Very well done Jeff. First video of yours I’ve seen. I just turned 65. I will be watching your other videos. Quite a service you have done for us that are retiring. Thank you for your generosity. Sincerely, Steve
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Honestly, requiring mandatory deductions from anyone's paycheck without their permission should be illegal and for obvious reasons......the government decides that Americans must not know how to prepare for their life and certainly don't get to make their own choices regarding their retirement plans, thus they decided they can and without permission or consideration for the persons they are deeming mentally incompetent (yet unable to qualify for disability 😮) and decide that every American will retire in this very same manner regardless of their own personal goals
sure, you get more if you wait until 67, however it takes roughly 12-14 years to see the gains from delaying taking SS at 62. So 67yrs old plus 12 is 79yrs old. Most people are slowing down or possibly even dead by 78 or 79 years old. I would rather have the smaller amount and be able to use it between ages 62 and 79 years old.
Most people are not dead by 78 or 79. The average life expectancy is only a number it doesn't mean most people die by that age. It is not a statement of how many people die at that age relative to the number of people of the same age who do not die. It is the average life expectancy meaning the average age of all those who die in a given year. So it includes the oldest and the youngest among us and everyone in between who die in a given year. It doesn't mean that most of us die by the time we are 78 or 79. Not even close.
@@oleeblove the optimism family history dictates an about life cycle there are exceptions to everything. but do note the planet is more toxic now than even 30 years ago. that factor alone has shaved years off the average we would have gotten even with the medical advances of today.
I'm retiring in next month. I will be 65 and delayed taking SS as long as I can. My job is being phrased out and I don't want to use my IRA money to wait to get to 67 (My FRA). I will be signing up for Medicare in March 2025 when I will no longer have health insurance from my employer. I'm praying The Lord gives me 20 good years where I'm active and don't need my kids doing anything for me. I don't want to be a burden to my wife or kids. My goal is to lose weight and plan a trip around the country riding AmTrak train from Chicago to New Orleans to Los Angeles to Seattle to Chicago
Excellent content! I began my Social Security journey in 2023 when I hit FRA. In 2023 I maxed out my contribution for the 13th year of my 50 year employment history and added $55 per month to my monthly payment. In 2024 I fell far short of the contribution maximum but, since much of my earnings history was prior to a nine year state employment, I will replace a really poor adjusted year and increase my monthly payment by about $12 per month. Most people don’t know they can increase their monthly payment, add to the Social Security coffers, and keep money on their retirement savings. I’m into the 15% bend point so my contributions now won’t pay off in payments during my lifetime.
I retired in 2016 at 62 and had to decide whether to take Social Security then or wait until 70. Waiting would have meant withdrawing the money from my S&P 500 fund over the last 8 years. I decided to take SS and watch my mutual fund grow, and grow, and grow. Dec 2024 SS has deposited 96 checks into my account and my S&P mutual fund has almost tripled.
We've done similar, for similar reasons. For the average person (who has either not built a retirement fund, or would draw from it and SS simultaneously), waiting till 70 is probably the best choice. Nicely done my friend!
One other benefit available to families is the Child Benefit. I found very little information when researching for my own family and it can be confusing. I would love to see more content on this subject as I feel this is extremely helpful for parents of children with disabilities, older parents or grandparents who have adopted and raised their own grandkids. Thanks for always making personal finance easy to understand and accessible.
I am in my 50s and just wanted to say that really appreciate your content, and I am learning alot as I get serious about planning for retirement. Thank you!
I was a low wage earner and after medicare deductions I only make 949.00 a month. I'm amazed at how much some recipients actually get. Pretty tough making ends meet but I guess that the gap in earnings remains the same both before and after retirement. At 73 and with inflation eroding my monthly check, I don't have much to look forward to.
@sg3971 have you checked on getting a SSI. I think if you make less than what you’re making you should get SSI. Watch Dr. Ed Weir. He’s live stream is everyday.
Extremely informative. I knew most of it but learned a few things, too. Thanks. Sidenote: I tired of moving my Encyclopedia Britannica set around the world in about 2014 and sold it. Recently, I've begun to miss it again. I'll have to keep an eye out at estate sales, etc.
Thanks, this explained a lot. I retired this year at age 62 and my check is a bit over $2100 per month (2024 amount). I was wondering how I managed to pull that off and you explained it - I had higher earnings earlier in my career (45 years in the workforce, 17 of those years $50-85000 annual salary, 5 other years over $40000) which put my numbers up high for calculation purposes once you factor in the multipliers. I've made it a point to check my SS statements every year for several years, which is how I knew I could retire at 62 and still have a reasonable check.
I've done the same thing as you. I checked my SS totals and projected payments for several years while earning between $55K to 100K. I retired in 2018 at 62. My net now after Medicare B deduction will be manageable combined with my pension of January.
So u have huge investments some where cuz $2100 ain’t reasonable unless u live in a cave I would say $5K is reasonable if u owned everything outright including a couple late model cars
Can say from personal experience-am disabled-heart problems, back, legs& feet problems-took 4 1/2 years to get my disability to begin with-I had the 40 credits needed-my paycheck now is 1260.00 a month, with the 2025 raise-makes things extremely tight
I maxed out credits long ago and one of the reasons that it contributed to my decision to retire early a few years back. Working until 62 would have done very little to add to my SS payouts but would still be paying in over 100k in SS payments - so I bailed out of the work force.
