I did a few follow-ups to this video you may want to see, including changes in life expectancy: Part II: th-cam.com/video/f1Bzp44gVcQ/w-d-xo.html Life expectancy too high? th-cam.com/video/fjv3too8yMg/w-d-xo.html Social Security going bankrupt? th-cam.com/video/9J0q01hsXBU/w-d-xo.html
Ed, I only give advice to clients who have hired me to be their financial advisor. Anything here on this channel should be considered helpful information or an interesting case study.
I started collecting at 62. I could not wait to get out of the workplace. And I certainly did not have a big bank account or stock portfolio(none actually). Tight budgeting? You bet . But frugal living is worth it.
I also started at 62. I have other funds, but even if I didn’t I would have still taken it then. Too burned out and kaput to work. And I don’t expect to live beyond my 70’s. Everyone is different.
Got fired at 52 in a field that age discriminates openly. Became addicted to having free time to do WHATEVER I WANT WHENEVER I want. Learned to live on less. That’s the key. Get out as soon as you possibly can. Buy less. Need less. Live more.
I agree with this. I plan to work until 58 for the money + insurance, but I would rather retire right now at 50. So as soon as I have "enough" I will retire. Hopefully 55.
Retired at 57, do not, and will not ever regret doing so. Quality of life won’t be worth much after age 80, or maybe even 75. Time is the most precious resource you have, and all the money in the world won’t buy you more.
Yes, my neighbors are retired. The husband is 4 years older than his wife and he just turned 74. They travel probably 12-14 weeks a year. He's been saying for the last 8 years, "I want to enjoy as much as as I can, while I can. My knees won't last forever."
My wife and I were living comfortably on the money we made from our pensions but couldn't afford to travel the way we wanted to. Taking SS at age 62 put an extra $2,500 in our pocket every month. I don't see it as breaking even when we turn 78, I see the extra 8 years of fun and travel we had that we wouldn't have had if we had waited.
Good for you. Doesn’t make you right. I retired at 55 and waiting until I’m 68 for reasons this guy didn’t even consider. Doesn’t make me right. Hope you’re not sitting on some trad ira investments when those rmds kick in.
I did exactly the same thing and don’t miss the extra. I did it because I’m adopted and had no clue what my future health might look like so I wanted to get as much as I could as early as I could.
@@flyerbob124 Good Stuff, its what lies off in the future that peaks my interest the most. I know I`m old now and realized that God`s retirement system is outta this world. I put my faith in Jesus Christ at the foot of the cross as a sinner and now I sleep a lot better at night....
@@SpanishwithEddy Mr. Really Nice Man from inside my laptop guaranteed every one of us that we will live healthy and productive lives well into our 90s - thus no one should worry! Because life expectancy now is off the charts, the graveyard and funeral homes are filing for bankruptcy - or so I hear.
Here's a brief anecdotal example: My best friend from high school and I have birthdays 15 days apart. I chose to start taking my SS payments at age 62 since I was already retired (ie. unemployed) . He said he would wait until he turned 70 since he was still working so that he could get the maximum SS payments for the rest of his life, despite my advice to do what I did. He died of complications from prostate cancer 9 months before his 70th birthday. BIG win for the federal government. Lesson: don't take the suckers bet and gamble on the long gain, no one knows how much time they have left.
Are you saying we should do that because of your friend's circumstance? Or should we look at statistics and see what's likely? I am genuinely sorry to hear about your friend but this is not typical.
What you have provided is nothing more than anecdotal evidence. It's a suckers bet. BIG win for the federal government? No, their big win was you taking it at 62.
My break-even age was 81. My parents, grandparents, and great-grandparents lived from 79-81. So at 62 I retired, took the money, and ran. I get four checks a month (USAF, Scripps, VA, SS) for doing "nothing" and I've never been happier.
My father died 67, mom at 62, both with cancer. I am taking deceases spousal SS from this yr as i turned 60. Have paid townhouse, work some, and get a check from overseas. No hadn't planned retirement but hoping to survive.
Same situation for me. Dad died at 60 and mom got Alzheimer's at 62/63. To top it off, my spouse, the primary earner is a decade younger - so I really don't want him to retire older.
Anyone who worked physically hard 30 years can't keep moving until 70! Knees, back, shoulders, neck, all shot! Who the hell thinks 70 years to full retirement?
I think that also depends on the type of office environment the secretary works in. Hard and stressful work is not just physical in nature. You also need to factor in what's happening on the home front as well.
@@thatoneguyis Union bricklayers do not negotiate with the person paying the bill. They extort the taxpayer. If I lay my own brick your union thugs would destroy my work at 2am. Thugs.
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The break even point is about 77 years. I decided to take my SS at 62 when I am mobile and want to travel and see the world. By age 77, my health will be declining…not worth the wait! No use being the richest person in the Assisted Living Facility.
Pay off all your bills and retire as soon as you can afford to. I’ve got too many friends who are dying or disabled in their 70s. I decided to retire at 65 and forgo the extra couple hundred bucks a month had I waited and have never regretted it.
My Dad retired early, took Soc Sec at 62 and is 91. He's still going strong and living well. His co workers held out till 70 for Soc Sec and all died a few years later...
Agree, if you can afford to live comfortably I don’t see any reason to work and give up years of your life and potential for fun, travel, family time, etc. just to earn more money or get a higher SS payout. Life is for living if you can afford to do it, it’s not for working for someone else. Again this is predicated upon having enough savings to live comfortably.
You can always make money on the side to supplement income, no need to play a sucker's bet. Retire @ 62, enjoy life, and if you have a hobby that can earn you income, ie., handyman jobs on the side, selling firewood, selling cars, selling whatever, ebay, fb marketplace, amazon, word of mouth. Plenty of opportunities out there, if you need that extra $200/mo, you're already in trouble.
I ask people the same question, You find a lamp with a Genie in it. He gives you two choices. you can be 18 and broke or 75 and a billionaire. Just pick one. I have yet to run across anyone that didn't want to be 18 and broke. You can get back everything, but time. Live while you can.
I was a small business owner who hit the wall working, took my retirement at 62, I'm now almost 65 and the last couple years have been among the best of my life.
Got harder to find work at age 58 due to being an older male. Took SS at 62, then got diagnosed with Lymphoma at age 69, recovered from that. Then the 2020 Pandemic stopped most everything. You just can never foresee the future, so I’m glad I took my SS early allowing my retirement investments to keep me solvent
I'm a mechanic and will retire next year at age 61 and collect SS at 62. I've been lucky to find a job (at a major used car company) where I mainly do test drive's and write up the ticket to repair vehicles to get them into shape for resale and maybe actually only do actual fixing 1-2 days a week. We have perhaps 4 guys in the shop who are my age or older. 2 work in the retail side of the shop.
My father worked his whole life. Fought for this country while here on a green card. Dropped dead at 61. Never collected a dime. Take the money at 62 and run!
There is a old song from 1976 by the Steve Miller Band..Go on take the money and run,and at 62 I did😎There is nothing but pure joy when you get your first social security check deposit in your checking account.
I was able to retire at 60 with a widow’s benefit. When I went to the Social Security office to discuss it, the woman said “take it now and work part time if you want to, you don’t know how many people I see who retire when they get sick and never enjoy life, make it work”. I had a small retirement from a state job but had my health care. Next month I turn 65, moved to Florida a year ago and living life on a budget. Loving it!
I was able to retire at 60, but elected not to. I can't believe how people there are "that never enjoy life" while working. That said, I did cut my hours to 24 hours per week, but working and enjoying life can co-exist. I guess it doesn't happen very often from what I am reading on these blogs.
I retired at 63 and I'm now 67. Last week I was told I now have diabetes, high blood pressure, triglycerides, and high cholesterol. I still feel fine and work part time but any day I can kick the bucket. I'm glad I took SS early because if I waited I might not be around to collect it. If you can afford it, take it as early as you can. We all just have so much time!
Exactly my plan! I've worked too long and invested too much into the system to hope to live to age 65, especially with high blood pressure, mass shooting and pandemics. I will take my partial at 62 and continue to work part time (and be better off than I am now).
I totally agree Vincent. That’s my plan as well. Assuming you’ll live to 90 or whatever your break even point is absolutely ridiculous. How precious are those years between 62 and 80?
It definitely depends on your health and wealth. I will most likely be taking it at 62 since I'm 59 and have already had one heart attack and have a pacemaker in my chest. I'm doing fine currently and feel great but I know that could change any day. It makes no sense to wait as I might not reach 65, yet alone 70.
You are so right, I have been working in the petrochemical industry from my early 20s and lost count of coworkers with 40+ year’s of service making six figures holding out to age 70 to maximize their SS and never enjoyed it due to health issues/death, if you are able to retire at age 62 with SS and not live in poverty do it while time and vitality is still on your side
Having watched relatives age I learned that retirement comes in stages. In early years a retiree can go out and pursue active pleasures such as travel, hobbies, volunteer work, or helping with grandchildren. As we progress into the later years the opportunity to be active decreases. No amount of money will reverse the effects of aging or but back a single moment of time.
That last sentence is so true. No amount of money will reverse aging… My mother is 96, scraped to save for retirement and now she is resentful and regrets not spending money over the years for fun pursuits, but she’s obsessed with not having enough money and refuses to consider an assisted living or paying outside help for maintaining her home. My brother and I share responsibility but we’d also like to enjoy our retirement years. I doubt I’ll make it to 96 in good health like her but I won’t blame others because I’m no longer able to do what I did in younger years or have debilitating regrets for missed adventures. Don’t take this wrong, she was a good mother and deserves her dignity and I won’t abandon her but dang, it’s tough dealing with a toddler.
@@lorihamlin3604 I hear ya, Lori. She sounds jus like my father. He is 94. We had to force him into a nursing home because he would not make a decision about going into assisted living so the decision was made for him. He still whines about having us sell his home. Still thinks he could be living in his home with minimal help. He is still upset that he cannot drive anymore. It really is like dealing with a toddler. And he is always worrying about his money.
@@flyboy7588 Good news..my mother decided she wanted to move into a very nice local assisted living home. It’s small with mostly local residents so they have something to talk about. She’s only been there a week but she likes it so far. She can’t see or hear very well so her beloved yard was getting overgrown, she could no longer paint or cook. She’d couldn’t operate her remote or cell phone but physically and mentally very sharp. I tried several phones and audio books but not interested. So she’s in a good place and has a large room and lots of activities, laundry and food services. It’s a place I wouldn’t mind living at if need be. I haven’t heard a single complaint which is saying a lot. Hope urDad accepts his place in life and starts appreciating what he can do and what he has to be thankful for over his lifetime.
I went to the social security website and plugged in the data many many times. I would receive full retirement benefits at age 66. I chose to retire at age 65. I am very happy with that decision as I ended up losing only about $75.00 per month. Now that I am retired I live off grid and bought everything in cash. I have no debt, no power bills, no water bills etc. That means I literally can live off of social security, oh and I now have a successful youtube channel so that has grown so that I make almost as much on social security. Very very cool!
It's the cup half empty or half full mindset. I choose to look at it as the govt. giving full SS at 62, while holding out a carrot to wait longer. I'm not a carrot chaser. LoL.
Nice, I'm over in Tucson, but still have another 16 years to go. I have a 401k with my company, but I also started back when they were still doing pensions too - so if I retire at 65, I get the full pension. Plus I'd like to pay off my house that I bought 2 years ago before I retire....need to pay off my solar first, then I can start doubling up my mortgage payments.
A friend and coworker of mine was still working at age 71 + yrs old. He was all about adding up and maximizing his monthly retirement income. He started taking his SS at 70 while still working full time with plans to keep going until he turned 75. So last year in July just after he turned 71, he became very ill and went to the doctor. He was diagnosed with esophageal cancer. 8 months later in April of '23 he was dead. I spent hour and hours in conversations with this man talking about retirement and money and everything else. He knew he was using up his quality healthful years still working. Ultimately he lost the bet he was making.
