JAY When I get married in the DR you are the to become my BEST-MAN at my wedding! I've been watching your podcast since June of 2024 and tia Norberis since Summer of 2022! Both of your podcasts are highly informative and enlightening. KEEP UP THE GREAT WORK IN GOD JEHOVAH NAME! AMEN-ASE!
Same here. Turn 54 in January. Can collect pension at 55 but waiting to retire at 58 so my youngest daughter can utilize my tuition benefits for college. Will collect my pension and 401k until Social Security kicks in
I turn 67 this month. Already I qualify for full retirement at 661/2 years. I plan to work until 70 or beyond, unless something unforeseen happens. I travel to the DR several times a year and eventually I will live in DR permanently.
I would say at early age, because we do not know how the future is coming and after the pandemic, the whole world changed. Thanks for the video, is very important.
I'm retiring at 62. My father waited until he was 65 and died when he was 68. I've maxed out my 401K for the last 30+ years.. We gonna use both and make that money do what it do!
I retired at 62 (had a heart attack at 60). Anyway, my social security break even age is 78. My dad passed at 78, my mom at 73. They both took their retirement early and enjoyed their non working years. I'm doing the same, I paid off debt in my 50s and living pretty well now. I also have a side hustle i can work whenever. So with my leftover cash i maintain an emergency fund and onvest the rest for life after 70 and inheritance.
I am retiring at 62! 🎉 like you said “taking my ball and running “ lol. We go to DR every summer, so is on our mind for retirement which is 7 years and counting 🙏
James y Norberis your both right. It depends. If a person plan to retire outside the United States, then they should go ahead and retire early at 62; but if a person is planning to retire and stay in the US on just social security alone ( I don’t know how they can) then they should wait until full retirement age. A word of caution though. If any person decide to retire outside the US. Please get a well done medical check up over a period of time to know what is wrong or not wrong with you before you make that final move. Not because you feel and look good don’t mean everything is good inside. Great topic guys👍👍👍
Great video, as always! I'll give you our situation as to why we have not retired early. My son gets tuition free college in Virginia, but he starts in 2030 and graduates in 2034. My wife wants to work until 2034. So if all the stars line up, our son will be starting his life debt free from school and my wife will have her full pension. I'm already pensioned from the military. If it not for that, we would be in DR by now. Stay cool and stay safe, thank you for providing great videos to your subscribers. ❤
Never leave money on the table. Collect partial at 62 for Social Security. You will still collect full retirement at 67. In my case, I can collect my pension in 2 years at age 55. Really a year and some change since I turn 54 in January. About 75% of my 5 highest years of salary. I’m retiring in 5 years because I have tuition benefits for my children through my job. Then I’ll collect my pension and 401k. 4 years later I can get Social Security
it all depends on what type of life you want when u retire in a foreign country. obviously waiting until 70 you will have the max of social security and in some cases if u pension and 401k, but by that time u don't have many yrs left and when u put your health into the equation for some it might be shorter. the best thing is to get a financial advisor and also do your own research. log into social security and adjust your age and see the amt of money and if its worth it. i personally had friends that wanted the max on everything and worked till they died, also others still working with 1 pension from the company and about to get another from the same company and still wont retire. the most important take away from all this is to take care of you health before you retire excellent topic...salute to u both
Retirement after 67, the person gets 8% increase for each year until 70. So, if you retire at age 70, you will get a 24% increase. In my particular case, I'm just waiting to turn 62 to retire. I'm not planning to retire in a wheelchair.
People need to consider break even age also. Those waiting until their full retirement age are leaving cash on the table. So even tho you're getting an 8% increase, it might take a decade (76 for many) to catch up to what you didn't take. There's an easy formula to figure out break even age.
I currently age 73 in bad health and planning on relocating to Santo Domingo ASAP! ALSO in search of a young dominicana with a entrepreneurial business minded spirit who would work with me as my wife in Santo Domingo! Together she and I must earn $3,000+ monthly income! Plus I'm work on getting an online job earn an extra $2500 to $3600 usd monthly! Viva Santo Domingo y Chicago, USA! AMEN-ASE!
I like your plan but in reality you might find your mate much faster and more choices in the Philippines or even Thailand. A younger Dominicana is fully of energy live a much more active lifestyle. But good hunting though keep us posted!!!
From u received ur first pay check u start to plan for retirement. Trust me the years go by fast and u don’t want to Play catch. Once u 20 yrs in u going to now what age u can retire. Ur portfolio will determine u stop working. It’s sad so many people cannot retired because they fail to plan or start to plan too late.