There is an advantage by drawing early and that is you are using less of your savings letting it grow. Yes SS goes up 5% a year but the stock market goes up on average of 10% a year for the last 100 years. My self I have not decided if I will fully retire at 62 or 65. If I retire at 62 I will have to pay for full health insurance when its the most expensive. If I wait until 65 I can have my employer pay for the vast majority of my health insurance premium and then let Medicare take over at 65.
I have two pensions, Social Security, and 401K withdrawals. I’m making more in retirement than when I was working. Use all the funds you can your hands on right now. NEVER DELAY!!!!!!
You missed the main point of this video, which is that Social Security taxes need to be prohibited from the start. It is unlawful to double tax, and that is precisely what is taking here. When they were working, Social Security claimants paid taxes on their salary; now, when they most need this cash to survive, the government turns a blind eye to them! Americans may face retirement issues.
Retirement may be difficult for an increasing number of people. Saving money is difficult due to expensive rents, inflation, and low-paying jobs. These days, middle-class Americans also struggle to own a home, which prevents them from having a place to call home.
I completely agree; I am in my mid 50s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
Really good video. I've spent a lot of time understanding how SS works and, once again, I learned something new from you. I did not realized the spouses reduction was more than the primary at the same ages.
The amount at 13:00 the year you reach full retirement age must be a little known secret. Thanks for that information. It helped me decide to start collecting about 6 months earlier than I thought I needed to.
My husband collected for 12 months before passing at 63. My pension started to reduce after 62 so I retired at 62. Everyone's story is different and so for social security.
One of thing i had to retired early because of being lay off at 62, I made over $100,000. I found other job working at the school janitorial. Way below my last year wagers. So decided to retire early by use the $100,000 for my SS.
But the guy paid in 9 years and they say the fund is running out of money there are so many people who work and pass away without ever taking a dime. But congress says the fund is going broke, no the fund has less money for them to dip into
It’s definitely worth meeting with SS to discuss your calculation. My online statement is wrong. The increase from age 67 to 68 is only 5% instead of 8% which then impacts ages 69 and 70 as well.
As he said in Taxi Driver “Are you talking to me”? If so, are you insinuating I don’t know how to read? The increase on my statement from age 67 to 68 is 5% (which is wrong). Me stating it is not wrong. Duh.
I used to work two jobs I kept I wanted to keep my wife home for my kids I think she stayed home for 5 or 6 years maybe a little more and then after they were all in school she got a job I got to put a she got a job.
She did go to work she gets her own social security when I die she'll get my social security if I die before her if she dies before me I still get my social security a mine is like three times higher than hers.
I turn 54 next month and I already have 35 years according to the SSA web site. But I obviously have several years where I didn’t earn very much. In order to maximize my Social Security payment by letting every year that I earned less than $20k roll off I need to work until I’m 67.
Just retired after 44 years in October. I worked 6 months past my 66.5 full retirement retirement age. My SS is $3300.00 per month. It's a big adjustment. I have around 7 investment streams I setup up because you cant make it on SS alone.
Ok. Where do live? That is about what I would receive. I am 63. I am thinking of downsizing whereby that would go to almost all of it. Yes I have other buckets
@sburger1685 Utah But that $3300.00 is just my SS alone. A person wouldn't get that amount at 63 because of the reduction. The maximum SS in 2024 is $3822.00 at full retirement age.if you have other income streams then great. Also you're going to need medical insurance which isn't cheap either. Good luck.
@@wheels636 yes I realize that at 63 you won’t get that at 63, I gave that age as a reference for me. Haven’t downsized yet either. Don’t know where you live or want to live but the expense thing is the big one. Health care I have figured in already- not that big unless you let your health go in the can. Better to be healthy than chasing dollars. Seems to be an awful lot of Fud being pumped. I have seen numerous people living millions behind that they could never spend cause they just died!
This doesn’t include the employer match or the pay in for self employment years. I know this is an example but these are important distinctions. The other thing to understand that people don’t know or ignore is the investment income on the total contribution to the fund at the time of retirement. This is important in case .gov decides to discontinue the program and buys out the shareholders.
2 things early filers never talk about survivor benefits and tax treatment of SS. My wife's SS is 1318 mine with DRC's is 4020. 64,000 SS+ 36,000 RMD's is a whole lot better tax wise than 18,000 SS+ 82,000 RMD's.
Great explainer! Re: Survivor benefits, the surviving spouse can claim their own benefit early then switch to their survivor benefits when they reach fra, allowing the survivor benefit to grow to 100%. This is true even if (especially if!) the survivor benefit is already larger. It's the claimant's choice, not Social security's choice but yes, you can only get one or the other.
@@marygillespie2028 Again - this is because if you'd been paying into SS your whole life your own benefit would have been higher than your spousal benefit. The higher earning spouse in a couple who are both under SS doesn't get a survivor benefit either.
I'm confused about the part at 12:50 regarding earnings while receiving social security payments. Everything I've read indicates that pensions, non-ROTH IRA and 401(k) distributions do affect the AGI and, thus, can trigger a torpedo tax. Am I misunderstanding either your comment above or something else? I'm just 61 and have started looking into all this and to say it's a bit confusing is an understatement.
13:28 Wait. Did I mis-hear? Did he say, in few words, that your benefit increases when you reach full retirement age EVEN if you collected a reduced amount earlier?
I worked intermittently and mostly was a stay at home mom. My ex worked full time. After 36 years we divorced. I tookSS at 62 because finding jobs with no career and with health issues is hard. He made great money, over 70k per year for 20 or more years. Yet they awarded me 400 for mine, and only 900 for his. Is that right?
