Collecting Social Security at 62, there is a special rule nobody talks about. Good news! 

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

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  • @SarasotaTim
    @SarasotaTim  ปีที่แล้ว +268

    Please Read: Correction to my video re: If you elect to cancel your Social Security the first year you must pay back everything you received.
    Canceling is very seldom done past a few payments. This option is only available the first year you start drawing.
    😎

    • @Skiskiski
      @Skiskiski ปีที่แล้ว +40

      What? So you are saying, if you start receiving payments, and then you realized you were not ready to get your S S, you have to pay back those payments you have received? Got you!

    • @user-yj3ob9kd3l
      @user-yj3ob9kd3l ปีที่แล้ว +25

      ​@Skiskiski yes!! You have 12 months to withdraw your SS application, but you must return everything you received. I did that and it took the SSA more than 18 months to send me a letter with the amount that I needed to return. 🤦🏻‍♀️

    • @cmo_rocks
      @cmo_rocks ปีที่แล้ว +23

      How are poor old broke people getting funerals covered without becoming a burden to family financially? Please make a video. I don't want that set back.

    • @user-yj3ob9kd3l
      @user-yj3ob9kd3l ปีที่แล้ว +20

      @@cmo_rocks insurance?

    • @cmo_rocks
      @cmo_rocks ปีที่แล้ว +4

      @@user-yj3ob9kd3l I doubt they have enough

  • @NicholasBall130
    @NicholasBall130 28 วันที่ผ่านมา +466

    I’ve been working and paying into Social Security for over 40 years, and there’s no way I’m waiting any longer to take it. I’m grabbing it early-might as well take the sure thing. At this point, I’m all about investing in myself and putting money into the market. Over the years, I’ve learned that building real wealth comes from making smart investments.

    • @cowell621
      @cowell621 27 วันที่ผ่านมา

      Yes, building wealth comes from making smart investments. Having a mentor is really important. It can be tough to find someone experienced, but it’s a wise decision if you're not familiar with the market.

    • @StacieBMui
      @StacieBMui 27 วันที่ผ่านมา +3

      Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.

    • @cowell621
      @cowell621 27 วันที่ผ่านมา +2

      Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

    • @StocksWolf752
      @StocksWolf752 27 วันที่ผ่านมา +2

      Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals.

    • @cowell621
      @cowell621 27 วันที่ผ่านมา +1

      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, Rebecca Nassar Dunne 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.

  • @MaximilianFischer497
    @MaximilianFischer497 หลายเดือนก่อน +630

    Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.

    • @TicheDebb0
      @TicheDebb0 หลายเดือนก่อน +5

      Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.

    • @MarshalWagner457
      @MarshalWagner457 หลายเดือนก่อน +4

      I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment by diversifying but how can I do so given that the market has been in a mess for the majority of the year?

    • @RowanBryson
      @RowanBryson หลายเดือนก่อน +3

      I’ve heard that good investment advisors can make a big difference. Can you share more information about your financial advisor?

    • @MarshalWagner457
      @MarshalWagner457 หลายเดือนก่อน +4

      “Sonya Lee Mitchell” is based in the U.S. but works with clients everywhere. You can find more info about her online.

    • @EvelynBrooks0
      @EvelynBrooks0 หลายเดือนก่อน +3

      Thanks! I’ve been meaning to start investing but kept procrastinating. I’ll definitely look her up and see what she advises. This was really helpful!

  • @specs002
    @specs002 4 หลายเดือนก่อน +326

    I still don't understand why they have a limit on what you can make to live on its not welfare its what you paid into your whole working life.

    • @islandboy7432
      @islandboy7432 4 หลายเดือนก่อน +38

      I agree my friend....it's OUR money

    • @MikeM-x6c
      @MikeM-x6c 4 หลายเดือนก่อน

      Because they need more money for the illegal scumbags!

    • @michaeljacoby6516
      @michaeljacoby6516 3 หลายเดือนก่อน +30

      Exactly!! I started collecting at 62 & 8 months. They held back 5 checks because of my income. It should not matter if you’re still working, I paid into SS for 44 years and still am. SS is still taken out of my paycheck.

    • @tonyclams1955
      @tonyclams1955 3 หลายเดือนก่อน +29

      They want to discourage you from taking your money as early as you can.....

    • @codis1625
      @codis1625 3 หลายเดือนก่อน

      Because theres no Social Security money. They just keep selling Bonds. Its probably been gone 20 years. TRUMP 2024

  • @visualverbs
    @visualverbs 10 หลายเดือนก่อน +54

    I retired at 62 and have never regretted it.

  • @SpanishAngel36
    @SpanishAngel36 ปีที่แล้ว +789

    I've had cancer 3 times in a 5 year period. I'm retring now at 62. Got all my debt paid off. Ready to enjoy life.

    • @tatialo37
      @tatialo37 ปีที่แล้ว +23

      God bless you and hope you get better soon!!!

    • @GawgaCracka
      @GawgaCracka ปีที่แล้ว +13

      May God Bless You Ma'am.

    • @SpanishAngel36
      @SpanishAngel36 ปีที่แล้ว +19

      Thank you I'm in good health now. And planning on enjoying retirement.

    • @glennpesti6519
      @glennpesti6519 ปีที่แล้ว +10

      God bless you

    • @jeeveswinston2545
      @jeeveswinston2545 ปีที่แล้ว +2

      Nice to hear that. Enjoy life.

  • @EliaszPass
    @EliaszPass 27 วันที่ผ่านมา +182

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

    • @ClarieZwiehoff
      @ClarieZwiehoff 27 วันที่ผ่านมา

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

    • @EliaszPass
      @EliaszPass 27 วันที่ผ่านมา

      @@ClarieZwiehoff That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well..

    • @ClarieZwiehoff
      @ClarieZwiehoff 27 วันที่ผ่านมา

      @@EliaszPass My advisor is *MARGARET MOLLI ALVEY*

    • @ClarieZwiehoff
      @ClarieZwiehoff 27 วันที่ผ่านมา

      You can look her up online

    • @FlorentGulliver
      @FlorentGulliver 27 วันที่ผ่านมา

      @@ClarieZwiehoff The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

  • @FernandoBowen-78
    @FernandoBowen-78 3 หลายเดือนก่อน +295

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

    • @MayaPaisley-
      @MayaPaisley- 3 หลายเดือนก่อน +2

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

    • @FernandoBowen-78
      @FernandoBowen-78 3 หลายเดือนก่อน

      @@MayaPaisley- That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

    • @MayaPaisley-
      @MayaPaisley- 3 หลายเดือนก่อน

      @@FernandoBowen-78 My advisor is VICTORIA CARMEN SANTAELLA;

    • @MayaPaisley-
      @MayaPaisley- 3 หลายเดือนก่อน

      You can look her up online

    • @FlorentGulliver
      @FlorentGulliver 3 หลายเดือนก่อน

      @@MayaPaisley- The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

  • @austinbar
    @austinbar 6 หลายเดือนก่อน +805

    I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

    • @eloign7147
      @eloign7147 6 หลายเดือนก่อน +18

      Nice way to retire. For me, I believe 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 determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

    • @joshbarney114
      @joshbarney114 6 หลายเดือนก่อน +5

      This is true. I'm in my mid 40's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

    • @rogerwheelers4322
      @rogerwheelers4322 6 หลายเดือนก่อน +5

      I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, 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, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

    • @FabioOdelega876
      @FabioOdelega876 6 หลายเดือนก่อน +3

      I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

    • @rogerwheelers4322
      @rogerwheelers4322 6 หลายเดือนก่อน +4

      I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

  • @garygrandadam7849
    @garygrandadam7849 10 หลายเดือนก่อน +192

    Retirement. Best job I ever had.

    • @robertdelreal7204
      @robertdelreal7204 4 หลายเดือนก่อน +4

      Your job now is walking to the mailbox to get that bank statement. Nice 👌

    • @deedee77777
      @deedee77777 หลายเดือนก่อน +3

      6 Saturdays and 1 Sunday.

  • @RandallDHoffman
    @RandallDHoffman 4 หลายเดือนก่อน +111

    I’m 61, thinking of taking SS at 62, get the money as soon as possible, no one is promised tomorrow. Waiting until 67 for a larger check is a gamble. It’s not thinking about yourself, if you’ve worked as many years as I have you deserve it. Better to be retired and live within your means instead of tired working hard and not having good health or time to enjoy your remaining time even if you have more money. Your time is limited and more valuable than money.

    • @ks77728
      @ks77728 4 หลายเดือนก่อน +12

      Thank you for saying this. I'll be turning 62 in Dec. I've worked since a teenager at 16. I had dropped out of the workforce several years ago to be a full-time caregiver to my elderly parents. My dad passed in 2021 and my mom is now in a nursing home. I went back into the workforce in 2021. I'm tired, exhausted, and my physical and mental health is poor. I've seriously been thinking of retiring early. 😢

    • @cashcreators
      @cashcreators 3 หลายเดือนก่อน

      @@ks77728 God bless you for taking care of your parents. We need more like you!

    • @nocmagic
      @nocmagic 3 หลายเดือนก่อน +5

      One way to look at it, the longer you wait the more money you’ll “leave on the table.” When I went in, the guy showed me how much I’d lose if I waited, I said oh no, sign me up right now! It’s our money, take it asap!

    • @virginiaholloway2710
      @virginiaholloway2710 3 หลายเดือนก่อน

      Me too 😁

    • @Aurorachaser64
      @Aurorachaser64 3 หลายเดือนก่อน

      I retired at 62 and haven’t looked back!

  • @LTV_inc
    @LTV_inc 4 หลายเดือนก่อน +147

    I retired at 52. My wife was 57. We traveled around the great west in our Pleasureway camper bought a smaller house and enjoyed life. Used our deferred comp and my State pension until we started collecting our 401k’s at 58 1/2, Collected SSI at 62. My wife got pancreatic cancer and died last year, if I would have worked until 65 we never would have had that time. It’s all about how you do it. I’m glad. 😊

    • @sheriturner6118
      @sheriturner6118 4 หลายเดือนก่อน +6

      So sorry for your loss. Glad you had that small amount of time to travel, enjoy life making memories.