Militarily, you can collect a number of retirement related checks. The top 3 are obviously full retirement at 20 yrs Active Federal Service (AFS), VA disability, and lastly any 401k or any Thrift Savings Plan they've invested in. Without accumulating 20 yrs AFS (generally those in the National Guard or Reserves), retirement collection is at 59 1/2 vs. immediate at 20 (Active Duty). For many, those in the Guard and Reserve will collect, in addition to their retirement, disability, and 401k's, will collect Social Security based on their civilian related employment if it was collected.
I heard the retirement age is now in the 70s. That is crazy!!! Social security will end by 2037. I was extremely shock. I agree the president is not mentally ok.
Problem with retirement for many isnt the Money. Its all the free time and loss of purpose. Living and working in Thailand i se many ppl retire to" Paradise" well funded. Many of them fail because of Massive freetime and loss of purpose in life.
That's the problem with people who retire abroad assuming they can support themselves. The problem is money for retirees in the US, it has nothing to do with free time.
@@NorberisR Many Americans can grasp that u can live extremely comfortable and safe with topclass healthcare ranked higher than us for well under 1500$ a month in se-asia like Thailand or Vietnam
Spending my physical peak years stuck at an office counting the day until retirement then when i am 2 weeks away from death, weak then i enjoy life...? Every things i do, every project i work on have all the same goal... Product a passive income that could finance my life within 2 years.
Retirement is a great topic, and frankly doesn't get discussed enough by UA-camrs who encourage leaving the US. The US is currently facing a "retirement crisis". Only approximately 15% of Americans receive a pension from private employers. Approximately 53% of Americans aged 50 and over have less than $100K saved for retirement. For African Americans in general, the average retirement savings account is approximately $9K. The average social security check is approximately $1800. For African Americans the average social security check is only around $1,200. Don't jump off a cliff and enjoy the ride to the bottom. Have a plan to sustain yourself. Have healthcare covered. The late Charles Tyler gets called out often for encouraging young folks to exit the states. I was in Brazil when he sadly passed away in a hospital without a means to pay for care. When you do reach your 60's, finding yourself without an adequate safety cushion isn't a good situation, and it only gets more difficult as you get older. Please prepare and think hard about a functional plan. Have cushion for the unplanned scenarios.
I think blaming content creators for someone not making a plan for their own life is a little of a stretch. No one should have to tell you to make sure your finances are in order.
If you are talking about social security early is 62, you get about 71% of your full retirement amount. If you wait until 67 then you get the full 100%, but ig you wait until 70, you get 28% more than you full retirement amount. IRAs and 401k is 59.5 when you can start taking money out. I think by the time you are 70 years old you are require to start taking money out of those accounts.
Excellent video Jay and great information. Makes me proud to see a young brother in this space giving out honest and valuable information. Every word you spoke I support and cosign and I only took offense to the 67 is "old" as I am approaching that in the next decade!!! Just kidding (I am getting OLD🤣🤣🤣). All of your information and perspective was spot on and I hope many others in my age range watch and consider all the helpful information you gave. I salute you for this content. It was insightful, honest, direct and as helpful as anyone could ask for. This was great content and as a soon to be 60 year old that will be cashing out at 62 for the very reasons you mentioned. I agree and approve of every word of this message. Thank you for being thoughtful and serious about the messaging that you and your wife and family are putting out. We need more of you sir 💪💪💪💪
I am 60. I am planning on retiring in DR. I am building a house in DR Romana. I been seing this girl for the past 2 years. We start a prestar negocio. This girl will not come to my Air BNB until I met her family.She is 28
A good book to help answer some questions on early retirement vs full retirement is " You can Retire on Social Security" by Josh Scandlen. He also has a UA-cam channel... Basically he is a pro on retiring early and he breaks it down why you should retire early.. He goes over what is called the break even point.....Also Your Social security is based on your highest 35 years of earnings.... Social Security wouldn't run out, they would only be able to pay only 80% of your social security benefits as apposed to 100%....Good video Folks...
Jay believe it or not, some people have to work until they're 70. My neighbor is working at 72. I see seniors doing door dash because they're on a fixed income and can't make ends meet. I was talking with a woman whose social security is $600.00 a month and no pension or retirement fund. It's tough.