My plan right now is to take SS somewhere between 67-70. I just turned 59. I am 100% retiring from my job with a pension at 67 Id like to work a pt job for a few more years but who knows how ill feel in 8 years
One confusing thing here was the effect of work after starting to collect ssi. I thought that you got penalized for earning above a certain threshhold for all years on ssi, and that income from IRA/401k withdrawals counted. Not so?
Thank you Sir for the great information about SS. Are there any added benefits to SS for veterans? I only served one enlistment in the Air Force, but I heard that SS adds a small monthly amount for service. Is that true?
can soneone please explain how money withheld if working is returned when you reach full retirement. no one out there is giving thise details ecxveor higher benefit? how is that calculated??? I think this is a very important calculation to know. thank you
I certainty don't plan on retiring at 67!!! I have at least 40 credits and I want to actually enjoy my life while I am still spirited and adventurous......
Not to sound stupid but where do we find the base figures you spoke about early on in video? Points etc. in order to figure it out ourselves. Does the SSA have our figures in place that we can look it up and see, maybe their website or calculator ?
I worked from ages 27 to 47. I work for a city agency where I was able to collect my pension immediately. I’ve lived off my pension for the last 15 years and just started collecting at 62. 2650 a month.
@TheGarageisFull ~ Dang; that's pretty impressive! Sounds like you really knew how to get the most out of your working income, and, later pension - especially to be able to retire at 47 with a pension! I have a much longer work history specifically at at law firm for 22+ years, then on & off due to the recession of 2008, then back to work until November 2021 - when I chose to resign. I didn't start collecting my Social Security Benefits until I was 62 & nine months; and, I'm definitely not earning $2,650 a month. With that, I wish I'd been far more calculated in my approach to retirement, Social Security, etc. 🫡
@ trust me I didn’t plan it this way. It just fell into place. Since this is my first year collecting Social Security I’m having the 22% taken out just to see what it looks like on my taxes.
What about windfall? I spent most of my working life in a pension program. I do have the 40 quarters but don’t think I will end up with much of anything. Is there anything I can do? Plan to wait until age 70 to maximize the amount I get.
I worked as a public school teacher and will draw a pension benefit. I also have more than 40 credits in SS. What is my penalty for having the pension? Can I still draw social security?
Great video. I was comparing to my numbers....are your bend points correct? Looks like you are spanning across two years of data. $1,226 and $6,165 are good, but the last value should be $7,391.
Do those indexing factors get updated each year to account for inflation. Example the indexing factor for the year 2000 is going to be higher in 2024 than it was in 2020?
They are tied to average wages, not inflation. In general wages increase more than inflation, so this is a plus. But the adjustment stops once you reach 60. After that you switch to the COLA, which is determined by inflation, but that only starts at 62, so there is a two year gap where you aren’t getting any kind of adjustment, although if you’re still working you will probably get some benefit from the higher wages replacing part of your history. Anyone who hit 60 in the last few years has been hit hard by this (which is why I know…) The factors are updated every year though.
When you find TH-camrs speaking 100 MPH, go to the gear wheel at the bottom of the video. There is a playback choice. Normal, faster, slower. You can also increase slow talkers.
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I'm pleased I found this conversation. If you're comfortable with it, could you share how I can get in touch with the advisor you rely on for your investments?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
If you actually maxed out (made as much or more each year as they require you to pay ss tax on) then you should max out on payments if you're full retirement age and get about $4168 per month in 2025 or maybe more if you wait until age 70 to collect (+ inflation adjusted amounts).
Is it the last 35 years or best 35 years? If you work from 18 to 28 then stop working according to the SSA until 65, do you get a $0? Actually, asking about teacher and government workers in a 2nd career that have their 40 quarters and have been not paying into SS for 35+ years.
One or the other, not a combined amount. Sometime the SSA says you get your benefit plus an additional amount but the total is not going to exceed 1/2 the spouses benefit. If your own benefit is more than half of theirs you should get that amount automatically. Special rules (discounts) apply if you start to collect early.
@cindyboane1951 ~ If you were legally married for at least a full ten (10) years you are entitled to divorced spousal benefits; one or the other - if your regular Social Security Benefits are higher you wouldn't collect or add to the monthly amount you'd receive. Also, your former spouse's Social Security Benefits would not be affected, nor would they even be made aware you were receiving anything from said benefits. ☺️
It might be a stupid question. But does your social security go down? If I quit working at 64 and live off my pension and cash in the bank, but don't collect my social security until 67. Will those three years of zero dollars earned hurt my social security checks
SS is based on your highest 35 years of earnings. If you could earn more now than you did in three of those 35 years (for example, early in your career), you would increase the amount of your Social Security check, but probably not enough to make it worth working three extra years, unless you really love your work.
How about everything that you and your employer paid into this social security fund is treated as a deposit into a big savings account. So when you retire, you make your one-time withdrawal of everything you and your employer contributed. Any interest would go to pay for the disabled in a monthly check. Sounds fair to me. They can do a direct deposit for me.
@Geof, very Interesting video! It seems that the Government manages to make everything having to do with taxes SO complicated that many of their own people will not come up with the same answer when asked the same question! I wonder if you know whether or not indexing has always been used since SS was started and how it might have varied during years of very high inflation such as the 70's? Although someone who worked back then has likely had many years of higher net income, it isn't a linear line up for many of us. If SS stops indexing at age 60 and uses the higher adjusted income for 35 years, someone who began working at age 18 continuing through age 60 would have worked 42 years. I believe the minimum wage was $1.65 during the later part of the 70's and general pay for workers was considerably lower on a non inflation basis.They don't make your adjusted, indexed income available through their website at least in your own account pages.