    • @jatteam8615
      @jatteam8615 3 หลายเดือนก่อน +6

      Sorry for loss. 🙏 you did it right for sure! 👍

    • @BrandonTran
      @BrandonTran 3 หลายเดือนก่อน +2

      Wow this hit hard. Sorry for your loss. I’m trying to resist optimizing social security. It seems more important to live your life and draw at 62 regardless of what it is. Thanks for your story

    • @strengthmuscle5529
      @strengthmuscle5529 3 หลายเดือนก่อน +1

      Sorry for your loss sir...

    • @jdavis9990
      @jdavis9990 3 หลายเดือนก่อน +3

      I am so very sorry for the loss of your wife. So happy for you that you made the decision to make memories with her instead of just working until full retirement age. ❤

  • @JohnMonks-sb3bj
    @JohnMonks-sb3bj ปีที่แล้ว +342

    I retired at 62.3, last March 2023. I have NO mortgage, NO car payment, NO cc debt! I was working with guy's in their 70's who were slaves to their mortgage! I look at it this way, I have 20 years of vacation ahead of me! I worked for corporate America for 47 years, time for some ME time!

    • @solskengroupllp2758
      @solskengroupllp2758 5 หลายเดือนก่อน +4

      Until you are diagnosed with cancer 14 months from now.

    • @raythackeritsbillwardsingi8504
      @raythackeritsbillwardsingi8504 4 หลายเดือนก่อน

      ​@@solskengroupllp2758u suck!

    • @chellejack3480
      @chellejack3480 4 หลายเดือนก่อน

      ​@@solskengroupllp2758Ugh... Yeah, those horror stories do seem to happen

    • @lethargicmotorsport2025
      @lethargicmotorsport2025 4 หลายเดือนก่อน

      @@solskengroupllp2758having a mortgage won’t effect the diagnosis.

    • @auberjean6873
      @auberjean6873 4 หลายเดือนก่อน +6

      @@JohnMonks-sb3bj
      Thank goodness you're still in good shape enough to enjoy it! May you have a wonderful rest of your life!

  • @johnpence8529
    @johnpence8529 ปีที่แล้ว +441

    I retired 20 years ago at 59 1/2 and have never regreted it. No desire to work a job since then. Best thing I ever did. Nice being able to do what I want and when I want. Wife of 42 years passed away and I took off for a 3 month trip to Alaska and Canada in my pickup and truck camper That was my dream trip that I had always wanted to do. Life is interesting for sure.

    • @silkscreenart5515
      @silkscreenart5515 ปีที่แล้ว +1

      You are not Tony Bennet.

    • @cl5080
      @cl5080 ปีที่แล้ว +6

      @@silkscreenart5515 And?

    • @dabear2438
      @dabear2438 ปีที่แล้ว +9

      @@silkscreenart5515 Neither are you... 🙄

    • @thatguy8005
      @thatguy8005 ปีที่แล้ว +1

      I thought you were like me… I retired 20 years ago… I’m now 59 1/2.

    • @yellowdog4469
      @yellowdog4469 ปีที่แล้ว +11

      @@silkscreenart5515 Stay off the internet when your drunk

  • @Fishpig65
    @Fishpig65 4 หลายเดือนก่อน +198

    I retired at 57 after 33 yrs of trucking. Zero debt is freedom. Live within your means.

    • @roytaylor2803
      @roytaylor2803 3 หลายเดือนก่อน +5

      Exactly! Everyone is complaining they can pay the bills we’ll stop maxxing out credit cards and stop going out to eat and vacations all the time! If you think smart you can be debt free!!!!!

    • @Machria23
      @Machria23 2 หลายเดือนก่อน +1

      YEP! I know people in debt complaining about money all the time and still working and bitching about it.

    • @Lastcallrepent
      @Lastcallrepent 7 วันที่ผ่านมา

      We make our own bread cook our own pizza's we are happy ❤

  • @Richardcarlett
    @Richardcarlett ปีที่แล้ว +597

    Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

    • @ilyaveysman.
      @ilyaveysman. ปีที่แล้ว +4

      True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

    • @AbdoolLogodesign
      @AbdoolLogodesign ปีที่แล้ว +8

      Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

    • @AbdoolLogodesign
      @AbdoolLogodesign ปีที่แล้ว +3

      I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.

    • @Jessicahensley.
      @Jessicahensley. ปีที่แล้ว +3

      @@AbdoolLogodesign I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Julie up and send her a message. You've truly motivated me. God's blessings on you.

    • @ForGodsGlory70
      @ForGodsGlory70 ปีที่แล้ว +17

      @@Jessicahensley. Beware these are often a scam. Never get a referral for a financial advisor from a stranger on the internet. Get a referral from someone you know face to face. Church, local BNI group, Meetup. I hope you have not already been scammed.

  • @michaelstevens1027
    @michaelstevens1027 ปีที่แล้ว +235

    I took a buyout into retirement at 58. I started receiving my SS at 62. No regrets because I paid into it for over 40 years and I want my money. It’s not an “entitlement “ as some politicians would have you believe. I earned it, paid into it and I will draw it.

    • @davidharris4030
      @davidharris4030 5 หลายเดือนก่อน +3

      💯

    • @dknowles60
      @dknowles60 4 หลายเดือนก่อน +9

      YEA some people have paid in 400k most people will have to live to age 85 to break even

    • @victorgokey8996
      @victorgokey8996 4 หลายเดือนก่อน +10

      Amen to that, it's our money not theirs!

    • @debiperkins
      @debiperkins 4 หลายเดือนก่อน

      Guess that I am just one of the lucky ones.😢

    • @vortexgen1
      @vortexgen1 4 หลายเดือนก่อน +9

      This is an entitlement, because we have paid into this. This is our money and we are entitled to it. We own and are owed this money.

  • @Hannahbenowitz
    @Hannahbenowitz 2 หลายเดือนก่อน +415

    Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!

    • @bartlyAD
      @bartlyAD 2 หลายเดือนก่อน +2

      Haha, I hear you! But don’t just dive in headfirst-trust me, I tried that. Before you start playing with your $125k, maybe consider getting some advice? I had a financial advisor who saved me from a few bad decisions. You’d be surprised how much a pro can help, especially when you’re just starting out!

    • @HildaBennet
      @HildaBennet 2 หลายเดือนก่อน +2

      Haha, I hear you! But don’t just dive in headfirst-trust me, I tried that. Before you start playing with your $125k, maybe consider getting some advice? I had a financial advisor who saved me from a few bad decisions. You’d be surprised how much a pro can help, especially when you’re just starting out!

    • @bartlyAD
      @bartlyAD 2 หลายเดือนก่อน +1

      There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with ‘Rebecca Noblett Roberts’ for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.

    • @HildaBennet
      @HildaBennet 2 หลายเดือนก่อน +2

      Just looked her up, and she seems like exactly what I need to finally get my finances on track. Thanks for the tip!

    • @kevinkenney-m5b
      @kevinkenney-m5b 2 หลายเดือนก่อน +2

      I’m not sure why filing at 62 is a bold move? The math favors taking SS as early as possible. It only makes sense financially to wait until full retirement age if you hit 74 I believe then it starts paying off waiting.. but this assumes you live until 90.

  • @orbs1062
    @orbs1062 ปีที่แล้ว +36

    I'm very fortunate. I retired at 56. Everything i own is paid for.
    I'm 62.7 now. I can make it with no effort to 67. Next year I'll live off the interest i earned this year - if needed.
    I enjoy not working.

    • @mikeyis009
      @mikeyis009 ปีที่แล้ว +3

      Bingo!!! Great job

  • @karlfowler3742
    @karlfowler3742 ปีที่แล้ว +540

    It's sad when they tell you that Social Security isn't meant for you to live on and then Limit how much income you can earn and still draw Social Security. It just doesn't make sense.

    • @jeffsimpson203
      @jeffsimpson203 ปีที่แล้ว +9

      Then don't claim before 67

    • @TheTamrock2007
      @TheTamrock2007 ปีที่แล้ว +128

      It's terrible honestly. This is money we earned, not a handout. Limits on income is criminal.

    • @guyjoslin7682
      @guyjoslin7682 ปีที่แล้ว +38

      Yes it's wrong

    • @John-br5fd
      @John-br5fd ปีที่แล้ว +45

      END THE POLITICIAN WORSHIPING SYSTEM. THATS THE ANSWER🎉

    • @kathycuster1714
      @kathycuster1714 ปีที่แล้ว

      It's the government, nothing they do makes sense!

  • @CameronFussner
    @CameronFussner 6 หลายเดือนก่อน +1147

    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 determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

    • @CharlesArthur-fq5sx
      @CharlesArthur-fq5sx 6 หลายเดือนก่อน +6

      This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

    • @williamDonaldson432
      @williamDonaldson432 6 หลายเดือนก่อน +7

      Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

    • @foreverlaura-fq4eu
      @foreverlaura-fq4eu 6 หลายเดือนก่อน +3

      @@williamDonaldson432 Could you kindly elaborate on the advisor's background and qualifications?

    • @williamDonaldson432
      @williamDonaldson432 6 หลายเดือนก่อน +3

      I won't pretend to know everything, though. Her name is Annette Marie Holt but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

    • @Franklin-gq4si
      @Franklin-gq4si 6 หลายเดือนก่อน +4

      @@williamDonaldson432 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

  • @antoniobrown224
    @antoniobrown224 ปีที่แล้ว +145

    Thank you for the information. I am 55, and I have spent the past nine years getting educated about Social Security. Back in 2006, a gentleman told me that once I became 62 to collect my SS. One of my old coworkers told me that his dad waited the maximum age and died before receiving his first SS check. I will most definitely stick to my plan and get my SS before my 63rd birthday.

