5 GOOD REASONS to File for Social Security at Age 62
2024 ж. 15 Мам.
4 008 812 Рет қаралды
Personalized Social Security Strategy Analysis and Report: www.socialsecuritylane.com
75% of all SOCIAL SECURITY recipients file for Social Security retirement benefits BEFORE full retirement age. Most of the time they should have waited. This video Lane Martinsen gives 5 good reasons to file for Social Security benefits at age 62 as well as 5 good reason to delay filing for benefits.
Personalized Social Security Strategy Analysis and Report: www.socialsecuritylane.com
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62 ?? Not lower ? That's fine I have 2 more years 🥺
For what it's worth I wish I could sooner , but , it doesn't work that way , bad health for a few years doesn't help , very much wanting to find a job , my health and my age doesn't help great video 👍👍. Not realizing when you get older , close to retirement the body slows down , 60 years old , don't sit around and do nothing , that's exactly what 8ndid 3 years ago inactivity can be deadly , it happened many many years ago , a man worked at a place for years , the retired , he sat and did nothing for a month , neighbors didn't see him leave to buy groceries or pay bills , after a few more days of not seeing him they did a welfare check , he was found dead in his recliner . Not that I know everything but it makes sense , A person who was going to retire 31 years ago , his former boss who owned the Company paid him a visit , he told him straight up , don't sit , get out and do things or you will be gone in a month , the same one who told him that , the same story . That's just my thoughts , a retired father or someone found in a chair fine is a devistating blow to family , gone too soon . Just a thought , I'm still alive , but , losing that job at 58 years old ? Is the same thing being 65 ,
I will definitely wait until I am 70 to file for SS as I expect to live past 100. I also don't need it before I am 70.
One good reason is that you can die tmmw
Read the admission by the Social Security Administration in your Statement that by 2034 (just eleven years) it can only pay 80% of what one can expect monthly. While .20 missing of every dollar may seem small, 20% of $50,000 in payments is $10,000 less. The Trust Fund will be insolvent.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
I just started mine last year at 62. I set myself up in a mobile home in a nice area of Florida with cheap lot rent, I don't have cable, wifi or other paid entertainment other then my tablet through Verizon and a flip phone. My monthly bills except for food is only 600 a month. I make enough in SS to still buy silver rounds every month. Life is good .
Sorry for your loss. I hate hearing stories like that. Knew a husband and wife that worked 40 years together at a business and had their pension, 401--K and SS all planned. He died 2 weeks before retirement at age 67 and she retired 1 month earlier and died within weeks of him back in 2020.
@@g.k.1669 Thank you, I can tell ya a dozen stories of people that we knew that didn’t make it to SS or drew less than a year
"... they're banking on you not making it!" Not exactly. They're weighing their cost against life expectancies, attempting to level out the total payments over recipients' lifetimes, so that there's no clear incentive for *everyone* to file late or for *everyone* to file early. The age-70 premium can't be too small, or everyone would take SS early, and over their lifetimes, cost the gov't more. But the premium can't be too large either, or everyone would wait to take SS, and enough of them would live long enough to collect it for enough more years, that it would cost the gov't more. So for the gov't, it's a balancing act. And for us recipients, it's a decision that hinges on exactly the points this video covers. Fred
@@billybrown7953 I am also thinking to start at 62. Is having a mobile home really safe in FL? Just asking because I am also considering moving to Ocala from Virginia where the rent is beyond insane! Thank you. Any tips, suggestions would be really helpful.
The question is how to convert your salary into the investment funnel without double taxation. you pay taxes once it's earned, then buy stocks etc and get taxed again once you sell for gains. How do I skip the first tax stage? I want to invest over 300k on the stock market, how do I achieve this
I have been doing the same thing myself, using the market to shield myself from the market. But I hate making mundane decisions, so I just invest through an advisor, making good profits, avoiding taxes, while doing very little work.
I Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I plan on taking my social security at 62! I'm going to LIVE IN A VAN DOWN BY THE RIVER 🎉
Ok, Chris Farley 😂😂😂 6:33
That’s the spirit!!!
enjoy your life of freedom
Hope your health out lives your Van Life..
You will live long 😂
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
It’s nice to have more money in those younger years to do stuff. What good is an extra $1000 in the nursing home.
If you're in a nursing home at age 67, you are not among the majority. Please don't assume fate will determine your health. You have the power to change your own life for the better. Start now and enjoy a longer, healthier life.
I agree. In my 60s I plan to be traveling as in flying. I don’t plan on traveling or adding mods to my 4x4 in my late 70s. Plus, my kids will be 20 years out if college making nice salaries. I just don’t see me needing much money after late 70s.
@@mikee.5158 Sadly, Medicare does not help much with periodontal surgery, which can cost $20,000 or more. And if you do need assisted living, that is $5000 per month. The reality is that the extra money from full retirement can really add up AND help when you're in your mid 70s and beyond.
I want to get my money as soon as I can and get the F out of this country. I heard somebody who was overseas had to get a root canal done, cost her $70 cash. I have found here that they charge exorbitant fees for everything it's part of some sort of insurance scam and I'm not playing. I heard so many people are leaving the US. I used to travel internationally quite a bit. I have no problem in leaving if they'll take me in
You were supposed to marry a rich one. 😁
My Great Uncle filed at 62. He said nothing is guaranteed in life. He passed away peacefully in his sleep at 92. He won at the game of life.
Good for him nice when the everyday man wins once in a while🕊️
Yes he did!
That means he was left out on a ton of dough if he would have filed later!!
He never had it so he didn’t miss anything
My great Uncle lived in 3 centuries, 1899-2005.
Took mine at 62. Did a lot of traveling and bucket list type things. Now at 69 bad back and knees leave me barely able to do anything but see a doctor.Thankful I took the benefits when I did.
This is 'like' having an investment portfolio with your youth and health as its primary asset. You can spend that youth down by 8 years of labor, but the stress of working saps the life energy you'd like to sustain you in later retirement. Even if you love your job, you expose yourself to workplace incidents, commuting hazards, and liabilities of many kinds. Don't misvalue this!
There's a sixth important reason to consider regarding taking your social security early that rarely people talk about. The quality of mental and/or physical life generally deteriorates as we get older. Therefore, the social security money during the earlier (younger) years of retirement can be put into many more uses and enjoyments. As we age the ability and/or desire to do things that require money (hobbies, travel, etc.) decreases over time. I've seen that in many family and friends that lived frugally without social security when they retired and did not do all they wanted to do. When they finally took their social security late, they had more money then they needed, but neither desire or physical ability to use it in the way they would have a few years ago.
Very good point!
That’s everything! You’ve confirmed my decision, thank you
Yes! This must be considered as well. Your desire to go for the gusto greatly diminishes with each passing year. At some point, even if health is good, you just want to stay home and see the grandkids now and then.
Studies have shown that people spend less the older they get in retirement.
Thanks - great point! That is a huge consideration that most of the retirement videos don't discuss. I would have gotten more enjoyment out of $1000 when I was 40 than I would today (62). I expect that will continue over my remaining years. The other point I am considering is the current state of the Social Security system and its likely future (just look at the Trustee reports). Do I really believe that if I wait another 5 years I will get what they are promising today? Or that the taxation system will be the same??
My Dad died at age 59, my brothers at ages 27 & 49. My Mom died before she turned 64. My spouse died a month before he collected his first SS check. His siblings died at 68, 68, 57, 45 & 48. Based on seeing that, I decided to start collecting SS at age 62. I am now 69 and just collected my 94th check. I have never regretted taking SS early, nothing is guaranteed.
My brother and I talked our other brother to getting his ss asap, too. He died with in a year but he got SOMETHING.
I'm almost shocked no one has commented on this torrent of bad news. So sorry to hear about this history. Glad to see your about to crack 70. Defy the odds! I'm leaning towards taking it @ 64. I'd rather take my chances at having to get 'stingy' if I make it to the 90s! LOL. Good luck and carry on!