Hello.. Question, I married oversea.. My wife is here in the U.S. legally, do I need to register her with S.S. in order for her to receive survivor benefits when I pass away?
HR 82 just passed…347 YEA votes! Now…S 597 needs a VOTE…to repeal: WEP and GOVERNMENT PENSION OFFSET….asap! Currently: 62 Co-Sponsors. . My deceased husband PAID IN....and I DON'T get ANY of his larger benefit! I taught Title 1 Reading to impoverished kids in MO. and KS. I need my SURVIVOR BENEFIT as a widow….right now!
I have two pensions, Social Security, and 401K withdrawals. I’m making more in retirement than when I was working. Use all the funds you can your hands on right now. NEVER DELAY!!!!!!
We retired at 60 and will have to 2 pensions and SS as well and a healthy amount of pre-tax money. Not taking SS until much later and doing roth conversions now. If i don't I will pay alot more in taxes when RMDs kick in and one one of us passes away.
When it comes to ‘’personal’’ finance/retirement planning, following the steps of a seasoned advisor did the trick for me in just 5 years. Helped turn my capital into a whooping 6 figure yearly returns.
Your investment adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same investment adviser and how I can get in touch with them?
I've stuck with SOPHIE LYNN CARRABUS since the pandemic, and her performance has been consistently impressive. She’s quite known in her field with over two decades of experience, simply look her up.
@bobinthewest8559 ~ Perhaps do a little fact checking, but I believe if you either wait until 60 or 65 to remarry it doesn't affect one's divorced spousal benefits - but again do some thorough research ... 😉
I would like to know if the guy that quit after 9 years making $125,000.00 decided to go back to work for a year at 64 making $30,000.00 to start collecting social security at 65 how much would he get?
@@HolySchmidt Do you have to have a minimum "substantial" income each year to add to the total used to calculate the AIME, or is that only for earning credits? For example, my first year working part time in high school I earned $300 (probably not "substantial" even back then), and my last year after quitting my job in November to become a SAHM I got a lump sum for unused vacation time in January of about $500. So are those two years and $800 counted toward my AIME? If I find a part time job now that I'm over 60, it won't be indexed, but if I earn say $5000/yr for the next 15 years, will that $75,000 be counted toward my AIME (I've only got about 18 years in the system, depending on whether the first and the last years when I earned so little counted)?
Thanks!
Thank you!
Very well done Jeff. First video of yours I’ve seen. I just turned 65. I will be watching your other videos. Quite a service you have done for us that are retiring. Thank you for your generosity. Sincerely, Steve
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Property Taxes are driving Soc Sec recipients out of their homes.. Those Taxes are endangering our livelihoods
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Honestly, requiring mandatory deductions from anyone's paycheck without their permission should be illegal and for obvious reasons......the government decides that Americans must not know how to prepare for their life and certainly don't get to make their own choices regarding their retirement plans, thus they decided they can and without permission or consideration for the persons they are deeming mentally incompetent (yet unable to qualify for disability 😮) and decide that every American will retire in this very same manner regardless of their own personal goals
I did not hear one significant thing in this video that I did not already know. But hearing it from Geoff made this all worthwhile. Thanks!
Thanks for the kind words
sure, you get more if you wait until 67, however it takes roughly 12-14 years to see the gains from delaying taking SS at 62. So 67yrs old plus 12 is 79yrs old. Most people are slowing down or possibly even dead by 78 or 79 years old. I would rather have the smaller amount and be able to use it between ages 62 and 79 years old.
Exactly, my break even if I take at 62 is age 78.
I'm taking my $2500 SS now at 62.
I expect to live into my 90s so for me I’m waiting to 70.
That’s it after all are hard work they banking on us to die before retirement that’s why they keep raising the primary retirement age that sucks 😟
Most people are not dead by 78 or 79. The average life expectancy is only a number it doesn't mean most people die by that age. It is not a statement of how many people die at that age relative to the number of people of the same age who do not die. It is the average life expectancy meaning the average age of all those who die in a given year. So it includes the oldest and the youngest among us and everyone in between who die in a given year. It doesn't mean that most of us die by the time we are 78 or 79. Not even close.
@@oleeblove the optimism family history dictates an about life cycle there are exceptions to everything. but do note the planet is more toxic now than even 30 years ago. that factor alone has shaved years off the average we would have gotten even with the medical advances of today.
I'm retiring in next month. I will be 65 and delayed taking SS as long as I can. My job is being phrased out and I don't want to use my IRA money to wait to get to 67 (My FRA). I will be signing up for Medicare in March 2025 when I will no longer have health insurance from my employer. I'm praying The Lord gives me 20 good years where I'm active and don't need my kids doing anything for me. I don't want to be a burden to my wife or kids. My goal is to lose weight and plan a trip around the country riding AmTrak train from Chicago to New Orleans to Los Angeles to Seattle to Chicago
I'd be careful riding around on Amtrak as you may lessen your lifespan in doing so.
Better that you should hike or bike around the country. 😊
Get a complete round of "senior citizen" doctor visits while your workplace health insurance will cover.
Sounds like a great plan. I am right behind you. I will be 65 in July and will sign up for Medicare in April or May
Stay out of Chicago? It's crazy and unsafe.
Excellent content! I began my Social Security journey in 2023 when I hit FRA. In 2023 I maxed out my contribution for the 13th year of my 50 year employment history and added $55 per month to my monthly payment. In 2024 I fell far short of the contribution maximum but, since much of my earnings history was prior to a nine year state employment, I will replace a really poor adjusted year and increase my monthly payment by about $12 per month. Most people don’t know they can increase their monthly payment, add to the Social Security coffers, and keep money on their retirement savings. I’m into the 15% bend point so my contributions now won’t pay off in payments during my lifetime.