    • @Eli-qr9hc
      @Eli-qr9hc ปีที่แล้ว +7

      Same boat. 62 as of august 2023. Thinking of retiring at now or 63-ish

    • @xoxxobob61
      @xoxxobob61 ปีที่แล้ว +6

      My Dad was 62 and born in October and was set to collect his first Social Security check in January of the following year. He never made it cause he had a massive Stroke 2 days after Christmas and died on January 5th. We had to return his check to SS Office.

    • @jeffjeff4477
      @jeffjeff4477 ปีที่แล้ว +9

      59
      Planning on 62 to start collecting

    • @lorenscalf56
      @lorenscalf56 ปีที่แล้ว +6

      I am in same lock step. I walked at 60. Had no bills new paid off car beat up Ole truck. Had my full pension. Then my SS. Best thing I ever did

    • @frankaguilar6860
      @frankaguilar6860 ปีที่แล้ว +4

      What about medical???

  • @richardthomas6364
    @richardthomas6364 ปีที่แล้ว +84

    AMEN BROTHER, WE DON'T KNOW WHEN GOD IS GOING TO CALL US HOME, I AGREE WITH YOU 100 %

  • @Gypsy964
    @Gypsy964 ปีที่แล้ว +133

    I retired at 54; sold everything I owned & bought a van & started traveling!! love life! after working 20 years in nursing homes & the rest in factories when the covid hit I quit going in to work, as I was not going to submit to wearing a mask all day in a factory, now I work part time & travel!!! I am now 59 & can't wait to draw my ssi!!

    • @heygrl
      @heygrl 10 หลายเดือนก่อน

      My dream❤

    • @mustafahamsho5310
      @mustafahamsho5310 9 หลายเดือนก่อน +2

      What is your part time work now? Can you say?

    • @SarasotaTim
      @SarasotaTim  9 หลายเดือนก่อน

      @mustafahamsho5310 TH-cam 😎

    • @zeemc2751
      @zeemc2751 8 หลายเดือนก่อน +1

      I've been thinking about buying a van or a RV, for the past year. I'm near retirement age, no bills hanging over my head, nothing. I just have to make a decision on whether I want to travel the U.S. or travel the world. Right now I'm leaning towards the world 👍🌍.

    • @Gypsy964
      @Gypsy964 4 หลายเดือนก่อน

      @@mustafahamsho5310door dash

  • @ricsmith2185
    @ricsmith2185 10 หลายเดือนก่อน +24

    I turn 62 in 6 months and I will be taking my Social Security on day one... thanks for the very informational videos!

    • @edrodgers4581
      @edrodgers4581 10 หลายเดือนก่อน

      You will regret this decision.

    • @ricsmith2185
      @ricsmith2185 9 หลายเดือนก่อน

      @@edrodgers4581 respectfully, you don't know anything about my situation or how much money I have or how much I'm going to make. Thanks again for your thoughts tho!

    • @lindagoodwin3908
      @lindagoodwin3908 3 หลายเดือนก่อน +1

      Why is 62 seem to be the age many are going for?

    • @johnmellyn2700
      @johnmellyn2700 หลายเดือนก่อน

      @@lindagoodwin3908 I believe that’s the earliest age you can start receiving it

  • @kristywhited8857
    @kristywhited8857 ปีที่แล้ว +182

    I did the math some time ago using age 80 as estimated life expectancy. So, draw at 62 means 18 years of $X per year and draw at 67 means 13 years of $Y per year. Yes, the overall amount of drawing for 18 years was less in total, but not by a whole lot. It didn't appear to be a "life-changing" amount of money to me. If I wait, and pass away at 67, I get nothing. And if I only live to 70? Well, this is a no-brainer for me. I'll take the 75%. Get it while I can.

    • @Dbb27
      @Dbb27 ปีที่แล้ว +8

      What if you live until you’re 90?

    • @Ugot2BkddnMe
      @Ugot2BkddnMe ปีที่แล้ว +6

      and, for those who say "i don't need the money", then invest all SS proceeds into a 4% CD and the breakeven point becomes, at a minimum, 23 years to "break even"

    • @stephendickinson4647
      @stephendickinson4647 ปีที่แล้ว +10

      Did the same as you..and no regrets! …worked in healthcare and seen what can happen anytime to one’s health

    • @celesteg-g2684
      @celesteg-g2684 ปีที่แล้ว +11

      My coworker passed away the week she was to start collecting SSA, all her family got was her death benefit. Take your retirement when you are ready. You’ll get something.

    • @DonaldMains
      @DonaldMains ปีที่แล้ว

      It's not 23 years, it's 18 years. It's ok to collect SS at 62, but don't give bad info out. @@Ugot2BkddnMe

  • @dalepasswaters4898
    @dalepasswaters4898 ปีที่แล้ว +32

    I took it at 62 I’m now 72 no regrets . Tomorrow is guaranteed to no one many friend’s coworkers did before or shortly after retirement and got none of their money back. I’ve been collecting for ten yrs now and hope to be around a good bit longer till I get it all back .

  • @stevedawson3863
    @stevedawson3863 10 หลายเดือนก่อน +53

    Best decision I ever made retired at 62. I still worked. Made only what I was aloud to make. All debt was done years ago. Still working at 68 years old just because I love what I do. Never had to touch my soc sec yet. It's great feeling to have financial freedom!! Take the money at 62 if you can!!!

  • @hobo1452
    @hobo1452 ปีที่แล้ว +629

    I retired ten years ago at 62 and started collecting SS right away. My reasoning was simple. The government has had their hand in my wallet my entire working life. I wanted to start recouping some of that money just as early and for just as long as I could. People need to realize that our government never does anything for us that doesn't somehow benefit them more than us. They encourage you to wait until 65, and preferably even longer because it's a gamble they are willing to take with your life. Even with the current longevity estimates, the odds are in their favor that the longer you wait to collect, the better chance you have of dying and that translates to a shorter time span for them to have to pay you back. Your government is counting on the carrot they are dangling on SS stick to last longer than you do.

    • @buckkw5108
      @buckkw5108 ปีที่แล้ว +3

      Did you have to wait 2 months after turning 62 ?

    • @hobo1452
      @hobo1452 ปีที่แล้ว

      @@buckkw5108I honestly don't know if that's required by SS. It was at least a month or two after I retired before I went on line to the SS website and set up my account to start my payments. It was really easy and the payments started showing up in my checking account in a very short time, about another month or so. I didn't even have to report to the local SS office or anything.

    • @judigrumm7190
      @judigrumm7190 ปีที่แล้ว +33

      Exactly. Government is NOT here to help!

    • @sherrybeauberry
      @sherrybeauberry ปีที่แล้ว +32

      @@judigrumm7190 well in this case, social security income is the topic of discussion, so I guess the government CAN and HAS done something to help. If the Social Security Act had not been established in 1935 by the FDR Administration, specifically so older Americans could live with dignity into their old age and not be destined for poverty or to work until they drop, we'd be having a very different discussion. And then medicare became law in 1965 as a further safety net to older Americans, so that's at least twice the government has done something to help. And then another biggie - the Affordable Care Act (Obamacare) became law in 2010, helping secure access to affordable health insurance for Americans in a variety of circumstances, e.g. self-employed, lower and middle income earners, etc., which also helps many Americans avoid medical bankruptcy because they can actually afford health insurance and to seek care when they need it. These are HUGE helps to so many Americans and I for one am thankful for all of them!!!

    • @johnmoore6853
      @johnmoore6853 ปีที่แล้ว +17

      What did you do about medical insurance between age 62 and 65? Also different people have different circumstances. They may have others depending on them, like kids still in college and can't afford to retire at 62. It's fine that you could retire at 62. But it's not a one-size-fits-all

  • @bjgrayson6755
    @bjgrayson6755 4 หลายเดือนก่อน +43

    I’m 55yrs old. These comments and stories confirm. I need to retire at 62…👀🤔…thank you for the video and others sharing…..

    • @RealGCNow
      @RealGCNow 4 หลายเดือนก่อน +1

      Same here.

  • @islandboy7432
    @islandboy7432 4 หลายเดือนก่อน +46

    I retired at 57 with my full pension after 32 years in the transportation business ....I'm grateful to jesus and waiting to hit 62 to collect social security...praise Jesus!

    • @Calichick67
      @Calichick67 4 หลายเดือนก่อน +3

      Congrats! I'm 57 and retired last Dec. I will collect SS when I turn 62, I can't wait

    • @SonicMegaUltra1234
      @SonicMegaUltra1234 3 หลายเดือนก่อน +1

      I retired from the navy in 07. At 62 I'm taking SS. Does my navy retirement count against me when I draw SS?

    • @islandboy7432
      @islandboy7432 3 หลายเดือนก่อน

      @SonicMegaUltra1234 it shouldn't.....i have my UPS pension but not old enough yet to get SS

    • @gayle2276
      @gayle2276 3 หลายเดือนก่อน

      Any 401 or alimony counts as income. Be careful not to go over the amount allowed. Double check with Social Security.

    • @franklee2683
      @franklee2683 3 หลายเดือนก่อน +3

      ​@@SonicMegaUltra1234 no. Only EARNED income,not retirement income. You're good.

  • @peternorthrup6274
    @peternorthrup6274 ปีที่แล้ว +104

    I was born in 59. The day I turned 62 I started SS. Been at it since I was 13. Retired at 55. It was always the plan. $2343.00. SS. That gives you an idea of how much overtime I worked during my career. Some people at 62 don't receive a fraction of what I get. Believe me. I was done working. Good luck.