One of my brothers last year passed in October weeks before his 65th birthday. He never got a dime and the Govment just simply keeps all the money that you put in when you die. Govment keeps pushing the age out plus they appeal to a person's greed for a paltry few more dollars. They don't want you to ever collect a dime and I don't like the idea of somebody I don't even know dictating to me like a child when and if and how much of MY money I can get.
Hugs to you for all that loss dear LuAnn. Hope you find a happy hobby ~Ak
@@Wooley689 well well said You have brains at many other people do not have good job
Real world story: My best friend was 17 days younger than me. I took my SS at 62, but he said he would wait until he reached 70 so that he could get his maximum benefit, and kept on working. In December, 2019 he died suddenly at age 69 and never saw a dime of his social security. The government hopes you will take this bet on "future greater returns" for this very reason.
He had more income throughout his Life though, because he kept working (he was still working).
If you're loving your work, I guess keep on working.. there's really not a one size fits everyone.
I understand this, but if I die before I hit 70 I will never be a burden to my family. If I take SSI at 70 and live to be 90 I will be pulling the max and that might reduce the financial hit to my family.
Why I'm taking my early
Sorry about your friend. I was with you until your last sentence. The Social Security Administration provides you with the broad range of choices for all ages from 62 to 70, the choices are yours, and it doesn't hope or care about what you choose. Just a little research will give you this: A change to the system was made by Congress in 1972 to allow people to work beyond age 65 and collect Social Security later and have the payments deferred. Why? Because a portion of the working public actually wanted this, there are some folks actually want to work and earn later in life. Earlier retirement options to age 62 were introduced for women in 1956; for men in 1961. Apparently, the "I want to retire sooner" crowd got theirs first. Now it spans anywhere from age 62 to 70. To each his/her own.
Retired at 57 and took my SS as early as I could. I have never regretted it and I love being retired. Have worked a couple of part time jobs, just for fun. Best gig in the world! Happy retirement everyone!! No one is promised tomorrow, so enjoy it as soon as you can. 😎
THIS! AMEN
55 for me.. i’m 71 now, and never regretted it! my coworkers that kept working to get that little extra ? all died before their retirement!
My father retired at 51. He didn't make it to 61. I can say I outlived him. 62 now. But I can't collect yet. My income would result in a $0.00 payment.
I know this is an old video and you probably won't even see this comment but I'm 59 and thinking about retiring. I'm just curious what you did about healthcare at 57?
@@randerson4383 I am married and was on my spouse’s who was still working. That’s the biggie right there….Health insurance. I’m sure it’s a deciding retiring factor for many. Since then, he retired and we have Medicare and a very good Medicare supplement.
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.
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.
@@spacecadet6 Impressive can you share more info?
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.
😢
@@spacecadet6 a correction in the market is a buying opportunity.
I'm 10 months into retirement at age 62 and I absolutely do not regret my decision. I have no "pension", but also have no debt and know how to live below my means. My parents, aunts, uncles, and cousins have died at age 70 and younger so I'm taking my money and enjoying my time before arthritis or recurrence of cancer, causes me issues. YAY for early retirement! Update to my comment: It is 11/22/23 I stand by my decision. My son died unexpectedly on 11/8/23. I was able to spend a wonderful year with him making forever cherished memories. He was 29. We are NOT promised a "tomorrow ". Live NOW. Love NOW. Don't wait for some arbitrary perfect time. Find a way to make it work! Until we meet again, Tyler. ❤️
I'm with you on that... they bank on us dying before we retire people in America don't live as long as other countries because our food is horrible here full of gmo's and so many toxins .
That’s smart to take it at 62 enjoy your $$$ or invest it… I have seen so many sick people in 48 to 60 a lot of people will not live to enjoy the little bit of social security we get plus it’s TAXED again🙄
Fishing is enjoyable
@@winsomesibley5273 Then you can whine because you got yours early so your checks are much lower each month.
I'm hoping to get mine at 62 also!!
My sister’s friend was waiting when she turns 70 yo next year. She will get $4,000/month. Unfortunately and unexpectedly she has stage 4 cancer. Praying and hoping she will survive so she can enjoy her retirement. I know I’m collecting mine at 62. Tomorrow is not promised I don’t know how long I will live. I’m a cancer survivor.
Sorry about your friend! Health is a major consideration when making a Social Security decision.
My position on this is I would say take it early you're still in good health get a little part time 3 hour gig a day just so you could socialize and enjoy your health and spend your money I mean look at the statistics in health where they say 60% of all Americans are overweight God diabetes got some kind of medical condition they're trying to kill us all with the food so just take care of yourself
@@mickeycab1 thank you. I’m actually done with the rat race and quit my job in 2016. I decided to go back in the 🇵🇭 where I’m born where the dollar goes further. It has lower cost of living and because of this there are Americans moving to live here.
@@amaliahightower What flag is that and where are you from?
@@amaliahightower best idea ever, I’m ready to the same.
I retired 18 years ago at exactly 62. No debt, modest investments, and no pensions. My wife retired at 63. We live well within our income and really lack for nothing.
I'm 47 and my spouse is 70 so naturally I plan on living longer. Same here, no debt, house paid off, modest investments. What happens when they die? Do I start receiving their SS payments monthly?
18 years ago. 80 now. This means for the last *13* *years* you could have had a monthly income over $1,500 more (every month, monthly).
@@jasonsmith44288 yes
@@SunnyIlha He stated he retired at 62 didn't say when he started collecting SS then.
Yes if you are careful and have no debt and especially own your home I've found SS to be very comfortable retirement. I have IRAs I don't need to spend anything from them.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Lourd-Bab However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@TerriVess Oh please I’d love that. Thanks!
@@Lourd-Bab Judith Ann peace is her name
Lookup with her name on the webpage.
I retired at 55 on a state pension. Took my social security at 62 (been retired 9 years now) and was pleasantly surprised that my wife was eligible for half of my SS as well. I've never regretted taking SS early. I also am proud to say that I like doing NOTHING as much as possible. Those people that died soon after retiring may not have been good at being alone with yourself and enjoying solitary introspection. Either way, for me taking SS at 62 was a great decision. I LOVE being retired!!!
Please clarify "my wife was eligible for half of my SS". Was your wife working or home maker? Was she eligible @ 62 as well?
@@orkayen I think she’s entitled to half when he’s at full retirement age. Not sure bout that.
@@orkayen my sister got half of her husbands ss when she turned 65. She never worked a job.
@@Mary-jl9jb Thanks.
This is our plan retire at 55...we are 40 and 42 now...then file at 62..my wife makes more money than me..paid off everything no debt
I retired and began collecting SS benefits at age 62. Yes I recieve less per month, but will ultimately recieve benefits for a longer period of time. Benefits that are sometimes not realized by those contemplating this decision are not financial, but quality of life based. Freedom from having to do things that I can now choose to do or not. I never wanted to travel, I wanted instead to enjoy my home, children, church. Being a night owl all my life, I've struggled to get up in the morning.. now I stay up till 2am then sleep to 11am if I wish. I eat when hungry, not on a pre determined schedule. I'm so much happier.
Everyday is a Saturday, it's freaking awesome.
@@clubmike2910 indeed
I worked 3rd shift 80 percent of my life i retired at 65 when i was eligible for medicare. I live with my brother and sister in a house we all 3 own. there is no way i can sleep at night i sleep best between 2:00 pm and 10:00 pm they are asleep im awake they are awake im asleep works out ok for all of us. live you own life. you have no idea when you will die. retire as soon as you can. F**K the man. I am an old hippie and find the goverment is a POs. Capitalistic companys work you for all your worth and the goverment hopes you die soon after.
@@clubmike2910 I also make appts Tues thru Thursday. Monday and Friday are considered sacred to me as well as the weekend. Staying off the road Monday and Friday makes you live longer.
You forget that inflation will destroy your purchasing power. Hope you have a workable plan B.
Getting your social security number at 62 allows early benefit access. Investing in the stock market can aid retirement by providing long-term growth potential and higher returns. A diversified portfolio matched to your risk tolerance and goals can help you achieve financial security.
It's not really a complex thing to do. You just need to pick quality stocks that have long term potential. If you're not conversant with that, then you should use a financial advisor. Or invest in an index fund, which has its own risks. It all depends on what is more convenient with you.