I retired in 2016 at 62 and had to decide whether to take Social Security then or wait until 70. Waiting would have meant withdrawing the money from my S&P 500 fund over the last 8 years. I decided to take SS and watch my mutual fund grow, and grow, and grow. Dec 2024 SS has deposited 96 checks into my account and my S&P mutual fund has almost tripled.
We've done similar, for similar reasons. For the average person (who has either not built a retirement fund, or would draw from it and SS simultaneously), waiting till 70 is probably the best choice. Nicely done my friend!
One other benefit available to families is the Child Benefit. I found very little information when researching for my own family and it can be confusing. I would love to see more content on this subject as I feel this is extremely helpful for parents of children with disabilities, older parents or grandparents who have adopted and raised their own grandkids. Thanks for always making personal finance easy to understand and accessible.
Boom
I will have a 20yo & a 22yo when I’m 62.
I didn’t even have them that late. 48 or so.
They wouldn’t qualify as not disabled but they’re close!
I am in my 50s and just wanted to say that really appreciate your content, and I am learning alot as I get serious about planning for retirement. Thank you!
Thanks!
Thanks Bryan!
I was a low wage earner and after medicare deductions I only make 949.00 a month. I'm amazed at how much some recipients actually get. Pretty tough making ends meet but I guess that the gap in earnings remains the same both before and after retirement. At 73 and with inflation eroding my monthly check, I don't have much to look forward to.
I have a friend in the same boat as you. She barely gets by. Single mom raised two girls.
@sg3971 have you checked on getting a SSI. I think if you make less than what you’re making you should get SSI. Watch Dr. Ed Weir. He’s live stream is everyday.
🙏🏽🙏🏽🙏🏽
You should look into SSI.
I have lived with others on n off over the yrs. I will def continue to do so. No way can u keep on ur own for less than $5K a month.
Extremely informative. I knew most of it but learned a few things, too. Thanks. Sidenote: I tired of moving my Encyclopedia Britannica set around the world in about 2014 and sold it. Recently, I've begun to miss it again. I'll have to keep an eye out at estate sales, etc.
I’m 53 and I was completely lost. But I need to learn this so here goes the start of my journey.
Thanks, this explained a lot. I retired this year at age 62 and my check is a bit over $2100 per month (2024 amount). I was wondering how I managed to pull that off and you explained it - I had higher earnings earlier in my career (45 years in the workforce, 17 of those years $50-85000 annual salary, 5 other years over $40000) which put my numbers up high for calculation purposes once you factor in the multipliers. I've made it a point to check my SS statements every year for several years, which is how I knew I could retire at 62 and still have a reasonable check.
I've done the same thing as you. I checked my SS totals and projected payments for several years while earning between $55K to 100K. I retired in 2018 at 62. My net now after Medicare B deduction will be manageable combined with my pension of January.
So u have huge investments some where cuz $2100 ain’t reasonable unless u live in a cave
I would say $5K is reasonable if u owned everything outright including a couple late model cars
I think I going to have to listen to this one again. So much to unpack
sounds good to me!
Can say from personal experience-am disabled-heart problems, back, legs& feet problems-took 4 1/2 years to get my disability to begin with-I had the 40 credits needed-my paycheck now is 1260.00 a month, with the 2025 raise-makes things extremely tight
You explained more things that I've been wondering about in this video than most of the other videos combined. Thanks Schmidt
sure thing.
I maxed out credits long ago and one of the reasons that it contributed to my decision to retire early a few years back. Working until 62 would have done very little to add to my SS payouts but would still be paying in over 100k in SS payments - so I bailed out of the work force.
@swit2732 ~ Good for you; I'm pretty certain you haven't regretted your decision!!! ☺️
seems sensible
Please do a video to explain the Windfall Exclusion and possible ways to avoid it.
One of the most informative, beneficial videos I’ve ever watched!
There is an advantage by drawing early and that is you are using less of your savings letting it grow. Yes SS goes up 5% a year but the stock market goes up on average of 10% a year for the last 100 years.
My self I have not decided if I will fully retire at 62 or 65. If I retire at 62 I will have to pay for full health insurance when its the most expensive. If I wait until 65 I can have my employer pay for the vast majority of my health insurance premium and then let Medicare take over at 65.
I have two pensions, Social Security, and 401K withdrawals. I’m making more in retirement than when I was working. Use all the funds you can your hands on right now. NEVER DELAY!!!!!!
You missed the main point of this video, which is that Social Security taxes need to be prohibited from the start. It is unlawful to double tax, and that is precisely what is taking here. When they were working, Social Security claimants paid taxes on their salary; now, when they most need this cash to survive, the government turns a blind eye to them! Americans may face retirement issues.
Retirement may be difficult for an increasing number of people. Saving money is difficult due to expensive rents, inflation, and low-paying jobs. These days, middle-class Americans also struggle to own a home, which prevents them from having a place to call home.
I completely agree; I am in my mid 50s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@j.ottinger Could you kindly elaborate on the advisor's background and qualifications?
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
Really good video. I've spent a lot of time understanding how SS works and, once again, I learned something new from you. I did not realized the spouses reduction was more than the primary at the same ages.
Ridiculous how complex it is. Infuriating that they stop indexing your income after age 60 when inflation is so high.
@@mafp22w Oh, that's an interesting point.
turning 61 this year. a lot to consider but thankfully all my qualifications are in place. the 23 k limit before taxation is interesting number.