    • @jpaul4788
      @jpaul4788 ปีที่แล้ว +8

      I received my ssi statement, 2022 I was 59 than , my estimate is $2400 at 62 , but I’m planning to go till end of 2026, so ssi told me my funds be higher, main reason is medical , here in California is not cheap ,I just got home , cause I also worked a lot lot of overtime

    • @peternorthrup6274
      @peternorthrup6274 ปีที่แล้ว +4

      Paul. I can see with that number I agree you and I worked alot. It really made a difference. People don't realize till its to late. I remember the days when sat and sun was double time. I worked it all. For a guy that never went to college I did ok. Sounds like you did to. At 55 believe me I was done. Get out as soon as you can. Good luck.

    • @susanrichardson3220
      @susanrichardson3220 ปีที่แล้ว +8

      although I started woorking when I was 16 and didnt start teaching until I was 40 the Windfall Elimination Provision passed in 2003 takes 50% of my SS because I receive a small $1100 pension from teaching for 15 years...talked about getting skrewed...

    • @mmane257
      @mmane257 ปีที่แล้ว +2

      i did the same thing.worked as much O/T that i was given.and
      it made a difference in my SS
      payments.

    • @ravensrun6117
      @ravensrun6117 9 หลายเดือนก่อน

      Well hats off to your goal met but I worked a lot of overtime when I worked at a F-500 and just did not see that pan out but it was only for 5 yrs.

  • @Mr05Chuck
    @Mr05Chuck ปีที่แล้ว +469

    I turn 70 in a couple months and I waited. Here is why. I retired at 55 from the Teamsters. My wife started collecting at 64. When we went down to apply for her the guy asked when I was born. I said 1953. Since my wife was born in 55 he signed me up to collect half of her SS. So for the past 4+ years I have let mine ride and collected a 1000$ per month. This will allow my wife to take my higher check if I die first as my pension will go away. We haven’t touched her million+ 401k. My family has good genetics and many live into their 100s. So in my case it was a no brainer to wait till 70. House has been paid off for 20 years. No bills but taxes and insurance. Retired for 18 years. Plus soon I will get another monthly check? Plus, my wife of 43 years is still hot as hell? I’m truly blessed.

    • @cindyandress2285
      @cindyandress2285 ปีที่แล้ว +30

      What a nice compliment. Every man needs to act like you.

    • @rickcormier9160
      @rickcormier9160 ปีที่แล้ว +8

      Similar for me. My wife is 5 years younger than me and makes over 200k per year. I will have money coming in from 3 sources, but by waiting until 70 I will make over 30k per year more which will allow us to better maintain our lifestyle.

    • @PSCA1988
      @PSCA1988 ปีที่แล้ว

      Are you asking us if your nearly 70 year old wife is hot as hell?

    • @adjuster57
      @adjuster57 ปีที่แล้ว +16

      Ya see. Your thinking of others, such as your wife. Sarasota Tim is only thinking of himself and that’s why he is single living in a trailer. I also have done well with investing, can easily afford to do anything in life. Also waiting until I’m 70 take SS. The long I wait, the more money my wife gets when I pass.

    • @debpetty4011
      @debpetty4011 ปีที่แล้ว +17

      But you're giving away the money from age 62 to 70 you'll never see

  • @beckysmith9730
    @beckysmith9730 ปีที่แล้ว +22

    I will be 62 in Jan 2024. My hubby is disabled and I am his caregiver. This video convinced me I need to apply for SS soon. I believe you have just changed my life Tim. Thank you!!

    • @angelasmith257
      @angelasmith257 10 หลายเดือนก่อน +3

      I’m in the same boat..think I’ll take it! Even though might not be a whole lot I’ve been a caregiver for the last 1O yrs so haven’t worked unfortunately..

  • @Juju-wk7yv
    @Juju-wk7yv ปีที่แล้ว +142

    I took my SS at 62. Longevity is not in my family.

  • @Nicho-rf5ie
    @Nicho-rf5ie ปีที่แล้ว +40

    I started collecting socsec a few months before 63rd bday. Covid had been raging for 4 months. It was magnificent to not have to deal with the additional asspains at a job. I do work my ass off at home, but that's just my way. Happy retirement to all!

  • @marieregis9491
    @marieregis9491 ปีที่แล้ว +17

    Hi Tim, just found your station!❤ thank you so much for this! I’ve been going back and forth in my head about retirement at 62! I’m doing it!🙏🍾

  • @lailaalfaddil7389
    @lailaalfaddil7389 ปีที่แล้ว +244

    This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

    • @susannnico
      @susannnico ปีที่แล้ว +4

      Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional.

    • @darrylhubbard1202
      @darrylhubbard1202 3 หลายเดือนก่อน

      What does that mean ?

  • @GhanYt
    @GhanYt ปีที่แล้ว +218

    Because of dividends, I first began investing in stocks. It's important, in my opinion, to be able to live off of dividends without selling if you invest and make other income in addition to payouts. It suggests that you may pass that down to your kids and give them a leg up in life. Over the years, I've invested over $600k in dividend stocks; I continue to buy more today and will keep doing so until the price drops even further.

    • @bahijarhafiri
      @bahijarhafiri ปีที่แล้ว

      I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

    • @bahijarhafiri
      @bahijarhafiri ปีที่แล้ว

      Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Jenny Pamogas Canaya is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

    • @jmm1817
      @jmm1817 ปีที่แล้ว +3

      ​@bahijarshafiri scam

    • @miket7184
      @miket7184 11 หลายเดือนก่อน +3

      @@bahijarhafiri Spammer

  • @robinalecia7554
    @robinalecia7554 10 หลายเดือนก่อน +4

    Thank you Such a blessing to have this info . Taking at 62

  • @FoundLamb
    @FoundLamb 10 หลายเดือนก่อน +3

    You’re very helpful and have an easy to understand teaching style. I appreciate your video bc it’s really hard to understand things on my own at 50. But I’ll get it :) my goal is to retire at 62.

  • @dennissvitak5475
    @dennissvitak5475 9 หลายเดือนก่อน +105

    I retired at 61. It's been six years, and I haven't touched my nest egg. We live simply, and within our means, which is how my wife and I lived our entire lives.

    • @Garminrules
      @Garminrules 4 หลายเดือนก่อน +3

      Right there with ya!

    • @Laflower60
      @Laflower60 4 หลายเดือนก่อน +2

      Me n mines too💯✌🏽

    • @bruceharding723
      @bruceharding723 4 หลายเดือนก่อน

      Well... you better start touching your nest egg... because it's ALL GOING TO BECOME ROTTEN EGGS!!!... Wake the Fuck Up... GodblessU 😇🙏 😎

  • @MrEd-dc6mh
    @MrEd-dc6mh 3 หลายเดือนก่อน +7

    I'm 61 now. Thanks for sharing this information. God bless you Sir!

    • @SarasotaTim
      @SarasotaTim  3 หลายเดือนก่อน +1

      ..and God Bless you to Mr Ed. Soon you’ll be getting yours 👍😎

  • @Tom-sg4iv
    @Tom-sg4iv ปีที่แล้ว +207

    I was lucky to retire at 42 with hard work and good investments. It’s been three years, and I don’t miss work one bit. Enjoying my life going to the beach with the old folks in the morning, shopping when the stores aren’t crowded, taking a siesta, plenty time for my hobbies and just enjoying life.
    Retire as early as possible, you don’t know how many good years you have left.

    • @pauledwards5607
      @pauledwards5607 ปีที่แล้ว +6

      what if SS is the only income you have?

    • @fendermon
      @fendermon ปีที่แล้ว +7

      @@pauledwards5607 Move someplace cheap.

    • @Tom-sg4iv
      @Tom-sg4iv ปีที่แล้ว +2

      @@pauledwards5607 Hopefully you have your house paid off when you retire or enough savings to buy somewhere cheap as suggested, i.e. Fort Clark Springs or similar

    • @johngatsby1473
      @johngatsby1473 ปีที่แล้ว +2

      I did the same. I had 2 childcare centers that I hired great people to operate and I have a portfolio of rentals properties. I sold the centers and still have my properties and have done nothing but spent time with my wife and kids after my 2 hour mornings at Starbucks. Quite enjoyable

    • @johngatsby1473
      @johngatsby1473 ปีที่แล้ว

      @@pauledwards5607 moving someplace cheap is definitely your best bet because the Biden economy won't let you rent much in a big city.

  • @silversleuth007
    @silversleuth007 6 หลายเดือนก่อน +50

    I took my SS at 62. No regrets.
    I work 3 days out of the week for $15.50 an hour plus health insurance.
    When Medicare A kicks in soon, my company insurance will take the place of plan B or a supplemental.
    It's an easy gig, keeps me in shape, and gets me out of the house into the world.

    • @MrHoustonismydog
      @MrHoustonismydog 6 หลายเดือนก่อน +2

      Can I ask what your job is? I will be 62 in October

    • @silversleuth007
      @silversleuth007 6 หลายเดือนก่อน

      @@MrHoustonismydog ... I work at remote collection sites accepting donated household goods.

    • @silversleuth007
      @silversleuth007 6 หลายเดือนก่อน +4

      @@MrHoustonismydog ... I work three days a week receiving donations of common household goods. I probably lift between 2-6000 pounds a week by hand.
      1 to 50 pounds at a time, though. Lol

    • @stefaniefulton8594
      @stefaniefulton8594 5 หลายเดือนก่อน +3

      I'm 59 and I'm planning on doing this as well! The way the world is going now though there may not be any social security left! 🤷

    • @daralynx2
      @daralynx2 4 หลายเดือนก่อน +2

      Just don't earn more than $21,240 in a year. 50% penalty until 'full retirement' age.