@@cloudyblaze7916 I had this same dilemma when I was 59. I wasn't very familiar with the market, so I employed the service of a financial advisor. I'm currently 64 now, and my money has grown by 3.4x.
@@stephenpotter21 Hey, Stephen. I'll like to do what you did. Could you recommend who your advisor is?
@@albacus2400BC I personally work with Sharon Louise Count, who my late friend recommended to me. Checked her out online, and she had good credentials, so I went with her. She really knows what she is doing.
@@stephenpotter21 Thank you for this. I've been stashing money too, but didn't know how to start. I've sent her an email, and I hope she gets back to me soon.
I had a number of health scares that forced me out of full time work so I took my SS at 62. The pandemic was an opportunity to investigate different avenues of income so I settled on bookkeeping and opened my own business from home. I couldn't be happier with my "semi-retired" life, and taking that SS at 62 was a life saver!
I’m 50 and I’m filing as soon as possible. If I can at 62 I’ll be there with bells on. I have worked full time since I was 16 with no breaks ever. I had to be a single mom from the time my youngest turned 8 years old. Full time night shift nurse. SO READY TO BE DONE 😅
Have a happy retirement. Bake some cookies for the little ones.
No worries.....it won't be there when you're ready. I'm only 4 years behind you.
This is what I say they want you to work till you die
Calculate the average age of death for females in your blood family, who have participated in a lifestyle similar to yours? My grandpa, grandma, dad, and aunt all averaged a life span of 69.25 years old. They all smoked cigarettes, and 2 of them were heavy drinkers too.
Wise move Zoey. I claimed at 62,works for me . In addition to my own benefit, I receive a dependent benefit for my youngest child who is a minor. Happen to be a retired RN,spent 32 yrs at the bedside working all the hell holes:Emergency Room,MICU,NSICU,and Trauma ICU. The pension,in tandem with the Social Security benefits allow me to be financially comfortable,though not wealthy. Glad to be retired and receiving both my pension and Social Security.
As I got close to 62 the last of my close friends died.. when I thought about it there were almost 20 friends, and people I knew, that died before getting 1 day of retirement .. I retired at 62 and have never regretted it... I might not have a lot of money but I have the peace of mind knowing that I can enjoy the day and not spend all my time making some company rich.
Right! Because S.S. is your money! Not the government. They even make it difficult to get disability when you're really disabled.
You're smart. I did too.
I'm planning on retiring at age 62...why wait?? Tomorrow is not guaranteed and every day is a gift ...who says you are going to have more energy if you wait...or excellent health if you wait...or a sharper mind if you wait etc....fill in the blank;an extra $200, $300, or $400 a month is not worth the wait. Enjoy retirement early with family & friends.... while they are still living...and make beautiful and lasting memories!
You can retire even earlier than 60 if you have savings or other pensions, then wait for SS benefits until later (maybe 62, but maybe later) Everybody's situation is different.
Don't base your decisions on your friends and family. It's like saying that all your friends and families drive Chrysler vehicles, so they must be the best vehicles. Instead, use data like the average lifespans in the US. Also remember that you and your decisions about eating habits, exercise, and risk have far more influence on your own lifespan than you think. Instead of being a follower, lead yourself to a better life.
I also took my SS at 62, even though I didn’t really need it, but I did want to stop working in my profession as an Emergency Physician ( I did my duty in the ER for 32 years and was burned out by then). My rational was that money was in my pocket and not in the SS pocket. My cross over was about 79 which I will reach soon. Absolutely no regrets.
As an ER physician...honestly, I would have probably retired at 58. You likely had the funds to do it. However, I could have retired last year and chose not to. Even if I die tomorrow, I won't regret it. I only work 3 days a week and work keeps me sharp. My point is that it really depends on a person's financial position and the job they perform. That said, you're 79, so 62 is pretty good in that you have already lived 17 yrs into retirement. Keep going!
You did the right thing......they actually say that those who should take it at 62 are those who can afford to...I am in the same boat....taking it at 62.....I am so glad i have a choice....some people have to wait till 70 due to having no savings or pension.....there are those who do not take it and could have that die before 67.....i have read many comments here on people who know those who waited and did not collect due to waiting till 67 or 70....everyone thinks that they are going to live to be 95.....
Taking retirement early at 62 years old is a win/win situation in my opinion. They say the "break even" point between those who take it at the earliest possible time (62) and the latest time (age 70) is around 81 or 82 years old. But none of us know our expiration date - so if you take it early and live to regret it because you made it to your 81st birthday.....you're already a winner in life - because you made it there. Secondarily - as a general rule people are healthier, and have more ability to actually enjoy their life (and consequently their money) in their 60's and 70's - than in their 80's and 90's. Wouldn't you rather enjoy your money while you can - rather than putting it off until some later date that may or may not ever come ? Just my .02.
You nailed it!
You did the right thing......they actually say that those who should take it at 62 are those who can afford to...I am in the same boat....taking it at 62.....I am so glad i have a choice....some people have to wait till 70 due to having no savings or pension.....there are those who do not take it and could have that die before 67.....i have read many comments here on people who know those who waited and did not collect due to waiting till 67 or 70....everyone thinks that they are going to live to be 95.....
I claimed at 62. I retired at 60 1/2. And never looked back. The difference between full retirement and the reduced benefit was a couple hundred dollars a month. Just wasn’t worth waiting. Living long enough to be a “drain on social security “. I made it, I paid into it and it was time to start getting it back 🏖️
@@protytechi they still tax on the check
@@Hippy2021 yup they sure do🏖️
@@Hippy2021 only 50% of social security is taxable. Standard deduction is about $13,000 for a single person so first $26,000 of social security is not taxed. That’s over $2,150 per month
It would have been a lot more than a couple hundred bucks a month. A LOT more.
How do you take retirement early when with what you would get you can ONLY pay your rent!!!!
I had a heart attack at age 62. My father had died at 62, my mother on the eve of he 60th birthday, my Dad's brothers died at 56, 61 & 61. Their father, my grandfather, died at 52. I didn't expect to live much longer. So I retired. I am now 74. It was a wise decision.
Could be the major difference is you may be more willing to aee the doctor when you know you should. Your comment my neighbor and his family. He is now 72.
Good for you😊
How about ur moms relatives?
The one large drawback to drawing SS at 62, is health insurance. Cobra is expensive, but only available for 2 years, and there is a 3 year gap between 62 and 65.
True that, my wife and I are in that exact situation, we got coverage through the affordable care act for $77 dollars a month with a total income of $77,000. The deductible is high, but it includes free check-ups and generic drugs, I consider it catastrophic insurance till we get to 65.
Retiring from work and starting SS payments are two separate decisions.
Great point!
The idea of investing a significant sum of money may be both thrilling and intimidating. There seems to be potential for considerable wealth increase with the correct strategy. How can one take advantage of the present market to grow one's retirement savings over time?
A solid strategy can be a key component of an investor’s portfolio. Well, the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.
Yes true, I learnt that in 2020, when I lost almost everything. But I switched to using a financial advisor and I've been returning at least $100k every one quarter of the year so I’m sticking to investing via an Adviser.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
I started out with an FA named Emily Lois Parker Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.
Thanks for sharing, I just looked her up on the web because this is equally important to me, and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I retired and took SS at 63 and I don't regret it. I put a lot of time into calculating and considering when my crossover would be, and how many years of payments I would be getting before that happened, versus how much bigger of a check I'd be getting if I waited. I don't regret it. The freedom of doing what I want every day, without anyone micromanaging when I arrive, leave, eat, and go to the bathroom, is worth whatever money I might someday not get. Hell, just knowing I'll never have to wear a damned necktie again is worth it! Now all I have to do is convince my wife to do the same.
Word!!
I'm glad I watched this video and read the comments. Comments like yours, exactly what I"m thinking now. Makes the most sense. Assuming of course the world doesn't crash and burn in the next 12 years, I now have something to look forward to.
convincethe wife not to wear a necktie?