Nice work
The amount at 13:00 the year you reach full retirement age must be a little known secret. Thanks for that information. It helped me decide to start collecting about 6 months earlier than I thought I needed to.
I did not know about the indexing factor. Good to know.
My husband collected for 12 months before passing at 63.
My pension started to reduce after 62 so I retired at 62.
Everyone's story is different and so for social security.
Great answer. There is no “right time to draw” only the right time for you and your situation.
How blessed u r to get a pension!
Thank you for this video. You answered so many of my questions and some that I didn't even know I had.
Glad i could help
One of thing i had to retired early because of being lay off at 62, I made over $100,000. I found other job working at the school janitorial. Way below my last year wagers. So decided to retire early by use the $100,000 for my SS.
I stand corrected. I thought the 40 credits had to be consecutive. Good to know.
But the guy paid in 9 years and they say the fund is running out of money there are so many people who work and pass away without ever taking a dime. But congress says the fund is going broke, no the fund has less money for them to dip into
It’s definitely worth meeting with SS to discuss your calculation. My online statement is wrong. The increase from age 67 to 68 is only 5% instead of 8% which then impacts ages 69 and 70 as well.
You're flat out wrong.
As he said in Taxi Driver “Are you talking to me”? If so, are you insinuating I don’t know how to read? The increase on my statement from age 67 to 68 is 5% (which is wrong). Me stating it is not wrong. Duh.
Online statements are often inaccurate. As you say, it's a good idea to meet with the SSA.
Another good class, thanks. 🙂
you bet
This answers sooOOOoooo many questions! Thank you. Love the channel
You bet
Your videos are always very informative. Great job!
too kind
I've been trying to work a lot of OT to get a bigger check later
Seems like a good idea
I used to work two jobs I kept I wanted to keep my wife home for my kids I think she stayed home for 5 or 6 years maybe a little more and then after they were all in school she got a job I got to put a she got a job.
She did go to work she gets her own social security when I die she'll get my social security if I die before her if she dies before me I still get my social security a mine is like three times higher than hers.
I turn 54 next month and I already have 35 years according to the SSA web site. But I obviously have several years where I didn’t earn very much. In order to maximize my Social Security payment by letting every year that I earned less than $20k roll off I need to work until I’m 67.
How can I see the actual formula for my numbers? Is there a place I can see how they decided my payment?
Thank you for this very clear presentation!
my pleasure
Just retired after 44 years in October. I worked 6 months past my 66.5 full retirement retirement age. My SS is $3300.00 per month.
It's a big adjustment.
I have around 7 investment streams I setup up because you cant make it on SS alone.
Ok. Where do live? That is about what I would receive. I am 63. I am thinking of downsizing whereby that would go to almost all of it. Yes I have other buckets
@sburger1685 Utah
But that $3300.00 is just my SS alone. A person wouldn't get that amount at 63 because of the reduction. The maximum SS in 2024 is $3822.00 at full retirement age.if you have other income streams then great. Also you're going to need medical insurance which isn't cheap either. Good luck.
@@wheels636 Yep. Obamacare is BRUTAL!
Sure, you can if you don't have many expenses and live in a lower cost area.
@@wheels636 yes I realize that at 63 you won’t get that at 63, I gave that age as a reference for me. Haven’t downsized yet either. Don’t know where you live or want to live but the expense thing is the big one. Health care I have figured in already- not that big unless you let your health go in the can. Better to be healthy than chasing dollars. Seems to be an awful lot of Fud being pumped. I have seen numerous people living millions behind that they could never spend cause they just died!
This is excellent information and lucidly explained ! Thank you 🙏🏾
At 76% $1042 with taxes taken out. Yes over 35 years. The average depends on who he's talking about
This doesn’t include the employer match or the pay in for self employment years. I know this is an example but these are important distinctions. The other thing to understand that people don’t know or ignore is the investment income on the total contribution to the fund at the time of retirement. This is important in case .gov decides to discontinue the program and buys out the shareholders.
2 things early filers never talk about survivor benefits and tax treatment of SS. My wife's SS is 1318 mine with DRC's is 4020. 64,000 SS+ 36,000 RMD's is a whole lot better tax wise than 18,000 SS+ 82,000 RMD's.
What about if one is on Medicare Disability which I have been on since 2002. Do I get an increase to my monthly payment.
Great explainer!
Re: Survivor benefits, the surviving spouse can claim their own benefit early then switch to their survivor benefits when they reach fra, allowing the survivor benefit to grow to 100%. This is true even if (especially if!) the survivor benefit is already larger. It's the claimant's choice, not Social security's choice but yes, you can only get one or the other.
You can also claim survivors and let your own grow until age 70.
Unless you're a public school teacher. Then you don't get the survivor benefit because you have a government pension.
@marygillespie2028 ouch
@@marygillespie2028 I didn't know that. That's unfortunate.
@@marygillespie2028 Again - this is because if you'd been paying into SS your whole life your own benefit would have been higher than your spousal benefit. The higher earning spouse in a couple who are both under SS doesn't get a survivor benefit either.
Hopefully, you can explain the Windfall Exclusion in the next video
Great video - when will you discuss the deductions the government takes from your SS check like Medicare, etc.? We really don't get the full amount.
You owe Medicare the money one way or another.
I'm confused about the part at 12:50 regarding earnings while receiving social security payments. Everything I've read indicates that pensions, non-ROTH IRA and 401(k) distributions do affect the AGI and, thus, can trigger a torpedo tax. Am I misunderstanding either your comment above or something else?
I'm just 61 and have started looking into all this and to say it's a bit confusing is an understatement.