  • @bcuzicancuellar5478
    @bcuzicancuellar5478 ปีที่แล้ว +25

    This is the second video I’ve watched and have learned more about my SS benefits than I have since turning 62 almost 4 years ago. Thanks Tim! Stay safe

  • @dlhartley157
    @dlhartley157 ปีที่แล้ว +20

    Hey Tim! Great video and timely info.
    Here's a problem my wife and I almost ran into. I took early retirement at 62. She's 2 yrs. younger. She's a self-employed hairdresser (with a shop and various expenses). I was on her payroll until I reached 62. Then I retired.
    I then went back on her payroll once she started collecting SS at 62 because of the $1 penalty for each $2 earned. I earn a paycheck which she takes as a "wages" expense on her Schedule C. This in turn lowers her 'Net Income', also on Schedule C. And that's the amount the IRS use to calculate the penalty. So she doesn't incur a penalty on her SS benefits.
    Our 'Standard Deduction' is $27,700 (married, filing jointly) + I get an additional $1500 (for me being over 65). This has helped us keep from exceeding the $32,000 threshold so we don't pay any federal taxes on our combined SS benefits (which can be a separate problem altogether). Anyway, just thought I'd share this, hoping your viewers might benefit.

    • @dennistyler9852
      @dennistyler9852 9 หลายเดือนก่อน

      That’s close to the limit to make Obamacare extremely affordable.

  • @Mr.DsBackyard
    @Mr.DsBackyard 11 หลายเดือนก่อน +1

    I am impressed by your ability to explain so nicely and making it so easy to follow. Thank you and excellent work.

  • @larrrevenga49
    @larrrevenga49 ปีที่แล้ว +4

    Thanks super great info I started collecting the second I turned 62 after 40 yrs as a construction trade electrician 😂
    and never plan on working again been retired for 4 years.
    My wife however is going to collect at 62 but work one more year, so this was great information. Thank you.

  • @LalaDM8
    @LalaDM8 ปีที่แล้ว +32

    Thank you, Tim. You dropped onto my feed today at the most perfect moment. I’m grateful for this vlog and your kindness to help us all. Will check out all your recommendations. Bless you, kind sir! 😌🙏

    • @sman5877
      @sman5877 ปีที่แล้ว

      This man must be making thousands off this utube channel.

  • @harleydriverpdtnm3996
    @harleydriverpdtnm3996 10 หลายเดือนก่อน +2

    Excellent video sir! Very informative! I’ll look into it and see what works best. Most of the guys I know are waiting until they hit 70 but I will have to look into the pros and cons of each.
    Again, thank you
    ENJOY LIFE!👊🏾

  • @wandadavis8209
    @wandadavis8209 4 หลายเดือนก่อน +10

    Tim... I found your channel last year. I did it!!! I retired at 62... Received money starting this June. I do still have to work a PT job to supplement it. I cannot make over 1860$ extra. ( that they know about). 😊

  • @DianeLasek
    @DianeLasek ปีที่แล้ว +3

    You've been the most helpful for me in making this decision!

  • @glennalan
    @glennalan 10 หลายเดือนก่อน +1

    Such a great video and so helpful! Turning 62 in June and I am going to collect. Thank you so much for the numbers you have calculated. Just subscribed. Thanks again and God bless

  • @itsamysticlife3500
    @itsamysticlife3500 4 หลายเดือนก่อน +14

    We're not guaranteed tomorrow, believe me.
    Hubby and I worked to get out of debt and set up our "happily ever after" life.
    We both took SS at 62 and were enjoying our retirement on our little farm. We were active in building our structures, making growing needs, planting gardens, caring for animals, and working with neighbors to make everything in our area better and happier.
    This past July 4th weekend (2024) hubby passed in his sleep, 2 1/2 months before he would have been 65. If he had waited, he wouldn't have been drawing his money.
    A lady with the SSI office said that because we were both drawing, I'd be passed it would make it easier and faster for me to get my widow's settlement. That simple and honest statement to my husband made him feel better about taking it early.

  • @waylonmccrae3546
    @waylonmccrae3546 4 หลายเดือนก่อน +25

    Retired At 51 !! Started my Own Business, work my Own Hours, & Friggin' Loving It !! 😉👍🏻

    • @TRONABORON
      @TRONABORON 4 หลายเดือนก่อน +1

      🍻...👏🏼👏🏼👏🏼

    • @TRONABORON
      @TRONABORON 4 หลายเดือนก่อน +1

      🍻.....👏🏼👏🏼👏🏼

    • @waylonmccrae3546
      @waylonmccrae3546 4 หลายเดือนก่อน

      @@TRONABORON T.Y. 😉👍🏻

    • @lethargicmotorsport2025
      @lethargicmotorsport2025 4 หลายเดือนก่อน +3

      I did the same, I got myself completely debt free by the time I was 50 .
      Started a small remodeling business. Helps that my wife has really good insurance on the both of us.

    • @waylonmccrae3546
      @waylonmccrae3546 4 หลายเดือนก่อน

      @@lethargicmotorsport2025 👈🙂 🙂👍🏻

  • @jeffjeff4477
    @jeffjeff4477 ปีที่แล้ว +2

    59
    In Cocoa Beach, Howdy down there!! Boyton has wonderful beaches!
    Great spot.
    Subbed

  • @sylviayoung1547
    @sylviayoung1547 ปีที่แล้ว +74

    This came at the perfect time in my because I plan to start my SS in March of next year when I turn 62. I do plan to find part time work to help me out. I have worked since I was 16. The last two jobs I had I loved as receptionist at a veterinarian. They sold out to corporate and everything went to shit. I have now been unemployed almost 5 months and pray I find something to get me by until March and then maybe start cleaning houses for part time money. This video made me feel so much better about my decision. Thank you!!!!

    • @ENVELOPEYOURDESIRE
      @ENVELOPEYOURDESIRE ปีที่แล้ว +4

      Good luck with everything praying that you find the best opportunity for you and that you enjoy your retirement when you’re ready!

    • @DearMe247
      @DearMe247 ปีที่แล้ว

      if you turn age 62 in 2023, your benefit would be about 30% lower than it would be at your full retirement age of 67.

    • @sylviayoung1547
      @sylviayoung1547 ปีที่แล้ว +10

      @@DearMe247 I won't be 62 until 2024 and I want to live a little before I die. I know to many people that retire at 65 or 67 and died shortly after retirement. It's not for me. I will just trust in the Lord and find part time work to survive

    • @jillw4983
      @jillw4983 ปีที่แล้ว +3

      What does everyone do for healthcare before 65?

    • @Dbb27
      @Dbb27 ปีที่แล้ว

      @@sylviayoung1547 my $1,900 a month I started collecting at FRA would have been reduced to a little over $1,300. Are you going to clean houses if you are 87? Many die young but most women live into their eighties and nineties. I’ve met more women living hand to mouth than I care to count. Not a good situation.

  • @cityinthesky1341
    @cityinthesky1341 ปีที่แล้ว +27

    "...nobody is promised tomorrow..." powerful words. Most powerful moment for me in this video starts at around 12:00. Great advice!

    • @jdelaney9325
      @jdelaney9325 9 หลายเดือนก่อน

      From the book of James.

  • @TerriKussart
    @TerriKussart 4 หลายเดือนก่อน +6

    I worked till 68 started SS at 67. I enjoy the time off to garden &, read. My husband retired at 62 loves it. This fall I am going to work 3 days this school year as an online therapist just to keep my mind fresh and I like the extra income. Everyone knows their limit and abilities.

  • @user-WalleyeWI
    @user-WalleyeWI 10 หลายเดือนก่อน +3

    I will be 61 this year. I was planning to wait until 65 to begin SS but began dealing with health issues…early stage cancer, afib and diverticulosis/itis. After being healthy for most of my life, I realized that no one is promised a minimum of 78 years. I will cut back on working at 62, take SS, and start enjoying life more…before I can’t. My Dad worked hard and amassed a nice retirement nest egg that worked out well for my Mom… sadly, Dad passed away after only a short retirement. Lesson learned.

  • @johnshinn5325
    @johnshinn5325 ปีที่แล้ว +14

    I agree! Take it at 62! If you do t need it take it anyway and save it! Because the X factor that no one can plan for is your expiration date! Do the math… the 62 horse gets a 5 year head start on the 67 horse. Money wise they meet up at almost 79 years of age! And if you don’t need the money til 67 take it at 62 invest it til 67 and this e 2 horses will break even around 84 years of age! So take ASAP

    • @johnshinn5325
      @johnshinn5325 ปีที่แล้ว

      @@Michael-Joseph123 hadn’t figured that in! I guess i need to re do the math! Thanks

  • @kent7525
    @kent7525 3 หลายเดือนก่อน +4

    Great info bro i turn 63 this yr i am taking it this year
    Self employed.

  • @casienwhey
    @casienwhey 6 หลายเดือนก่อน +6

    Really good life advice Tim. You are a wise man. People should carefully listen to what you have to say. I did.

  • @oyajiblues
    @oyajiblues ปีที่แล้ว +7

    Hey man, this is great. I am so happy I came across your channel. I turned 62 in may 2023. I was wanting to take it now, but after your video I think I may wait, but not full retirement. Could hit the dirt before that. But I am more educated about their system now. So Thank You!

  • @johnedwards1801
    @johnedwards1801 ปีที่แล้ว +1

    Thanks for sharing and I didn't know all of this. I still have a few years to go but this is good information to have.

  • @kde2610
    @kde2610 ปีที่แล้ว +4

    Amen! No one knows when our time on Earth will be over.

  • @jerrypeal653
    @jerrypeal653 10 หลายเดือนก่อน +8

    Retired at 62 with everything paid off almost 4 years ago and absolutely no regrets!
    Tomorrow isn’t guaranteed .

    • @max41050
      @max41050 9 หลายเดือนก่อน

      Unfortunately, I eat healthy and have the energy of a 30 year old at 63, so my biggest concern is living to 100 lol 😂I'm not worried about dying, so I have to figure out if I should retire right now and work a part time job, because my PTN told me that as I get older, I will automatically get an increase and I'm allowed to work and make 20,000 net per year. So I should just apply in 3 months when I turn 64, and I'm doing more research. What I was told by my PTN sounds great, but is it really true? idk 🙁🤔

  • @lorent4998
    @lorent4998 ปีที่แล้ว +6

    I am looking at an 8 x 17 ice castle fishing camper. I enjoy time on the ice and have to pay nothing to park on ice. I have a mobile home on a resort lot open 7 months out of the year, with a $1300.00 yearly lot rent. That leaves me 3 months I will spend on my friends remote lot or traveling south. I will do some fishing guiding. 18 months till I can collect.