Amen, the freedom is worth more to me than the money. I happily retired at 60!!😀
Totally agree! Got out of healthcare at 59, had planned to work until the end of my 62nd year. I now wish I had left at 55! I would have missed all that Covid crap that made being a Respiratory Therapist a total nightmare. Doing the work of three people during a 12 hour shift will only put you in an early grave. I’m collecting my estranged husbands SS disability. He passed shortly after I retired. I was eligible at 60 and now I can wait to take mine at 70 while I continue to collect his each month along with some of my IRA. Best decision I ever made.
I retired at 58. I had two pensions and a 401k. Started drawing my social security at 62. It's like being on paid vacation every day of the week. Do what you want, when you want, no questions asked.
Out of curiosity what are you doing for health insurance until Medicare age?
@@greatesttoysevermade3693 Doing without.
@@timcoker1428 With all that money and you risk going without health insurance? Do you also skip insurance on your car and house? I guess you're going with the fact that pension and social security cannot be garnished.
@@networth00 I thought about getting a high deductible plan, just in case something crazy happens.
@@timcoker1428 Good for you NOT getting medical insurance, although that is not for every one. Many or most people do not factor in the cost of premiums and deductibles that keep us from ever breaking even, not to mention annual maximums (as in dental insurance) -- and the biggest kicker of all, when insurers don't pay. Sure you have insurance coverage and you're paid up. That does not mean the insurers pay claims.
I'm 73, retired at age 70, I know a lot of people that retired at 62 and they are amazed at how much more I get every month than they do. If you can afford it, yes retire as soon as you can, but I'm glad I worked longer, with the cost of living getting higher every year, I smile every month.
I just retired at age 62. I get my pension, have my 401K, annuity, and put in for SS. I sat down and crunched those numbers as everyone should. And yes, taking SS at 62 will give me a 30% reduction vs waiting until my full SS age of 67, but if I wait, that equals over 153k I won't be collecting in those five years. It will take me until I'm over 80 years old to recoup that 153k. I'm not rolling those dice! There are a few thing people often don't think about: Collecting early, while your still young enough to enjoy that money may have it's benefits, especially if you are already getting a pension and other income. Remember, when you're older, you most likely won't be traveling as much and spending money as when you were young and were able to climb mountains and jump out of planes. Your wife, even if she never worked, will be able to collect SS. She will get half of what you would get if you actually worked until your actual retirement age of 67, even if you didn't retire at 67. Of course that's if she waits until 67. if she takes it early at 62, it will also have a 30% penalty just like yours. If she did work, she can collect whichever is the greater of the two. Take the money NOW!! My dad passed at 50, his dad passed at 50. This may sound cliché, but there's no guarantees in life. and as one of my retired buddies who has been on me to pull the pin since I was 58 has always told me, "you can make all that money and buy all those toys, but the only thing you can't buy is time".
I have known about 24 men who did not make it to 65....all of them went from about age 50 to about 63.....everyone thinks that they are going to live to be 95....
@@US_ARMY_25_INF._DIV. - Exactly! I keep hearing people say that "My parents lived into their 90's so I'm fine." Well, my grandmothers on both my mom and dad's side lived until 105 and 90 respectively. Moms siblings passed at 85, 82, 99, 97, yet my mom passed at 72 and lived healthier than all of them combined. Same longevity on my dads side, and he passed at 50.
@justadbeer My dad passed at 92....When he was about 89 or 90, he was in the house standing holding his walker and he said "I can't do anything anymore " .... My father was a World War 2 vet and a man of action.....He did take his 62 as well....I just remember thinking now and at the time, all the money that he had at that point meant nothing because he basically was home bound.... My mom and dad in their retirement traveled all over the world..... .I was living in Hawaii at the time and they probably came out and visited me at least 10 times so they definitely did not hold anything back, but it still shows you that you gotta take advantage of what you can when you can
@@US_ARMY_25_INF._DIV. - Thanks for sharing. You mom and dad had the right idea. We just started traveling this year. Heck, I'm flying to Texas for a day just to watch the eclipse, then to hunt red stag in Spain in sept/oct, Iceland in Nov, and already booked an African safari for Oct 2025. I'm doing this while I can still enjoy it!
A financial advisor told me to claim as soon as possible because no one is promised tomorrow. The system is designed for us to work until our bodies are breaking down where we have barely life left to live. Take care of your health people because that's the real key.
I agree health is the wild card , eat drink and make merry while you can .
You are absolutely right. Nothing we can do can stop us from dying sooner or later but we can certainly prolong it by taking care of ourselves. Sometimes the best changes are the ones that are the most inconvenient because we've been living a certain way all our lives.
@@johnpowell9169 Let's keep this simple.Take SS at 70 and begin IRA and or 401-K distributions at 72.
"no one is promised tomorrow".....I like that.
@@ken85225 If that is your motto, smoke, get fat and drink too much. Why plan to live another day? Why save any money?
By retiring early, you may be leaving a stressed working environment and so your health should improve. It's not always about the money that should be the final answer. I left a job where I had a tormentor and did so to end the abuse. I am glad I did what I did I have no regrets.
I think you should claim at 62 if you have some other savings available and your debts and expenses are low.
we must have had the same evil bosses
Jesse. 60 1/2 grandmother, raising 7yr old twin grand daughters via Adoption. Also dealing with a younger "tormentor" at work. Seriously considering retirement. I am healthy, but,, tired.
Tru dat
You could have worked elsewhere.
Successful people don't become that way overnight. What most people see at a glance- wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..
This sentence is the secret of most successful investors.
I retired at 55 and took SS at 62. It was one of the smartest things I've done in my life. My father died suddenly at 68. Even though his parents lived into their mid-80s, clearly that is no guarantee. I've been diagnosed with prostate cancer and I've had a couple TIAs. So future health is not a guarantee. Also, I'm really enjoying my retirement NOW. But the reality is the older I get the less health I will have to do things I enjoy doing with life.
Good luck with your prostate cancer. If there is a good cancer to get it is that one. You have made a good decision to take SS at 62. I retired at 55 also but waited to 70 to apply for SS. I monitor my health and have stayed in good shape so I took the risk in delaying. My PSA count is still low. Chest x-rays are completely clear and colonoscopies have all been clean, no polyps. My cardiologist states that I have a good strong heart and they have done a couple of cardiac catheterizations and everything is clear. Also my wife is 8 years younger so she filed at 62.
I am in the same boat i have 3 pensions plus 10 percent VA disability.....retired at 55...totally taking it at 62...my break even mark is 79.....anyone may not make it to 67 or 70...my God Father died at 61....never saw a cent....
I started drawing at 63 and my breakeven is a little under 78 but the amount changes almost every year and medicare draws out of it depending on what insurance you select...i.e. advantage or supplemental or original. I guess the biggest reason to draw as soon as you can is our government leaders keeps saying they might end it or revamp it etc. etc. because some of them are calling it an entitlement. They are the ones who are the entitlement users, they get a really good paycheck for very little work, get free health care, free transportation, and lots of other free entitlements and when they retire all these things are still free to them. Instead of our government spending tons of money on these people, because it seems most of them are millionaires anyway and they can afford health care and most of this free stuff they get anyway, they should spend that money on affordable health for seniors or give it us free. And stop dipping into our Social Security funds for their spending fiascos.
Untrue on Medicare premiums bases on "original, advantage, supplemental"... your Medicare premium is based on your income. Only above the $160 if you earn a very high total income... it's only under $160 if you qualify for Medicaid
@@bukboefidun9096 to get on Medicaid a person needs to spend down their assets. Enrollees home & property get a state lien against to recoup their $$ back upon death).
@@fourdayhomestead2839 I know that.
If they make any big changes, it won't be for anyone retiring now or in the near future. The bigger problem is inflation. If it persists, there may not be enough funds to help retirees really keep up with inflation in the future.
BINGO...well said.
I "retired" in 2020 at age 62 1/2, and my benefit amount was $1,439. I realized after a few months that I did not want to stay "retired", so I suspended my payments and went back to work full time. I'll retire 1/2024, at age 66 1/2 and my benefit will be a little over $2,200. I'll have $220,000 in savings and NO debt; for me waiting was the best plan, and as I'll be "retiring" in The Philippines (40% lower cost of living) and doing 60 - 70 hrs. of monthly remote work (for a few U.S. companies), which will pay me approx. $2,400, and that added to my SSI and over $1,000 interest every month will allow me to live VERY well, for under $2,000 monthly and save approx. $3,000 every month.