I know of 4 people who died waiting until 70 to retire. The stress of working a full time job is lost on many of the beancounters. Both of my parents retired at 62 and lived a long life on what they got with no issues at all. They would have died earlier had hay worked a soul crushing job until 70.
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...
While your point is a valid one about when to retire, it isn't a factor in the scenarios presented in the video above. Both the pilot and the chef (and their wives) retired at age 62. The one difference evaluated was when they chose to take out Social Security, not when they chose to retire.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
My financial advisor is "Margaret Johnson Arndt " she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversification and is considered an expert in the field, I recommend researching his credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I survived a heart attack a decade ago. I live with COPD and dodged Covid. I retired last year to enjoy what life I have left. Honestly I’m not sure how much time I have left and since I worked 6 to 7 days a week I thought I should enjoy what I have left. Receiving SS later this year. Good luck on your journey~
As a former Social Security employee who worked with retirees I say your decision to retire at 62 or full retirement age should be based on your personal financial circumstances. There’s no right or wrong age just the age you feel is appropriate for you.
Some people have children some don’t. Some save, most don’t. Some are big spenders some aren’t. Apples to oranges. Government always wins. Government has been siphoning money from SS for years.
Making such an important decision based solely on what you "feel" would be really, really dumb. I'm not saying you said that. I did read the part you wrote about making this decision based on your personal financial circumstances. I think it should be based on that and more. Regardless, I guarantee you that some will read your post and think you said they should do whatever they feel like doing.
My dad died at 68 of cancer .. retired four years earlier diagnosed year later.. worked all of his life and couldn’t enjoy anything! I’m living life spending time with family work for myself
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...
Same here...my dad was working until 3 months before his death from cancer, age 69, when he was suddenly too weak to drive. I've seen enough friends, classmates, coworkers, and relatives die young to know that tomorrow is not guaranteed. So, at 63.5 I took the plunge and retired...would have been sooner, but I was waiting for Covid to clear out, so I'm new to retirement. So far, no regrets!
@Paul McKenna I hope you're gonna do some traveling if at all possible I don't believe in leaving money for my relatives it is all about going to South East Asia and Europe...
Nic video. Im waiting until 70 so I can get 8% more each year. So far my health is fine and my passive income is supporting my current lifestyle. No mortgage and no debt, just utlities.
At 62 my wife and I both decided to retire and draw our Social Security Benefit (our money, we paid in from age 16). We are now 73 and never regret our decision. With our other pensions we live a good life. At 62 the average American is lucky to have 15 years of life left. Think about it!
Key statement, if they live to age 92-94! I personally haven’t met many people that live that long. Another issue, at age 62, you spend your time enjoying your life. At age 70, most people begin to slow on what they really feel like doing, vacation, hobbies, traveling. You spend much less monthly, even with inflation in the mix. Yes, you get more money, but you had to hold back when physically you were more capable of enjoying things in life.
My mother lived to be 88 I'm sure SS was unhappy about that they need a overhaul & give a real increase for individuals but people on it keep voting for people who want to take it away or cut it now that I don't get.
That's great that your family has such longevity in life but the fact remains that most people will not reach their 90s. It is more advantageous to take SS early at 62. Now being financially secure is a totally different topic. I'm not taking SS at 62 because I will not need it.
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…
Exactly!! You ever see a 70 year old dude trying to get around the airport!! That does not look like much fun!! I told my wife we're going to buy a place by the time we retire at our favorite vacation spot and after 60 I'm not going anywhere but to that one location. We retired 11 years ago at 50 and for the last 11years we spend our winters in Tahoe skiing/ice hockey and summers on Maui (Napili Beach) surfing. This lifestyle will not last forever because as we get older I won't be able to ski or surf as much but for now it's fun!! Everything is paid off, our biggest expense every year is property taxes. Aloha
My full SS benefit kicked in at 66. I waited until 68 and a few months. I was enjoying what I was doing. Did not want to apply for SS until I was ready to walk away.
That'll be me. 4 weeks paid vacations, full time job of 3days a week with weekends and many unofficial holidays off. I also have rental real state. Will prioritize paying off my mortgage and continue living my life one day at a time.
The real question is when do you want to retire? I'm healthy enough and could have chosen to work until 67 and would have come out ahead financially in several ways, but I wanted to retire at 62 and get away from work related stress and enjoy life. To me, that's the real calculation; how long will you live and do you want to maximize money or maximize enjoyment of life. I choose to try to maximize enjoyment of life.
Exactly. Life should be about doing what makes one happy. Unfortunately the vast majority of people working in the real world don't have that dream job that brings them happiness- Usually quite the opposite or they just tolerate their job for the paycheck.
I retired at 62 but I had paid off my mortgage many years earlier and had zero debt. I've sometimes missed my work life but certainly not enough to regret choosing early retirement. Money has never been my primary motivator in life and my demands are small so more money meant less to me than perhaps to some others. I wanted to enjoy precious time with precious grandkids!
There's also the 2-body problem. If you are married, and one of you dies, then the survivor gets only one SS check, not two. That being the case, it may make sense for the lower earner to take SS early and the higher earner to wait. If both wait and one dies, then there'll never be any SS collected for one of the two lifetimes of contributing.
if both are working then you as a pair probably have retirement funds that are well beyond SS. Both take at 62, retire and enjoy life, you don't know how long each of you have and the way the government spends our money, no idea how liquid the SS system will be in the future. Take it at 62!
Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
“Julia Ann finnicum” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
I am not yet retired at 65, I did a spreadsheet that showed the difference between taking retirement at FRA (66 and 1/2 for me), and waiting until 70 yields a breakeven age of 85. I think the life expectancy of the video, 92 and 94, is unrealistic. It certainly is for me, a type II diabetic.
I did the same thing and it comes close to 84 as the even point. Seeing 82 is life expectancy for men and 84 is women. Then as people know you slow down after 75 and spend way less. So do you but waiting till 70 isn`t my right call.
Mine was also 66.5 at FRA... I bailed at 65 ... but went back into the work force at 66 (post pandemic) thought about stopping the SS as it is allowed.. but didn't ... I seen an increase of my SS based on the money I was making allowed the lower earning years to drop off and be readjusted to the higher earning years. This resulted in a net gain that eliminated the penalty of the early withdraw. I"m making more now at 68 further increasing my SS payments... This is a little talked about subject.. but I'm doing what I love and getting paid bank by both my employer and the feds... this is partime.. work on a contract basis.. so I can still take fulll advantage of my leisure schedule..
I retired at 62 after calculating my break-even point would be age 86. I think the net worth of the men in the example is highly unrealistic. Both were millionaires? How about doing another example of a construction worker with $30,000 yearly income, no IRA, or other retirement fund, and only his savings in the bank, say $50,000. THAT is closer to reality.
Mark Dayoc , I know this all too well. I've seen too many people never make it to retirement at my job. Most of them cancer related, others freak accidents. I work 6 days a week. Saturdays for 27 straight years at a union job. At 59 I get supplemental ss until 62. Take it and get out of this rat race as early as you can. Life is too short!
@@markdayoc3907 I'm confused. Are you trying to enhance the life you have left, or are you not? Do you care about leaving some financial prosperity to your heirs, or do you not? Those are the only questions worth asking, and should be the only reasons either of us are here.
You are forgetting! At age 80 quality of life is minimal and won't be spending $6k a month. He can't remember Suzie's name. The assisted living home will take his social security. He used the savings by delaying.
The average lifespan is 75. Adjust your lifestyle and retire at 62. Nothing in life is guaranteed. I know many people that were in very good physical shape at 62. By the time they got to 70 they could hardly get out of a chair. Something to think about.
The average lifespan is actually 78, and that's RIGHT NOW. If you're 50 and planning for retirement, there's a better chance you'll make it to 85+. Even so, there are a lot of people who bring that number down by dying in their 40s or 50s.
Agreed. My father paid into social security for 50 years. He retired at his full retirement age and only lived long enough to collect 5 checks. Probably the last lesson he taught me.
You should always take your social security at 62; there is no guarantee you will live another five years, let alone eight. I am a retired professional nurse.
The thing that I never hear talked about is the opportunity cost associated with waiting until age 70. This is the amount of $$$ you could have been receiving if you started at age 62 until age 70. Basic assumption is that you have 2 pools of money for retirement - social security and savings (401k, IRA, etc). Add up the total amount of money you would receive from age 62 until age 70 from social security and then compare that to the difference in your total lifetime benefits between withdrawing at age 62 versus age 70. For me, the amount of money I would receive from age 62 to age 70 is greater than the lifetime benefit difference of waiting until age 70. In other words, the costs (money used from savings) of waiting until age 70 were higher than the lifetime benefit "penalty" of starting at age 62!
My journey into FIRE in the current bear market has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $100k to a decent 7 figures in the space of 14 months. Sad to say but a lot of us have poor money management skills. My 2 cents -get a Financial-Advisor to keep you accountable and aid you make better decision, I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get burned.
I totally agree, money management is vital to early retirement, reason I prefer my day to day invesment decisions being guided by a Invesment Adviser, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns and inflation, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a Invesment Adviser for over 2years+ and I've netted over 1.5million. Ps: I am a very aggressive invstor.
@@MatthewVinson I've been thinking of going that route, been holding on to a bunch of Finance TH-cam recommended stocks that keeps tanking and I don't know if to keep holding or just dump them, think you Invstment-Adviser could guide me with portfolio-restructuring?
@@Americanpatriot723 Sure, the Investment-Adviser that guides me is "Theresa Mary Chamblee"...... She's popular and has quite a following, so it shouldn't be a hassle to find her, just look her up.
@@MatthewVinson Thank you for this amazing tip. I just looked her name up, her website popped up on the top of the first page and I wrote her explaining my goals and scheduled a call.
both my grandparents died in their 60's of cancer . I will be filing the very first day I am able and will make sure my home and cars are paid for at that time so the lower amount can keep the lights on .
if we had a way to communicate with people who passed in their late 60s or early 70s I'm confident they would tell us they were glad to have started social security at age 62. In addition to that factor, we have decided to take ours at age 62 because by using social security dollars early in retirement it allows our Roth accounts that much more time to grow tax-free.
That's definitely a consideration, Jesse. There's no way to know what the right answer will be when we have to make that decision. I certainly don't want to fault anyone for applying early. For anyone who's in good financial shape, the application age doesn't affect their financial plan enough to worry about.
I learned early in life if someone wants to give you money take it. Think about all the people you know who never made it to the age of 70. Take the money as soon as they will give it to you!
My dad thought exactly as you. We buried him recently at age 96. He still had the wits of his 30 year old self. He drove until he was 95. Easily could have made 100 with a procedure he declined to do. He missed his beloved wife too much and was ready to go. When Soc Sec $ debates came up at out holiday dinners- he knew to the penny how much he left $ on the table by collecting at 62. It was an enormous figure.
I knew what an expensive choice I was making by applying at age 62 but , circumstances being what they were I didn't have a choice , it was a matter of survival . I won't wallow in the details , it was what it was and could not have been done differently . I am now 67 and will have to accept the permanent low rate I'm getting until my end . Life choices aren't actually choices sometimes .
Spousal benefits are a key element in these calculations. I suspect that without that one really needs to max out life expectancy to get the full benefit of delay. As someone without a U.S. partner or dependents, early retirement is far more attractive than trying to squeeze out a few more dollars. Time is valuable too.
Thanks for pointing that out. As a single person, I was immediately disappointed to hear him figure in spousal benefits since that's an unfair assumption when there are millions of single retirees.
Its the same percent difference in both calculations... all washes out over time. And the starting benefit also washes out.... so could start with $2,080 or start with $1000... the break even point calculates exactly the same.
The 62 wins of course because getting it younger you still know how to count and spend your money.At least you enjoyed your hard earned saved money for retirement not the nursing home or the people around you taking care of you because as years go by brain and body becomes forgetful and weak.Enjoy your money while you are young and able.Once you are old already what life has to offer even there is a lot of money.Spend within your means and balance life situations as you go along.Going to wait to 70 what is the health condition of that person?Not as strong as 62 and as mentally effective.Life is short take care of yourself and be healthy and live within your means.