  • @mayorofsimpleton
    @mayorofsimpleton ปีที่แล้ว +42

    As a 58 yr old, this is a goldmine for me, thank you! this was already my plan, but thanks for blazing the trail! BTW, I'm up the road from you in PSL...loving life!

    • @pamelako3082
      @pamelako3082 ปีที่แล้ว +1

      I turned 65 in April what if I have changed my mind. How do I retire now?

    • @davemenard5089
      @davemenard5089 ปีที่แล้ว +2

      @@MikeHunt9823Absolutely NO need to pay for easily accessible common knowledge 😂 But you do you bro

    • @debbiblakeslee
      @debbiblakeslee ปีที่แล้ว

      I'm in Sebastian

  • @lisak423
    @lisak423 10 หลายเดือนก่อน +1

    Thank you for a great explanation. I have 2 friends that are contemplating retirement, one at 62 and the other at 63. (I had to medically retire years ago.) I am definitely telling them about this!

  • @gingerkilkus
    @gingerkilkus ปีที่แล้ว +227

    The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.

    • @hasede-lg9hj
      @hasede-lg9hj ปีที่แล้ว +5

      True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

    • @TomD226
      @TomD226 ปีที่แล้ว +3

      Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.

    • @lowcostfresh2266
      @lowcostfresh2266 ปีที่แล้ว +3

      @@TomD226 I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?

    • @TomD226
      @TomD226 ปีที่แล้ว +2

      @@lowcostfresh2266 Laurel Dell Sroufe is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

    • @DarendBroksh
      @DarendBroksh ปีที่แล้ว +3

      @@lowcostfresh2266Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the year on a woodnote financially..

  • @titasmom678
    @titasmom678 4 หลายเดือนก่อน +5

    Good info. I listen to Dr. Ed Weir who used to run a SS office. He offers free info and answers questions during a Live Q& A almost daily. ❤

  • @meradu2
    @meradu2 3 หลายเดือนก่อน

    Nice love what you are saying just turning 62 and I was planning on collecting Social Security. Glad to hear all these good news.
    First time viewer and your new subscriber 👍

  • @raynic1173
    @raynic1173 ปีที่แล้ว +39

    A few years ago I crunch the numbers between collecting at 62 or waiting until 67 +. The break even point, when comparing just the SSA checks, was just short of age 89. After that the larger check was quite beneficial. So in the 90 to 100 years you'd be better off. But for the prior 2 decades the earlier payout was the better option. I elected to wait until 64, where the SSA check would cover my basic living expenses and any other income would all be gravy.

    • @V84ever
      @V84ever ปีที่แล้ว

      So you think 64 is the best age to retire then?

    • @raynic1173
      @raynic1173 ปีที่แล้ว +4

      @@V84ever I can only say what worked for me. I am by NO means an expert in these matters. I can only say what I found. Plus, everyone's going to have different numbers in SSA, housing, living and health expenses, depending on your work history and life style.
      I will agree with the video author though, having your major expenses sorted out prior to retiring seems like the smart thing to do. I'm currently running into major dental expenses and may have to go back to work to get that paid for...

    • @V84ever
      @V84ever ปีที่แล้ว

      @@raynic1173 For sure, everybody situation is unique.

    • @FindingGod365
      @FindingGod365 ปีที่แล้ว +4

      Very helpful analysis. If I understand correctly its better to take sooner if you do not anticipate living past age 89. Is that correct?

    • @dottjohnson2232
      @dottjohnson2232 ปีที่แล้ว +4

      I did the exact same thing. My husband is 10 years older than me. I made an excel sheet comparing all the options…if he retires at 62 - 67 and same for me…and you are right. It only makes sense to wait to retire if you’re confident you will live an active life when you are 88-100 years old. So, take your SS as soon as you are able financially be ok

  • @ron3676
    @ron3676 3 หลายเดือนก่อน +3

    Thanks Tim,,,,I am retiring at 64,,,,that's 3months from now. FREEDOM,,,,VICTORY.

  • @marypino3125
    @marypino3125 ปีที่แล้ว +10

    I started collecting at 62 bc life is short! Thank you Tim for saying what you can make on SS. My hubby is on SS as well. We live under our means. Luckily he’s a McGuyver so he can fix anything and our house is paid off. We have one 2020 car the rest are 1972 before computers. Hubby rebuilds old cars so I’m blessed beyond! I was raised to be frugal so we are doing ok but inflation is killing us. I’ll be getting a part time job soon and good to know I can make $20,000 a year without a penalty. Thank you. Y’all be blessed!

    • @melissasprayberry5047
      @melissasprayberry5047 11 หลายเดือนก่อน +2

      What do you do for health insurance? I don’t know how ppl do it when you can’t get Medicare until 65. Thanks !

    • @marypino3125
      @marypino3125 11 หลายเดือนก่อน

      Healthcare.gov. Hubby is on Medicare but I’m not. I got affordable insurance thru healthcare.gov

    • @marypino3125
      @marypino3125 10 หลายเดือนก่อน

      @@melissasprayberry5047 Heathcare.gov

    • @dennistyler9852
      @dennistyler9852 9 หลายเดือนก่อน

      @@melissasprayberry5047 Research Obamacare. It’s affordable if you keep your earnings low enough.

  • @susang.7542
    @susang.7542 ปีที่แล้ว +56

    Hello Tim,
    I just found your channel today and you’ve helped me too think this thing through.
    I’ll be 65 on Dec 28TH and I’m working a 45 hour week. My earnings are approximately 25K annually.
    I thought I’d wait until I was 66 and 8 months to apply for SS as I wanted the extra money it would bring.
    The problem is I’m tired and long to have freedom to enjoy my life.
    I can see now that applying for SS is the wise choice.
    Thank you for talking good ole horse sense.
    Now if I can just find the right man my age to share it with I’d be crushing it! 👍

    • @Dave-sw2dm
      @Dave-sw2dm ปีที่แล้ว +8

      Yes, at that low of an income you might as well apply and drop to part time to make ends meet.

    • @holly1391
      @holly1391 ปีที่แล้ว +2

      You will find the right guy, but you must have faith and truly believe that you will!

    • @tj4787
      @tj4787 ปีที่แล้ว +2

      Hi Susan I’m 58 my birthday is also Dec 28 Th 🥰🙏🏾♥️

  • @44gggf
    @44gggf 2 หลายเดือนก่อน +3

    Great Vid. Thank you for that " human touch"' / go out and live' near the end of your stream - I loved it!

  • @maxinemaass1406
    @maxinemaass1406 ปีที่แล้ว +91

    Good advice! I retired at 63 1/2 last year (in May). I made roughly $27k as a self employed person. After deductions, my net profit was $14k. I'm very thankful for SS especially when my business is so slow. I don't make a huge amount, but any little bit helps!

    • @bigjohnson7415
      @bigjohnson7415 ปีที่แล้ว +4

      That's my plan, and take Cobra to bridge to Medicare. 18 months to go!

    • @YorkieUniverse1
      @YorkieUniverse1 ปีที่แล้ว +7

      @@bigjohnson7415 What about ObamaCare? My daughter was able to get a decent policy pretty cheaply. Of course, she's in her 20's but I bet it would still be a lot cheaper than Cobra.

    • @joshuabritt5677
      @joshuabritt5677 ปีที่แล้ว +4

      ​@@YorkieUniverse1It all depends how much you make. You can get some great subsidies if you fall under the financial threshold.

    • @katec4096
      @katec4096 ปีที่แล้ว +9

      Medicare is also not cheap.

    • @YorkieUniverse1
      @YorkieUniverse1 ปีที่แล้ว

      @@katec4096 It's cheaper than COBRA which can run over a thousand per month.

  • @Krystaldoll282
    @Krystaldoll282 ปีที่แล้ว

    I’m 58 year old single woman. Thanks for your videos they make perfect sense!!!!!

  • @djkilpatrick5256
    @djkilpatrick5256 ปีที่แล้ว +13

    I’m only 34, but think about retirement often. I keep telling the wife once the kids graduate high school, we’re selling everything and downsizing to good ol west va. Life is too short to be working 10/12 hour days 6 days a week in an automotive manufacturing plant

  • @angelashelby5060
    @angelashelby5060 ปีที่แล้ว +16

    Tim, could you talk about what type of health insurance to get before medicare? Thanks. Love your channel and Miss Tammy!

    • @H2OTOYS-90
      @H2OTOYS-90 ปีที่แล้ว +3

      Amen to this. I'm 60 paying $500/mo in a private tri-term policy. Until 65 i don't have a choice.

    • @irinab7524
      @irinab7524 ปีที่แล้ว +1

      I have high deductible $7K insurance - $306/mo
      But I don’t go to doctors….it’s just for emergency

    • @simplylaurieful
      @simplylaurieful ปีที่แล้ว +5

      I asked this question on another video of Tim's. I would really like to hear what early-retirees are doing for insurance before Medicare kicks in at 65

    • @frankaguilar6860
      @frankaguilar6860 ปีที่แล้ว +1

      ​@@simplylaurieful..right me too

    • @dennistyler9852
      @dennistyler9852 9 หลายเดือนก่อน

      Obamacare is affordable if you don’t go over a certain threshold.

  • @DestinationRetirement
    @DestinationRetirement 4 หลายเดือนก่อน +6

    Great video Tim. My 5 year plan comes together October 2025. I'm moving to Mexico!!

  • @luannd62
    @luannd62 ปีที่แล้ว +7

    I’ll be 62 in February next year and want desperately to retire and start collecting. Thank you for the information and boost of confidence to forge ahead!