Can you explain what you meant by you suspended your payments? Is that like changing your mind about retiring until you got to the full retirement age?
@@tracyhall9670 Yes, I kept my filed status, but stopped my payments, but you cannot do that anymore; you would now just cancel your filed status and then refile when you want to start again.
I"m about to turn 62. I received from the SocSec people a "Your SocSec Statement". It outlines how much per month I might receive based on how old I am when I apply for it. I crunched numbers for age 62, 67 (their reco) and 70 and also (and here's real ROLL OF THE DICE) different lengths of time 'til I die; 75, 80 and 85. So, over time, I will acquire a LOT more money if I wait (and hope I live long) than if I start now. But I'm starting now because my philosophy is I might as well start getting MY MONEY right away and I could get hit by a bus sooner rather than later.
I am in the same boat i have 3 pensions plus 10 percent VA disability.....retired at 55...totally taking it at 62...my break even mark is 79.....anyone may not make it to 67 or 70...my God Father died at 61....never saw a cent....
nascar - You are right because you know what works best for you. I was going to retire last year but decided to wait. I'm fine because I only work 3 days a week. If I died tomorrow, it wouldn't bother me. For me, I don't worry about "not getting my money's worth". But that's just my opinion. Also, only working 3 days a week doesn't bother me. However, if I had a high stress job, I would quit tomorrow. Each situation is different. There is no right answer on when to retire.
I see people dying left and right, even at a younger age now, so why take that chance. I'll be 62 in 3 1/2 years and I'll file for it asap!
@@deenugent473 - I know a lot of people that lived past 80 as well. I just need a crystal ball and I'd be able to say for sure.
@@deenugent473 I went ahead and started taking it.
These videos always discuss average lifespan - but they never discuss “quality of life” after age 80 (break even point). Most 80 year olds I know are not very active and/or not healthy enough to live independent (most live with their adult children, senior homes, etc. - which changes the financial picture completely). Take your retirement as soon as you can afford (per your respective budget) - and begin enjoying the 4th quarter of life while you’re still independent & physically able to enjoy your additional free time. I retired at 62 and began riding my bike almost daily - and lost 10 pounds in the process… 😊 Never had that kind of time & freedom when I was locked down on the job for 40-50 hours per week…
Agreed. This is my thinking too. The quality of life left is a factor to me. Time is the most precious thing we have. I'm 58 1/2 now, and I'm leaning towards collecting early at age 62. Possibly 65, the latest, when medicare kicks in. I want to enjoy some non-working years of my life while I'm still able to.
@@michaelvaughn64 I feel the exact same way. I'm 61 but will lose healthcare if I cut my hours back & collect social security. I'm looking at 65, although they say I should take it at 67. My job is physical so I can't see doing this another 6 years! I can get medicare at 65, so I think that's my goal.
@@deedieducati2272 Between my upcoming pension, social security, and savings, I could go out at 62. But healthcare expense is a major concern. I’m in great health at the moment, but who knows what the future holds. So for me, if I can swing full retirement at 62, (3 1/2 years from now) I will. If not, I’m definitely fully retiring at 65 when I get S.S. and medical.
Quality of life versus quantity is a huge factor. We had that discussion recently. My wife and I are both in our 60's. We want to travel while we still can go and enjoy it. Mother Nature through me a few warning shots, but I'm still here!
Or wait so that you can afford a nursing home after 80yo.
I retired at 62, 12 years ago. Kept working part time for 10 years and made more money combined than when I was working full time.
Yes that’s what I plan to do
I was thinking the same thing. I'm 61 and am still employed full time. So far, still healthy. I think I could survive pretty well by cutting hours at work & collecting SS. My issue will be healthcare, which I cannot afford on my own. My boss is paying my healthcare but if I go down to part-time I would lose it. Medicare age is 65.....4 more years. Sigh......
cool user name
@@deedieducati2272 Can you get COBRA if you retire early?
What’s the max hours or money you can make collecting at 62?
Old guy here. My financial adviser said this, “it’s the easiest decision to make when to take SS benefits if you know when you are going to die.” Very true.
True, but we don’t know the timing which makes it more complicated.
Retired at 61, went back to work at 62. It is not about the money. I enjoy my work and missed it. If I die while still working, that’s fine. Doing what I enjoyed.
Interesting. I'm 59.. got tired of working. I worked in Corporate America... worst mistake of my life. Total greed. Corporations chew u up & spit u out. I'm an expat.. much happier
@@Eddie-ud4bb Although I loved my job (computer scientist), I became a bum at 52 (RIF & job market was bad) and lived off of savings till 66. (8K per year). SS at 66 which should net 200-300K more for my niece, based on family genes (98 average.) I see both sides in these discussions. I write because of MY phrase "Jamaica can chew U up & spit U out." I agree with your view of Large corporations. Whie parents did not like their %25 less at 62, Dad did not like snow AND he might have been killed on the NY City subway, hence a good choice, or a rational choice. U could always try p/t work since 365 Saturdays a year can be dull.
@@cliffontheroad I moved to Central America. USA is nothing but a giant corporatstacracy now. Hell they even name stadiums after corps. So.. 365 Saturdays aren't so bad.
I was really hoping to work till at least 60. I got an illness (MRSA) at 52. I filed for SS immediately. After 3 months in the hospital I was forced to retire. No choice. For the first 5 years every single day was a battle to stay alive. mrsa is gone, but I take life much slower now. Doing much better now health wise because I no longer have anxiety nor stress. Its peaceful living now. I have no regrets filing early. Tomorrow is NOT guaranteed.
Glad you made it! Weird health tip...check out Shivambu kalpa and research it thoroughly before you decide its insane. Free, kills mrsa, but so much more. I want you to get every possible cent you can from our corrupted state, and that means living as long as humanly possible in best possible health, without spending any money. It works.
We retired at 62. Both of us were in jobs where there was a lot of body punishing activity. We decided to retire while we were still able to take care of the grand kids with good mobility.
I will be filing at 62, will be 60 soon. My reason is that my husband hates his job. He is eligible for retirement in 3 years and we are living on a budget, putting the max into retirement, and preparing our home for a downgrade in income. We are looking forward to loving life independently.
I retired at 62 and am having the time of my life doing as i please. I had everything paid off and it's great! I can go camping , kayaking , horseback riding lol anything i want and don't have to worry about going to work. Live with in your means and enjoy life! no regrets! Don't wait too long to enjoy what you've been missing! The longer you wait the older you are.
You forgot to mention about your government pension...
Same here as you! Started at 65. Had to wait to get all my documents. Ex destroyed all! Been collecting and also working! Enjoy having sufficient $$. Invest all the extras I don't need! Love every minute of it!
This video is right on! I've argued with folks for years about taking SS at 62 and no one seems to get the message. I'm sharing this video with a lot of folks! I shared it with my brother in law who is still working at 70, not because he has to he's just afraid of retiring. When I showed him all the money he lost over the last 8 years he was shocked! Then I showed him the results of investing 100% of his SS over the last 8 years and he needed a drink...LOL! 🤣
Investing in the stock market is the best option to make a passive income. Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal.
@@greenquake11931Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
@@mariahhayes5089 'My consultant is 'MARTHA ALONSO HARA", look her up online if you care for supervision.
This is BS cause even the S&P is 25% focused on the shiniest equity positions-- 8% is AAPL--lol for god sakes! that's how money is made, "with the RIGHT choices not diversity! ! try again Kemosabe...
No one on their death bed thinks to themselves " I wished I had spent more time at work". Those early retirement years get to be yours, and the early ones are better than the later ones.
If you are 62 and in good health and thinking of retiring, do it. You can go places and enjoy yourself during your go go years. Down the road you will eventually run into your no go years. If your become immobile and/or in poor health, you can't go too many places, let alone enjoy yourself. Then what? Stay in your rocker and count the money you saved. Everyone eventually dies. Death is not a bump in the road. It’s the end of the road. Ever see a hearse with a luggage rack?