Early retirement is 62. Your amount is based on your highest 35 years earnings and there is a some sort of calculation done by social security which is complicated. Taking early retirement at 62, you will receive 30 percent less from social security. In order to receive any benefits, you need to work at least 10 years. I have been blessed with a work pension as well. So I started take SS at 62, I work PT and each year SS determines what income I can make(this year is 22,300 in 2024) without them taking $1 for every $2 you make over that amount. I am careful not going over that amount each year since I started in 2021. I invested the SS check and invested in a condo in Punta Cana per construction. I reach full retirement age in June 2026. At that time, I can work with no limit income. Then SS will recalculate my top 35 year earnings. There is some videos that state that if you take early retirement at 62 instead of 67 years old the median age that you have made equal point is age 79 1/2. Your decision to when to take your SS is based on individual circumstances. Hope this helps my friend.
If you retire at 70 you get full retirement benefits plus more. After 70 you will not get more benefits but you can retire at any age past 70 if you want to.
Health issues is another factor to consider, because for some people that should be a reason to retire early, but for others is the reason they don't retire early, because they need to keep the health insurance provided by the employer. Since Medicare coverage starts at 65.
@loulu8404 Yes, I'm aware of that, I even had my son insured with Humano during the time he stayed in DR a few years back. But, I mean people with very serious health issues that sometimes decide to stay in the USA for that reason.
I plan to retire at the age of 62. Because I want to get full pension from my State job. I would not like to continue working beyond 62. I want to have some life left in me so that I can enjoy the fruits of all my years of labor. My goal is to retire in the D.R.
When I retired the full retirement age at that time was 66. Yes work was stressful but it would have been more stressful for me to have to go back to work if i didn’t have enough money for retirement.
People in the military get their military pension after serving at least 20 years. No need to continue working another 20 years to get Social Security benefits because we've been paying into Social Security for those 20 years of military service. 💪😊
I would retire and claim as early as possible. The math does not work out in our favor, in later years, and not worth it, in my opinion. If we use $2700, and $3800 as examples, with five year wait from 62 to 67 respectively, and life expectancy at 80, this will only net a $9600 difference; essentially giving the retiree an extra $160 per month, for the 5 year wait.
Actually if you retire from the military. Then you get cilivan job that pays you a pension you also still get social security. That means that you get three checks 😊
I retired from the military at 39y/o and collect a monthly pension along with my VA disability pay. My civilian husband plans to work 7 more years until he’s 55y/o when he can take advantage of the IRS “Rule of 55” and then we’ll be moving to the Caribbean. My mom 62y/o and got her SS letter showing if she retires now she’d get a little over $900/mo. and if she retires at either 65/67 she’d get $1300 but if she retires at 70y/o then she’d get $2000. She’s in good health, feels great and says her job (live in home health aid) is easy so she plans to work until she’s 70y/o. She has her very nice house in the Caribbean and plans to return after she retires.
Canada and USA are different , . Canada early is at 60 and full retirement is 65 . It's up to person and their health id say if they take early retirement...ask and find out what best for you
I'm retiring Jan 2025 when i turn 59. I've been fortunate to have been with the same company for 36 yrs. Ill retire with a pension and a small disabiliy check from the military so ill wait until 67 to draw SS. My wife will draw a pension and SS. We have 401k and IRA money that we'll probably never spend all of it. But im going to sure as hell try. At this point it doesn't make any sense to continue working, for what, to buy more crap we dont need. Time for us to enjoy the fruits of our labor. Ive been to cabarete and punt cana, i love the DR. I want to rent us a spot down there to spend winters. Im thinking about coming to SD for my birthday in Jan, i want to check out the aurturo Fuente cigar spot. Thats my favorite smoke!!
The military always takes SS out of your paycheck. So for example you work for a company from 20 to 40 years old. At 40 you joined the military for 27 years then you would get retirement compensation from the company and the military. If you also had a pension then you could be getting 3 pay checks.
Having just turned 39 and got laid off, I'm at a crossroads. With 425K saved for an early retirement at 50, 10K in an HSA, and a property that could net me an extra 200K, what are my options for passive income?
If you are a US citizen or resident alien, you are still required to report WORLWIDE income. When you report your taxes you get a credit for the income taxes you paid to the overseas company. Your wife should continue reporting income and pay social security taxes to increase her SSI pension as you should also.
I’ll be 66 in November. I plan to file for my SS in February. Why? There are penalties and limitations on my earnings until then. I want to move abroad but my wife doesn’t. I’m between the proverbial rock and a hard place.