    • @justadbeer
      @justadbeer ปีที่แล้ว +1

      DO IT!! - I retired from the trades at 62 in January and haven't had a bad day since. You will be surprised at how little money you need

    • @skibee421
      @skibee421 ปีที่แล้ว +2

      @@justadbeer i collect 765.-- impossible for most. live alone, paid off house & car. it's an 88 chevy. wonderful car. have all i need. i started at 62 yet have been planning on this for yrs. made sure i don't
      owe anything. after 65 i got my property tax lowered to around $250. house worth $60,000. i'm totally
      in, no regrets. best wishes everyone & happy halloween~*

    • @josephcarioggia9506
      @josephcarioggia9506 6 หลายเดือนก่อน

      I'm right behind you in March..

  • @gw5309
    @gw5309 ปีที่แล้ว +11

    Tim, you and I are almost the same age. Fortunately for me things lined up nearly perfectly for me to retired from DOD Civil Service (Navy) and start drawing SS when I turned 62 in 7/2020. I enjoyed my job, but COVID had made things much more frustrating. Left with 34 years 9 months and 6 days 7/31/20 and never looked back. I was so thankful that i was not working last year when my wife spent most of the year receiving treatments for Non-Hodgkins Lymphoma.

  • @myhorse52
    @myhorse52 10 หลายเดือนก่อน +1

    Thanks for the video. Just turned 62 12/29/23 and am considering collecting my SS now. I believe the cap for 2024 is now up to 22,300.

    • @GC-Hiker
      @GC-Hiker 10 หลายเดือนก่อน

      👍

  • @gardengunguy
    @gardengunguy ปีที่แล้ว +24

    I retired at age 60 from my computer programming job January 2021. I took a part time job until I moved to FL in October 2021 to help take care of my parents. I took my SS when I turned 62, which was October 2022, and I do not regret it at all. My fixed monthly income is enough so I can save at least a third. Thank you Tim for the information!!

    • @lynnardbaker2025
      @lynnardbaker2025 ปีที่แล้ว +1

      What are you saving for?

    • @gardengunguy
      @gardengunguy ปีที่แล้ว +1

      @@lynnardbaker2025 Travel expenses, a new RV, grandkids college, lots of things 😃

    • @skibee421
      @skibee421 ปีที่แล้ว

      parents doing ok?

    • @gardengunguy
      @gardengunguy ปีที่แล้ว +1

      @@skibee421 Mom is doing alright, but dad passed back in Dec last year a week after his 90th birthday. He fell in June, broke his kneecap and never fully recovered. Thank you for asking 🙂

    • @skibee421
      @skibee421 ปีที่แล้ว

      @@gardengunguy ur welcome! my parents came to live w/me till they died in 2002- 2 months apart.
      went to bed for 3 months couldn't function..

  • @Todd_Monson
    @Todd_Monson ปีที่แล้ว +60

    I’m 61 and would love to retire at 62. Health insurance is what’s holding me back.

    • @shawnagunn9054
      @shawnagunn9054 ปีที่แล้ว

      Why? The elite own the universities, ama, big pharma. They no longer look for cures they treat symptoms. If you take their way to health care you will surely not lifelong after retirement. Stay off meds and out of doctors office. Eat right, excerise and look up Dr. ROBERT Morse on you tube. He'll sh9w you how to get off meds and be really healthy naturally. I have Lyme and the medical community almost k8lled me.

    • @gma2301
      @gma2301 ปีที่แล้ว +2

      I stopped working at 59 and took early retirement at 62. I was able to qualify for ACA. I worried about the same thing.

    • @debbissonette87
      @debbissonette87 ปีที่แล้ว +1

      ​@gma2301 what is aca?

    • @gma2301
      @gma2301 ปีที่แล้ว +5

      @@debbissonette87 Afordable care Act

    • @gratitudetouniverse3754
      @gratitudetouniverse3754 ปีที่แล้ว

      @@gma2301 How much is the affordable care act insurance ? How about dental insurance ? Thanks for information.

  • @lavawurx808
    @lavawurx808 ปีที่แล้ว

    Thank you for sharing the info Tim! I appreciate your knowledge and help towards this very important subject.
    Stay humble, be blessed🙏🏾✌🏾🤙🏾

  • @overcomingjeff
    @overcomingjeff ปีที่แล้ว +40

    Hey, Tim … thanks, so much for doing these videos and for your positive outlook. You’re one of the only people I’ve found who talks about SS in plain language. Hopefully you can tell me if I’ve got this right or not and, if not, what I’m misunderstanding …
    I was born in 1965, so I believe my “full retirement age” is 67. Therefore …
    1. The year I turn 62, I can draw SS (reduced amount) and my income will be capped at approximately $21,000, BUT nothing I earn before my birthday month counts toward the cap, I just have to stay under the monthly amount for the remainder of the year to avoid the penalty.
    2. I lose $1 in SS for every $2 I go over the cap (what I call the “earning penalty”).
    3. I can reduce the amount of my income that counts toward the cap by being self-employed and deducting my legitimate businesses expenses when I file my taxes.
    4. The years that I’m 63 through 66, I receive the reduced amount of SS, and can earn up to about $21,000 (or whatever Congess raises the cap to), with a $1 penalty for every $2 I earn over the cap.
    5. The year I turn 67, I can earn up to about $56,000 and the penalty for going over the cap reduces to $1 for every $3 I go over.
    6. Once I’m 67 (and 2 months), I continue to draw the reduced amount of SS, but there’s no longer any income cap and, therefore, no penalty for earning “too much.”
    I’m sure I’m off somewhere. If you have time and are willing to straighten me out on this, I’d be very grateful!
    I’ve also heard people talk about a “breakeven point,” which I understand to be “if you live longer than this, you start earning back the money you gave up by taking the reduced amount of SS at age 62.” But I don’t have any idea how to calculate that. I’m also not in the best of health (cancer survivor with heart and lung damage from the radiation therapy) so, I’m really not expecting to get any longevity points, LOL!
    Thanks, again, for you very informative and EASY TO UNDERSTAND video!

    • @chrish7
      @chrish7 ปีที่แล้ว +5

      Yeah this new 21,400 cap is to keep people from taking SS early. I have a friend that turns 62 and was planning on collecting and working part time. Now without any other retirement income, he has to wait till 67 to collect and he's pretty upset about it.

    • @ssoffshore5111
      @ssoffshore5111 ปีที่แล้ว +3

      I'm not sure I agree taking SS at 62 is generally good advice, but one thing you said is the BEST reason to take SS at 62 or ASAP... "I’m also not in the best of health (cancer survivor with heart and lung damage from the radiation therapy) so, I’m really not expecting to get any longevity points". If you have existing known significant health issues that very well could reduce your lifespan, anyone in this boat should absolutely take SS as early as possible since your odds of delaying and making it to that later breakeven point is significantly reduced.

    • @glampergirl4495
      @glampergirl4495 ปีที่แล้ว +3

      Who wants to work after 67? I sure don’t.

    • @peacefulpossum2438
      @peacefulpossum2438 ปีที่แล้ว +6

      My dad retired at 65 and six months later died of cancer. As a cancer survivor myself whose health is affected by the stress of my job, I’m out of there at 62. I don’t want a lot of stuff; I want freedom.

    • @hollymorgan9273
      @hollymorgan9273 ปีที่แล้ว

      I'm in the same situation as you all. Born in 1964 and have survived lung cancer, so far, it's stable and no new nodules. I have kidney issues, which I've always had,and now heart problems due to radiation and chemo. I assume I should retire at 62, but what about health insurance? I work for my local government, and I have a kick ass medical insurance. What should I do in my case?

  • @MsThebeMoon
    @MsThebeMoon ปีที่แล้ว +19

    Wow, I really needed to see this right now. I have to save and watch again. Thank you. I'm 63 with stage 4 cancer. Afraid to retire due to medical. I'll be 64 in a couple months but man I have a 15% chance of being alive five years from now. Can't get disability because I work and work from home. I'm so fatigue and absolutely HATE what I do. I'll be 64 in a few months but a year at this point in my life is like ten. Thank you again. Freedom. I escape to the woods for a day or a few as much as I can and pretend in every moment I have off from work that I'm on vacation. Freedom. Had just put in a request to see if I could go to part-time status. fingers crossed. Then I will retire and also have that part-time job, I may decide not to quit after 65 yo. and may live longer to collect that full retirement. I can do this!

    • @mftd9316
      @mftd9316 ปีที่แล้ว +4

      I read somewhere (so might want to check it out as I am not sure if this is 100% accurate) that it is easier to qualify for ssdi if you are _already_ collecting SS? So if you 'retire' and apply for BOTH SS & ssdi the SS kicks in _first_ while you are reviewing for ssdi. As far as health insurance? Not sure. I know someone who was an inbetweener (not old enough for ss & too young to retire) who had some form of leukemia and their hospital (treatment center? Not sure which) worked to get them on state medicaid (PA has expanded medicaid) for their insurance. Good luck to you!

    • @kindsoulheart
      @kindsoulheart ปีที่แล้ว

      Please Google social security compassion disability for some cancers. My ex qualified with stage 4 kidney cancer. Also, the cancer center of America was amazing and helped with medical bills. Wishing you the best.

    • @carolinagirl3110
      @carolinagirl3110 ปีที่แล้ว

      @@mftd9316someone receiving retirement has nothing to do with a disability approval determination….you’re either disabled or not.

    • @jfree336
      @jfree336 3 หลายเดือนก่อน +1

      They need to reduce the Medicare eligibility age to 62

  • @locker1325
    @locker1325 10 หลายเดือนก่อน +1

    I like your style. I am closer to being sure I'll collect at 62. You revealed many facts I didn't know.

    • @edrodgers4581
      @edrodgers4581 10 หลายเดือนก่อน

      According to the SSA, the average SS check at 67 is $1,883. Why is it so small? Because fools collected at 62, not their FRA or 70.