@@athena3865 Nah. Neither a Republican nor Democratic government would have a big effect either way on this global issue. Inflation's primary drivers are post-pandemic pent up demand and supply chain issues. We've had record travel this year. Pubs, concert halls and restaurants are overflowing. People are literally everywhere and trying to buy everything at a pace similar to pre-pandemic levels. Suppliers can't keep up.
For a healthy person 70 maybe the new 62! Taking SS at 62 is the correct time for many! For us 70 was the best time (not privy to how many days God has allotted us)! We are reasonably healthy and my wife has major longevity genes on both sides of her family! Her mom soon turns 103! All Aunts lived to at least 90! Also I retired at 66; we could afford to wait till 70 because of my pension and my wife continuing to work for a while! Many don't have that luxury!
All these people saying to wait to FRA or later to draw SS are wrong in a lot of cases. Everyone is in a different situation. It's not a "one size fits all" type of thing. I cannot stress enough the importance of being debt free whenever you retire. If you have some residual income and no debt, you should be OK if you have enough coming in. I retired recently. I was 59 when I did. I worked hard and paid off all my debt, including my house. I OWN my home. I also OWN a car that I always wanted but could never afford. I kept one credit card that I use when I buy airline tickets and then immediately pay off the balance. The other credit cards were paid off and turned into guitar picks. It's a mindset. If I want something and I don't have the money on hand for it, I save up for it until I do. It took forever to get out of debt, so I'm determined not to go back into it. I have money saved for emergencies. I have about two years for the soonest that I can draw SS at 62. I currently have an Annuity Supplement that I receive every month because I retired through the Federal Government, but I automatically lose the supplement when I turn 62. I haven't decided what I'm going to do as far as drawing SS goes. I have been diagnosed with heart disease, and the vast majority of my family members died in their 70s. I did my "Break Even" calculation and that's at age 79. Well, I'm definitely not waiting until 67 or later because that doesn't seem practical. I'm thinking around 64 or 65, if I'm OK financially and feel OK health wise. I'd rather have fun experiences than a few extra dollars, and I can't predict the future.
I’m kinda in the same situation as you! I’m 54, so I still got a way to go, but the only debt I have is my mortgage and I have a decent amount of money saved. So far 62 looks like a realistic goal, I just hope nothing unexpected comes up between now and then!🙏🏾
Did you work 30 years to retire at the MRA? I work for the Feds also. I just found out about this. I will have 20 years at age 51 but apparently I can't receive a full pension until age 60. I don't want to work until I am 60. I also don't want to buy a home so that's another issue. Luckily, I don't and won't have any other debt when I am 60-just basic living expenses.
@@FTYC2022 I was planning to retire at age 60. You MUST retire with at least 60 years of age and at least 20 years of service or be at your MRA with at least 30 years of service or be at least 62 with at least 5 years of service. You can also retire at MRA with 10 years or more of service, but at a REDUCED pension. DO NOT DO THAT! I was lucky in 2020. I was offered VERA and took it. VERA basically reduces the retirement age and you won't be penalized if you have the years. I basically retired a year sooner than I would have without VERA. I had 23 years of service when I retired. You're too far along to turn back. You have got to hang in there until you meet one of the three criterias for unreduced pension I mentioned : 60 yoa/20 yos , MRA/30yos, or 62 yoa/5 yos.
@@thullraven1 Thanks for responding! Uggh, I have 9 yrs until I'm 51 yrs old and then I will have to ride it out another 9 yrs until I'm 60 yrs old; it seems like forever but I will take your advice! Do you think it would be a good idea to take a break in service (to travel and finish degree) for a year or two before I retire since I will have well over 20 yrs at age 60? Also, what do you think about renting during retirement? I really don't want the burden of a home and I don't want debt.
@@FTYC2022 Sorry for taking so long to get back to you. Hang in there! I wouldn't do a break in service because they could change the rules and you get screwed, plus I remember going to retirement seminars saying it isn't a good idea. It might have something to do with Healthcare and Thrift Savings. Renting might be OK if you don't have any other debt. The idea of paying a mortgage in retirement with your lesser income might not be so great. There is a lot of expenses in home ownership in addition to a mortgage. I own my home, but it's a townhome with an HOA. I don't have to worry about exterior maintenance and repairs, which is a big deal and expense when you have a home. Anyway, everyone is in a different situation. Whatever you do, I can't stress enough the importance of being as debt free as you can when you retire from the Government. Do your research to be informed before you retire. For example, if you are under age 62 when you retire, you won't get a COLA on your pension, but you will get an Annuity Supplement until age 62. At that time you automatically lose the Supplement but start to get COLA. Do your research and be informed. Hang in there! You got this. 😁👍
I retired at 56. Taking my SS at 62 was a no go since I had to keep our income low for the ACA subsidies. My wife and I now plan to take our SS at our full retirement age in our mid 60's.
As you mention, there are a ton of variables and it is impossible to cover them all in these simplified scenarios. That being said, I am inclined to take SS earlier and delay tapping my 401K because SS dies with me but my 401K goes to my daughter. While I would hope to have a long retirement life, I would hate to think I took funds from my 401K only to die before I collect much (or any) from SS. The GOV wins (keeps my SS) and my daughter loses (inherits a smaller 401K) in that scenario.
There is another factor involved that no one talks about--taxes. SS benefits at the Fed level are at most taxed at 85% and most states don't tax them at all. That is a potential game changer if you are pulling out money in your 401k or IRA (both fully taxable) while waiting for SS at age 70. Of course if you end up with having to pull more out of your 401k at 72/73 then you need due to RMD's that could change things as well. IRMAA calculations also can change the optimal strategy as well. I ran all this analysis for myself and taking at 62 was the best strategy and it wasn't even that close.
True, there could be tax implications to consider; however, there is no Federal/State income tax on your IRA/401K if it is a Roth. Just another variable to consider. @@comicus6769
62 vs. FBA is really situational. I retired at 62 but before I did I had to crunch the numbers. I have additional income with my private pension so it was doable at 62. Situationally I could never retire at 62 with SSA only. I didn't even consider whether I would earn more money in the long run if I retired early. My job situation was also getting toxic so it played a big part in my making that decision. If my job was not an issue I would still be working today. I understand that the longer I work the more I would receive from SSA...but peace of mind was more important. Everyone's situation is different and they may not have additional income in the form of a private pension or 401k to supplement their SSA. You need to due your due diligence before you make that decision. I'm 67 years old and enjoying my retirement. I have a private pension that increases annually by 2.5% and full coverage medical that is free in addition to my medicare...and with annual COLA increases, albeit small, I think I made the right decision. You need to do your homework.
I was born in 54. Took my SS at 66yrs. I did the math, if I waited till I was 70. The 4 yrs I missed, it would have taken me until I was 81 to break even. Didn't make sense to wait. Great article. Thanks
Great info. Most people take social security as soon as they are eligible. Many experience job losses or illness that makes this a necessity. One thing not mentioned is that downsizing and reducing overhead can reduce monthly expenditures greatly, helping to fund the earlier retirement.
The timing is worth considering, for sure. What's funny is that the rules are way less complicated now than they were a few years ago. There used to be all sorts of strategies you could use to get more benefits, but they've taken all those away, unfortunately.
It's the cup half empty or half full mindset. I choose to look at it as the govt. giving full SS at 62, while holding out a carrot to wait longer. Why be a carrot chaser? LoL.
62 worked fine for me. longevity is an important factor. Brings to mind an old episode of the Simpsons where Homer met God. Homer asked God "What is the meaning of life?". God told Homer he would have to wait until he dies to receive that knowledge. Homer replied I can't wait that long. God replied you can't wait three months?
Ha! I love a good Simpsons reference! 🤣 @CMack Scott -- none of us know how much time we have. The best plan is to try and live like you've got three months, but plan like you've got until 100.
I waited until I was 70. Between age 62 and 70 I was making good money. I based my calculations on my after income tax take home benefit and it turned out I'd only have to live until 74.5 to make up waiting the 8 years. In addition, between the 8% yearly gain and my income, my benefit tripled during that time. Like most people I also worried about inflation and due to what has happened during the last 3 1/2 years I'm glad I waited. I'll be 72 this year and I'm still working making good money.
I took SSI at 62 because I was broke and could not, because of age discrimination, get meaningful employment. I have an income of a bit over $1,100 and because I am quite active and have some skills that are in demand, I do ok. I don't do great but I can survive and be productive and creative
I took social security at FRA (66) after the following analysis which I have not seen elsewhere. By saving the social security payments from 66 to 70 and using that lump sum to buy a life annuity from an insurance company, the combined payout of the annuity and social security at age 70 was projected to be slightly higher than social security alone. I sacrifice the inflation increases on the social security increment after age 70, but I have the money in hand so the break-even age is irrelevant and I'm somewhat less dependent on the solvency of the social security system. My wife increased her 403(b) contribution equally, so there was little difference in our income or taxes. I hope this train of thought is helpful to someone.
I did the math, pulled my ss payments at 62, 67 and 70 and graphed them out. The point at which I'm better waiting past 62 is at age 76. At age 76 all of the totals of the three payment streams are the same, after that I am losing some. But I will be getting a monthly check for 8 years if I take it at 62 vs 70, which i don't have to spend, maybe save some. Other than giving it to some retirement home, will I really care at age 76 and up if I have that much more ss income? I'd rather enjoy the income while I'm younger and not have to wait until it may be too late to get out and use it. Who knows what will happen to your health and life - Momento Mori ! And a big who knows if ss will keep paying for the next 30yrs.
Wait at 70 your retirement never increases it will remain the same at 76 from SS unless you are basing it on your salary and not Social Security. So again at 76 the amount of Social Security will be the same as the amount received at 70.
Most people don't factor in the cost of driving to and from work. In my father in laws case, he drove 76 miles to and from costing fuel and maintenance on his vehicle. He drew ss at 62 amd actually came out ahead.
As what the saying that says enjoy life while still young. It doesn’t matter how much you make at age 76 if you’re on a wheelchair or bedridden, you’re kids will ended up cashing up what you work for 40 + years, enjoy while you can folks.
That is what I am doing....starting ss in October 2022....want to be able to get some $$ out before the world ends as we know it due to the climate crisis....we are lucky if we have 5 yrs left before all hell breaks out..
Nicely done. Thanks I waited until 70. The one other consideration I had was if, I ever run out of my savings/investments/retirement monies, I'll always have the larger social security payments to live on.
I am a CPA with degrees in Accounting, Economics, and Taxation: My take is a well done video, but to keep it REALLY simple: The sweet spot is your FRA if you otherwise can live fine on your savings or other income. Collect early if you need the money. NEVER delay your benefits past FRA, unless you continue to work at 70 or beyond. On an administrative note, if you do delay, you will have to wait until January of the following year to get the additional amount - something often overlooked. The often stated don't collect early if you think you will live longer - the opposite is true - IF you outlive your life expectancy, you likely will at least breakeven to your FRA, if you are in poor health and die before your FRA, a t least you got something. Also, just a thought on an item mentioned in this video often overlooked: Keep in mind that when considering spousal benefits that the 50% is ONLY IF your lower earning spouse is of full retirement age. Otherwise ,the spousal benefit is reduced. The spousal benefit is in capped at 50% of the higher earner's FRA, even if the higher earner is getting more than his/her FRA amount due to collecting for several years and receiving COLA increases.
@@wlonsdale1 True if course, but not related to anything I mentioned regarding when you collect SS. You can work forever if want and still collect. Apologies if I missed your point.