Hi I retired September 19 2023 after thirty years of working with the post office as a mailman, I am getting my pension now from the postal service, I also paid into social security for 40 years ; put I can’t get my social security until I reach the age of 62, I will apply for my social security at 62: I worked in California but now I have move here with my mother in Alabama it is much cheaper to live here on my retirement, put I have plan to go to the Philippines to stay for a year to see if I can live there, I have visited the Philippines two times, I like the people they speak English. I have visited the Dominican Republic many time put I don’t speak Spanish, sorry I’m 57 years old now.
Some can retire at 55 with PENALTIES. You have to figure out how much you need to live on per month and how much you'll get per month SS and pension ARE NOT A GUARANTEE
hi, i enjoyed this conversation. am gonna retire at 62 but am working on making a lil extra so i can call it quits. and wait to withdraw. am thinking about retiring in santo doming .. you mention you show people around in one of you video.. how do you charge for your service?
In my opinion, take it early. Greed can make you want to wait 5 years to collect a few more dollars that you can subsidize by working at your own pace. Why do I think so? Well, the way that our elected officials manage finances for contributors is not good. We may get nothing by the time we retire, that means me and you won’t have anything there waiting for us. 100s of Ks in contributions missed managed and if there’s nothing you get NOTHING. Also, if you die and you are not married or have UNDER AGE kids, well Uncle Sam keeps your dough. Based on what I see in the news alone, I can see people developing a heart attack or some other health issues. Again, I would go for the early something instead of the possible nothing. Even if you have a 401k, grab your little dough, work part time if you can, Gov money is not under your control. You may or may not get it. They take it, with a promise to return it, but nothing is for sure. They keep calling our contributions ENTITLEMENTS! We pay for it, but it’s not returnable for sure. Get some of your hard earned money sooner rather than later.
My mom retired at 62 from the government but still works part time at a bakery. She is enjoying life without the stress of working full time
Yes, working because you want is very different from working because you have to. Congratulations to your mom.
JAY When I get married in the DR you are the to become my BEST-MAN at my wedding! I've been watching your podcast since June of 2024 and tia Norberis since Summer of 2022! Both of your podcasts are highly informative and enlightening. KEEP UP THE GREAT WORK IN GOD JEHOVAH NAME! AMEN-ASE!
I’m 53 years old… and this topic has been on my mind HEAVILY! Lately…
I started in my 50s paying off debt. Being debt free makes the retirement question a lot different.
Same here. Turn 54 in January. Can collect pension at 55 but waiting to retire at 58 so my youngest daughter can utilize my tuition benefits for college. Will collect my pension and 401k until Social Security kicks in
I turn 67 this month. Already I qualify for full retirement at 661/2 years. I plan to work until 70 or beyond, unless something unforeseen happens. I travel to the DR several times a year and eventually I will live in DR permanently.
@@nycpowergroup why, why. take your money now. They will give you the additional amount at 70.
I would say at early age, because we do not know how the future is coming and after the pandemic, the whole world changed. Thanks for the video, is very important.
You're welcome and you're correct.
I'm retiring at 62. My father waited until he was 65 and died when he was 68. I've maxed out my 401K for the last 30+ years.. We gonna use both and make that money do what it do!
Man you sitting lovely. Let me hold something. 🫲🏾
Sounds good😁
Awesome conversation, retiring early is the way to go
Absolutely!
I am 61 and just got laid off but I will take my SS next year at 62 . Cause tomorrow isn’t promised .
Good move. That's my plan as well.
Exactly 🫡
True
I retired at 62 (had a heart attack at 60). Anyway, my social security break even age is 78. My dad passed at 78, my mom at 73. They both took their retirement early and enjoyed their non working years. I'm doing the same, I paid off debt in my 50s and living pretty well now. I also have a side hustle i can work whenever. So with my leftover cash i maintain an emergency fund and onvest the rest for life after 70 and inheritance.
That's great. Thanks for sharing.
Excellent video!!!! The both of you hit a homerun discussing this topic!
Thank you!
Im 57... Im taking mind at 62... No day is guaranteed...
I don't blame you.
Im stopping at 59 1/2 but pulling social security at 62.
If your getting a pension, look into the level option.
I am retiring at 62! 🎉 like you said “taking my ball and running “ lol. We go to DR every summer, so is on our mind for retirement which is 7 years and counting 🙏
That is awesome!
