SS benefits. All SS should not be taxed but good luck getting congress to eliminate taxes on SS benefits.
Hi great stuff but please correct some of the info in reference to amounts withheld if make more than the limits and then those monies will be returned once you do not go over the limit and is not lost. Thanks.
If I opt out of Medicare part b do I get. To stop paying the premium? I have insurance through my husband s job
I retired at 59. Became seriously ill at 60 and applied for Social security at 63. Given my current health situation I might not live to be 65. You can be healthy one day and wind up in the hospital/nursing homes for years. At age 60 I became permanently disabled.
How could you live with yourself when you leave funds on the table?😊
@@Calventius Since I doubt I'll live to be 70 I gotta get while the getting is good. Most of my family die in their 60s. Also I've been the funerals for many friends and colleagues who died in their 60s. Better to retire early and enjoy your what little time you have left on the earth.
I was kidding, Deborah.
I miss u
God help you. I wish you full recovery. Don’t loose your hope. Miracles happened. ❤️
I started at 63 when I retired, but I have a lifetime pension and a lifetime retirement annuity, as well as money still in a ROTH and 401K. So, I think it totally depends on your situation.
No 2 are alike - sounds like a good deal for you.
I agree with your decision- we did not need my SS at 63 but took it anyway. Invested every penny and still do 7 years later. you are right- it depends on your situation.
Yes that loophole ended so now spousal benefits are adjusted based on the surviving spouses FRA and there is ho benefit to them waiting til 70 collecting spousal benefits. I know people who did not know and got a cut when their older spouse died and the $$$ difference was significant.
well said...
@@mjc63 So what your saying is the deceased spouse, who worked longer for example, benefit for the survivor will not grow anymore after they die? I thought the wife (example) could wait to collect the husbands SS after 10 years and it would continue to increase in amount.
Well, SS is supposed to go insolvent by 2035, and the politicians continue to kick the can down the road. There is talk of raising the payroll tax from 12.4% to 15.6%, reducing benefits by up to 20%, or a combination of both. But again, the longer the politicians wait to do anything, the worse the problem becomes. I'm taking mine at 62. :)
Retired at 62. But listened to Dave Ramsey 20 years prior to get my act together. Thanks Dave.
Remember what I'm saying take social security as soon as you qualify - there's a reason why when you turn 62 and you call the social security office and tell them you want to retire and the agent try to convince you to wait until your maximum retirement age - if the government is trying to convince you to wait because it's for your own benefit you know it's a lie, remember nobody knows how long your going to be in this world so take it early.
Same as planning for retirement while young. You don't know if you'll even live to the age of 62, so why make any plans?
Unless you need the extra money you get by delaying collecting social security early, the odds of regretting taking it early is very low. Essentially, the only regret would be not having extra money that you don't need. So might as well give the extra to someone else.
If you needed the money it wouldn't be a debate as to what to do.
Yes, the government will convince you to delay taking it. Its a gamble. You are betting that you will live past the break even point, they are betting that you will die before you reach the break even point. You know yourself best, they have historical data. You are playing against the house, but you can win.
If you make good income though, that can make a difference since it can essentially wipe out your benefits.
i am taking it at 62...my break even point will be at roughly 79.....what people forget having extra money by waiting until 67 or 70 does not mean much if you are in your 80s or 90s because at that point you can not do much...i am taking it at 62 while i am still mobile and traveling around the world and kicking ass...
That's funny. When I applied for Medicare I had the chance to apply for SS but I did not. No one to try to convince me. All done online.
Very cynical answer. Why not do your own homework as the presenter outlined and make your own decision.