Assuming 92 for men and 94 for women is quite generous as I don't think many will reach that. Most retirees pass away in their 70's and 80's. I'm debating the very same question of 62 or 67 and being that tomorrow is not promised, I may go 62 in 3.5 years and just start enjoying life or maybe wait until 67 and live off my investments for 5 years. It sucks that I have seen older friends work all their lives, 40-50 years, and then get to live just a few years or have serious medical conditions to preclude them from enjoying their retirements. Not everyone will live to late 70's to early 90's.
You have to be proactive. SS was never meant to retire on. FDR pushed for it to be a Supplement to personal savings, retirement plans. I was lucky enough to have financial planning business required in high school, it taught me what I needed to plan for retirement even at age 16. Now being 50 I am much better positioned to retire.
This was soooo helpful!!!! I'm divorced with 3 kids and only 15 years from retirement. This put some things into perspective in a straightforward way. Thank you.
If you were married for at least 10 years and do not remarry you may want to look into spousal benefits based on your ex-spouses earnings. You may be able to collect on his at age 62 and let your own benefit sit until age 70 to max out, then switch over.
Chris -- unfortunately, they took that strategy away back in 2016. You can still do that with survivor's benefits, but not spousal / ex-spousal. I love that you knew that, though!
Is money the only yardstick we are using here? How about the quality of life quotient? A year spent doing what you really want is worth more than the money. It's life itself that we are talking about.
Also depends on the industry you’re in e.g., high-tech is notorious for ageism (laying off workers over 40-50years old), so staying gainfully employed past 62 years old is very tough (on average).
@@tomblevins5020 Regret what? I pointed out what the topic of the video was. Will I regret pointing that out? Feel free to clarify, perhaps some context is missing. And before you do, re-read what I posted. The video is about two people that both retire at 62, and are able to live off $6k a month purely off of existing savings/investments. One of those people starts SS payments immediately, and the other waits until 70 to do so. That's it, the whole video.
Great to read all comments and experiences, I'm already planning to retire at the age of 62, in God's will. As of now, I'm not in the great shape, I'm not even sure if I can reach that age of 62, with High BP, borderline Diabetic, among other things...I'm just turning 55 next month, with no savings, and will just rely on my ex retirement money and my SS. Just praying that I can save enough retirement money from work that will help me supplement my retirement income. 🙏🏽🙏🏽🙏🏽
I'm pulling that from the life expectancy tables. I think life expectancy actually increases as you age. In other words, the longer you life, the longer you can expect to continue living, if that makes sense. Either way, I make sure we plan for everyone's money to live a long life! Great question! 🙏
The break-even in this case was 78. I typically see the break-even age in the low 80s in most client cases where it matters. I'm seeing a lot of people who are questioning the life expectancy assumptions on this one, which is interesting. It is odd that, the longer you live, the more your life expectancy climbs. In other words, the life expectancy of a 62 year-old is much higher than the standard life expectancy at birth. I may have to do a video about this in the future.
@@HowToRetire I would like to see a video on life expectancies. I understand that when we talk about full population life expectancies that number is being pulled down by people who die early in life and by living longer your life expectancy (statistically) gets longer. You got me curious, so a quick search got me to the SSI life expectancy calculator. I put in my own info (I'm 45) and it says as of today I can expect to live to 81.1 but if I life to 70 I can expect to live to 86.8. I'm assuming that covers 50% of the population that is 70 years old in 2047 will die before reaching 86.8 and the other 50% will live for some period beyond 86.8. One thing unclear to me is what that distribution curve looks like. Is it nice and even? At any rate, as I think about what you were saying, is it that you don't want to plan for living just to the average life expectancy, but to shoot for somewhere above the average (barring any health issues that change your calculations)? So, yeah I think that would be a helpful video to explain how you got to 94 & 92, and more generally how one should think about life expectancy as they hit milestone ages in retirement. I really appreciate the info you put out.
@sandfalcon1 -- Sounds good! I already have a few weeks' worth of videos queued up, so give me some time to create this and put it out there. It's a great topic for its own video. Thanks!
Many people retiring at 62 would like to take a few vacations, that takes money. I'm all for taking it at 62 and enjoy the extra money while you can still enjoy it. I'll be 73 tomorrow. Retired at 60, started collecting social security at 62 and never regretted taking it early. Going from full working wage to retirement wage is hard enough, but by taking early social security kinda cushioned it a bit. It's all worked out great. Never missed the extra money I would be receiving, plus it wouldn't really be extra until I reached 78 years old.
Life Expectancy Tables Age Life Expectancy-Male at 73 is 12.43 years Now that you have made it to 73 , you can expect to live to 85 Whacha goin to do, whatch goin to do, when you live past 78?
The way to exactly know when one should best take SS is to know when you are going to die. Two of my friends were waiting till they turned 70 but suddenly and tragically died at 64(both from cancer which seemingly came out of nowhere). Also, life expectancy is dropping in the US due to COVID and the opioid crisis, now nearing 76. Remember that’s average life expectancy. Also, taking SS earlier pays you in dollars that go further in purchasing power and the COL increases do not keep up with inflation. I think the SS web site states somewhere that the age crossover point between taking is at 62 an waiting is age 83. Way over ALE. Still a great video and thank you for posting. All the best!😊
Actually, it also works to delay . We are making Roth conversions every year from age 56 to 72 when forced to take RMDs. The goal is to bleed down the tax deferred accounts so we don't permanently end up in a higher tax bracket. Or two brackets when the first spouse dies. If we took SS, that just reduces the annual amount we can convert and stay in this lower bracket now. Wife is also a few years younger with longevity on her side of the family so odds are she will collect my larger SS check a decade or more past my break even point.
@@sfopilot8 - Well, between my wife and I and our kids the odds are good that at least one of us will live 10 years. Any time past age 62 making Roth conversions and reducing the taxes for an heir is worth doing. I'm almost 3 years worth of conversions past age 62 so it has has been a right answer for us. If one assumes they won't live longer, then why even save a dime ? I think the right answer is to enjoy life along the way but to also plan assuming you will live to 100 so you have all bases covered.
I retired at 60 and started SS at 62 and a half. I also have a life time pension from work, a 401K and stock in that company. I make more money now then I did working, and by a lot. I wish more people had pensions to help go along with their SS. But most have to rely on SS alone.
I have the same scenario as you. My company allows retirement at 55 and the pension will start paying. That will carry me until I decide to take SS. I’m 39 with paid off mortgage.
I know people that died before they collected their first check and others that died that waited till they had max benefits and died before they would have caught up if they took Social Security benefits earlier. I always say every person needs to decide what would work best for them. Every one's situation is different. I had an uncle and family friend that died in their late 60's and an uncle who passed away in his mid 70's tomorrow is never promised.
All depends on if you need the security of a bigger monthly check in your seventies. Or if you dont need it in your sixties and can wait until it is bigger.
While the money aspect is incredibly important when deciding when to retire, I feel that there is another key aspect. The idea of continuing to move, process, think, collaborate. I love my profession. It makes me appreciate also the time I have off. As I near retirement, all I can think of are the long vacations I have taken in the past. Three weeks in a row of travel, golf, fishing sounds amazing but it does get old (for me anyway). I often find myself wanting that interaction and challenge of my job. Yes, one day I’ll be ready to hang it up, but no time soon. I worked so hard to get all this experience and knowledge, I have lots to share. I fully believe in the premise, use it or lose it. The great thing for anyone considering this decision is the fact that you have the opportunity to make it. There are so many that will never get to make this decision, appreciate and take pride in your accomplishment. If you are here deciding what to do…you did or are doing well!
I did a few follow-ups to this video you may want to see, including changes in life expectancy:
Part II: th-cam.com/video/f1Bzp44gVcQ/w-d-xo.html
Life expectancy too high? th-cam.com/video/fjv3too8yMg/w-d-xo.html
Social Security going bankrupt? th-cam.com/video/9J0q01hsXBU/w-d-xo.html
You are doing your viewers a great disservice by not advising them to wait until 70 to collect SS.
Ed, I only give advice to clients who have hired me to be their financial advisor. Anything here on this channel should be considered helpful information or an interesting case study.
@@HowToRetire How often do you encounter a client that would not be better off waiting at least until their FRA?
I started collecting at 62. I could not wait to get out of the workplace. And I certainly did not have a big bank account or stock portfolio(none actually). Tight budgeting? You bet . But frugal living is worth it.
I also started at 62. I have other funds, but even if I didn’t I would have still taken it then. Too burned out and kaput to work. And I don’t expect to live beyond my 70’s. Everyone is different.
I was able to retire at 60.
Started to draw SS at 62.
Tomorrow is promised to no one.
Exactly
Both retired at 62. One waited to begin claiming SS, but both were spending $6,000 a month on whatever they wanted from age 62 on.
EXACTLY my sentiments!!!
Retired at 55 collected SS at 70.lived of my IRA till 70 I will double my IRA this year. My biggest issue is getting my IRA into a roth.IRA.
Take it as soon as you can.The love it when you die and don't get anything.
Got fired at 52 in a field that age discriminates openly. Became addicted to having free time to do WHATEVER I WANT WHENEVER I want. Learned to live on less. That’s the key. Get out as soon as you possibly can. Buy less. Need less. Live more.
In other words: LIVE MORE SIMPLY!
As my father always said, " less is more."
You got that right Jamie !
I agree with this. I plan to work until 58 for the money + insurance, but I would rather retire right now at 50. So as soon as I have "enough" I will retire. Hopefully 55.
Whatever works for you. It would not be a good fit for me. I cannot live that broke.
Retired at 57, do not, and will not ever regret doing so. Quality of life won’t be worth much after age 80, or maybe even 75. Time is the most precious resource you have, and all the money in the world won’t buy you more.
Yes, my neighbors are retired. The husband is 4 years older than his wife and he just turned 74. They travel probably 12-14 weeks a year. He's been saying for the last 8 years, "I want to enjoy as much as as I can, while I can. My knees won't last forever."
My wife and I were living comfortably on the money we made from our pensions but couldn't afford to travel the way we wanted to. Taking SS at age 62 put an extra $2,500 in our pocket every month. I don't see it as breaking even when we turn 78, I see the extra 8 years of fun and travel we had that we wouldn't have had if we had waited.
Agreed!
Freedom, it's priceless.
and not only that we all have a LOT more energy to do stuff at 62...so the $2,500 extra means a whole lot more!
Freedom with Health is priceless@@nw6091
This is a valid agreement and one I'm not sure I fully thought about.
I retired at 58, took my benefits at 62 and now at 75 have never missed the extra money, would do it all over again the same.
@@robert-ku7zr Thankx, I agree....the nest egg gets more expensive each year. I don`t just depend on S.S.
Good for you. Doesn’t make you right. I retired at 55 and waiting until I’m 68 for reasons this guy didn’t even consider. Doesn’t make me right.
Hope you’re not sitting on some trad ira investments when those rmds kick in.
I did exactly the same thing and don’t miss the extra. I did it because I’m adopted and had no clue what my future health might look like so I wanted to get as much as I could as early as I could.
@@flyerbob124 Good Stuff, its what lies off in the future that peaks my interest the most. I know I`m old now and realized that God`s retirement system is outta this world. I put my faith in Jesus Christ at the foot of the cross as a sinner and now I sleep a lot better at night....
Thank you
Delay if you like your work. Don’t delay if you like your freedom.
Exactly!
❤️
Also, only you knows what is the best for your financial and physical health’s situation.
@@SpanishwithEddy Mr. Really Nice Man from inside my laptop guaranteed every one of us that we will live healthy and productive lives well into our 90s - thus no one should worry! Because life expectancy now is off the charts, the graveyard and funeral homes are filing for bankruptcy - or so I hear.
Well said.
Here's a brief anecdotal example: My best friend from high school and I have birthdays 15 days apart. I chose to start taking my SS payments at age 62 since I was already retired (ie. unemployed) . He said he would wait until he turned 70 since he was still working so that he could get the maximum SS payments for the rest of his life, despite my advice to do what I did. He died of complications from prostate cancer 9 months before his 70th birthday. BIG win for the federal government. Lesson: don't take the suckers bet and gamble on the long gain, no one knows how much time they have left.