James y Norberis your both right. It depends. If a person plan to retire outside the United States, then they should go ahead and retire early at 62; but if a person is planning to retire and stay in the US on just social security alone ( I don’t know how they can) then they should wait until full retirement age. A word of caution though. If any person decide to retire outside the US. Please get a well done medical check up over a period of time to know what is wrong or not wrong with you before you make that final move. Not because you feel and look good don’t mean everything is good inside. Great topic guys👍👍👍
Thank you.
THANKS. Wise words.
I don’t trust that the retirement age will stay the same, so I agree with you guys, when I’m eligible I’m taking it. 🙏🏽👊🏽
Agreed, take it as early as possible. The full retirement is the cheese for the rat to chase, get out of the race.
@@semperfi6512Ooorah 🫡
You guys are very authentic love the content
Thanks!
Great topic 😊I will definitely retire before 70
Great!
I retired at 57 and is very happy. I have a pension and 401k.
Congratulations 🤗
Great video, as always! I'll give you our situation as to why we have not retired early. My son gets tuition free college in Virginia, but he starts in 2030 and graduates in 2034. My wife wants to work until 2034. So if all the stars line up, our son will be starting his life debt free from school and my wife will have her full pension. I'm already pensioned from the military. If it not for that, we would be in DR by now. Stay cool and stay safe, thank you for providing great videos to your subscribers. ❤
Sounds like you all have a sound plan.
Never leave money on the table. Collect partial at 62 for Social Security. You will still collect full retirement at 67. In my case, I can collect my pension in 2 years at age 55. Really a year and some change since I turn 54 in January. About 75% of my 5 highest years of salary. I’m retiring in 5 years because I have tuition benefits for my children through my job. Then I’ll collect my pension and 401k. 4 years later I can get Social Security
it all depends on what type of life you want when u retire in a foreign country. obviously waiting until 70 you will have the max of social security and in some cases
if u pension and 401k, but by that time u don't have many yrs left and when u put your health into the equation for some it might be shorter.
the best thing is to get a financial advisor and also do your own research. log into social security and adjust your age and see the amt of money and if its worth it.
i personally had friends that wanted the max on everything and worked till they died, also others still working with 1 pension from the company and about to get another
from the same company and still wont retire.
the most important take away from all this is to take care of you health before you retire
excellent topic...salute to u both
Good insight. Thank you for sharing.
Retirement after 67, the person gets 8% increase for each year until 70. So, if you retire at age 70, you will get a 24% increase. In my particular case, I'm just waiting to turn 62 to retire. I'm not planning to retire in a wheelchair.
People need to consider break even age also. Those waiting until their full retirement age are leaving cash on the table. So even tho you're getting an 8% increase, it might take a decade (76 for many) to catch up to what you didn't take. There's an easy formula to figure out break even age.
@@chillycharles910 That's correct
I currently age 73 in bad health and planning on relocating to Santo Domingo ASAP! ALSO in search of a young dominicana with a entrepreneurial business minded spirit who would work with me as my wife in Santo Domingo! Together she and I must earn $3,000+ monthly income! Plus I'm work on getting an online job earn an extra $2500 to $3600 usd monthly! Viva Santo Domingo y Chicago, USA! AMEN-ASE!
I like your plan but in reality you might find your mate much faster and more choices in the Philippines or even Thailand. A younger Dominicana is fully of energy live a much more active lifestyle. But good hunting though keep us posted!!!
From u received ur first pay check u start to plan for retirement. Trust me the years go by fast and u don’t want to
Play catch. Once u 20 yrs in u going to now what age u can retire. Ur portfolio will determine u stop working. It’s sad so many people cannot retired because they fail to plan or start to plan too late.
It's early, full and delayed. 62, 67 and 70 and then they have the social security leveling option
Thank you.
Survivor benefits and health insurance payments needs to be thrown in the equation also when planning for retirement
i retired april 1st 34 years i'm 57 and enjoying life..
Congratulations 🎊 👏🏼
agree. Some American work until they drop. As a Dominican I worked 37 years in USA and retire early at 55 to enjoy my pension a SS.
Congratulations 🇩🇴
I'm 100% service connected with the v.a. and looking at the Dominican 🇩🇴 republic.
Yes you should come check it out to see if its right for you.
Give me my damn money at 62😂. Great topic guys🫶🏿
😂😂
Militarily, you can collect a number of retirement related checks. The top 3 are obviously full retirement at 20 yrs Active Federal Service (AFS), VA disability, and lastly any 401k or any Thrift Savings Plan they've invested in. Without accumulating 20 yrs AFS (generally those in the National Guard or Reserves), retirement collection is at 59 1/2 vs. immediate at 20 (Active Duty). For many, those in the Guard and Reserve will collect, in addition to their retirement, disability, and 401k's, will collect Social Security based on their civilian related employment if it was collected.