I'd have loved to have the money I was forced to put into the ss system to add to my IRA over the last 30+ years.
13:28 Wait. Did I mis-hear? Did he say, in few words, that your benefit increases when you reach full retirement age EVEN if you collected a reduced amount earlier?
But it doesn’t increase every year. If you take SS earlier than 65, your monthly SS income is PERMANENTLY reduced.
@ That was my understanding. However, it sounded like he contradicted that notion.
Thank you!
So informative!
you are welcome
Blessed ,65 on SSDI till 66 , its rough but that's Life 😂Thankful to be an AMERICAN..
I worked intermittently and mostly was a stay at home mom. My ex worked full time. After 36 years we divorced. I tookSS at 62 because finding jobs with no career and with health issues is hard. He made great money, over 70k per year for 20 or more years. Yet they awarded me 400 for mine, and only 900 for his. Is that right?
Because you took it at 62 that’s why it’s less.
So much good information here! I would love to attend a seminar with Geoff.
you're too kind
My plan right now is to take SS somewhere between 67-70.
I just turned 59. I am 100% retiring from my job with a pension at 67
Id like to work a pt job for a few more years but who knows how ill feel in 8 years
One confusing thing here was the effect of work after starting to collect ssi. I thought that you got penalized for earning above a certain threshhold for all years on ssi, and that income from IRA/401k withdrawals counted. Not so?
Thanks for sharing your experience.
Thank you Sir for the great information about SS.
Are there any added benefits to SS for veterans?
I only served one enlistment in the Air Force, but I heard that SS adds a small monthly amount for service.
Is that true?
Very helpful, thank you!
Glad it was helpful!
can soneone please explain how money withheld if working is returned when you reach full retirement. no one out there is giving thise details ecxveor higher benefit? how is that calculated??? I think this is a very important calculation to know. thank you
Good information! Thanks for making this.
Nice presentation. 👍
Every CPA I’ve spoken with about this recommends taking it at age 62, if not working.
No reason to quit working at 62 unless you are totally disabled.
I certainty don't plan on retiring at 67!!! I have at least 40 credits and I want to actually enjoy my life while I am still spirited and adventurous......
How does someone who filed and received disability how is that calculated when it gets transferred to regular social security!
Not to sound stupid but where do we find the base figures you spoke about early on in video? Points etc. in order to figure it out ourselves. Does the SSA have our figures in place that we can look it up and see, maybe their website or calculator ?
I worked from ages 27 to 47. I work for a city agency where I was able to collect my pension immediately. I’ve lived off my pension for the last 15 years and just started collecting at 62. 2650 a month.
Well done
@TheGarageisFull ~ Dang; that's pretty impressive! Sounds like you really knew how to get the most out of your working income, and, later pension - especially to be able to retire at 47 with a pension! I have a much longer work history specifically at at law firm for 22+ years, then on & off due to the recession of 2008, then back to work until November 2021 - when I chose to resign. I didn't start collecting my Social Security Benefits until I was 62 & nine months; and, I'm definitely not earning $2,650 a month. With that, I wish I'd been far more calculated in my approach to retirement, Social Security, etc. 🫡
@ trust me I didn’t plan it this way. It just fell into place. Since this is my first year collecting Social Security I’m having the 22% taken out just to see what it looks like on my taxes.
@@TheGarageisFull ~ 👍
The real fairness is completely phases out the social security system and let ppl to control their own money to arrange their own retirement plan.
What about windfall? I spent most of my working life in a pension program. I do have the 40 quarters but don’t think I will end up with much of anything. Is there anything I can do? Plan to wait until age 70 to maximize the amount I get.
I worked as a public school teacher and will draw a pension benefit. I also have more than 40 credits in SS. What is my penalty for having the pension? Can I still draw social security?
Great presentation, thank you.
Thank you for these excellent videos.
My pleasure
Can you do or direct me to a video on what types of Income are Not Counted towards IRMA/Medicare?
Great video. I was comparing to my numbers....are your bend points correct? Looks like you are spanning across two years of data. $1,226 and $6,165 are good, but the last value should be $7,391.
Is there a special indexing factor for military salaries by year?
Do those indexing factors get updated each year to account for inflation. Example the indexing factor for the year 2000 is going to be higher in 2024 than it was in 2020?
They are tied to average wages, not inflation. In general wages increase more than inflation, so this is a plus. But the adjustment stops once you reach 60. After that you switch to the COLA, which is determined by inflation, but that only starts at 62, so there is a two year gap where you aren’t getting any kind of adjustment, although if you’re still working you will probably get some benefit from the higher wages replacing part of your history. Anyone who hit 60 in the last few years has been hit hard by this (which is why I know…)
The factors are updated every year though.
Thanks for the slower paced explanations. Most Tubers are fire hose speakers and talk so fast it’s impossible to get much of it.
When you find TH-camrs speaking 100 MPH, go to the gear wheel at the bottom of the video. There is a playback choice. Normal, faster, slower. You can also increase slow talkers.
Thanks for the insight. What a great tool
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I'm pleased I found this conversation. If you're comfortable with it, could you share how I can get in touch with the advisor you rely on for your investments?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
How does a legal separation affect spousal benefits?
It doesn’t. You’re either married or divorced and you have to have been married for ten years.
Great video what happens when someone maxed Social security since 1987 since I worked 2 jobs always?
Then you have an accident after your first check...uncle Sam can't keep paying you the big bucks...😊
If you actually maxed out (made as much or more each year as they require you to pay ss tax on) then you should max out on payments if you're full retirement age and get about $4168 per month in 2025 or maybe more if you wait until age 70 to collect (+ inflation adjusted amounts).