Exactly, and you lose out on thousands of dollars that the crooked government stole from you if you die early.
Are you saying we should do that because of your friend's circumstance? Or should we look at statistics and see what's likely? I am genuinely sorry to hear about your friend but this is not typical.
What you have provided is nothing more than anecdotal evidence. It's a suckers bet. BIG win for the federal government? No, their big win was you taking it at 62.
@@braceyourselvesfortruth2492 It is not only typical but the stats show that you should retire asap.
@@jamesfrederick99 the irony of insisting stats back it up without demonstrating or referencing such stats.
My break-even age was 81. My parents, grandparents, and great-grandparents lived from 79-81. So at 62 I retired, took the money, and ran. I get four checks a month (USAF, Scripps, VA, SS) for doing "nothing" and I've never been happier.
I took mine at 62. Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age is.
My father died 67, mom at 62, both with cancer. I am taking deceases spousal SS from this yr as i turned 60. Have paid townhouse, work some, and get a check from overseas. No hadn't planned retirement but hoping to survive.
Same situation for me. Dad died at 60 and mom got Alzheimer's at 62/63. To top it off, my spouse, the primary earner is a decade younger - so I really don't want him to retire older.
Anyone who worked physically hard 30 years can't keep moving until 70! Knees, back, shoulders, neck, all shot! Who the hell thinks 70 years to full retirement?
It's not about winning or losing, it's about quality of life. A secretary can work until age 70, a bricklayer or steel worker not so much.
So true, Mark.
I think that also depends on the type of office environment the secretary works in. Hard and stressful work is not just physical in nature. You also need to factor in what's happening on the home front as well.
Are brick & steel workers forced to do this type labor ? These union slugs have extorted quite an $$$ income all those years.
@@matt75hooper they get paid their worth. Go lay your own bricks.
@@thatoneguyis Union bricklayers do not negotiate with the person paying the bill. They extort the taxpayer.
If I lay my own brick your union thugs would destroy my work at 2am.
Thugs.
I took it at 62 while I'm still in excellent health and physically able to enjoy an active retirement.
Good for you bud. Enjoy!
Smart move. Nobody knows when time will run out on life.
Life govt hack ?
Same here, I am 72 now and have enjoyed 10 years of not working. Many where I worked did not make it to 80.
Interested in how you handled health insurance? Can you share?
Wife and I retired at 62, moved to Florida... never looked back. It worked for us!
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I took mine at 62. Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age is.
lost me at 92 and 94 life expectancy, i know 2 people that lived that long
The break even point is about 77 years. I decided to take my SS at 62 when I am mobile and want to travel and see the world. By age 77, my health will be declining…not worth the wait! No use being the richest person in the Assisted Living Facility.
I’m already retired at age 56 and looking forward to get my social security check at 62.
Pay off all your bills and retire as soon as you can afford to. I’ve got too many friends who are dying or disabled in their 70s. I decided to retire at 65 and forgo the extra couple hundred bucks a month had I waited and have never regretted it.
I did that and no looking back. People who incurred debt during retirement times are Foolish
My Dad retired early, took Soc Sec at 62 and is 91. He's still going strong and living well. His co workers held out till 70 for Soc Sec and all died a few years later...
Did the same and don’t regret it. There’s plenty of part time work if you want or need it.
Agree, if you can afford to live comfortably I don’t see any reason to work and give up years of your life and potential for fun, travel, family time, etc. just to earn more money or get a higher SS payout. Life is for living if you can afford to do it, it’s not for working for someone else. Again this is predicated upon having enough savings to live comfortably.
You can always make money on the side to supplement income, no need to play a sucker's bet. Retire @ 62, enjoy life, and if you have a hobby that can earn you income, ie., handyman jobs on the side, selling firewood, selling cars, selling whatever, ebay, fb marketplace, amazon, word of mouth.
Plenty of opportunities out there, if you need that extra $200/mo, you're already in trouble.
I ask people the same question, You find a lamp with a Genie in it. He gives you two choices. you can be 18 and broke or 75 and a billionaire. Just pick one. I have yet to run across anyone that didn't want to be 18 and broke. You can get back everything, but time. Live while you can.
I was a small business owner who hit the wall working, took my retirement at 62, I'm now almost 65 and the last couple years have been among the best of my life.
You are very lazy !
Good for you.man! Hope to do the same.
One cannot get medicare until age 65. That is a huge determining factor to my retirement age
Got harder to find work at age 58 due to being an older male. Took SS at 62, then got diagnosed with Lymphoma at age 69, recovered from that. Then the 2020 Pandemic stopped most everything. You just can never foresee the future, so I’m glad I took my SS early allowing my retirement investments to keep me solvent
I've been a mechanic all my life. I'm cutting it loose at 65. My body can't take anymore.
Maybe work part-time fixing things at someone else’s place?
I'm a mechanic and will retire next year at age 61 and collect SS at 62. I've been lucky to find a job (at a major used car company) where I mainly do test drive's and write up the ticket to repair vehicles to get them into shape for resale and maybe actually only do actual fixing 1-2 days a week. We have perhaps 4 guys in the shop who are my age or older. 2 work in the retail side of the shop.
Live a healthy lifestyle so you're around to enjoy retirement. Health is wealth.
My father worked his whole life. Fought for this country while here on a green card. Dropped dead at 61. Never collected a dime. Take the money at 62 and run!
There is a old song from 1976 by the Steve Miller Band..Go on take the money and run,and at 62 I did😎There is nothing but pure joy when you get your first social security check deposit in your checking account.
🎼"I'm a joker..."🎼
I hope I did the right thing. I took my SS at age 68 and I am now 90 years old.
You did. My Dad took it at 70 and lived to 94
Don’t ever let them put you on a ventilator.
@@lizadivine3785 No chance. I would die first.
You rock, Big Dog!
Viagra.. !
I was able to retire at 60 with a widow’s benefit. When I went to the Social Security office to discuss it, the woman said “take it now and work part time if you want to, you don’t know how many people I see who retire when they get sick and never enjoy life, make it work”. I had a small retirement from a state job but had my health care. Next month I turn 65, moved to Florida a year ago and living life on a budget. Loving it!
I was able to retire at 60, but elected not to. I can't believe how people there are "that never enjoy life" while working. That said, I did cut my hours to 24 hours per week, but working and enjoying life can co-exist. I guess it doesn't happen very often from what I am reading on these blogs.
I retired at 63 and I'm now 67. Last week I was told I now have diabetes, high blood pressure, triglycerides, and high cholesterol. I still feel fine and work part time but any day I can kick the bucket. I'm glad I took SS early because if I waited I might not be around to collect it. If you can afford it, take it as early as you can. We all just have so much time!
Exactly my plan! I've worked too long and invested too much into the system to hope to live to age 65, especially with high blood pressure, mass shooting and pandemics. I will take my partial at 62 and continue to work part time (and be better off than I am now).
All of your medical issues are reversible, you should into this notion and expect to live longer.
Those conditions are self-inflicted and treatable.
Great advice
I totally agree Vincent. That’s my plan as well. Assuming you’ll live to 90 or whatever your break even point is absolutely ridiculous. How precious are those years between 62 and 80?
It definitely depends on your health and wealth. I will most likely be taking it at 62 since I'm 59 and have already had one heart attack and have a pacemaker in my chest. I'm doing fine currently and feel great but I know that could change any day. It makes no sense to wait as I might not reach 65, yet alone 70.
This is the same reason my husband and I are taken it at age 62.
I took mine at 62. Politicians are hoping you die before age 70. You have to do the math and know what your breakeven age is.
You are so right, I have been working in the petrochemical industry from my early 20s and lost count of coworkers with 40+ year’s of service making six figures holding out to age 70 to maximize their SS and never enjoyed it due to health issues/death, if you are able to retire at age 62 with SS and not live in poverty do it while time and vitality is still on your side
62 go for it. Best thing I ever did.
Having watched relatives age I learned that retirement comes in stages. In early years a retiree can go out and pursue active pleasures such as travel, hobbies, volunteer work, or helping with grandchildren. As we progress into the later years the opportunity to be active decreases. No amount of money will reverse the effects of aging or but back a single moment of time.
truer words have never been said
That last sentence is so true. No amount of money will reverse aging… My mother is 96, scraped to save for retirement and now she is resentful and regrets not spending money over the years for fun pursuits, but she’s obsessed with not having enough money and refuses to consider an assisted living or paying outside help for maintaining her home. My brother and I share responsibility but we’d also like to enjoy our retirement years. I doubt I’ll make it to 96 in good health like her but I won’t blame others because I’m no longer able to do what I did in younger years or have debilitating regrets for missed adventures. Don’t take this wrong, she was a good mother and deserves her dignity and I won’t abandon her but dang, it’s tough dealing with a toddler.
@@lorihamlin3604 I more than understand your situation. God Bless us All.
@@lorihamlin3604 I hear ya, Lori. She sounds jus like my father. He is 94. We had to force him into a nursing home because he would not make a decision about going into assisted living so the decision was made for him. He still whines about having us sell his home. Still thinks he could be living in his home with minimal help. He is still upset that he cannot drive anymore. It really is like dealing with a toddler. And he is always worrying about his money.
@@flyboy7588 Good news..my mother decided she wanted to move into a very nice local assisted living home. It’s small with mostly local residents so they have something to talk about. She’s only been there a week but she likes it so far. She can’t see or hear very well so her beloved yard was getting overgrown, she could no longer paint or cook. She’d couldn’t operate her remote or cell phone but physically and mentally very sharp. I tried several phones and audio books but not interested. So she’s in a good place and has a large room and lots of activities, laundry and food services. It’s a place I wouldn’t mind living at if need be. I haven’t heard a single complaint which is saying a lot. Hope urDad accepts his place in life and starts appreciating what he can do and what he has to be thankful for over his lifetime.
I went to the social security website and plugged in the data many many times. I would receive full retirement benefits at age 66. I chose to retire at age 65. I am very happy with that decision as I ended up losing only about $75.00 per month. Now that I am retired I live off grid and bought everything in cash. I have no debt, no power bills, no water bills etc. That means I literally can live off of social security, oh and I now have a successful youtube channel so that has grown so that I make almost as much on social security. Very very cool!
It's the cup half empty or half full mindset. I choose to look at it as the govt. giving full SS at 62, while holding out a carrot to wait longer. I'm not a carrot chaser. LoL.
@@earlysda Wrong. What you receive is what you paid in. This is not free goverment money.
@@christschool christschool, When you study up on the subject, please come back and post.
Nice, I'm over in Tucson, but still have another 16 years to go. I have a 401k with my company, but I also started back when they were still doing pensions too - so if I retire at 65, I get the full pension. Plus I'd like to pay off my house that I bought 2 years ago before I retire....need to pay off my solar first, then I can start doubling up my mortgage payments.
@@christschool No, you paid half, your employer pays the other half. Both around 6.25%. Equalling 12.5% for uncle Sam.
A friend and coworker of mine was still working at age 71 + yrs old. He was all about adding up and maximizing his monthly retirement income. He started taking his SS at 70 while still working full time with plans to keep going until he turned 75. So last year in July just after he turned 71, he became very ill and went to the doctor. He was diagnosed with esophageal cancer. 8 months later in April of '23 he was dead. I spent hour and hours in conversations with this man talking about retirement and money and everything else. He knew he was using up his quality healthful years still working. Ultimately he lost the bet he was making.
thanks for the anecdote and dose of reality
I took it at 62 and dont regret it!
I know of 4 people who died waiting until 70 to retire. The stress of working a full time job is lost on many of the beancounters. Both of my parents retired at 62 and lived a long life on what they got with no issues at all. They would have died earlier had hay worked a soul crushing job until 70.
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...
only the daf gamble long on this issue
While your point is a valid one about when to retire, it isn't a factor in the scenarios presented in the video above. Both the pilot and the chef (and their wives) retired at age 62. The one difference evaluated was when they chose to take out Social Security, not when they chose to retire.