Nobody, really, should be or should even think about being in a rocker at just only 67. Between 67 and taking the giant leap, one should be having the time of their life, which includes *spending* *MONEY* You want to spend 1795 bucks or approximately 2700 to up to 3000+ bucks? (A MONTH).
I took mine at 62 too and glad I did it. I have a lot more peace now, because I do not have to deal with 8-5pm no more. Love it!!!!!
wait till your in your 70's. And your age 62 monthly benefit no longer cuts the mustard. than you will wish you waited to take the money
Oh lord 😂 you made me laugh… good one
@@youtubechannel4046 not meant to be funny, but most people have trouble looking 10+ years down the road. That age 62 discounted monthly check will not look that good in the future. And don't say about the COLA increases, because that all gets taken away for insurance.
@@Boobtube.I have known about 24 men who did not make it to age 65....all of them died from about age 50 to about 63.....everyone thinks that they are going to live to be 95....what you do not understand "Brain Child" is that most if not all of the people that take it at 62 who are not under duress and have other means of income.....the poor souls like yourself that have to take it at 67 or 70 would change places in an instant with the people that collect at 62.....I know plenty of people that take it at 62 with their combined income with their wives being over $6000.00 a month cash free and clear after taxes per month with a yearly COLA increase....and Yes a couple with their home and cars paid off can live on 6k a month cash....with COLA's the longer they live they will be someday making 7K per month cash and so on....
I took it at 62 so I could quit one of my jobs. All I was doing was working and sleeping.
My paternal grandfather died before age 62, and my father before age 67, both of heart attacks. I'm probably not going to live long enough to see 67, and certainly not 70. You better believe I took it just as soon as they'd let me have it.
My husband died at 57…and as soon as I turned 62,..I claimed for mine….i dont mind that it’s not as much as waiting 70 and have died before hand. The government gets enough of my money and I don’t want them to have one cent of wants mine!
I filed for SS at 62. I continued working part-time for a year. I'm now 69. My wife is 62, but, hasn't filed yet. She limits her annual income, so we can qualify for MediCal. I also have Medicare. We pay virtually nothing for medical things, saving us thousands of dollars. And we don't have to deal with large premiums and co-pays. There's not much left for vacations after paying rent and bills - but, we live at the beach in Southern California, so our "vacations" are just a few blocks down the street.
I developed a habit years ago, not to spend money I don't have. I hated my work. It was stressfull and led to health problems so I filed for ss as soon as I could. My husband was 2 years younger than me but passed away at 60. No matter what statistics say, my thing is pay off all debts as you approach 60, take ss and if you want to work you still can. Just understand tax implications. I have not regretted retiring 1 day.
Thank you. I’ve been sweating this decision. Your comment hit me like a ton of bricks. It makes much more sense for me to retire and get along w/less. I’m paying off the rest of my debt w/in the next couple months. I own my home outright and remodeled it(most of my debt2,000)I still work as a hairdresser in a retirement home. So it would b ez for me to retire, makes sense
I retired at age 51 with a state retirement and all health, dental and life insurance paid for for life. I’m 54. My house and everything is paid off. I have no credit card debt. I’m debating on taking SSI at 62 but I just learned I can get my ex husbands SSI (we were married 35 years) so I might just get his until I’m 65
@@TheEquiss do u understand you only get 1/2 of your husbands SSI! And if you wait it goes up, just like your SSI would!
@@elliesquires2753 notice from SSI said 70-99% depending on how long we were married--35 years
@@TheEquiss thank you for posting this. I’m 54 and contemplating taking SS at 62. Also divorced from a long-term marriage. Trying to figure out when to take SS and whether to claim on his or mine. I did get the house in the divorce (although still owe money on it), and I did get his lump sum DROP money which is invested.
Recently retired with a government pension. So far, my pension covers most expenses with $ left over. I am heading down to Social Security next month and will split the social security check between accelerating the mortgage and beefing up my savings account. Wish me the best. I hope everything goes well with the 62 age decision.
For your sake, hope your government pension was earned in addition to SS and not in substitution for it. Huge difference which seems to have bitten a lot of people that were not aware - which is their own fault, but still hard for them. Those that paid into a state/ fed pension but did NOT also pay in to SS at the same time are not eligible for much. Hint - if there is a gov pension involved, the SS estimates will not be close to accurate since the entire calculation formula will differ. They don't know about earnings done outside the SS system until you file.
best wishes dude, looks like you will have a good retirement.
@@edsiler3260 Can you explain your "hint" a little more? I have a state pension, but I did pay into SS. (Only 58, so won't be taking SS for a while.) I don't pay much attention to the SS estimates because they're calculated as though I were continuing to work until I take SS, which I haven't, so I've always assumed my actual SS payment will be less than the estimate.
@@edsiler3260yes once they find out about the pension then they adjust it. You don’t get full social security along with pensions
My dad died before he got to even retire. He wanted to wait until 70. But he also wanted my stepmom to have a higher check because hers was only 1k while his is $1500 so there's pros and cons. If you're a husband with a higher check and if your wife could have a higher check, you might want to work longer. My dad had cancer and retired and died at 70. My grandfather died at 93 and my grandmother is still living at 93 years old. You never know.
If I live to 62 , I am filing. This World is screwed up. Never know what will take you out.
Did the math. My breakeven point was 78 yrs, 3 months. BUT you have money in hand for 16 yrs to invest, spend etc. Taking SS at 62 allowed me to retire early in Dec 2019 and avoid all the Covid classroom craziness. So glad I took it early.
Add inflation. Your dollar today will buy less tomorrow. Happy for you.
Let's keep this simple.Take SS at 70 and begin IRA and or 401-K distributions at 72.
Agreed -- No question, very few people should wait. If you're structured to avoid the income offset penalties, the decision is facile. Rental income is the key in my case.
Your investments after you start collecting at 62 would have to make 7.4% per year to equal the amount you'd be getting at full retirement or 70. Very few can get 7.4% returns by simply investing in the stock market.
Or, you could say inflation is beating any 8% gains on investment, if you think inflation rate is more than 8% over the last year. Rhetorical question, did a dollar last year buy more than 8% of what it can buy now? - if you are spending, because you cant take it with you? Will we even have the $ as it is today in 13 or so years?
I started in January at about FRA. Retired less than six months ago. Getting my first check gave me a good feeling. No way I would wait until 70. LOL. I count each day as a blessing.
When I was 54.5, in Seattle, the Boeing Retirement matrix said that retiring at 65, would give me a estimated lifespan of 8 months. at 62 it was 7 years, at 55 would give me 17 years. I took the deal & now am 25 years later.... So far I've won...
Your advice works for some, particularly those with short life expectancies. I waited until my wife and I turned 70 (we're within 3 months of each other in age) and never regretted my decision, given our lifestyle, diet, and exercise habits and the number of nonagenarians, and one centenarian, in our respective family trees. (For example, my mother-in-law is turing 99 in two months. My paternal grandfather's sister lived to 105.)
I retired at age 63. For the past 15 years we have enjoyed the lifestyle those benefits afforded us. But things change as we age. As they say, in your 60s it's GO GO, in your 70s it's SLOW GO, and in your 80s it's NO GO.
And in your 90s, is nice and slow.
My husband kept seeing friends wait until 65 to collect ss and then die after barely collecting anything. He collected at 62 and continued working. I started collecting at 62 also and continued to work for a bit. Not receiving much but don't regret it
There's an interesting facet to your scenario that others would mirror; The two of you COMBINE the power of TWO 70% takes to enhance the Life of a BONDED PAIR. Taking it early as *A* *PAIR* in LIFE LIVING whereas you two *combine* the "power" of it's effect results in an interesting " *Couple's* Gain Early-Take Strategy". Cool!
You are certainly a very lazy person !
@@garyjones3142 really? Lazy? Where I was working closed its doors. Also have heart disease, did the best I could
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
Start a monthly ETF savings plan (the World MSCI is the safest because most diversified one) and don't wait for a crash. When the market goes up, you pay more and make more,but when it goes down you pay less per share while making less. Just let it do its growing over the next 10-15 years and you'll be fine!