We did not know this. Thank you for sharing this.
I heard the retirement age is now in the 70s. That is crazy!!! Social security will end by 2037. I was extremely shock. I agree the president is not mentally ok.
Problem with retirement for many isnt the Money.
Its all the free time and loss of purpose.
Living and working in Thailand i se many ppl retire to" Paradise" well funded.
Many of them fail because of Massive freetime and loss of purpose in life.
That's the problem with people who retire abroad assuming they can support themselves. The problem is money for retirees in the US, it has nothing to do with free time.
@@NorberisR Many Americans can grasp that u can live extremely comfortable and safe with topclass healthcare ranked higher than us for well under 1500$ a month in se-asia like Thailand or Vietnam
Nope it depends on your health. I'm starting to develop some issues which is forcing me to stay in the system a little longer than I was hoping to.
This was a great show, ive been looking into this for a while even though i have 20 years to go for retirement 🫣.. love the energy from both of you.
Our pleasure!
Spending my physical peak years stuck at an office counting the day until retirement then when i am 2 weeks away from death, weak then i enjoy life...? Every things i do, every project i work on have all the same goal... Product a passive income that could finance my life within 2 years.
Retirement is a great topic, and frankly doesn't get discussed enough by UA-camrs who encourage leaving the US. The US is currently facing a "retirement crisis". Only approximately 15% of Americans receive a pension from private employers. Approximately 53% of Americans aged 50 and over have less than $100K saved for retirement. For African Americans in general, the average retirement savings account is approximately $9K. The average social security check is approximately $1800. For African Americans the average social security check is only around $1,200.
Don't jump off a cliff and enjoy the ride to the bottom. Have a plan to sustain yourself. Have healthcare covered. The late Charles Tyler gets called out often for encouraging young folks to exit the states. I was in Brazil when he sadly passed away in a hospital without a means to pay for care. When you do reach your 60's, finding yourself without an adequate safety cushion isn't a good situation, and it only gets more difficult as you get older. Please prepare and think hard about a functional plan.
Have cushion for the unplanned scenarios.
I think blaming content creators for someone not making a plan for their own life is a little of a stretch. No one should have to tell you to make sure your finances are in order.
The. Otto of the wise is: retire as soon as you can ; provided you can live debt free.
Yes
If you are talking about social security early is 62, you get about 71% of your full retirement amount. If you wait until 67 then you get the full 100%, but ig you wait until 70, you get 28% more than you full retirement amount. IRAs and 401k is 59.5 when you can start taking money out. I think by the time you are 70 years old you are require to start taking money out of those accounts.
Very interesting thanks for the insight.
Excellent video Jay and great information. Makes me proud to see a young brother in this space giving out honest and valuable information. Every word you spoke I support and cosign and I only took offense to the 67 is "old" as I am approaching that in the next decade!!! Just kidding (I am getting OLD🤣🤣🤣). All of your information and perspective was spot on and I hope many others in my age range watch and consider all the helpful information you gave. I salute you for this content. It was insightful, honest, direct and as helpful as anyone could ask for. This was great content and as a soon to be 60 year old that will be cashing out at 62 for the very reasons you mentioned. I agree and approve of every word of this message. Thank you for being thoughtful and serious about the messaging that you and your wife and family are putting out. We need more of you sir 💪💪💪💪
Thanks, Rico. We meant 67 is too old to working, not too old to enjoy life. Forgive us🤗
I am 60. I am planning on retiring in DR. I am building a house in DR Romana. I been seing this girl for the past 2 years. We start a prestar negocio. This girl will not come to my Air BNB until I met her family.She is 28
A good book to help answer some questions on early retirement vs full retirement is " You can Retire on Social Security" by Josh Scandlen. He also has a UA-cam channel... Basically he is a pro on retiring early and he breaks it down why you should retire early.. He goes over what is called the break even point.....Also Your Social security is based on your highest 35 years of earnings.... Social Security wouldn't run out, they would only be able to pay only 80% of your social security benefits as apposed to 100%....Good video Folks...
That's good information. Thanks🤗
@@NorberisR For sure.... You're welcome...