Why do people want u to work ur life away?
I fully agree & those have been my thoughts exactly while considering my life & trajectory as I head into my twilight years.🌛
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
My financial advisor is "Margaret Johnson Arndt " she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversification and is considered an expert in the field, I recommend researching his credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Retiring as soon as I was eligible for Medicare was one of the best decisions I ever made. That and investing smartly over the years.
I survived a heart attack a decade ago. I live with COPD and dodged Covid. I retired last year to enjoy what life I have left. Honestly I’m not sure how much time I have left and since I worked 6 to 7 days a week I thought I should enjoy what I have left. Receiving SS later this year. Good luck on your journey~
As a former Social Security employee who worked with retirees I say your decision to retire at 62 or full retirement age should be based on your personal financial circumstances. There’s no right or wrong age just the age you feel is appropriate for you.
Some people have children some don’t. Some save, most don’t. Some are big spenders some aren’t. Apples to oranges. Government always wins. Government has been siphoning money from SS for years.
It’s bull crap that this generation never retires and collect Social Security benefits anyway
@@DorothyDoldrums You should educate yourself before blurting out personal opinions verses truths.
Exactly, which is why videos like this are just stupid clickbait.
Making such an important decision based solely on what you "feel" would be really, really dumb. I'm not saying you said that. I did read the part you wrote about making this decision based on your personal financial circumstances. I think it should be based on that and more. Regardless, I guarantee you that some will read your post and think you said they should do whatever they feel like doing.
My dad died at 68 of cancer .. retired four years earlier diagnosed year later.. worked all of his life and couldn’t enjoy anything! I’m living life spending time with family work for myself
that's terrible sorry for your loss and your 100% correct
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...
Same here...my dad was working until 3 months before his death from cancer, age 69, when he was suddenly too weak to drive. I've seen enough friends, classmates, coworkers, and relatives die young to know that tomorrow is not guaranteed. So, at 63.5 I took the plunge and retired...would have been sooner, but I was waiting for Covid to clear out, so I'm new to retirement. So far, no regrets!
@Paul McKenna I hope you're gonna do some traveling if at all possible I don't believe in leaving money for my relatives it is all about going to South East Asia and Europe...
Nic video. Im waiting until 70 so I can get 8% more each year. So far my health is fine and my passive income is supporting my current lifestyle. No mortgage and no debt, just utlities.
At 62 my wife and I both decided to retire and draw our Social Security Benefit (our money, we paid in from age 16). We are now 73 and never regret our decision. With our other pensions we live a good life. At 62 the average American is lucky to have 15 years of life left. Think about it!
Key statement, if they live to age 92-94! I personally haven’t met many people that live that long. Another issue, at age 62, you spend your time enjoying your life. At age 70, most people begin to slow on what they really feel like doing, vacation, hobbies, traveling. You spend much less monthly, even with inflation in the mix. Yes, you get more money, but you had to hold back when physically you were more capable of enjoying things in life.
My mother lived to be 88 I'm sure SS was unhappy about that they need a overhaul & give a real increase for individuals but people on it keep voting for people who want to take it away or cut it now that I don't get.
I should of been more specific if that's the only income one has why people vote against their intrest.
That's great that your family has such longevity in life but the fact remains that most people will not reach their 90s. It is more advantageous to take SS early at 62. Now being financially secure is a totally different topic. I'm not taking SS at 62 because I will not need it.
My Grandma lived to 99 and my Grandpa lived to 92. Lots of people live longer than they expected.
Retire when YOU are ready. That’s the best time.
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…
Well put. Up to 70 is the go-go phase. 70-80 is the go-slow phase. 80+ is the no-go stage.
Exactly!! You ever see a 70 year old dude trying to get around the airport!! That does not look like much fun!!
I told my wife we're going to buy a place by the time we retire at our favorite vacation spot and after 60 I'm not going anywhere but to that one location. We retired 11 years ago at 50 and for the last 11years we spend our winters in Tahoe skiing/ice hockey and summers on Maui (Napili Beach) surfing. This lifestyle will not last forever because as we get older I won't be able to ski or surf as much but for now it's fun!! Everything is paid off, our biggest expense every year is property taxes. Aloha
My full SS benefit kicked in at 66. I waited until 68 and a few months. I was enjoying what I was doing. Did not want to apply for SS until I was ready to walk away.
Nice decision
That'll be me. 4 weeks paid vacations, full time job of 3days a week with weekends and many unofficial holidays off. I also have rental real state. Will prioritize paying off my mortgage and continue living my life one day at a time.
The real question is when do you want to retire? I'm healthy enough and could have chosen to work until 67 and would have come out ahead financially in several ways, but I wanted to retire at 62 and get away from work related stress and enjoy life. To me, that's the real calculation; how long will you live and do you want to maximize money or maximize enjoyment of life. I choose to try to maximize enjoyment of life.
So True!
Exactly. Life should be about doing what makes one happy. Unfortunately the vast majority of people working in the real world don't have that dream job that brings them happiness- Usually quite the opposite or they just tolerate their job for the paycheck.
A very helpful book to read is "Social Security: Simple and Smart". The book is written by a former Soc. Sec. employee and is short and easy to read.
I retired at 62 but I had paid off my mortgage many years earlier and had zero debt. I've sometimes missed my work life but certainly not enough to regret choosing early retirement. Money has never been my primary motivator in life and my demands are small so more money meant less to me than perhaps to some others. I wanted to enjoy precious time with precious grandkids!
Amen!!
That's our plan - to have zero debt at the age of 59.
There's also the 2-body problem. If you are married, and one of you dies, then the survivor gets only one SS check, not two. That being the case, it may make sense for the lower earner to take SS early and the higher earner to wait. If both wait and one dies, then there'll never be any SS collected for one of the two lifetimes of contributing.
so so true!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
if both are working then you as a pair probably have retirement funds that are well beyond SS. Both take at 62, retire and enjoy life, you don't know how long each of you have and the way the government spends our money, no idea how liquid the SS system will be in the future. Take it at 62!
Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
“Julia Ann finnicum” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my go
I am not yet retired at 65, I did a spreadsheet that showed the difference between taking retirement at FRA (66 and 1/2 for me), and waiting until 70 yields a breakeven age of 85.
I think the life expectancy of the video, 92 and 94, is unrealistic. It certainly is for me, a type II diabetic.
I did the same thing and it comes close to 84 as the even point. Seeing 82 is life expectancy for men and 84 is women. Then as people know you slow down after 75 and spend way less. So do you but waiting till 70 isn`t my right call.
82 and 1/2 gets even.
Mine was also 66.5 at FRA... I bailed at 65 ... but went back into the work force at 66 (post pandemic) thought about stopping the SS as it is allowed.. but didn't ... I seen an increase of my SS based on the money I was making allowed the lower earning years to drop off and be readjusted to the higher earning years. This resulted in a net gain that eliminated the penalty of the early withdraw. I"m making more now at 68 further increasing my SS payments... This is a little talked about subject.. but I'm doing what I love and getting paid bank by both my employer and the feds... this is partime.. work on a contract basis.. so I can still take fulll advantage of my leisure schedule..
I retired at 62 after calculating my break-even point would be age 86. I think the net worth of the men in the example is highly unrealistic. Both were millionaires? How about doing another example of a construction worker with $30,000 yearly income, no IRA, or other retirement fund, and only his savings in the bank, say $50,000. THAT is closer to reality.
@@buckeyeadventures1631 Same, it doesn’t pay to wait that long there’s to many positives to take it sooner. About midway at 64 to 65.
I’m not a gambler I’ll collect mine at 62; no one is promised tomorrow
Mark Dayoc , I know this all too well. I've seen too many people never make it to retirement at my job. Most of them cancer related, others freak accidents. I work 6 days a week. Saturdays for 27 straight years at a union job. At 59 I get supplemental ss until 62. Take it and get out of this rat race as early as you can. Life is too short!
You're not a mathematician either. You're probably missing out.
@@braceyourselvesfortruth2492 you can’t take it with you when you die
@@markdayoc3907 I'm confused. Are you trying to enhance the life you have left, or are you not? Do you care about leaving some financial prosperity to your heirs, or do you not? Those are the only questions worth asking, and should be the only reasons either of us are here.
If you are considering working after 62, be aware of possible cut to your benefit, and tax consequences of you decision.
You are forgetting!
At age 80 quality of life is minimal and won't be spending $6k a month. He can't remember Suzie's name. The assisted living home will take his social security. He used the savings by delaying.
What is the difference between a dead rich guy and dead poor guy? Absolutely nothing. Take it at 62
The average lifespan is 75. Adjust your lifestyle and retire at 62. Nothing in life is guaranteed. I know many people that were in very good physical shape at 62. By the time they got to 70 they could hardly get out of a chair. Something to think about.
I’m already 75 and still in excellent health. Eat right, exercise regularly and enjoy life.
Taking care oneself may live pass 90 in today’s world. 72 and kicking strong!
The average lifespan is actually 78, and that's RIGHT NOW. If you're 50 and planning for retirement, there's a better chance you'll make it to 85+. Even so, there are a lot of people who bring that number down by dying in their 40s or 50s.
Agreed. My father paid into social security for 50 years. He retired at his full retirement age and only lived long enough to collect 5 checks. Probably the last lesson he taught me.
You should always take your social security at 62; there is no guarantee you will live another five years, let alone eight. I am a retired professional nurse.
The thing that I never hear talked about is the opportunity cost associated with waiting until age 70. This is the amount of $$$ you could have been receiving if you started at age 62 until age 70. Basic assumption is that you have 2 pools of money for retirement - social security and savings (401k, IRA, etc). Add up the total amount of money you would receive from age 62 until age 70 from social security and then compare that to the difference in your total lifetime benefits between withdrawing at age 62 versus age 70. For me, the amount of money I would receive from age 62 to age 70 is greater than the lifetime benefit difference of waiting until age 70. In other words, the costs (money used from savings) of waiting until age 70 were higher than the lifetime benefit "penalty" of starting at age 62!
My dads last conversation with me was about retirement and all the things he wanted to do and see three weeks later he passed away
My journey into FIRE in the current bear market has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $100k to a decent 7 figures in the space of 14 months. Sad to say but a lot of us have poor money management skills. My 2 cents -get a Financial-Advisor to keep you accountable and aid you make better decision, I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get burned.
I couldn't agree more, the trick is simple yet difficult always make more than you spend.
I totally agree, money management is vital to early retirement, reason I prefer my day to day invesment decisions being guided by a Invesment Adviser, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns and inflation, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a Invesment Adviser for over 2years+ and I've netted over 1.5million. Ps: I am a very aggressive invstor.
@@MatthewVinson I've been thinking of going that route, been holding on to a bunch of Finance TH-cam recommended stocks that keeps tanking and I don't know if to keep holding or just dump them, think you Invstment-Adviser could guide me with portfolio-restructuring?
@@Americanpatriot723 Sure, the Investment-Adviser that guides me is "Theresa Mary Chamblee"...... She's popular and has quite a following, so it shouldn't be a hassle to find her, just look her up.
@@MatthewVinson Thank you for this amazing tip. I just looked her name up, her website popped up on the top of the first page and I wrote her explaining my goals and scheduled a call.
both my grandparents died in their 60's of cancer . I will be filing the very first day I am able and will make sure my home and cars are paid for at that time so the lower amount can keep the lights on .
if we had a way to communicate with people who passed in their late 60s or early 70s I'm confident they would tell us they were glad to have started social security at age 62. In addition to that factor, we have decided to take ours at age 62 because by using social security dollars early in retirement it allows our Roth accounts that much more time to grow tax-free.
That's definitely a consideration, Jesse. There's no way to know what the right answer will be when we have to make that decision. I certainly don't want to fault anyone for applying early. For anyone who's in good financial shape, the application age doesn't affect their financial plan enough to worry about.
I’ve been saying what Jesse said for years why use my money. Social Security doesn’t pass to your heirs.