This guy is giving you the straight scoop. I worked until 67. Waited until 70 to max out my benefit. Now I’m in fat city!
Never really knew about the "break even point" but I did my own math a while back using 62, 65, and 70 start points and basing on my projected lifespan...family health history suggests 80. Although I would draw a bit more if I waited, what I learned was the differences in the amounts wouldn't be life-changing money. X amount drawing for 18 years, Y amount for 15 years, and Z amount for 10 years. I am a strong believer that tomorrow is not promised. If I wait to draw, I might end up drawing ZERO after paying into it my entire working life.
that is correct however as mentioned in the video but under mentioned in my view is how the 62-65 ages and 62-67 ages are treated (1) if you work and draw, and (2) Medicare. So for me Medicare may be the decider. For me 62, 63, and maybe 64 are too likely to be working years with tax and insurance issues so my target is 65th birthday.
but there are people that draw for 30 years. nothing is for certain.
I am in the same boat i have 3 pensions plus 10 percent VA disability.....retired at 55...totally taking it at 62...my break even mark is 79.....anyone may not make it to 67 or 70...my God Father died at 61....never saw a cent....
@@whatsup3270 Funny aspect of it is that the ratio's work out about the same to where taking it early at any time: 62, 65, 67, etc.... they all end up at a break even around 79-80 years old vs full retirement. As you said, the decision really comes down to whether you decide you want it early, when is the first year you could take it and not have your income penalize you, and your healthcare needs. Taking the money and being able to save it vs having to use it means you could currently put it in CD's or treasuries at 3%-4% or slightly more, which would then push that break even out another couple of years. In rough numbers, 3% return puts your break even around age 82 and 5% return puts it around age 84.
Wrong !
I filed for my SSI when I hit 62. I've been putting about half of it every month into a brokerage account which is making me over 10% a year now. I fully expect that income to make up for most of, if not more than what I would get for delaying. And, as so many commenters have said - you never know how long you've got. I paid into SS all my life and I want MY money back.
EDR... Take it!! It s yours darn it!!!!!😂
Darn right, I've been working and paying into it since age 14. Dammit I want my money back!!!
I started collecting at 62, but kept working part-time. I'll be 72 in 4 months and feel great! I to had family members die before collecting any social security. I hope continuing to work has helped but next year it will be time. We all try to make the best choices.
It's feels different working because you have to and working because you want to.
I like the idea of cutting back to part time for health insurance but did you find it difficult staying under the $19,560 limit per year?
@gregkisinger4183 No I didn't. Just keep track of your annual earnings and cut back if you need to. Your company should be accommodating enough to work with you. They know the regulations.
Both my parents died before collecting Social Security. I started collecting at 62, and I am 69 now. I have no debt. I have a large garden and consider it equivalent to a part time job. I have no regrets, and did not work during Covid. For me, it has worked well and my health is excellent. I have been building 2 foot hugelkultur beds for when I am old, but feel spoiled now. Since I have no debt, I have little income stress, and raised beds alleviates bending over. Hugelkultur means no irrigation.
That's a very smart way of looking at the gardening - part time job that reduces food expenses, gives you exercise, and is good for the environment. 👍🏾
@@bbalderston125 with inflation, I got a raise. My food is worth more at the grocery. I will expand my garden in spring, to add more for my son's family. I learned something new... potatoes come in determinate and indeterminate varieties. Like tomatoes, determinate is designed for one time mechanical harvesting. I ordered indeterminate online last week. Even this old dawg learned new trick at work.
I don't know a SINGLE person at 62 living debt free.
@@captainobvious5349 I have some family members that are debt free, and my son is on his way. Outside my family, I have never met any that I knew about. It is a generally modest lifestyle, so easy to overlook, I'd think. Gray (wo)men!
@@captainobvious5349 I'm sorry to hear this ... I'll be 62 in April and have no debt with paid off house.
Great job Lane! I am 68 now and I filed at age 62. The one thing I have learned in this life is that are no guarantees. I watched my father die at age 58 after paying into SS his whole life. He was a SGT in the 1st Marine Division in the Korean War and was wounded on 4 separate occasions and I am sure this decreased his longevity. I am happy with my decision. Thanks again.
My dad took SS at 62 and worked until 70 staying under the limit. My parents took all that SS money and added it to their rental properties. The rental income is almost double their SS income.
They say if you don't start taking social security at age 62 , in order to recoup the money lost between that age and your designated time to collect, you'd have to live to the age of 77 .
@@josephconner3742 The only reason they penalize you for working between age 62 and 66 is to force you to wait until 66 when 20% will have died!
@@truthwarrior4412 true! That's also why they penalize you if you make more than $22,000 a year in additional income.
@@truthwarrior4412 they say that when social security was initially implemented by FDR, the age to collect was 65 years old, yet the average maximum age to live at that time was 62 years old. The government obviously didn't expect to pay out to that many recipients.
Excellent presentation! I’m currently 67 years old planning to retire early next year when I’m 68 . I’m currently contemplating starting to collect Social Security this year even though I am collecting a paycheck and socking it away in a Roth IRA. Your breakeven chart helped me with this decision. Thank you. !
As soon as I turned 62 years old I got hospitalized.
62 and getting first installment in Dec. I absolutely will not regret it at all! All we have to do is keep it.
I, was one of those that took benefits at age 62. I am still here at age 76. I think I made the right choice.
Full ss at 64 for myself and spouse. He died at 67. Glad we took the money.
Sorry for the loss of your Spouse. God Bless You ❤
Very helpful. One of the very few videos that addresses questions I had and no other channels were mentioning. Thank you.
I do physical work for a living. I'm 57 and 62 can't get here soon enough.
My husband has been in factory work for 30+ years. He has heart disease and is 60 years old. We have no promise that he'll make it to 62, but if he does then yes he will start collecting.
@@ReeceS6419 Grape seed extract, CoQ10.
I agree I will be 57 this year
I worked blue collar jobs all my life lots of OT , hard labor at 62 I rewarded myself. Absolutely no regrets.
I took SS at 62 because I was young and healthy enough to enjoy it. You just never know how long your health will hold. Sure I lost about 500.00 a month but with my other sources of income it’s not that big a deal.
I am in the same boat i have 3 pensions plus 10 percent VA disability.....retired at 55...totally taking it at 62...my break even mark is 79.....anyone may not make it to 67 or 70...my God Father died at 61....never saw a cent....
@Kurt M. Nor the "Health" of Our Country/WORLD (in General for that Matter) now huh' Kurt??'!!
A fantastic and thoughtful explanation of an very important decision. So much more informative than the simplistic articles so often seen on the internet.
Thank you so much for this very clear explanation. Just started collecting SS benefit @ 64. My husband retired @ 60. We need to enjoy our lives better when we both can. More power!🎉🎉🎉
I filed at 62 and do not regret it at all! The money difference between 62 to 65 for me, I would have a break even point in about 16 to 18 years. In other words it would take that long for me to ketch up if I had started at 65. The Lord has blessed me being able to live as long as I have and now I am at that break even point. Many do not make it that long. If you retire at age 62, you can still work but you can only so much before they take money out of SS. Once over 65 there is no limit. CHOOSE WISELY!!
'...to ketch up...' wtf " _catch up_ "
56@@manofiske3318 - KETCH UP = CATCH UP. Pardon my southern slang!! Break even point is the point where the funds from early retirement is the CATCH UP POINT where the funds even out & you start making MORE if you took retirement from SS at 65.
@@johnolson9062 He never learnt none of that there hillbilly talk! Why am I hungry for french fries?
@@ripvanrevsyou mean Grits….fixed it for ya! 😊
I worked for the same company from 17 years old to 6o years old, during that time span I saw many co-workers retire at age 65 only to live 1 or 2 years after retiring, I also saw some waiting to age 65 to retire only to not live long enough to retire. So for me, it was a no-brainer, when my company offered a buyout at age 60, with 2 years 75 % salary, with a full pension after, and medical benefits for life. I am now 78 and have been collecting since age 62.