Does the RIB Lim apply for survivor benefits?
Is it the last 35 years or best 35 years? If you work from 18 to 28 then stop working according to the SSA until 65, do you get a $0? Actually, asking about teacher and government workers in a 2nd career that have their 40 quarters and have been not paying into SS for 35+ years.
For spousal benefits, can I get my own SS and spousal benefits? Or is it the same as with survivor benefits - you get one or the other?
One or the other, not a combined amount.
Sometime the SSA says you get your benefit plus an additional amount but the total is not going to exceed 1/2 the spouses benefit. If your own benefit is more than half of theirs you should get that amount automatically.
Special rules (discounts) apply if you start to collect early.
Great information! Thank you
Glad it was helpful!
A bit confused on divorced spouse benefits. If take benefits from ex-spouse, how would that affect my own SS benefits?
@cindyboane1951 ~ If you were legally married for at least a full ten (10) years you are entitled to divorced spousal benefits; one or the other - if your regular Social Security Benefits are higher you wouldn't collect or add to the monthly amount you'd receive. Also, your former spouse's Social Security Benefits would not be affected, nor would they even be made aware you were receiving anything from said benefits. ☺️
It might be a stupid question. But does your social security go down? If I quit working at 64 and live off my pension and cash in the bank, but don't collect my social security until 67. Will those three years of zero dollars earned hurt my social security checks
They base the calculation on your best earnings years in a 30/35 year period. Zeros don't count against you, they just don't count for you.
SS is based on your highest 35 years of earnings. If you could earn more now than you did in three of those 35 years (for example, early in your career), you would increase the amount of your Social Security check, but probably not enough to make it worth working three extra years, unless you really love your work.
Well SS told me I am stuck w what I get Ev though working becuz I took it early
How about everything that you and your employer paid into this social security fund is treated as a deposit into a big savings account. So when you retire, you make your one-time withdrawal of everything you and your employer contributed. Any interest would go to pay for the disabled in a monthly check. Sounds fair to me. They can do a direct deposit for me.
If we are already drawing SS, can we update our status and receive more pay benefits?
WHAT DID YOU MEAN BY WE GET BACK THE AMOUNT WE LOST WHEN WE REACH FRA?
@Geof, very Interesting video! It seems that the Government manages to make everything having to do with taxes SO complicated that many of their own people will not come up with the same answer when asked the same question! I wonder if you know whether or not indexing has always been used since SS was started and how it might have varied during years of very high inflation such as the 70's? Although someone who worked back then has likely had many years of higher net income, it isn't a linear line up for many of us. If SS stops indexing at age 60 and uses the higher adjusted income for 35 years, someone who began working at age 18 continuing through age 60 would have worked 42 years. I believe the minimum wage was $1.65 during the later part of the 70's and general pay for workers was considerably lower on a non inflation basis.They don't make your adjusted, indexed income available through their website at least in your own account pages.
Plus the government numbers in inflation are very under reported, real inflation rate is much higher than the reported rates
Hello..
Question, I married oversea.. My wife is here in the U.S. legally, do I need to register her with S.S. in order for her to receive survivor benefits when I pass away?
HR 82 just passed…347 YEA votes! Now…S 597 needs a VOTE…to repeal: WEP and GOVERNMENT PENSION OFFSET….asap! Currently: 62 Co-Sponsors. . My deceased husband PAID IN....and I DON'T get ANY of his larger benefit! I taught Title 1 Reading to impoverished kids in MO. and KS. I need my SURVIVOR BENEFIT as a widow….right now!
I have two pensions, Social Security, and 401K withdrawals. I’m making more in retirement than when I was working. Use all the funds you can your hands on right now. NEVER DELAY!!!!!!
We retired at 60 and will have to 2 pensions and SS as well and a healthy amount of pre-tax money. Not taking SS until much later and doing roth conversions now. If i don't I will pay alot more in taxes when RMDs kick in and one one of us passes away.
When it comes to ‘’personal’’ finance/retirement planning, following the steps of a seasoned advisor did the trick for me in just 5 years. Helped turn my capital into a whooping 6 figure yearly returns.
Your investment adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same investment adviser and how I can get in touch with them?
I've stuck with SOPHIE LYNN CARRABUS since the pandemic, and her performance has been consistently impressive. She’s quite known in her field with over two decades of experience, simply look her up.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Does the ex spouse lose their claim for good if they remarry?
Or do they just have to be “single” when they claim?
@bobinthewest8559 ~ Perhaps do a little fact checking, but I believe if you either wait until 60 or 65 to remarry it doesn't affect one's divorced spousal benefits - but again do some thorough research ... 😉
I would like to know if the guy that quit after 9 years making $125,000.00 decided to go back to work for a year at 64 making $30,000.00 to start collecting social security at 65 how much would he get?
Slightly more than Alfred (all else equal) given the numerator would be higher.
@@HolySchmidt Do you have to have a minimum "substantial" income each year to add to the total used to calculate the AIME, or is that only for earning credits? For example, my first year working part time in high school I earned $300 (probably not "substantial" even back then), and my last year after quitting my job in November to become a SAHM I got a lump sum for unused vacation time in January of about $500. So are those two years and $800 counted toward my AIME? If I find a part time job now that I'm over 60, it won't be indexed, but if I earn say $5000/yr for the next 15 years, will that $75,000 be counted toward my AIME (I've only got about 18 years in the system, depending on whether the first and the last years when I earned so little counted)?
So you saying it to late for those alright on SS