I learned early in life if someone wants to give you money take it. Think about all the people you know who never made it to the age of 70. Take the money as soon as they will give it to you!
My dad thought exactly as you. We buried him recently at age 96. He still had the wits of his 30 year old self. He drove until he was 95. Easily could have made 100 with a procedure he declined to do. He missed his beloved wife too much and was ready to go. When Soc Sec $ debates came up at out holiday dinners- he knew to the penny how much he left $ on the table by collecting at 62. It was an enormous figure.
If you know exactly how long you’ll love, you can plan precisely. If not, the odds are delaying benefits could be best. Good video.
I prefer the age 62, enjoying 8 years in retirement healthier and younger to travel.
I knew what an expensive choice I was making by applying at age 62 but , circumstances being what they were I didn't have a choice , it was a matter of survival . I won't wallow in the details , it was what it was and could not have been done differently . I am now 67 and will have to accept the permanent low rate I'm getting until my end . Life choices aren't actually choices sometimes .
Spousal benefits are a key element in these calculations. I suspect that without that one really needs to max out life expectancy to get the full benefit of delay. As someone without a U.S. partner or dependents, early retirement is far more attractive than trying to squeeze out a few more dollars. Time is valuable too.
govt always wins... from the example, u take early u lose 300.00 but if you wait longer u only gain 8%/ 80.00
Thanks for pointing that out. As a single person, I was immediately disappointed to hear him figure in spousal benefits since that's an unfair assumption when there are millions of single retirees.
So the wife makes the equal pay of her husband? I’ve heard otherwise a lot.
Its the same percent difference in both calculations... all washes out over time. And the starting benefit also washes out.... so could start with $2,080 or start with $1000... the break even point calculates exactly the same.
@@Contemplative_extrovert The numbers work out exactly the same for calculating break even point.
The 62 wins of course because getting it younger you still know how to count and spend your money.At least you enjoyed your hard earned saved money for retirement not the nursing home or the people around you taking care of you because as years go by brain and body becomes forgetful and weak.Enjoy your money while you are young and able.Once you are old already what life has to offer even there is a lot of money.Spend within your means and balance life situations as you go along.Going to wait to 70 what is the health condition of that person?Not as strong as 62 and as mentally effective.Life is short take care of yourself and be healthy and live within your means.
Live within your means....With this inflation? The only thing that will curb the inflation is a republican government.
@@athena3865 Nah. Neither a Republican nor Democratic government would have a big effect either way on this global issue. Inflation's primary drivers are post-pandemic pent up demand and supply chain issues. We've had record travel this year. Pubs, concert halls and restaurants are overflowing. People are literally everywhere and trying to buy everything at a pace similar to pre-pandemic levels. Suppliers can't keep up.
They both retired at the same time and spent the same amount of money. The difference was when they claimed SS benefits.
@@athena3865 Stupid remark.
For a healthy person 70 maybe the new 62!
Taking SS at 62 is the correct time for many!
For us 70 was the best time (not privy to how many days God has allotted us)! We are reasonably healthy and my wife has major longevity genes on both sides of her family! Her mom soon turns 103! All Aunts lived to at least 90!
Also I retired at 66; we could afford to wait till 70 because of my pension and my wife continuing to work for a while! Many don't have that luxury!
40 full years of work should be the mark. Not age. Work from 16yo. Full retirement should be 56. Too many die in their early 60’s.
All these people saying to wait to FRA or later to draw SS are wrong in a lot of cases. Everyone is in a different situation. It's not a "one size fits all" type of thing. I cannot stress enough the importance of being debt free whenever you retire. If you have some residual income and no debt, you should be OK if you have enough coming in. I retired recently. I was 59 when I did. I worked hard and paid off all my debt, including my house. I OWN my home. I also OWN a car that I always wanted but could never afford. I kept one credit card that I use when I buy airline tickets and then immediately pay off the balance. The other credit cards were paid off and turned into guitar picks. It's a mindset. If I want something and I don't have the money on hand for it, I save up for it until I do. It took forever to get out of debt, so I'm determined not to go back into it. I have money saved for emergencies. I have about two years for the soonest that I can draw SS at 62. I currently have an Annuity Supplement that I receive every month because I retired through the Federal Government, but I automatically lose the supplement when I turn 62. I haven't decided what I'm going to do as far as drawing SS goes. I have been diagnosed with heart disease, and the vast majority of my family members died in their 70s. I did my "Break Even" calculation and that's at age 79. Well, I'm definitely not waiting until 67 or later because that doesn't seem practical. I'm thinking around 64 or 65, if I'm OK financially and feel OK health wise. I'd rather have fun experiences than a few extra dollars, and I can't predict the future.
I’m kinda in the same situation as you! I’m 54, so I still got a way to go, but the only debt I have is my mortgage and I have a decent amount of money saved. So far 62 looks like a realistic goal, I just hope nothing unexpected comes up between now and then!🙏🏾
Did you work 30 years to retire at the MRA? I work for the Feds also. I just found out about this. I will have 20 years at age 51 but apparently I can't receive a full pension until age 60. I don't want to work until I am 60. I also don't want to buy a home so that's another issue. Luckily, I don't and won't have any other debt when I am 60-just basic living expenses.
@@FTYC2022 I was planning to retire at age 60. You MUST retire with at least 60 years of age and at least 20 years of service or be at your MRA with at least 30 years of service or be at least 62 with at least 5 years of service. You can also retire at MRA with 10 years or more of service, but at a REDUCED pension. DO NOT DO THAT! I was lucky in 2020. I was offered VERA and took it. VERA basically reduces the retirement age and you won't be penalized if you have the years. I basically retired a year sooner than I would have without VERA. I had 23 years of service when I retired. You're too far along to turn back. You have got to hang in there until you meet one of the three criterias for unreduced pension I mentioned : 60 yoa/20 yos , MRA/30yos, or 62 yoa/5 yos.
@@thullraven1 Thanks for responding! Uggh, I have 9 yrs until I'm 51 yrs old and then I will have to ride it out another 9 yrs until I'm 60 yrs old; it seems like forever but I will take your advice! Do you think it would be a good idea to take a break in service (to travel and finish degree) for a year or two before I retire since I will have well over 20 yrs at age 60? Also, what do you think about renting during retirement? I really don't want the burden of a home and I don't want debt.
@@FTYC2022 Sorry for taking so long to get back to you. Hang in there! I wouldn't do a break in service because they could change the rules and you get screwed, plus I remember going to retirement seminars saying it isn't a good idea. It might have something to do with Healthcare and Thrift Savings. Renting might be OK if you don't have any other debt. The idea of paying a mortgage in retirement with your lesser income might not be so great. There is a lot of expenses in home ownership in addition to a mortgage. I own my home, but it's a townhome with an HOA. I don't have to worry about exterior maintenance and repairs, which is a big deal and expense when you have a home. Anyway, everyone is in a different situation. Whatever you do, I can't stress enough the importance of being as debt free as you can when you retire from the Government. Do your research to be informed before you retire. For example, if you are under age 62 when you retire, you won't get a COLA on your pension, but you will get an Annuity Supplement until age 62. At that time you automatically lose the Supplement but start to get COLA. Do your research and be informed. Hang in there! You got this. 😁👍
I retired at 56. Taking my SS at 62 was a no go since I had to keep our income low for the ACA subsidies. My wife and I now plan to take our SS at our full retirement age in our mid 60's.
THE BEST explanation of how/when to file for SS on You Tube ... Hands Down. Well Done!
As you mention, there are a ton of variables and it is impossible to cover them all in these simplified scenarios. That being said, I am inclined to take SS earlier and delay tapping my 401K because SS dies with me but my 401K goes to my daughter. While I would hope to have a long retirement life, I would hate to think I took funds from my 401K only to die before I collect much (or any) from SS. The GOV wins (keeps my SS) and my daughter loses (inherits a smaller 401K) in that scenario.
That's what my neighbor did. Took SS at age 62 and let his 401k grow.
There is another factor involved that no one talks about--taxes. SS benefits at the Fed level are at most taxed at 85% and most states don't tax them at all. That is a potential game changer if you are pulling out money in your 401k or IRA (both fully taxable) while waiting for SS at age 70. Of course if you end up with having to pull more out of your 401k at 72/73 then you need due to RMD's that could change things as well. IRMAA calculations also can change the optimal strategy as well. I ran all this analysis for myself and taking at 62 was the best strategy and it wasn't even that close.
True, there could be tax implications to consider; however, there is no Federal/State income tax on your IRA/401K if it is a Roth. Just another variable to consider. @@comicus6769
62 vs. FBA is really situational. I retired at 62 but before I did I had to crunch the numbers. I have additional income with my private pension so it was doable at 62. Situationally I could never retire at 62 with SSA only. I didn't even consider whether I would earn more money in the long run if I retired early. My job situation was also getting toxic so it played a big part in my making that decision. If my job was not an issue I would still be working today. I understand that the longer I work the more I would receive from SSA...but peace of mind was more important. Everyone's situation is different and they may not have additional income in the form of a private pension or 401k to supplement their SSA. You need to due your due diligence before you make that decision. I'm 67 years old and enjoying my retirement. I have a private pension that increases annually by 2.5% and full coverage medical that is free in addition to my medicare...and with annual COLA increases, albeit small, I think I made the right decision. You need to do your homework.
I was born in 54.
Took my SS at 66yrs. I did the math, if I waited till I was 70. The 4 yrs I missed, it would have taken me until I was 81 to break even.
Didn't make sense to wait.
Great article.
Thanks
Great info. Most people take social security as soon as they are eligible. Many experience job losses or illness that makes this a necessity. One thing not mentioned is that downsizing and reducing overhead can reduce monthly expenditures greatly, helping to fund the earlier retirement.
The timing is worth considering, for sure. What's funny is that the rules are way less complicated now than they were a few years ago. There used to be all sorts of strategies you could use to get more benefits, but they've taken all those away, unfortunately.
First answer I read going down the list that understood the author's video. ⭐
It's the cup half empty or half full mindset. I choose to look at it as the govt. giving full SS at 62, while holding out a carrot to wait longer. Why be a carrot chaser? LoL.
62 worked fine for me. longevity is an important factor. Brings to mind an old episode of the Simpsons where Homer met God. Homer asked God "What is the meaning of life?". God told Homer he would have to wait until he dies to receive that knowledge. Homer replied I can't wait that long. God replied you can't wait three months?
Ha! I love a good Simpsons reference! 🤣 @CMack Scott -- none of us know how much time we have. The best plan is to try and live like you've got three months, but plan like you've got until 100.
th-cam.com/video/5QqMQNPy2LU/w-d-xo.html
I waited until I was 70. Between age 62 and 70 I was making good money. I based my calculations on my after income tax take home benefit and it turned out I'd only have to live until 74.5 to make up waiting the 8 years. In addition, between the 8% yearly gain and my income, my benefit tripled during that time. Like most people I also worried about inflation and due to what has happened during the last 3 1/2 years I'm glad I waited. I'll be 72 this year and I'm still working making good money.
No man in our family has lived past 80 so l'm taking it now. 62, and l ain't never gonna spend $6,000 a month.
When did 94 become an expected age to live to ?
I took SSI at 62 because I was broke and could not, because of age discrimination, get meaningful employment. I have an income of a bit over $1,100 and because I am quite active and have some skills that are in demand, I do ok. I don't do great but I can survive and be productive and creative
I took social security at FRA (66) after the following analysis which I have not seen elsewhere. By saving the social security payments from 66 to 70 and using that lump sum to buy a life annuity from an insurance company, the combined payout of the annuity and social security at age 70 was projected to be slightly higher than social security alone. I sacrifice the inflation increases on the social security increment after age 70, but I have the money in hand so the break-even age is irrelevant and I'm somewhat less dependent on the solvency of the social security system. My wife increased her 403(b) contribution equally, so there was little difference in our income or taxes. I hope this train of thought is helpful to someone.