  • @RandyPelletier
    @RandyPelletier ปีที่แล้ว +88

    Retirement is all I was looking forward to after working all my life but as time passed, I noticed it was all fairytale because I wasn't able to save as much as I thought I could until I started trading stocks. I retired with a 7 figure well-diversified portfolio just by investing in nothing sexier than index funds (401k/IRA) and blue chip stocks (IRA and taxable brokerage accounts). ever grateful to Trisha Jean Webb my F.A... Now house and cars all paid off and no other debt.

    • @sarahkent898
      @sarahkent898 ปีที่แล้ว +1

      I started investing a little while ago and i've come to realise that nothing beats first hand experience.

    • @CliffWarrensmith
      @CliffWarrensmith ปีที่แล้ว +1

      I did look up your FA and found her web page. she has a pretty decent bio, I wrote her and I'm waiting on her reply.

    • @lucyAngletont
      @lucyAngletont ปีที่แล้ว +2

      that's quite impressive, you've surely made a good bit of money.

    • @DaveM-FFB
      @DaveM-FFB ปีที่แล้ว +8

      Congratulations. But you don't need a financial advisor to invest in an S&P index fund. Even if you know zero about mutual funds, a $15 book on "mutual funds for dummies" will provide more than enough information.

    • @billakers6082
      @billakers6082 ปีที่แล้ว +2

      After a long nasty expensive divorce in 2008 at the bottom of the market, I took everything I had and invested in FAANG stocks. When I was forced to retire in 2019 it grew 10 times what it was in 2008.

  • @travelingdude1621
    @travelingdude1621 ปีที่แล้ว +46

    As long as my health permits, I don’t plan to collect SS until age 70. If I wait until then, I’ll never have to do any work side hustles either for the rest of my life. In my opinion, retirement means you never have to work for money again. If somebody starts drawing SS but still has to work somewhere in side hustle gigs just to make it, that person is not retired at all. Everybody has their own opinion on these things. 👌🏻

    • @commonsenseisntcommon1776
      @commonsenseisntcommon1776 ปีที่แล้ว +5

      What if you drop dead from a heart attack that hits out of no where at 69?? It happens.

    • @dennistyler9852
      @dennistyler9852 9 หลายเดือนก่อน +10

      I don’t think working 2 days a week at 6 hours is the same as 5/6 days a week at 8-10 hours.

    • @Lulusvideos1
      @Lulusvideos1 6 หลายเดือนก่อน +8

      Retirement is different for everyone. Some people enjoy working, they just don’t want to work the 8-5, 40+ hour a week micromanaging job they’ve been working for years.

    • @LynneC44
      @LynneC44 4 หลายเดือนก่อน +4

      I love working...not collecting until 70.

    • @AKGUY47
      @AKGUY47 4 หลายเดือนก่อน

      I am on the same plan. Retiring at 70, I am currently 62 as of April. My wife passed away 2 months ago. Working and being around people keeps me going. Also blessed with a high paying job doesn't hurt.

  • @MsHeidiHello
    @MsHeidiHello 11 หลายเดือนก่อน

    Thanks for the new info Tim on this rule ... I'm learning alot about SS on your channel (in addition to my own research of course!).... you wouldn't believe how many people question my decision to take SS at 62 - this is reassuring, as are your other videos about this topic. My birthday is in March, so I will see my first check in May. Think I'll have to have a party!

  • @cyndimanka
    @cyndimanka ปีที่แล้ว +12

    I had a weird situation. I filed at 62 for Social Security. I never heard a word back. I waited and waited and waited and finally about 10 months in I decided to log onto the social security system website to see what was the situation maybe I could email them or some thing to find out what was taking so long. Turns out all I needed was one document to get my Social Security and I did not know that. It went through quickly and I even got retroactive. They cut me a check for over $6000 because I had already registered and filed. It was the craziest thing I had my check in stalled in my bank in three days after that. Another reason I am glad that I got my Social Security three years ago is that now I’m 65 and on Medicare and I was automatically put in the Medicare system. All I need to do now evidently is get some supplemental insurance.

    • @eelecurb
      @eelecurb ปีที่แล้ว +6

      You waited 10 months before you even asked if they had everything they needed?

  • @justmesjw6228
    @justmesjw6228 ปีที่แล้ว +60

    My husband retired last year at age 64 and started collecting SS. He worked 3.5 months last year. He was allowed to make 40,000 for the year based on married filing joint status for which he made 10k less. Upon filing income taxes this year, we received a charge back from SS for 2 months stating he exceeded the monthly income limit. They divided the total amount by 12 and determined that was the max per month you’re allowed to earn. So please be careful how much you earn per month to avoid having to repay SS.

    • @gloryb-tv
      @gloryb-tv ปีที่แล้ว +9

      That's awful. In the year we start collecting SS, they should only "count" monthly income after the SS payment begins. They shouldn't count the annual amount. They don't make sense. Must be the "new math" they learned in school which removes logic.

    • @Defenze
      @Defenze ปีที่แล้ว +1

      @@gloryb-tv I was told this also. They count the entire year of income as the total amount they use to determine your benefit, yet I was not entitled to a benefit from SS until I turned 62 in July. How is that fair? It seems to me that you count accrued income from the month you are eligible for SS, not the entire freaking year. To me, that's just crazy stupid.

    • @Satjr35031
      @Satjr35031 ปีที่แล้ว

      That is why it’s called the monthly earnings limit.

    • @gloryb-tv
      @gloryb-tv ปีที่แล้ว

      @@Satjr35031 Keyword = Monthly. "Monthly earnings limit."
      Yet, they count the entire year - 12 months. So if you started your SS in your birthday month, which is November, and you retired at the end of October (meaning you earned from working for 10 months), they count the entire year's earnings? That's not monthly. That is annually.

    • @CynthiaIvers
      @CynthiaIvers ปีที่แล้ว +1

      SS doesn't count income before you were approved for the benefit. Any amount you husband made BEFORE SS approved his benefit doesn't count. If, in fact, SS went back and looked at income before his benefit was approved in making a calculation, then that was incorrect. SS only applies the monthly income limit AFTER you have been approved for SS benefits for that 1st year. All of this is on SS's webpage. Poster's husband must have exceeded the monthly cap in one of those months after being approved for SS. If he did that, SS looks back on his entire income for the part of the year before claiming SS. In other words, if you exceed the monthly income limit in the first year you claim SS (before FRA) after you're approved for benefits, SS will get you.

  • @NorthHoustonCityLimits
    @NorthHoustonCityLimits 3 หลายเดือนก่อน +1

    What I got out of it is if you’re 62 and you’re making a couple hundred thousand dollars a year with a company car you don’t even need to collect Social Security you just run that sucker out as far as you can! You said if you like it! That would make sense! Great video great information thanks for sharing!

  • @antcrow7424
    @antcrow7424 ปีที่แล้ว +67

    Hey Tim, thanks for all the info. Im 58 right now. Im planning on retiring at 62. I just got fired from my job 5 weeks ago. 1st time in over 40 year's. I was cut loose do to illnesses(absenteeism). That being said, I'm putting my house on the market tomorrow. I just built a house addition next to the original house last year. The house appraised last year for $375K. We owe $246K. Im hoping to sell quickly, because the monthly payment is $2K. No income to pay that! I told my wife that this is the time to sell before the market turns. We're hoping to make $100K at least, to buy property and live off the grid. I'm an electrician by trade, but pretty handy as a maintenance mechanic. I appreciate all the info you're putting out there!! It's helping me to decide easier on what I want to do and plan. It took me until I was 40 to realize, that you never own a home. If people could release ownership of thing's, they would be better off. I've got myself programmed to think the basic necessities.
    Shelter- (pole barn or camper)
    Food- (gardening/canning)
    Water- well or cistern
    Electric- solar panels
    Transportation- pre 1980 car/truck, no computers, RWD less moving parts compared to front wheel drive or AWD.
    Side hustle will probably be me doing small electrical jobs or house repairs? My brother in law says i should build houses, like, one a year? Im like, nope I'm done with that. Maybe storage barns?

    • @bankerlies6121
      @bankerlies6121 ปีที่แล้ว +12

      Sad the bank gets all the money.When the bank never loaned you anything to begin with

    • @antcrow7424
      @antcrow7424 ปีที่แล้ว

      @@bankerlies6121 right?? Plus the realtors. Sadly, we exchange our soul time on this earth for numbers or digits. There is only 1% of rich people on this earth. 99% of us common people need to pull a mutiny number on them. Destroy their system of control over us!

    • @annaspastrykitchen6896
      @annaspastrykitchen6896 ปีที่แล้ว +3

      Great plan! 👏

    • @jeffshadow2407
      @jeffshadow2407 ปีที่แล้ว +3

      I have four FWD Oldsmobile Toronados (1969, 1972, 1974 and 1985). When you consider the TH425 transmission (1966 to 1978), two CV axles and central differential, about the same number of "moving parts" as RWD and essentially indestructible. And the same power setup in my 1976 GMC Motorhome.

    • @antcrow7424
      @antcrow7424 ปีที่แล้ว +3

      @@jeffshadow2407 I hear ya.
      Possibly, because they're the older technology? I just know from my experience, with front wheel drives & 4wds, Dodge minivans, Ford Escorts, Ford Edge & Ford Expedition's. I've forked out a lot of money for repairs. Especially, the newer vehicles. Edge & expedition. I've had Chevy, GMC trucks & cars, and had less issues with the drivetrains. As well as Buicks and Oldsmobiles. Granted people say the pre-1980 vehicles were junk because 100K miles they were done. I had no issues with those vehicles 30-40 years ago? Keep up on oil changes and routine maintenance, most cars will go 150K & up easily. I'm a Volkswagen(air cooled) person. Pre-1974. I like pre-1980's so I can work on them. Too much electronic gadgetry on vehicles today.