Was that the GTE buyout by Verison? Sounds like it. Incredibly good deal. I used to work for GTEDS way back in the 70's. Great company and I was flabbergasted at how good of deal some of my old colleagues got in the buyout.
My dad took his Social Security at age 62, then went to the doctor and found out he had cancer and died right after that. He lived in FL, never smoked or drank and ate healthy and golfed regularly. My mom collected his social security upon his death. She was glad he took it at age 62, instead of waiting!
I guess...
Your mom could've started collecting his social security herself even if he hadn't started yet. My mom died at age 62 but wanted to wait to collect later. After she passed my dad was able to file and collect
@@darrenoconnell9716 Sad story. I am sorry about your dad. My condolences. God bless him. He must have been looking forward to collecting a bigger check later on.
Golf courses are some of the most chemically polluted places on earth.
My dad delayed and passed the month of his first check. My mother passed before be able to claim SS. Both were good people who worked very menial, hard on their body jobs their entire lives.
I took SS at 62. Both of my parents never got to enjoy retirement, due to illness and passed. My coworkers, waited for 65 and got I'll shortly after...and passed. Friends helped me decide to get out early. Just remember....to plan and retire debt free !! Down size ...keep it simple. This is very important. Glad I did...never had any regrets!!! Thanks for sharing...good info.
I was given advice to claim SS at 62. The reason is that when your health is good you will need more cash travel, hobbies ect. As a person age increases you spend less cash on fun. We traveled the world and had a great time. Now in our 70's travel has become more difficult and not as much fun.
And you have a whole lot less money to spend on medical. Bad decision.
@@garyjones3142 Hi 🤡, if you had 200,000 thousand dollars they would take it. LOL 😂, I'll just stay poor and they can't take it.
If you can't or don't work, survived it all this far, have no pension, and getting by day to day in difficulty, survived a life of hard knocks, and have nothing to really rely on otherwise, TAKE IT asap! It's YOURS.
My Mom did what the experts told her to do. She worked full time at a stressful job along with a demanding boss.She worked till she was 67 which was her full retirement age. 1 1/2 years into retirement she was diagnosed with non hodgkin's lymphoma. She spend the next 1 1/2 years going to Dr's appointments, having blood drawn, filling prescriptions, receiving chemo,radiation and fighting for her life only to live to 70 years 2 1/2 months. She feared she'd outlive her money. She left 1.6 mil on the table. If you can afford to take it at 62, by all means take it. Nobody is getting any younger, The older you get to be in retirement, the less energy and interest you will have. I'm 59 1/2 and taking mine on my 62nd birthday.Enjoy life and live for today.
Sorry to hear about your mother. That is sad and unfortunate but not the way it happens most of the time. You are right we should live for today but still plan for our future.
The elephant in the room is health insurance. If you have company provided health benefits why would you retire before Medicare takes over at 65? Thats what keeps me working…
I agree. Health care should not be tied to employment or a company.
i retired at 60 and started collecting SS at 62. i am 88 today and I do not need as much income as i did when the wife was still alive and we were enjoying our retirement and able to do what we want to do being in good health at the time. i also took a lump sum settlement instead of a pension which could end at my death. also part of my retirement was i kept my company health insurance which is a great deal today.
Glad to read your comment, I am struggling to decide, I also took lump sum since they end it if anything happens to you and your children get nothing. It was a bad hit considering lifetime payout, but like most people are posting nothing is promised to us and companies now are volatile in this economy, it's scary.
You've lived 26 years beyond 62. And already 18 years (almost 20 years) beyond more than 70. And you'll likely live another decade, even more.
I have been watching and reading these kinds of articles for years and it finally hit me. This is only about money. What is the value of the life experience of retiring early over later? Meaning that, to take advantage of more money at 70, you have to keep working an additional 8 years over retiring at 62. What kind of great experiences and activities would I be missing in those 8 years and how many? And would I be able to do the same things physically at 70 that I could do at 62? So for me, “losing” the extra money by retiring early is worth the cost.
You're really going to sit around, goof off in life, and just play, all day and all night, every day, at *only* *62* years old? Most people relegate that advanced olden age to being like, *90* years old now. 62 only? My god, 62 is still in the prime of your life! 52-75 is the PRIME. Any age before 50 is still being YOUNG.
Money isn't everything.... but freedom is.
@@billybrown7953 And that freedom is possible by some carefully placed money. We all hate money, the curse that it is; however it is that necessity which we must plan for irregardless.
@@SunnyIlha My comment went way your head. You don't sound too bright. BYE 👋
@@billybrown7953 I'm sorry I bothered you with my brightness.
I have been considering filing for SS for a while now, this video just helped me make up my mind. Thank you for your insightful content.
Lane, Your videos are the best most informative videos on YT on this subject... Thank you!
Took SS in April of 2020 when Covid hit, I turned 62 in March of 2020. Getting $1,800 month today. No mortgage, No car loans, No credit card debt, etc... Have other investments also. So glad I took SS @62, best thing I ever did. My father died in 2020 from Covid, he was 95. He collected for 30+ years. Life is good. 😊
Did you take a 30% cut?
$1800 a mo? What part of the ghetto do you live in??
@@Mcv2023 You do know that Congress has the ability to change Social Security at anytime they want. Also, did you know that Congress gets Social Security but doesn't pay into it. I'm taking my SS at 62. If you do the math, as Congress currently has it, if you start payments at 62 and live to 76, you will break even on the amount you paid into the system. My dad started his payments at 65 and died at 76. My sister died at 66. So, it's a no brainier for me to take it at 62.
I'm curious. Did you have a bunch saved away from years of working? A pension? Or have you only the benefit ( *as* your pension). I'm interested in your scenario.
@@carollee6963 You'd rather average 1,795.00 a month instead of an average of 2,700.00 a month at 67 just only 5 years after 62? It is not a no brainer. It may actually be a brain not working to pop it off premature early.
I got my early retirement at 62, and have never looked back. Since then I have had a good ROCK-SOLID steady base income, with which I have bought and paid for several NEW CARS COMPLETELY, never lacked spending money for incidental things, been able to work other lower wage jobs without worrying if I would have enough paycheck at the end of the month, or give a damn if I am no longer needed and "let go", and the benefits go on and on as I reached full retirement age since I have had plenty of time to get any medical treatment and rest that I need without having to kiss anyone's ass.
This video explains why both my wife and I decided to begin Social Security at 62. With help from an investment professional almost 15 years ago, we planned to start SS at 62 even though we were 50 then. We retired early at ages 50 (wife) and 52 (myself). Our retirement portfolio had grown large enough by then to allow us to do that. We're now both 65. The first 2 of your 5 reasons to begin SS at 62 apply to us. We began living off our investments immediately after retirement. Taking SS at 62 allowed us to lower our periodic withdrawals from those investments. For the last few years, I've worked a part-time job (making less than $19,000/yr) to further reduce the withdrawals from our investments. Some of our investments have lifetime income provisions, and we have not yet triggered any of those. As it now stands, we won't outlive our retirement funds even if we live well into our 90s. Thank you for the video.
Good for you to plan early. Our economy is different now, and investing before retirement sounds reasonable
Another point for some people is that if their payment is a little lower, they will qualify for all kinds of gov't handouts! Subsidized rent and snap (food) can add a lot to your income.
@Jim Bates, I've recently retired at 58, with a pension as well as investments, so I suspect I'm well set for my lifetime. Intellectually I know that at some point I need to start spending my savings down, but I'm so used to living within my monthly paycheck that I cringe at the idea of eating into my investments. How did you determine that you wouldn't outlive your funds? I keep thinking about future medical expenses or long-term care, both of which are SO expensive. OTOH, I don't want to die with a fortune, having denied myself while alive.
I'm retired police officer, wife is a DNP. Thank you for your comment, GO HAWKS!
I am in the same boat i have 3 pensions plus 10 percent VA disability.....retired at 55...totally taking it at 62...my break even mark is 79.....anyone may not make it to 67 or 70...my God Father died at 61....never saw a cent....