I did the math, pulled my ss payments at 62, 67 and 70 and graphed them out. The point at which I'm better waiting past 62 is at age 76. At age 76 all of the totals of the three payment streams are the same, after that I am losing some. But I will be getting a monthly check for 8 years if I take it at 62 vs 70, which i don't have to spend, maybe save some. Other than giving it to some retirement home, will I really care at age 76 and up if I have that much more ss income? I'd rather enjoy the income while I'm younger and not have to wait until it may be too late to get out and use it. Who knows what will happen to your health and life - Momento Mori ! And a big who knows if ss will keep paying for the next 30yrs.
Wait at 70 your retirement never increases it will remain the same at 76 from SS unless you are basing it on your salary and not Social Security. So again at 76 the amount of Social Security will be the same as the amount received at 70.
Most people don't factor in the cost of driving to and from work. In my father in laws case, he drove 76 miles to and from costing fuel and maintenance on his vehicle. He drew ss at 62 amd actually came out ahead.
As what the saying that says enjoy life while still young. It doesn’t matter how much you make at age 76 if you’re on a wheelchair or bedridden, you’re kids will ended up cashing up what you work for 40 + years, enjoy while you can folks.
I posted more or less the same thing above. just banking $3900 a month. And COLA is looking better every day.
That is what I am doing....starting ss in October 2022....want to be able to get some $$ out before the world ends as we know it due to the climate crisis....we are lucky if we have 5 yrs left before all hell breaks out..
Nicely done. Thanks I waited until 70. The one other consideration I had was if, I ever run out of my savings/investments/retirement monies, I'll always have the larger social security payments to live on.
I am a CPA with degrees in Accounting, Economics, and Taxation: My take is a well done video, but to keep it REALLY simple: The sweet spot is your FRA if you otherwise can live fine on your savings or other income. Collect early if you need the money. NEVER delay your benefits past FRA, unless you continue to work at 70 or beyond. On an administrative note, if you do delay, you will have to wait until January of the following year to get the additional amount - something often overlooked. The often stated don't collect early if you think you will live longer - the opposite is true - IF you outlive your life expectancy, you likely will at least breakeven to your FRA, if you are in poor health and die before your FRA, a t least you got something.
Also, just a thought on an item mentioned in this video often overlooked: Keep in mind that when considering spousal benefits that the 50% is ONLY IF your lower earning spouse is of full retirement age. Otherwise ,the spousal benefit is reduced. The spousal benefit is in capped at 50% of the higher earner's FRA, even if the higher earner is getting more than his/her FRA amount due to collecting for several years and receiving COLA increases.
YOu can work AND collect full benefits at 67
@@wlonsdale1 True if course, but not related to anything I mentioned regarding when you collect SS. You can work forever if want and still collect. Apologies if I missed your point.
Great analysis
Thank you!
Assuming 92 for men and 94 for women is quite generous as I don't think many will reach that. Most retirees pass away in their 70's and 80's. I'm debating the very same question of 62 or 67 and being that tomorrow is not promised, I may go 62 in 3.5 years and just start enjoying life or maybe wait until 67 and live off my investments for 5 years. It sucks that I have seen older friends work all their lives, 40-50 years, and then get to live just a few years or have serious medical conditions to preclude them from enjoying their retirements. Not everyone will live to late 70's to early 90's.
Enjoy it while you can bud!
Right. I don't know why he says life expectancy is in the 90's.
Chef steve must be Japanese
@@truhunk1 80% won't make it to that...
No sympathy for people's bad lifestyles. Overweight and no exercise, leads to no excuses! Fast food junkies.
You have to be proactive. SS was never meant to retire on. FDR pushed for it to be a Supplement to personal savings, retirement plans. I was lucky enough to have financial planning business required in high school, it taught me what I needed to plan for retirement even at age 16. Now being 50 I am much better positioned to retire.
I will be applying in eight days for ss at 62. It is in my best interest.
This was soooo helpful!!!! I'm divorced with 3 kids and only 15 years from retirement. This put some things into perspective in a straightforward way. Thank you.
If you were married for at least 10 years and do not remarry you may want to look into spousal benefits based on your ex-spouses earnings. You may be able to collect on his at age 62 and let your own benefit sit until age 70 to max out, then switch over.
Thank you so much, Cassandra! 🙏 By the way, stay tuned for next week's video! 😉
Chris -- unfortunately, they took that strategy away back in 2016. You can still do that with survivor's benefits, but not spousal / ex-spousal. I love that you knew that, though!
Plan on working for a very long time. Save as much as you can. Avoid credit card debt.
Is money the only yardstick we are using here? How about the quality of life quotient? A year spent doing what you really want is worth more than the money. It's life itself that we are talking about.
Also depends on the industry you’re in e.g., high-tech is notorious for ageism (laying off workers over 40-50years old), so staying gainfully employed past 62 years old is very tough (on average).
You need to save a lot of money when you are in your 30's and 40's.
Both retired at 62. One waited to begin claiming SS, but both were spending $6,000 a month on whatever they wanted from age 62 on.
@@nobeliefisok9174 You will regret this when you are 70.
@@tomblevins5020 Regret what? I pointed out what the topic of the video was. Will I regret pointing that out?
Feel free to clarify, perhaps some context is missing. And before you do, re-read what I posted. The video is about two people that both retire at 62, and are able to live off $6k a month purely off of existing savings/investments. One of those people starts SS payments immediately, and the other waits until 70 to do so. That's it, the whole video.
I am 75 and making 6 figures and bosses that ask me not to retire. Great health everyone thinks I am 60. I work in aerospace
Great to read all comments and experiences, I'm already planning to retire at the age of 62, in God's will. As of now, I'm not in the great shape, I'm not even sure if I can reach that age of 62, with High BP, borderline Diabetic, among other things...I'm just turning 55 next month, with no savings, and will just rely on my ex retirement money and my SS. Just praying that I can save enough retirement money from work that will help me supplement my retirement income. 🙏🏽🙏🏽🙏🏽
You need to see to your health rather than retirement be active and eat right is more important than money.
Good luck
Where did you come up with those life expectancy? 90 and 92? Crazy
Can you provide any additional info on the expected lifespans of 92 & 94? That's quite a bit higher than I've seen elsewhere.
I'm pulling that from the life expectancy tables. I think life expectancy actually increases as you age. In other words, the longer you life, the longer you can expect to continue living, if that makes sense. Either way, I make sure we plan for everyone's money to live a long life! Great question! 🙏
Yes, the longer you live, the longer you are a live. in your scenario isn’t it about 87 years old that they are the same or even
The break-even in this case was 78. I typically see the break-even age in the low 80s in most client cases where it matters.
I'm seeing a lot of people who are questioning the life expectancy assumptions on this one, which is interesting. It is odd that, the longer you live, the more your life expectancy climbs. In other words, the life expectancy of a 62 year-old is much higher than the standard life expectancy at birth. I may have to do a video about this in the future.
@@HowToRetire I would like to see a video on life expectancies. I understand that when we talk about full population life expectancies that number is being pulled down by people who die early in life and by living longer your life expectancy (statistically) gets longer. You got me curious, so a quick search got me to the SSI life expectancy calculator. I put in my own info (I'm 45) and it says as of today I can expect to live to 81.1 but if I life to 70 I can expect to live to 86.8. I'm assuming that covers 50% of the population that is 70 years old in 2047 will die before reaching 86.8 and the other 50% will live for some period beyond 86.8. One thing unclear to me is what that distribution curve looks like. Is it nice and even? At any rate, as I think about what you were saying, is it that you don't want to plan for living just to the average life expectancy, but to shoot for somewhere above the average (barring any health issues that change your calculations)? So, yeah I think that would be a helpful video to explain how you got to 94 & 92, and more generally how one should think about life expectancy as they hit milestone ages in retirement. I really appreciate the info you put out.
@sandfalcon1 -- Sounds good! I already have a few weeks' worth of videos queued up, so give me some time to create this and put it out there. It's a great topic for its own video. Thanks!
Many people retiring at 62 would like to take a few vacations, that takes money. I'm all for taking it at 62 and enjoy the extra money while you can still enjoy it. I'll be 73 tomorrow. Retired at 60, started collecting social security at 62 and never regretted taking it early. Going from full working wage to retirement wage is hard enough, but by taking early social security kinda cushioned it a bit. It's all worked out great. Never missed the extra money I would be receiving, plus it wouldn't really be extra until I reached 78 years old.
Life Expectancy Tables
Age Life Expectancy-Male
at 73 is 12.43 years
Now that you have made it to 73 , you can expect to live to 85
Whacha goin to do, whatch goin to do, when you live past 78?
Bad thinking and a very low monthly income! Not for me.
The way to exactly know when one should best take SS is to know when you are going to die. Two of my friends were waiting till they turned 70 but suddenly and tragically died at 64(both from cancer which seemingly came out of nowhere). Also, life expectancy is dropping in the US due to COVID and the opioid crisis, now nearing 76. Remember that’s average life expectancy. Also, taking SS earlier pays you in dollars that go further in purchasing power and the COL increases do not keep up with inflation. I think the SS web site states somewhere that the age crossover point between taking is at 62 an waiting is age 83. Way over ALE. Still a great video and thank you for posting. All the best!😊
Something to consider: it might make sense to start SS payments at 62 to reduce the tax burden later when the RMD's kick in on an IRA.
Actually, it also works to delay . We are making Roth conversions every year from age 56 to 72 when forced to take RMDs. The goal is to bleed down the tax deferred accounts so we don't permanently end up in a higher tax bracket. Or two brackets when the first spouse dies. If we took SS, that just reduces the annual amount we can convert and stay in this lower bracket now. Wife is also a few years younger with longevity on her side of the family so odds are she will collect my larger SS check a decade or more past my break even point.
@@davidroush1224 same here. Very prudent.
@@davidroush1224 All depends on how long you live and health conditions. This is no right answer.
@@sfopilot8 - Well, between my wife and I and our kids the odds are good that at least one of us will live 10 years. Any time past age 62 making Roth conversions and reducing the taxes for an heir is worth doing. I'm almost 3 years worth of conversions past age 62 so it has has been a right answer for us. If one assumes they won't live longer, then why even save a dime ?
I think the right answer is to enjoy life along the way but to also plan assuming you will live to 100 so you have all bases covered.
I retired at 60 and started SS at 62 and a half. I also have a life time pension from work, a 401K and stock in that company. I make more money now then I did working, and by a lot. I wish more people had pensions to help go along with their SS. But most have to rely on SS alone.
I have the same scenario as you. My company allows retirement at 55 and the pension will start paying. That will carry me until I decide to take SS. I’m 39 with paid off mortgage.
I know people that died before they collected their first check and others that died that waited till they had max benefits and died before they would have caught up if they took Social Security benefits earlier. I always say every person needs to decide what would work best for them. Every one's situation is different. I had an uncle and family friend that died in their late 60's and an uncle who passed away in his mid 70's tomorrow is never promised.
All depends on if you need the security of a bigger monthly check in your seventies. Or if you dont need it in your sixties and can wait until it is bigger.
IT will NOT be there!
As a retired CFP and CPA, I must say that this was well-presented and very informative.
Thanks, Goof E.! I appreciate the positive feedback! 🙏
While the money aspect is incredibly important when deciding when to retire, I feel that there is another key aspect. The idea of continuing to move, process, think, collaborate. I love my profession. It makes me appreciate also the time I have off. As I near retirement, all I can think of are the long vacations I have taken in the past. Three weeks in a row of travel, golf, fishing sounds amazing but it does get old (for me anyway). I often find myself wanting that interaction and challenge of my job. Yes, one day I’ll be ready to hang it up, but no time soon. I worked so hard to get all this experience and knowledge, I have lots to share. I fully believe in the premise, use it or lose it. The great thing for anyone considering this decision is the fact that you have the opportunity to make it. There are so many that will never get to make this decision, appreciate and take pride in your accomplishment. If you are here deciding what to do…you did or are doing well!