Jay believe it or not, some people have to work until they're 70. My neighbor is working at 72. I see seniors doing door dash because they're on a fixed income and can't make ends meet. I was talking with a woman whose social security is $600.00 a month and no pension or retirement fund. It's tough.
Yes we understand some people have to.
If I can cover my expenses I prefer to retire early and supplement my income with a part-time
Agreed
Early retirement is 62. Your amount is based on your highest 35 years earnings and there is a some sort of calculation done by social security which is complicated. Taking early retirement at 62, you will receive 30 percent less from social security. In order to receive any benefits, you need to work at least 10 years. I have been blessed with a work pension as well. So I started take SS at 62, I work PT and each year SS determines what income I can make(this year is 22,300 in 2024) without them taking $1 for every $2 you make over that amount. I am careful not going over that amount each year since I started in 2021. I invested the SS check and invested in a condo in Punta Cana per construction. I reach full retirement age in June 2026. At that time, I can work with no limit income. Then SS will recalculate my top 35 year earnings. There is some videos that state that if you take early retirement at 62 instead of 67 years old the median age that you have made
equal point is age 79 1/2. Your decision to when to take your SS is based on individual circumstances. Hope this helps my friend.
Are you saying you took your SS check and paying for the condo with it?
@@crazyworld2570 yes
Yes this a mouthful and it helps a lot in our understanding.
Good video today. I’m retired doing it in February.
Next question. What about the banking system.
What about it? What's the question?
@@NorberisR lol 😂
What bank do you use. Or do you have a a favorite bank.
Can I direct deposit.
Have u made a video about it.
Have a great day.
If you retire at 70 you get full retirement benefits plus more. After 70 you will not get more benefits but you can retire at any age past 70 if you want to.
Health issues is another factor to consider, because for some people that should be a reason to retire early, but for others is the reason they don't retire early, because they need to keep the health insurance provided by the employer. Since Medicare coverage starts at 65.
@loulu8404 Yes, I'm aware of that, I even had my son insured with Humano during the time he stayed in DR a few years back. But, I mean people with very serious health issues that sometimes decide to stay in the USA for that reason.
My goal is to be out at 57 at the latest
I plan to retire at the age of 62. Because I want to get full pension from my State job. I would not like to continue working beyond 62. I want to have some life left in me so that I can enjoy the fruits of all my years of labor.
My goal is to retire in the D.R.
Sounds like plan🤗
When I retired the full retirement age at that time was 66. Yes work was stressful but it would have been more stressful for me to have to go back to work if i didn’t have enough money for retirement.
People in the military get their military pension after serving at least 20 years. No need to continue working another 20 years to get Social Security benefits because we've been paying into Social Security for those 20 years of military service. 💪😊
Thank you for clarifying that because we were not clear how that works.
I would retire and claim as early as possible. The math does not work out in our favor, in later years, and not worth it, in my opinion. If we use $2700, and $3800 as examples, with five year wait from 62 to 67 respectively, and life expectancy at 80, this will only net a $9600 difference; essentially giving the retiree an extra $160 per month, for the 5 year wait.
Exactly totally not worth it.
At 70 you can continue to work without being penalized.
Actually if you retire from the military. Then you get cilivan job that pays you a pension you also still get social security. That means that you get three checks 😊
Wow!
I retired from the military at 39y/o and collect a monthly pension along with my VA disability pay. My civilian husband plans to work 7 more years until he’s 55y/o when he can take advantage of the IRS “Rule of 55” and then we’ll be moving to the Caribbean. My mom 62y/o and got her SS letter showing if she retires now she’d get a little over $900/mo. and if she retires at either 65/67 she’d get $1300 but if she retires at 70y/o then she’d get $2000. She’s in good health, feels great and says her job (live in home health aid) is easy so she plans to work until she’s 70y/o. She has her very nice house in the Caribbean and plans to return after she retires.
Nice plan.
Thanks for sharing this.
Canada and USA are different , . Canada early is at 60 and full retirement is 65 . It's up to person and their health id say if they take early retirement...ask and find out what best for you
Yes it is on a casa by case basis
I'm retiring Jan 2025 when i turn 59. I've been fortunate to have been with the same company for 36 yrs. Ill retire with a pension and a small disabiliy check from the military so ill wait until 67 to draw SS. My wife will draw a pension and SS. We have 401k and IRA money that we'll probably never spend all of it. But im going to sure as hell try. At this point it doesn't make any sense to continue working, for what, to buy more crap we dont need. Time for us to enjoy the fruits of our labor. Ive been to cabarete and punt cana, i love the DR. I want to rent us a spot down there to spend winters. Im thinking about coming to SD for my birthday in Jan, i want to check out the aurturo Fuente cigar spot. Thats my favorite smoke!!
I agree, it's time for you guys to start enjoying life. Sound like finances won't be an issue so why not.
The military always takes SS out of your paycheck. So for example you work for a company from 20 to 40 years old. At 40 you joined the military for 27 years then you would get retirement compensation from the company and the military. If you also had a pension then you could be getting 3 pay checks.
Thanks for the insight.
Having just turned 39 and got laid off, I'm at a crossroads. With 425K saved for an early retirement at 50, 10K in an HSA, and a property that could net me an extra 200K, what are my options for passive income?
My husband said he would $200k in a high interest saving account this will yield you passive income per month.
If you are a US citizen or resident alien, you are still required to report WORLWIDE income. When you report your taxes you get a credit for the income taxes you paid to the overseas company.
Your wife should continue reporting income and pay social security taxes to increase her SSI pension as you should also.
Yes we know this. We still pay taxes. Thanks for sharing though.
I retired age 44
Congratulations 🎉🎉🎊🎊
I’ll be 66 in November. I plan to file for my SS in February. Why? There are penalties and limitations on my earnings until then. I want to move abroad but my wife doesn’t. I’m between the proverbial rock and a hard place.
That's a tough decision.
What is equivalent to social security in the Dominican Republic? How are people over 60 yrs paying for their life if their job didn't have a pension?
Their kids take care of them here if they didn't have a job. Some jobs here do offer pensions like government jobs, military, education, etc.
Hi I retired September 19 2023 after thirty years of working with the post office as a mailman, I am getting my pension now from the postal service, I also paid into social security for 40 years ; put I can’t get my social security until I reach the age of 62, I will apply for my social security at 62: I worked in California but now I have move here with my mother in Alabama it is much cheaper to live here on my retirement, put I have plan to go to the Philippines to stay for a year to see if I can live there, I have visited the Philippines two times, I like the people they speak English. I have visited the Dominican Republic many time put I don’t speak Spanish, sorry I’m 57 years old now.
Thanks for sharing this. Sounds like the Philippines is the spot for you.
What will you do for income in Dom Republic when you’re too old to work. That’s my concern.
Are you asking me personally, or are you asking in general what people do for income when they are too old to work?
Some can retire at 55 with PENALTIES. You have to figure out how much you need to live on per month and how much you'll get per month SS and pension ARE NOT A GUARANTEE
Very true
70 is delayed ret
Thanks
hi, i enjoyed this conversation. am gonna retire at 62 but am working on making a lil extra so i can call it quits. and wait to withdraw. am thinking about retiring in santo doming .. you mention you show people around in one of you video.. how do you charge for your service?
I personally don't show people around. My husband might do it but you will need to contact him about what he charges.
@@NorberisR thank you I will hit him up. Y’all stay bless🙏🏾
In my opinion, take it early. Greed can make you want to wait 5 years to collect a few more dollars that you can subsidize by working at your own pace. Why do I think so? Well, the way that our elected officials manage finances for contributors is not good. We may get nothing by the time we retire, that means me and you won’t have anything there waiting for us. 100s of Ks in contributions missed managed and if there’s nothing you get NOTHING. Also, if you die and you are not married or have UNDER AGE kids, well Uncle Sam keeps your dough. Based on what I see in the news alone, I can see people developing a heart attack or some other health issues. Again, I would go for the early something instead of the possible nothing. Even if you have a 401k, grab your little dough, work part time if you can, Gov money is not under your control. You may or may not get it. They take it, with a promise to return it, but nothing is for sure. They keep calling our contributions ENTITLEMENTS! We pay for it, but it’s not returnable for sure. Get some of your hard earned money sooner rather than later.
Well said🤗
@@NorberisR
Tú sabes que a los Dominicanos no nos gusta que no’ calienten lo’ chelito’ 🤣
Hell nawl......I"m dipping at 62 and giving it to all the Dominican ladies...JK JK JK JK
😆😆
😂😂 latter!!
😁
😅😳
Speak Spanish good.
I filed for early retirement but Republicans added a new stipulation. You have to have a proven disability 😢
Wow, no bueno😢
I'm moving to Honduras and plus when Donald Trump gets in office, SS retirement is going to be TAX FREE!!! Go Trump 2024🙌🏾✊🏾
Congratulations on your move to Honduras.